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Hey Guys,

Sometimes in the crypto markets, you see a disconnect. A disconnect in sentiment between two classes of crypto investor.

In this case, the disconnect is between retail (us) and the institutional investors (VCs, Hedge Funds etc).

After seeing the collapse of Terra and the start of the bear market, I was convinced that VC money would start to dry up as these investors held dry powder for the bear market.

However, it appears that the exact opposite has occurred.

Yesterday we got the news that a16z (Andreessen Horowitz) closed a funding round for their $4.5 billion crypto fund.

What's even crazier than that is that this is their 4th crypto fund raise and almost double their raise for the crypto 3 fund last year.

It's absolutely bewildering to me that they were able to raise this amount of capital when we are supposed to be heading into a "crypto winter". Either these VC investors are naive, or they know something that we don't.

So, which one is it?

Well, the clues to that answer can be gleaned within the documents of their most recent crypto report. Called the "State of Crypto", this was a report that a16z crypto released last week and it was filled with insightful information.

I thought that this would be an ideal opportunity to break down the report so that we can all appreciate what lense the VCs are viewing the crypto industry through.

That's exactly what is covered in my latest video. I take you through some of the most important sections and give you my thoughts along the way.

Trust me folks, this is a video you don't want to miss!

P.S. Enjoy that disclaimer, it's tasty 🧑‍🍳


The dominance of A16z has caused waves in the crypto market in recent months, with numerous crypto native companies such as Paradigm and Electric Capital raising large quantities of money to compete with it.

https://www.bloomberg.com/news/articles/2022-05-25/andreessen-horowitz-raises-record-4-5-billion-crypto-fund

6️⃣ Crypto Exchanges Show Support for Terra 2.0

Major exchanges have shown strong signs of support for Terra’s revival plan after a plea from Terra Founder Do Kwon to list “Terra 2.0”.

So far, the exchanges showing support for the new Luna token are HitBTC and Huobi, with Binance also announcing that it will be “working closely with the Terra team on the recovery plan.”

It has been reported that the domestic exchanges in South Korea who were approached by Kwon took a hard stance stating: “If you want to be listed, go through the official listing process.”

https://www.coinbureau.com/news/crypto-exchanges-show-support-for-terra-2-0/


📣📣 COIN BUREAU NEWSFLASH! – (26/05/22)
Here are some of today’s most important headlines:

1️⃣ Ethereum Beacon Chain Experiences 7 Block ‘Reorg’

The Ethereum beacon chain, which is critical to the upcoming Ethereum Merge, encountered a potentially high-level security issue known as a blockchain "reorganisation" today. The ‘reorganisation’ lasted seven blocks- the longest such reorg in years, according to Martin Köppelmann, CEO and co-founder of DeFi service provider Gnosis.

A reorganisation, or reorg, can occur due to a network failure, such as a bug, or a malicious attack, resulting in a duplicate version (aka ‘fork’) of a blockchain being created momentarily. The more time a reorganisation lasts, the more significant the security risks become.

However, core Ethereum developer Preston Van Loon suggested the reorg was due to a “non-trivial segmentation” of new and old client node software and was not necessarily anything malicious. Vitalik Buterin, the co-founder of Ethereum, called the theory a "good hypothesis."

https://decrypt.co/101390/ethereum-beacon-chain-blockchain-reorg

2️⃣ StarkWare Quadruples Valuation To $8 Billion Amid Bear Market

Ethereum scaling company ‘StarkWare’ has quadrupled its valuation to $8 billion after raising $100 million in a Series D funding round led by Greenoaks Capital and Coatue.

Other investors include Tiger Global, Paradigm, Three Arrows Capital and Sequoia Capital. There was also a supplementary component to the funding, which allowed StarkWare employees to sell stock.

According to Uri Kolodny, StarkWare’s cofounder and CEO,

“We closed this deal in the thick of a bear market for crypto, highlighting the strength of investor confidence in StarkWare scaling. The investors who came into this round are investing certainly not because of the price of LUNA nor frankly because of the price of ETH and bitcoin today, tomorrow or next week. They're investing because of the vision we have for the next 5-10 years, for what we think blockchain will mean for businesses and society in the coming years.”

https://www.forbes.com/sites/ninabambysheva/2022/05/25/ethereum-scaling-company-starkware-quadruples-valuation-to-8-billion-amid-bear-market/

3️⃣ Do Kwon’s Proposal To Revive Terra Approved By Terra Community

The governance vote on Do Kwon's proposal to relaunch the Terra blockchain and create LUNA 2.0 tokens has passed. Terraform Labs (TFL) will go ahead and deploy the new Terra blockchain. The relaunch date has been set for May 27.

