🐸 Pepe leapfrogs market
📜 Crypto regulation in EU
🎯 NFT sell off targeted
Quick market outlook 👀
So, I'm sure you don't need to be reminded of how the crypto markets have been the past week, we started around the $31k mark and we are currently hovering above the $24k point, which is a significant change in just a few days, so let's look into what may have happened.
The last few weeks have been quite positive and we have seen a huge uptrend for Bitcoin and the rest of the market, which could explain why we are finally seeing a drop back, after all, hitting $30k was a huge milestone, so the fact we went even further is great.
But, what goes up, must also come back down and combined with some aggressive leverage that has been seen with this uptrend, it was likely to end at some point and we are seeing that drop back now.
So, whatever is planned next for Bitcoin and the market, remember that the good times also have the bad, so being prepared for any changes in the market is important.
As usual, make sure to have a plan and keep a smile on your face!
🐸 Pepe Leapfrogs Market
Are you ready for yet another crazy ride in the world of meme coins? Well, hold on to your hats because we’ve got a new player in town, the one, the only…Pepe the Frog!
Yes, you read that right. PEPE, the green humanoid frog who’s been a beloved internet meme for many years, is now the face of a new cryptocurrency.
It’s not just any crypto, oh no! In just three days, the PEPE token managed to rise by a whopping 21,000%, and moved into the top #250 with a market cap of around $150M which has made a few lucky investors millionaires overnight 🤯
But, before you start digging for your wallets, we have to warn you, there are some red flags surrounding this token. First off, a large portion of the token supply is held by just six wallets, which could potentially drive the price to zero if they decide to sell off their holdings.
Plus, the sudden and coordinated accumulation of PEPE by these wallets raises some serious questions about their intentions and could severely jeopardise any investments by others.
Despite the risks, meme coins like PEPE have become a part of the cryptocurrency industry. Thanks to the previous success of tokens such as the infamous Dogecoin and Shiba Inu, many investors have been drawn to the world of digital assets. We even have Baby Doge Coin that has just entered the top 100, which is crazy to see!
However, it’s worth noting that most meme coins don’t last long and end up crashing soon after their initial surge, so executing your due diligence, as usual, is highly recommended as meme coins tend to be more volatile than most cryptocurrencies.
So, will PEPE become the next Dogecoin or will it go the way of many failed meme coins? Only time will tell, but for now, let’s sit back, grab some popcorn, and watch as the world of crypto continues to surprise us with its endless possibilities.
📜 Crypto regulation in EU
The European Union has just made history by becoming the first major jurisdiction in the world to pass a comprehensive crypto law. YES, CRYPTO REGULATION!
The new licensing regime, Markets in Crypto Assets (MiCA), was voted in on Thursday by a whopping 517-38, with 18 abstentions.
That's not all, lawmakers also voted 529-29 in favour of the Transfer of Funds regulation, which aims to stop money laundering by requiring crypto operators to identify their customers, which for some goes against the idea of control and decentralization, but nevertheless, there is progress on regulation at last.
The move comes after a heated debate on Wednesday, during which lawmakers agreed that crypto wallet providers and exchanges should seek a license to operate across the bloc.
In addition, issuers of stable coins tied to the value of other assets will now be required to maintain sufficient reserves, which is an added layer of security as we’ve seen many disasters and trust issues related to proof of reserves.
Following on from the regulation news, it is expected to be in place during 2024, so potentially positive news to look forward to next year, but for now, the announcement and intent of this news are fantastic and could force the hands of other regions to do the same.
Although this law is not in place just yet, it is certainly gaining overwhelming support since its first proposal in 2020, so now all we await is for it to be approved by the parliament and the EU’s Council, which represents the bloc’s member states.
The main process is expected to start in just over 12 months after publication in the EU’s official journal, which should happen around June time.
Either way, this is a major step forward for the crypto industry, which has been hugely criticized for its lack of regulation, especially in recent years with crypto growing at extreme rates.
So, by introducing any kind of regulation is a fantastic addition and sets the standards for other regions to try and match, with the hope of a more secure environment for everyone involved!
🎯 NFT sell off targeted
Three Arrows Capital (3AC) is back once again with some headlines, but this time it involves the selling of NFTs!
Now, you may be wondering why 3AC is selling off its NFTs? Well, It turns out that the crypto hedge fund owes an astonishing three billion dollars still and needs to create funds to pay a substantial amount off of it. Therefore, Teneo, the advisory firm overseeing the liquidation of 3AC, plans to sell off the NFTs as part of their recovery efforts.
But don't worry, this isn't just any old collection of NFTs, oh no, we are seeing grailed assets being put up for sale. Sotheby's refers to it as "some of the most significant digital artworks ever assembled."
The Grails collection includes NFTs from some of the most notable artists and valuable projects in Web3, you could even get a chance to bid on Larva Labs' Zombie CryptoPunk #6649!
In other news, the founders of 3AC, Su Zhu and Kyle Davies, have launched a new platform for trading crypto-related bankruptcy claims called Open Exchange.
Although as great as that may sound, it definitely has not got off to a good start and is desperately struggling to find momentum. In fact, in the first 24 hours, the total volume was only $13.64, so you can imagine it did not go as expected.
But don't worry, Leslie Lamb, Open Exchange's CEO, explained that they will strive to build liquidity over time without relying on internal market makers. Good intentions for sure, but will it work out?
In any case, it's been a tough road for 3AC, and it seems that since filing for bankruptcy, they are slowly on a path of recovery, so perhaps in the near future things are not only looking better for them but also for the entire space!