Welcome back to the Trader Top 9! Lots to unpack this week from a great primer on Web 3 and why NFTs matter to a regulator settlement that everyone seems satisfied by. Meanwhile, traders try to assess the path forward. Let's dive in!
9. Last Friday, China banned Bitcoin for the n-th time. Sen. Toomey, a visible crypto advocate in DC, sees an opportunity for the US. Raoul Pal had a great thread about how smart regulation will help grow the industry.
8. Meanwhile, a crypto trading hamster named Mr. Goxx went viral over the weekend. Hey all you crypto traders... how's your alpha?
7. Prolific investor and head of a16z Crypto, Chris Dixon, generated a lot of buzz with his Sunday afternoon post on Web 3. If you don't "get" NFTs, read this. "Web 3 is the internet owned by the builders and users, orchestrated with tokens."
6. Oopsy daisy. Fat finger mistake by Bitfinex gets forgiven hours later. What a community.
5. While Joe Weisenthal talked about the mythical trillion dollar coin last week, by Tuesday of this week calls for "mint the coin" reached a fever pitch as a looming default draws closer. From her soapbox, Sen. Warren called Fed Chair Powell "dangerous", while Twitter had fun naming the Fed "band".
4. The CFTC brought down the hammer, albeit a small one, on Kraken for its illegal offering to retail of margined futures. Optimistically, a clearer pathway towards proper registration may be in the works as Stump calls for clarity. Unlike the SEC who seems content to shout "Howey."
3. We wrote about Ryan last week and his fight to bring crypto education of lobbying dollars to DC. Below is a very simple and actionable suggestion.
2. While prices might be moving sideways, the market for exchanges is heating up. Meanwhile, FTX continues to make strong inroads in the US. Look for FTX.US soon on Cove Markets!
1. After a very poor month for most cryptocurrencies, ShardiB highlights the bearish sentiment on Crypto Twitter. What do you think? Time to be a contrarian and go long?