The results of the governance vote show that over 65.5% of the total votes supported Kwon’s proposal, while more than 20% of voters abstained and 13.20% of the votes strongly opposed the proposal with a “veto.

LUNA 2.0 tokens will be accessible for trading after the launch. Existing network stakeholders will receive these tokens at a pre-determined percentage. Many of the tokens will have a vesting term attached to them.

https://www.theblockcrypto.com/post/148629/do-kwons-plan-to-rebirth-the-terra-blockchain-gets-approved/

4️⃣ 29 Moonbirds Valued At $1.5 Million Stolen By Clicking A Bad Link

Late Tuesday, a ‘Proof Collective’ member fell victim to a phishing scam, losing 29 highly valuable Moonbirds NFTs worth around $1.5 million or 750 ETH.

According to the report, the alleged perpetrator identified as Twitter user ‘@ DVincent_’ has already been half-doxed by a crypto exchange. The Proof Collective and its members are presently working on a full report for the FBI.

https://cointelegraph.com/news/nft-owners-reminded-to-be-vigilant-after-29-moonbirds-were-stolen-by-clicking-a-bad-link

5️⃣ A16z Raises $4.5 Billion Crypto Fund

Venture Capital firm Andreessen Horowitz (a16z) announced a $4.5 billion crypto fund dedicated to investments in crypto start-ups.

A16z has earmarked approximately $1.5 billion of the fund for seed investments and around $3 billion to venture investments. The firm’s announcement marks a renewed wave of interest from VC firms to invest in blockchain startups during the bear market.


There is no doubt that some of those bear market blues have started to set in.

This is especially the case for most of those who got into crypto last year and have not witnessed one of these before.

Well, as someone who has been through the previous crypto winter, I thought it would be quite helpful to make a short video giving you my takes as a bear market "veteran".

Yes, there are some things to fear, but there is a lot more to look forward to.

Enjoy!


https://www.youtube.com/watch?v=mYG5XhFXby4




Hey Guys,

With the recent collapse of Terra, it seems as if there are a whole lot of people that want to jump on the crypto castigation bandwagon.

It has created the perfect environment for them to point the finger at how "untrustworthy" the sector is.

However, as my old man always use to say, when you point one finger, you have 4 pointing back at you.

And that's because some of the biggest frauds have occurred in the traditional financial system. Not only that, but they continue to happen on a mass scale and very rarely get the same amount of coverage and scrutiny as we in the crypto space do.

In my video today, I am going to tell you about one of the biggest TradeFi scandals ever. Europe’s biggest accounting scandal that saw a Fintech darling go from hero to zero in less than a month.

I am of course talking about Wirecard, a payment processing company. A company that for years had been cooking the books under the nose of a well-respected auditing firms.

A story of nefarious CEOs, missing people, and the Russian Mob.

This is a video that you just don't want to miss!


6️⃣ Chamber of Digital Commerce Slams SEC for Blocking Crypto and Preventing Explosion of Wealth: Report

The founder of the Chamber of Digital Commerce, an American crypto advocacy group and trade association, has criticised the Securities and Exchange Commission (SEC) for acting as a "blocker" to the crypto industry's expansion.

Founder Perianne Boring stated,

“It’s very clear that the US Securities and Exchange Commission is the number one blocker to this industry having economic progress and springing an economic boom in this country that we haven’t seen in decades.”

Boring believes the SEC needs to clarify what a "digital asset" security is and that the industry can't move forward without clear guidelines. At the time of Boring's statements, the SEC had yet to approve a spot Bitcoin exchange-traded fund (ETF), instead opting for numerous futures-based products that many in the industry disapprove of.

https://www.coinbureau.com/news/chamber-of-digital-commerce-slams-sec-for-blocking-crypto-and-preventing-explosion-of-wealth-report/


📣📣 COIN BUREAU NEWSFLASH! – (25/05/22)
Here are some of today’s most important headlines:

1️⃣ Milestone: Coinbase Enters Fortune 500

In a milestone moment for the crypto industry, the popular crypto exchange, Coinbase has become the first crypto company to enter the Fortune 500 list. Coinbase ranked 437th on the list with recorded revenues of $7,839.4 million, an annual gain of 513.7%, and 3,730 employees globally.

