- Crypto Nutshell
- Posts
- 🥜 Huge win for crypto
🥜 Huge win for crypto
PLUS: Saylor reacts to crash
Today’s edition is brought to you by Exodus
Trade crypto your way. Fast swaps, thousands of pairs, secure wallet. No account needed. Download Exodus now!
GM to all you crypto nuts. Crypto Nutshell #409 bombin’ in… 💣🥜
We're the crypto newsletter that's more suspenseful than a blindfolded journey through a treacherous river... 🚣♀️🦅
What we’ve cooked up for you today…
🤑 Not a security
🐞 Saylor reacts to the crash
📉 That was a big one…
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:00am ET
Only the top 20 coins measured by market cap feature in this section
NOT A SECURITY 🤑
BREAKING: Judge ends Ripple, SEC lawsuit with $125 million fine, XRP surges 18%
The four-year long dispute is finally over!
Ripple has been ordered by a federal judge to pay a civil penalty of $125 million for improperly selling its XRP token to institutional investors.
In 2020, the SEC accused Ripple of raising $1.3 billion through the sale “unregistered securities”.
Ripples fine is MUCH lower than the requested $2 billion from the SEC…
“The Court shall enter a final judgment enjoining Ripple from further violations of the securities laws and imposing a civil penalty of $125,035,150.”
Brad Garlinghouse, CEO of Ripple, posted the following to Twitter:
Judge Torres also noted that the sale of XRP to retail clients through exchanges does not violate any securities laws.
And that brings an end to the SEC vs Ripple fiasco, concluding that XRP is NOT a security.
Off the back of this news, XRP is up ~18% for the day. Rocketing upwards immediately to $0.6258.
Now if you’re not a fan of XRP this news is still relevant to you.
It’s another win for the crypto industry, and bodes well for future crypto ETFs.
(Plus it’s another L for the SEC vs crypto)
Who knows…
Now that XRP has been deemed not a security, we could see an issuer apply for an XRP ETF?
TRADE CRYPTO YOUR WAY 🤑
The crypto bull run is now well underway.
Which means self-custodying your crypto is more important than ever
To make the most of the bull cycle, you need a wallet that’s fast, effortless & secure.
That’s why Exodus is the only wallet you'll ever need:
Storage – access coins and tokens from 50+ supported networks in one, convenient wallet (Bitcoin, Ethereum, Solana etc.) 🔒️
Swaps – in-app swaps allow users to effortlessly exchange crypto for a number of different tokens (100,000+ trading pairs) 🔄
Crypto staking – staking options available for a dozen different tokens 🥩
Where do you get Exodus?
Easy - It’s available everywhere. We’re talking mobile apps (IOS & Android), desktop apps and browser extensions. Click here to download it in 2 clicks.
The best part?
It’s completely free..
Ready to join the millions of customers who choose Exodus to self-custody their crypto? Download Exodus now!
SAYLOR REACTS TO THE CRASH 🐞
Bitcoin’s volatility isn’t a bug, it’s a feature.
That’s the latest out from Michael Saylor.
Michael Saylor is the undisputed king of Bitcoin. Here’s his current stats:
Microstrategy (his company) holds: 226,500 Bitcoin
Saylor (personally) holds: 17,732 Bitcoin
That’s a grand total of 244,232 Bitcoin, worth ~$14 billion dollars.
It’s also over 1% of the entire Bitcoin supply.
Today, Saylor joined Bloomberg to give his take on the recent Bitcoin crash.
His main point?
Bitcoin’s volatility is a positive, not a negative.
“The most important point for people to understand is that Bitcoin’s volatility is a feature, not a bug… over the long term, that volatility is driving superior asset performance and durability. So it's volatile because it's functional.”
Saylor was then asked if he tries to buy more Bitcoin when it dips:
“There's never a bad time to buy Bitcoin. We will generally acquire it whenever we have a cash, whenever we can raise money in the capital markets, whenever we see the opportunity. I think timing the market is almost impossible for the mere mortal. It's time in the market that matters.”
Straight from the very best:
Time in the market beats timing the market.
Saylor is currently up $4.6 billion dollars on his Bitcoin trade. 👑
THAT WAS A BIG ONE… 📉
Monday 5th August saw a big decline across global markets.
Both stocks and digital assets came tumbling down.
All because the Bank of Japan decided to raise interest rates.
Which resulted in an unwinding of the yen-carry trade…
But, we’ve seen bull market drawdowns like this before. 👀
Historically, bull market uptrends see price corrections greater than -25% from the local high.
We’ve even seen some corrections exceed -60%. 😱
The chart below visually breaks down Bull Market Correction Drawdowns of previous cycles.
The coloured bars coming down from the top of the chart indicate the relative size of corrections from local highs. (the longer the bars, the larger the correction)
Here’s the largest drawdown’s we’ve seen during previous cycles:
🟠 Genesis to 2011: -49.45%
🔴 2011 to 2013: -71.15%
🔵 2015 to 2017: -36.01%
🟢 2018 to 2021: -62.62%
⚫️ 2022+: -32.71% (current drawdown)
And in case that chart is a little hard to see…
Here’s a zoomed in version, focusing on drawdowns this cycle.
The current correction is at -32.71% (from the all-time high)
Which makes it the largest drawdown we’ve seen this cycle. (so far…)
But still a long way off of previous cycle drawdowns.
So what’s the takeaway from this data?
If this is your first bull cycle, it’s understandable to be a little spooked by corrections like this.
But just know that they’re perfectly normal.
If this isn’t your first cycle, then you’ve been here before…
And as Saylor said in the previous section:
Bitcoin’s volatility is a feature, not a bug.
CRACKING CRYPTO 🥜
IMF acknowledges progress in El Salvador's Bitcoin strategy. The International Monetary Fund (IMF) has softened stance on El Salvador’s Bitcoin adoption.
Judge finds Ripple Labs liable for $125M penalty in SEC case. Judge Analisa Torres “ordered, adjudged and decreed” that Ripple Labs was liable for more than $125 million in its case with the US Securities and Exchange Commission.
Solana Hits All-Time High Against Ether, Outperforms Bitcoin in Crypto Rebound. Solana and its ecosystem tokens look attractive compared to other altcoins and is a "clear option if looking for longs" after the market turmoil, a K33 Research analyst said.
Grayscale, Bitwise and NYSE American ask for rule change to allow options on spot Ethereum ETFs. Grayscale and Bitwise are looking to trade options for their spot Ethereum ETFs, according to a filing on the U.S. SEC's site.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Seven Point Sunday (link) - Learn to build your career every Sunday
Bullseye Trades (link) - Daily stock market tips
Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
|
|
|
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
The data in a blockchain gets stored in ________ . |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) Blocks 🥳
Data is stored in a decentralized manner across a network of computers or nodes where blocks are chained together.
GET IN FRONT OF 64,000+ CRYPTO INVESTORS
Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.
HOW DID WE DO? 🤷
We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)
What did you think of today's Newsletter?Don't worry, you won't hurt our feelings... 🥲 |
NUTCASE REVIEW OF THE DAY 🔍
DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
Reply