Overview
- Essential Josh Rosenthal Podcast. Must listen!
- Record inflows into short-Bitcoin products.
- Peter Schiff bank closure.
- Celsius repays debt.
- Cardano’s Vasil Testnet merge successful.
Good morning Banter Fam,
If you’re in the US, we hope you enjoyed your Fourth of July Weekend!
Did you realize you’re a revolutionary? Yes! In a sense, you’re helping revolutionize the future of finance.
Over the holiday weekend, I sat down and listened to a podcast titled “The Crypto Revolution,” where historian Josh Rosenthal paralleled similarities between crypto events and world history.
The podcast was fascinating regarding the similarities between financial history and events unfolding in Crypto. While human efforts in the past were slow to evolve, Crypto allows many of the same financial fluctuations to develop at digital speeds. What took centuries to occur in the real world is now playing out in months on-chain.
Josh Rosenthal noticed some parallels.
- The double-entry bookkeeping in Florence, Italy, in the 13th century, democratized finance and led to the Renaissance. The liquidity available to Florians spurred economies able to support the emergence of arts and science. A similar event unwinded during the crypto bull run of 2021; vast amounts of capital sparked a revolution in digital art to include NFTs.
- The American Revolution was an experiment in decentralized governance away from the centralized system of a monarchy. The USA built a bottom-up approach to represent the people. Likewise, the basis of Crypto, at its core, is to democratize finance: to remove finance from centralized decision-making.
- When the American Revolution began, three major political influences existed in the US. The Federalist, the Anti-federalist, and the anarchist. The Anarchists wanted no central government. Think of them as Bitcoiners. The Federalists wanted a centralized government to uphold the new values and ideals—a similar system to Ethereum. The anti-federalists were seeking state-based governance, a fair comparison to Cosmos.
While there remain magnitude changes ahead of us, we will get to witness human ideals and interactions being processed on-chain. A revolution is occurring in real-time at digital speeds, and we all get to be part of it!
Record inflows into short-Bitcoin product
According to the Weekly Coinshare report, last week, there was a total inflow of US$64m into digital asset investment products. Unfortunately, a majority were into short-bitcoin products (US$51m). Ethereum saw a second week of inflows totaling US$5m.
Market update 🌍
The crypto market drivers, Bitcoin and Ethereum, continue to hover near the major support levels of 20k and 1k. However, considering the recent correlation between stocks and Crypto, the duo’s fate appears closely tied to micro-economic factors for the time being. In this regard, it’s best to follow crucial economic news to garner an idea of future direction.
Several crypto assets with solid use cases, such as Evmos, Arweave (AR), and Synthetix (SNX), have bucked correlation with Bitcoin to make notable runs this past week, although temporary it may be. Nonetheless, investors appear to be focusing on those projects that adhere to unique use-cases over projects with high speculation. This trend will be essential to follow as it may point toward a more rigid methodology for valuing digital assets.
EVMOS/USDT
EVMOS, the EVM-compatible Cosmos Chain, has sustained a price uptrend since its recent debut. The EVMOS token has seen a 39% climb since 7 June, a notable feat considering the condition of the majority of the crypto market. With a modest $457m market cap, EVMOS may have more room to run.
High-resolution chart
| US markets close | Gain |
| S&P 500 | closed |
| Nasdaq | |
| Dow | |
| VIX |
Notable Gainers (7d)
| Protocol (Coin) | Price ($) | Gain (%) |
| Celsius Network (CEL) | 1.06 | +41 |
| Arweave (AR) | 12.08 | +21 |
| Synthetix (SNX) | 2.83 | +16 |
| Evmos (EVMOS) | 2.25 | +16 |
| Tenset (10SET) | 3.83 | +15 |
| Cosmos Hub (COSMOS) | 8.78 | +12 |
| THORChain (RUNE) | 2.16 | +5.5 |
| CEEK Smart VR (CEEK) | 0.31 | +40 |
| dYdX (DYDX) | 1.89 | +33 |
| Curve DAO (CRV) | 0.86 | +17 |
| Origin Protocol (OGN) | 0.31 | +16 |
| Immutable X (IMX) | 0.95 | +14 |
| Render (RNDR) | 0.52 | +8 |
| Numeraire (NMR) | 19.50 | +119 |
| Rari Governance (RGT) | 7.35 | +58 |
| Bitcoin Fear and Greed Index | 14 Extreme Fear |
| “Crypto” Google Trends 90d | 20 |
| “Bitcoin” Google Trends 90d | 49 |
Newswatch 📰
Peter Schiff bank closure. Peter Schiff, an economist and a notable open critic of cryptocurrency, is facing closure by local regulators of his Puerto Rican-based bank for not maintaining the net minimum capital requirements. As a result, the regulator froze customer assets. Quite ironic some may say.
Celsius repays debt. Celsius has repaid a $120m stablecoin debt to MakerDao (MKR) and has reduced the protocol’s liquidation risk. As a result, its new BTC liquidation price stands at $4,966.
British Army social media accounts hacked. Crypto scammers took possession of the British Army Twitter, Facebook, and YouTube for nearly four hours yesterday to opportunistically market NFT scams.
News tidbits:
- Hacker asks for 10 Bitcoin for allegedly stolen data of a billion Chinese citizens.
- ENS domain 000.eth sells for 300 ETH.
- Elon Musk’s Tesla is facing a $440m writedown on its Bitcoin holdings.
- Vauld exchange suspends customer withdrawals amidst “financial challenges.”
At the protocol level ⛓
Cardano’s Vasil Testnet merge successful. Cardano’s testnet merge is complete, and all that remains is to fork the mainnet, which developers predict will occur in the next four weeks. The upgrade allows for faster block creation and, in turn, greater scalability.
NFT & metaverse update 🐵
- Porsche to unveil NFT universe.
- Sorare signs Football Star Kylian Mbappe as ambassador.
- OpenSea co-founder to leave the company but remain on the board.
Banter’s take
The original ideas contrived by US citizens during the American Revolution were a step away from a governance system that favored the few, to one that encompassed its citizens. While that system continues to be tested/altered/interpreted by a magnitude of modern challenges, at its core, it was a bold experiment at improvement.
With Crypto, we are at the frontlines of the financial revolution. Challenges, battles, and various governance proposals will ultimately shape its future. We, yes, we, are the participants. No one knows where that future leads but an improvement from the current, often ineffective financial system is the ultimate goal.
Gabri
Follow me on Twitter for daily updates!
Disclaimer
Good Morning Crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