The ranking was however calculated completely on the company’s 2021 revenues. Coinbase’s results for Q1 2022, on the other hand, were disappointing for investors with reported net revenue of $1.16 billion and a net loss of $430 million. In comparison, this was only half of Coinbase's net revenue of $2.49 billion in Q4 2021.

https://decrypt.co/101264/coinbase-first-bitcoin-company-fortune-500

2️⃣ Uniswap Hits $1 Trillion Cumulative Trading Volume

Popular DEX Uniswap has just passed $1 trillion in trading volume with a recorded cumulative userbase of 3.9 million wallet addresses thus far, according to data from Uniswap Labs.

The DEX launched in 2018 and has since expanded and provided support for multiple Ethereum layer-2 solutions along with plans to support the Moonbeam and Gnosis Chain in the future.

On comparing its 24-hour trade volume chart, the DEX has done consistently well dominating its competition in DEXs and even some CEXs such as crypto.com and Kraken.

https://cointelegraph.com/news/uniswap-breaks-1t-in-volume-but-has-only-been-used-by-3-9m-addresses

3️⃣ Central African Republic Set to Build Crypto Hub ‘Sango’.

According to an announcement on the Central African Republic (CAR)’s official Facebook page, the country is set to launch a cryptocurrency investment hub called ‘Sango’. Sango will be the country’s first legal cryptocurrency investment hub recognised by the country’s parliament.

The Facebook post provided a link to sango.org's landing page, where people could sign up for the waitlist. Those who join the waitlist received an email with a link to a 24-page presentation on ‘Sango’.

https://www.reuters.com/article/centralafrica-economy-bitcoin-idUSL5N2XG2OM

4️⃣ Seth Green’s Stolen Bored Apes Sparks IP Rights Discussion.

Seth Green, who had recently lost his BAYC NFT to a phishing attack last week, has sparked discussions surrounding the transfer of intellectual property rights under such a theft.

The discussions surround the future development of Mr Green’s TV show called ‘White Horse Tavern’ which features the stolen Bored Ape in question. The BAYC collection grants its NFT holders commercial rights over the image featured in their NFT. However, it does not stipulate instances of theft.

Many experts have weighed in their opinions on Twitter, with strong arguments from both sides. According to IP and tech law professor Eric Goldman of Santa Clara University, buyers are usually protected legally if they unwittingly purchase a stolen item, and Coin Center communications director Neeraj K. Agrawal suggested that Green could be sued if he continues to use the BAYC in his show.

https://cointelegraph.com/news/code-is-not-law-seth-green-thief-stole-bored-apes-not-the-rights-say-experts

5️⃣ Merit Circle DAO Proposal Seeks to Boot Early-Stage Investor YGG.

A recent proposal by a member of Merit Circle’s DAO seeks to oust early-stage investor Yield Guild Games (YGG) as an investor. The proposal came following a lacklustre response to a request for investors to outline their intentions “past and future” towards the DAO.

Members of the DAO have complained about the “lack of value” YGG has brought to the DAO hinting at a growing number of participants seeking to find backers that can prove their value beyond merely putting up cash.

While the proposal seems to have large support, some members have cautioned against the implications this could have for DAOs in the future.

https://www.theblockcrypto.com/post/148428/merit-circle-yield-guild-games-dao-dispute/




Hey Guys,

We all know the economy is messed up, but just how messed up is it exactly?

Finding an answer to this question is basically what the Federal Reserve's semi annual financial stability reports are all about, and their latest one dropped earlier this month. And, there was more than enough there to justify a video, so here it is!

As many of you will know, the Federal Reserve is the central bank of the United States. Because the USD is the world's reserve currency, what the Federal Reserve decides to do with stuff like interest rates can have a ripple effect around the world. As it so happens, there are other global events that are causing ripples of their own.

Supply chain issues, the war in Ukraine, China locking down, record levels of inflation, and potential food shortages are just a few of the factors the Fed and its constituents see as financial risks.

