🧠 Joe Biden speaks, Bitcoin pumps

Whats happening with the markets?

March 14, 2023

GM Seedphrasers 👋 the morning newsletter that doesn’t make excuses and shows up daily.

📓 Today’s Agenda:

  • 🔥 Hot Headlines

  • 🪙 Bitcoin Dominates Traditional Finance Amid a String of Bank Failures

  • 📈 USDC Unstablecoin Pumps 14%?

  • 🪧 Coin of the Week

🔥 HOT HEADLINES

📉 Crypto & The Markets:

  • Signature Bank Gets Shut Down by the US Government to Send an ‘Anti-Crypto’ Message - Learn More

  • Binance Suspends Deposits and Withdrawals of the British Pound - Learn More

  • Binance Puts the Acquisition of CoinDesk on Hold - See How

  • Euler Finance Loses $200 Million in Flash Loan Attack - See How

🖼️ NFTs:

  • Top 10 Performing Polygon NFT Collections on Magic Eden Over the Last Week - Learn More

  • Blur NFT Marketplace Starts to Ramp Up Mobile Functionality - See How

  • Yuga Labs Inscription Process Has Begun - Learn More

  • Unique Wallets Buying NFTs Hit Lows Not Sen Since November 12, 2021 - Check it Out

  • Meta Announces Plans Ditch its Pursuit of NFTs - Learn More

🪙 BITCOIN DOMINATION

🇺🇸 Joe Biden made a speech yesterday, what did he cover?

“Americans can rest assured that our banking system is safe. Your deposits are safe,”

Joe Biden

What happened: Bitcoin is dominating the traditional banking sector, up a whopping 47% in 2023 alone. In the same time period, the NASDAQ BANK index is down 20%, which includes JPMorgan Chase, Wells Fargo, Citigroup, and many more.

Of course, this follows a -77% decrease from Bitcoin's former all-time high of $69K, but we won't talk about that.

Bitcoin maxis response: Bitcoin is safe, thanks but no thanks.

Why you should care: With traditional banking institutions like Silvergate, Silicon Valley Bank, and Signature running on the brink of collapse, distrust in the traditional banking system is running rampant. (No surprise)

This now brings to light the conversation of self custody Vs. holding funds in a bank. Which is better? Which is safer? These kinds of questions are fueling the narrative responsible for the current run-up in the crypto markets.

Pro tip: Avoid any bank starting with the letter S (Joking, kind of).

TLDR: While Bitcoin is far from its all-time high, it is performing well compared to the traditional banking sector. As distrust in the banking system grows, the crypto and blockchain tech narrative strengthens.

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📈 USDC RUN UP?

What’s going on? After dropping to a low of $0.88, Circle USDC pumped 14% and repegged back to $1. This was after CEO and co-founder of Circle, Jeremy Allaire, announced that “100% of USDC reserves are safe and secure.” (We’ve all heard that one before.)

The US government also intervened, stating that all Silicon Valley Depositors would have access to their money on November 13. So everything is going to be fine…right? Right????

How this affects you: This is a great case study on what happens to crypto amid a string of traditional banking failures.

Conclusion: USDC repegging is crucial for the development of the cryptocurrency industry. However, the US government may use USDC depegging as a resource to push its narrative. "This wouldn't have happened with proper regulation." We see how well regulation is holding up now, so they may have a point! (that was sarcasm).

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🪧 COIN OF THE WEEK ($KAVA)

What is Kava?: The Kava Network brings together two popular blockchain development environments - Ethereum and Cosmos - in one network. It's like a multi-purpose building with two floors: one floor is for Ethereum activities (smart contracts), and the other floor is for Cosmos activities (consensus engine and communication protocol). A hallway connects the two floors, allowing people to easily move between them.

What do they do? The Kava Network makes it easier for developers and validators to work together on a scalable and secure blockchain platform.

$KAVA is the native token, which is like having a special club membership card. Validators and delegators can stake their KAVA tokens and earn rewards while having voting rights in network governance proposals. It's like being part of a super exclusive club where you get rewarded for contributing and have a say in how things are run.

If you want a more technical deep dive, Check this out.

Why did it pump?: Kava has announced that Uniswap v3 development has passed phase 2 of 3 unanimously and with overwhelming support. Meaning, Uniswap will soon be usable on Cosmos! Cross-chain is the future!

Whos the Team? Co-founded by Brian Kerr, Ruaridh O'Donnell, and Scott Stuart, Kava Labs has around 40 employees across North America, Asia, and Europe. Scott Stuart is the current CEO, replacing Brian Kerr in 2021.

🟢 Current Price: $1.11
🟠 Market Cap: $488,190,487
🔴 24hr Volume: $75,564,189
➡️ Where to buy: Binance, Coinbase, KuCoin, Kraken, Huobi

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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