Today’s Nuggets
Harris is Looking at Gensler
Bankruptcies Spike to 2016 Levels
AAVE Wins Day, SCP Wins Month
ETHE Dumping Fast
When Tether Mints…Buy!
75% of BTC Not Moved
Megapack Forecasts a 20-fold Increase by 2030
USA ICE is Melting, EVs Growing
There are some horrid things on the horizon, alongside some very positive developments we will review in this lesson. We will break it down and cover it in the good, the bad, and the ugly.
Crypto Market Update:
The market cap is a little higher than last time I reported. It is around $2.1 trillion instead of 2.05.
Bitcoin was at $61,500 and fell to $2,000 - it does that to wreck your head, everybody.
BlackRock had another $100 million yesterday in the IBIT ETF and is now at $20.5 billion. While nobody is looking, they are stacking hard!
The ETH ETF outflows continue, nearly $450 million out. This is becoming normal…
A couple of big names that you probably know on this list:
ID
GAL
ACA
ENA
YGG
MANTA
GMT
PORTAL
SUI
OPT
This nice flow chart from James Seifert indicates that the Solana ETF will be dead on arrival.
As indicated by the little red box, the Solana ETF filing never made it past step 2. The SEC withdrew the 19B4Ss, although the issuers' S1s remain intact. That means under the current regime, there is not a chance in hell it gets approved.
We need a regime change…
The SEC rejected CBOE's BZX's 19B4 filings for two prospective spot Solana ETFs -whatever that means...
They maintain that Solana should be classified as a security.
The SEC was taken to court by Ripple (XRP) and lost everything. If Ripple is not a security, I do not know what is.
Are the Salon team going to bother, like Ripple, to take the SEC to court? No, they are not. We are going to hold out for a regime change.
Politics and crypto are inextricably linked.
Gary is the most unpopular head of the SEC. According to Ryan Sean Adamson with Bankless, 'If this is true, this would end crypto in the U.S., and we might as well flee the country now. I am sure CBDC will be at the top of the agenda to force mandates like in China."
Anybody afraid yet?
The economy is in a shambles.
However, that does not mean the markets go down. It does not mean you should move to cash and hide.
Bankruptcies are getting out of control, and we are not even through the end of the year. Most companies normally hit the fan in the latter half of the year.
This is going to get a lot worse.
Travel demand is tanking, falling like a Boeing.
The average trip length is down 14% year-over-year from eight days to six days on average. Airbnb is dying right now and shares have plunged, the most in two years since the company warned of slowing demand for bookings. Shout out to those who are still making it work.
The boom in travel is officially dead. This stops when people have no money.
No money, no fun.
Be careful if anybody out there has a restaurant or is in the catering business. Batten down the hatches right now and cut your costs. If you own a restaurant, you will feel the pinch.
According to Bank of America aggregated credit and debit card data, all restaurants spending year-over-year growth is basically in free fall.
There is no sign of it getting better. These are the macroeconomic signals that I hope the Fed and Jerome Powell are looking at because it is in a world of hurt.
Fear and Greed Index is at 30 and not 25. So people are not freaking out completely.
Bitcoin season is down to 22, which means
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