However, what the Fed is more concerned about is financial vulnerabilities - all the stuff in the financial system that makes it weak and can actually be addressed.

Not surprisingly, cryptocurrency is on the Fed's list of financial stability risks. What exactly did they say, you ask?

Well, you'll have to watch and find out!


Yesterday was Bitcoin Pizza day 🍕

And you guys no doubt saw a lot of people talking about it. Celebrating with those crypto themed pizzas.

But, there is actually a lot more to the story than just the transaction. I break it down in my latest vid on our clips channel:

https://www.youtube.com/watch?v=3UFUrYb3ARs




Hey Guys,

It's that time of week again - the day we find out whether the crypto market will continue to bleed or finally see a recovery rally!

Jokes aside, today officially marks 8 weeks of red for BTC, a historic first. What's unfortunate is that this poor price action has overshadowed some very important crypto headlines.

For example, did you know that 44 countries met in El Salvador last week to discuss Bitcoin adoption? It might not sound like a big deal, but take a moment to consider that many of the countries that attended are ripe for Bitcoin adoption. I think I know which ones are next, and you'll have to watch to find out!

Another very important headline was the discovery that Bitcoin mining is continuing in China despite the crypto mining ban last May. According to Cambridge University, over 20% of Bitcoin's hash rate is still coming from the country, and as you'll see this could have some very interesting implications for BTC depending on the nature of these mining operations.

Last but not least, Ethereum's developers provided an updated timeline for the merge. Funny enough, it's the same timeline that they had initially promised earlier this year, but it looks like they're serious this time.

I explain why in the video, so I'll just give you a couple of hints: difficulty bomb and Vitalik Buterin.

Enjoy!


Glad to see that you guys are finding that video useful!

I wanted to quickly share a few thoughts about some altcoins - especially given that we are in a crypto bear market.

Earlier today, I retweeted this:

https://twitter.com/AlgodTrading/status/1528082340412641281

It's a very good point that I don't think too many people take into account when they are doing their analysis.

The FDV or Fully Diluted Value (Fully Diluted Market Cap on CMC) is the market cap that accounts for all tokens including those that have not been released yet. Those that could be part of mining rewards or in a vesting schedule.

While you may think that a project has a "low" market cap compared to its peers, it's the FDV that you also need to consider. This is especially the case for those projects that still have a lot of the supply locked up in private / seed sale vesting contracts.

Not only that, but you also need to appreciate the fact that if this is a long and drawn-out bear market, those tokens are likely to unlock within that period. People who had invested in these projects prior to the bear market are likely to be extra keen to liquidate their holdings.

This is another reason why you should be extra careful when picking up alts that you think are really "cheap". Supply unlocks of any type are going to impact on price especially if they lead to selling.

Of course, some of these vesting schedules could be well structured so to avoid large unlock cliffs. That's why you may also want to look at the vesting schedule for any of these projects. These will most likely be in their docs, whitepaper or on third party research portals like Messari and Binance research.

So, it's worth keeping that in mind 🙏




Hey Folks!

Happy Bitcoin Pizza Day!! 🍕

12 years ago today, someone spent 10,000 Bitcoin to buy 2 pizzas. Apart from the fact that these pizzas would have been akin to $300m spent today, it was a major milestone for Bitcoin. It showed that this peer-to-peer digital cash could indeed be used for transactional purposes.

So, I hope you are enjoying a pizza to celebrate this highly significant day in Bitcoin's history.

Speaking of food...

There is something that has been concerning me of late, and that is this global food crisis that seems to be brewing.

Up until a few months ago, the notion that we could be hurtling to shortages at our local supermarkets was unheard of. Indeed, the past 20 years have conditioned us to believe that we are living through an era of abundance.

Yet, all you need is a perfect storm of unfortunate events to come together at once - and those feelings of food security fall completely by the wayside.

In my video today, I am going to give you everything that you need to know about this impending crisis. One that the UN has said could be the worst food crisis since the end of World War 2.

I will explain exactly how it came to be and where the shortages are most likely to be felt. I also have a few hints and tips that could help to hold us over during this tumultuous time.

So, while enjoying that pizza, sit back and enjoy this video - it will make you savour it even more!


