The DeGen Bible to Financial Freedom - Vol. 1

Week 13 June - 17 June 2022

Getting more furious at boomers laughing at us. I’d rather go to dust than getting laughed and mocked all my life - Mars Captain

🧠 Observations

• Total MC broke 1T, going down in extreme bearish sentiments 📉
• ETH-stETH crisis going on with 3AC and Celsius going down hand-in-hand happily together. 💑

💵 Stablecoin & Market Landscape

(Last 7 day average) Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 15.64% of stablecoin (154.5B) on 0.99T crypto market.

Stablecoin % further jumped in the last 7 days, now at 15.64%. A significant uptick compared to last week.
Reminder, in mid-NOV 2021, this percentage was ~4% with a 3T total MC. Now we are at ~15% with a ~0.99T total MC.

There is never the ATH or ATL in crypto, it can always go higher or lower. This week we broke 1T. 😢
Reminder, we are at the lowest point in the last 365 days for three consecutive weeks already.

Extreme high correlation US Stock x Crypto by nang12718 on TradingView.com

Correlation spiked up this week to 0.94. Boomers gaining over control again.

Could it be that US trading activity is crashing the market? 😠

Inhabitants of developing countries are the most optimistic about Bitcoin's future. Even China.

🔢 Index

Well, what can we expect, single digit all week long. Extreme bearish! 🐻

From last week’s early 20ish, waterfall-ly dropped to 14 today. Can it go single digit? 🥶

📰 Current affairs

Bitcoin:

Crypto Market Cap Falls Below $1T for First Time Since Early 2021

Bitcoin lost some 13% of its value in the past 24 hours.

CoinDeskShaurya Malwa

Ethereum:

Ethereum’s Ropsten proof-of-stake ‘test merge’ goes live

Developers merged Ropsten’s proof-of-work chain with its beacon chain.

The BlockDigital fashion company SKNUPS raises $3.5 million and partners with Dolce and Gabbana

Layer 1s & DeFi:

Helium Crypto Wireless Network to Launch New Tokens Amid Expansion - Decrypt

Helium aims to support even more protocols besides IoT and 5G with its new “network of networks” approach.

DecryptAndrew Hayward

A Memo to the Celsius Community

We are writing with a very important message for our community.

MediumCelsius

Nexo Proposes Celsius Buyout as Rival Lending Platform Halts Withdrawals

Celsius said it also paused its swap and transfer products and did not provide a timeline for resuming withdrawals.

CoinDeskOliver Knight and Nikhilesh De

NFTs & Metaverse:

Metaverse-Related Economy Could Be as Much as $13T: Citi

The bank’s analysts identified early investment opportunities that could benefit from the growth of the digital world.

CoinDeskWill Canny

NFT-based game Illuvium raises $72 million in digital land sales

Of the 20,000 plots of land available, 19,969 were sold, with the remaining 31 plots of land to be held for future giveaways.

The BlockNFT floor prices are falling along with the broader crypto market

Gucci Opens a Metaverse Experience on Roblox

The luxury brand Gucci opened a permanent metaverse experience in the game Roblox. Called “Gucci Town,” this new virtual area will give gamers a chance to relax, play, and admire the company’s latest virtual fashion accessories. Gucci executives say Gucci Town is modeled on a traditional Italian pia…

Rarity Sniper | NFT News and Trending StoriesEric Esposito

Crypto Research, Data, and Tools

Gain an edge over the crypto market with professional grade data, tools, and research.

Bitcoin & crypto price, news, charts, and research

Macro Economy & Regulations:

Crypto Fund Three Arrows Capital Facing Potential Insolvency: Report

After liquidations worth $400 million, Three Arrows Capital is reportedly working on an arrangement with lenders and other parties.

BlockworksShalini Nagarajan

Bill Gates: Crypto and NFTs ’100% Based on Greater Fool Theory’ - Decrypt

Billionaire philanthropist Bill Gates has voiced skepticism about NFTs and the broader cryptocurrency space.

DecryptAndrew Asmakov

Even a Soft Landing Can Be Ugly for Investors

A spike in default rates and sharply lower corporate profits are among the possibilities unless inflation cools swiftly.

BloombergJohn Authers

U.S. Job Growth Remains Strong in May

The number of people working or looking for work rose, while wage gains eased slightly. Both are encouraging signs, but the Federal Reserve’s fight against stubbornly high inflation is far from over.

The New York Times— Ben Casselman

Inflation Unexpectedly Reaccelerated to 8.6% in May, Hitting a Fresh 4-Decade High

Bitcoin dipped about $500 on the news, trading around the $29,500 level in the minutes following the CPI report.

CoinDeskHelene Braun

Mastercard brings its payments network to Web3 and NFTs

Letting people use Mastercard cards for simple and secure NFT purchases will make crypto more accessible and help the NFT ecosystem grow.

Mastercard NewsroomRaj Dhamodharan, EXECUTIVE VICE PRESIDENT, DIGITAL ASSET & BLOCKCHAIN PRODUCTS & PARTNERSHIPS

Crypto.com Cutting 5% of Workforce Amid Digital Asset Downturn

Blockworks exclusive: Crypto.com has been buffeted by underwater crypto markets that have eaten into once-lucrative trading fees, sources said.

BlockworksMichael Bodley

Circle announces new euro-backed stablecoin

USD Coin (USDC) issuer Circle Internet Financial is expanding with a new euro-centric stablecoin.

The BlockElon Musk floats crypto payments during meeting with Twitter employees

Interesting Tweets:

Research Reports & Videos (DYOR):

How To Learn Crypto As A New Language

By now, you’ve probably heard about cryptocurrencies. The word crypto seems inescapable: it creeps up in dinner conversations with friends, when complaining about the seemingly never-ending inflation, and in podcasts you listen to every day.

The Myth of Cryptocurrency Halving Events: A Deeper Analysis — Strix Leviathan

Strix Leviathan designs and operates algorithmic trading software for the cryptocurrency markets. The global nature and uncertainty surrounding the nascent cryptocurrency asset class leads to a market that is entirely defined by the behavioral patterns of market participants. Separating fact from fi

Strix LeviathanJesse Proudman

I Lost $150,000 in Crypto. Here’s How.

With the recent collapse of the LUNA and UST ecosystem, the current crypto market feels eerily similar to early 2018 just after the Initial…

MediumJacob Van

4th Annual Global Crypto Hedge Fund Report 2022:
https://www.pwc.com/gx/en/financial-services/pdf/4th-annual-global-crypto-hedge-fund-report-june-2022.pdf