Week 50 | 12/12/22 - 12/17/22
By Matthew BrienenNews Flash
Monday 12.12.22: Stablecoins went from being the most reliable assets in the crypto-verse to being volatile. Over the last couple of months, the scare around stablecoins, particularly algorithmic stablecoins surfaced. Despite this and the downfall of Terra and its stablecoin UST [now USTC], Justin Sun’s USDD managed to thrive. However, the asset was seen losing its $1 peg.
Tuesday 12.13.22: Ex-FTX boss and founder Sam Bankman-Fried has been hit with eight criminal charges, including wire fraud and conspiracy to commit money laundering. The disgraced crypto mogul was arrested in the Bahamas yesterday after U.S. authorities requested his extradition.
Wednesday 12.14.22: Australia will introduce a new framework for regulating crypto firms next year as part of wider plans to modernize the country’s financial system. In a statement, Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones said “regulatory architecture” had not kept pace with changes in the market, “including the advent of new digital products and services.”
Thursday 12.15.22: The United Nations High Commissioner for Refugees (UNHCR), a UN agency mandated to aid and protect refugees, is launching a blockchain solution to distribute cash to Ukrainians affected by the ongoing Russian invasion. The program is being piloted first in Kyiv, Lviv, and Vinnytsia, the three Ukrainian cities many people fled to after their homes were destroyed by Russian missile attacks or seeking shelter for their families, with the UNHCR being responsible for confirming the eligibility of recipients and the allocation of the relief aid.
Friday 12.16.22: A class action lawsuit against Silvergate Bank,Silvergate Capital Corporation, and Silvergate CEO Alan Lane was filed Wednesday in the U.S. District Court for the Southern District of California, alleging the defendants directly aided and abetted FTX’s fraudulent activities. Per court filings, plaintiff Joewy Gonzalez and “all others similarly situated” entrusted their investments to the now-bankrupt crypto exchange FTX, which promised investors that they would be able to "store assets securely as they gained in value, cash them out or trade them for other assets or financial products.”
Live Show Recaps
Monday 12.12.22: Matt kicks off our 300th episode discusses Binance attempting to gain hero status, and Ripple launching crypto-based Whatsapp remittance between Mexico and the US. The team also provides a comprehensive breakdown of the Fibonacci Sequence, a technical analysis, setting up a Fib retracement, and forecasting future price targets for Bitcoin and XRP.
Tuesday 12.13.22: Dan Habib explains the November 2022 CPI, how shelter costs are lagging, inflation expectations, and how the market may interpret the Fed. Brian Decker discusses GMX, decentralized exchanges, and Polygon. Matt explores FTX founder Sam Bankman-Fried's arrest on eight criminal charges, Binance rumors, and the US government's lack of interest in cryptocurrency. Matthew provides a technical analysis of the markets as well as a large Bitcoin short opportunity.
Wednesday 12.14.22: Habib outlines the Fed meeting, inflation projections, Powell's remarks, market reaction, and the next Fedmeeting. Matthew Brienen explains SBF being denied bail, PayPal collaborating with cryptocurrency wallet MetaMask to provide an easy way to buy cryptocurrency, and US Senator Warren introducing legislation to require KYC self-custody Bitcoin wallets.
Thursday 12.15.22: Brian Decker discusses the potential Bitcoin bottom and what stocks he is looking to short or add to his portfolio in this bear market. The team examines Donald Trump's NFTs, UN taps Stellar blockchain to send war-impacted Ukrainians USDC stablecoins, and people who are in positions of power that are fighting for crypto.
Friday 12.16.22: Dan Habib reveals almost everyone's hiking rates, on-chain metrics, and why crypto has a bright future. Matthew Brienen analyzes FTX filings to sell four independently operated subsidiaries, Sam Bankman-Fried diverting FTX customer funds to donate to political campaigns, and Kevin Cage's tweet thread on the Pros and Cons of CBDCs. Matthew concludes with a technical market analysis with a focus on Cardano.