📣📣 COIN BUREAU NEWSFLASH! – (22/05/22)
Here are some of today’s most important headlines:

1️⃣ Do Kwon Denies Tax Liabilities In Korea

Do Kwon took to Twitter to state that Terraform Labs (TFL) has no outstanding tax liability in Korea. The statement comes in response to recent press reports claiming that Korean authorities were investigating Kwon and Terraform Labs for unpaid corporate taxes of $78 million.

Kwon stated,

“We have no outstanding tax liabilities in Korea. The NTS did conduct a tax audit across all the major crypto companies with a presence in Korea and applied the Korean tax code to foreign mother companies, and every company ended up paying as a result - we paid in full.”

“Happy to engage with any lawsuit or regulatory inquiry to the best of our ability - we have nothing to hide.”

https://www.theblockcrypto.com/linked/148177/terraform-labs-has-no-tax-liabilities-in-korea-do-kwon-says/

2️⃣ ECB’s Lagarde Says Crypto Has No Worth And Must Be Regulated.

European Central Bank President Christine Lagarde states cryptocurrencies are "based on nothing" and should be regulated to keep individuals from betting their life savings on them. She adds that while cryptocurrencies might not have inherent value, the digital euro is different and that she guarantees it.

Lagarde stated,

“The day when we have the central bank digital currency out, any digital euro, I will guarantee -- so the central bank will behind it and I think it’s vastly different than many of those things,”

https://www.bloomberg.com/news/articles/2022-05-21/lagarde-says-crypto-is-worth-nothing-and-should-be-regulated

3️⃣ Brazilian Crypto Exchange Refunds All UST Holders 1:1

Nox Bitcoin, a Brazilian crypto exchange, has announced that it will spend 620,000 Brazilian reais to compensate UST holders who have been holding the UST token since before the de-pegging incident. The exchange will credit the difference in value between the current price of their UST holding and its $1 peg.

While many see this move as a sign of altruism and trust-building, FatMan (an anonymous Terra analyst and commentator) believes the announcement to be motivated by regulatory concerns. He stated,

“Brazil’s consumer law is quite strong and punishes businesses that lie to customers or falsely represent risks. Let’s see how many countries’ courts come to the same conclusion over the next few days as suits against exchanges roll in. All of this is far from over.”

https://cryptoslate.com/brazilian-crypto-exchange-refunds-all-ust-holders-11/

4️⃣ Financial regulator cautions UK against rushing to create ‘crypto hub’

In a speech on Friday, Financial Conduct Authority Chair- Charles Randell warned against bringing crypto markets into his agency's jurisdiction too quickly. The warning was made in response to the UK government's desire to turn the country into a crypto powerhouse.

Randell asked for "realism" in terms of how long it will take the regulator to prepare to supervise issuers and traders of "purely speculative crypto tokens," and how much crypto businesses must improve before they can be legally authorised.

He also stated that he was unsure of how the regulator would pay for the costs involved in adding digital assets to its responsibilities.

https://www.ft.com/content/69965f02-bfd0-45a4-b5de-b962884ab99e


Hope you are enjoying that video!

Just thought I would update you on some portfolio moves...

As we are quite clearly in a bear market, it's worth appreciating that blue chip large market cap assets such as BTC & ETH appear to be holding up better than many of the other altcoins.

Bitcoin dominance appears to be rising while ETH has remained flat. That while most major altcoins have seen their dominance fall.

It also seems that in this recent fall, institutions have been moving back into Bitcoin structured products and funds:

https://www.coindesk.com/markets/2022/05/16/crypto-funds-saw-years-highest-inflows-as-terra-crisis-crashed-markets/

When it comes to ETH, it seems as if August is the most likely timeline for the Merge date and developers are appear keen to push for it.

https://twitter.com/coinbureau/status/1527581730508619776

While I will caution against anyone "buying the dip" (as it could dip lower), it could be an opportunity to slowly DCA into the market. And, if you are going to be doing that, consider those coins that are more likely to maintain their market dominance (Bitcoin / Ethereum).

As such, I have decided to make some adjustments to my portfolio where I will move about 10% of all other altcoins into BTC & ETH in a 50/50 split.

Of course, there will be strategic opportunities to pick up altcoins in the next few weeks, but currently, I think portfolios should be top heavy in BTC & ETH.

I will be updating you with my portfolio position in my newsletter tomorrow.



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