The DeGen Bible to Financial Freedom - Vol. 2

The DeGen Bible to Financial Freedom - Vol. 2

Week 20 June - 24 June 2022

The unbearable bearness of being - Mars Captain

🧠 Observations

  • Total MC stayed below 1T all week long, worst day broke 800B briefly and renounced back to current level. 📉
  • Now Celsius, 3Arrows narratives are done. Next crypto systemic risk? (After UST-LUNA, stETH-ETH, now what?) 🚨

💵 Stablecoin & Market Landscape

(Last 7 day average) Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 15.92% of stablecoin (152.5B) on 0.98T crypto market.

Stablecoin % stayed high throughout the last 7 days, now at 15.92%. This index, 6-7 days ago, almost broke 16%.
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.

This week briefly went under 800B, it’s back to pre-2021 bullrun level. 😷
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 CaptainMars on TradingView.com

Correlation kept at 0.9ish this week. Boomers still influential here. 😠

CUM

Damn, look at that needle… Broke everything 🙀

Crypto Capital is drying up. Damn it

Crypto companies are raising less 💰, come on, WAGMI! 💪


🔢 Index

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

Same level as last week, hope the decline stops? 🥶


📰 Current affairs

Bitcoin:

This is an ideal entry point to buy bitcoin, says MicroStrategy CEO Michael Saylor
MicroStrategy CEO Michael Saylor joins ‘Squawk on the Street’ to discuss MicroStrategy’s position in bitcoin and why he thinks now is the ideal entry point for investors.

Ethereum:

Ethereum’s Ropsten proof-of-stake ‘test merge’ goes live
Developers merged Ropsten’s proof-of-work chain with its beacon chain.

Layer 1s & DeFi:

Defi Protocol Abracadabra’s Stablecoin MIM Briefly Slides to $0.91 During the Crypto Market Rout - Coin Daily News
Amid the crypto market carnage this weekend, another stablecoin slipped below the $1 peg on Saturday, June 18, as the crypto asset called magic internet money (MIM) briefly dropped to a low of $0.914 per unit. The Abracadabra-issued stablecoin dropping in value follows the recent terrausd (UST) fail…
Immutable launches $500 million fund for web3 games and projects
Immutable partnered with firms such as Bitkraft, Animoca Brands, Airtree, King River and GameStop to establish the fund.
SBF: Three Arrows Crisis ‘Couldn’t Have Happened’ with Transparent On-Chain DeFi - Decrypt
The FTX founder and CEO said that institutional lines of credit have to be transparent to retail investors.
Thread by @lund_dane on Thread Reader App
@lund_dane: Early today, Solend announced that it would hold its first DAO vote to seek emergency approval to seize the assets of its largest user. Within hours, Solend claimed it had approval. tldr: Solend’s action...…
Do Kwon has ‘great confidence’ in rebuilding Terra blockchain: WSJ
Terraform Labs CEO expressed confidence in the latest efforts to rebuild the Terra blockchain following a collapse in May.
Tether to Issue Sterling-Pegged Stablecoin, GBPT
The token will be pegged 1:1 to the British pound and will launch in July.
Crypto Exchange dYdX to Start a Standalone Blockchain
The layer 1 blockchain will be built in the Cosmos ecosystem.

NFTs & Metaverse:

NFT platforms in China grow 5X in four months despite government warnings
Digital collectible’s popularity touched new highs in China despite its regulatory risks. Over the past four months, NFT platforms grew from 100-to 500.
China’s WeChat bans crypto and NFT-related accounts
The punishments handed out by WeChat for crypto and NFT accounts will depend on the severity of violations, and the accounts will be given time to rectify their activity.
EBay Acquires NFT Marketplace KnownOrigin for Undisclosed Amount
The move comes one month after eBay released its debut collection of NFTs.
Uniswap Labs Pushes Further Into NFTs With Genie Acquisition
Uniswap will airdrop USD Coin (USDC) to Genie users who used the marketplace more than once before April 15, as part of the acquisition.
Gucci buys into SuperRare DAO
Gucci enters its first decentralized autonomous organization (DAO) through a partnership with non-fungible token (NFT) marketplace SuperRare.

Macro Economy & Regulations:

El Salvador Finance Minister: Bitcoin Crash Poses ‘Extremely Minimal’ Fiscal Risk - Decrypt
El Salvador hasn’t suffered any losses on its Bitcoin holdings, since it has yet to sell the coins, the country’s finance minister argued.
Elon Musk Reveals Crypto Twitter Plans in Leaked Transcript - Decrypt
Billionaire Tesla CEO Elon Musk expanded on his plans for Twitter, including crypto payments, in a leaked Q&A session with employees.
Three Arrows Capital considers asset sales and bailout, WSJ reports
The Wall Street Journal says Three Arrows Capital has hired legal and financial advisers to consider its options.
Crypto start-up MoonPay launches NFT platform with Universal, Fox
MoonPay is partnering with Universal Pictures, Fox and Snoop Dogg’s Death Row Records, among other brands, to launch a new NFT platform called HyperMint.
US Fed Evaluating SEC’s Position on Digital Assets Custody, Powell Says
The SEC’s directive that customers’ digital assets may need to be treated as belonging to an exchange’s balance sheet has banking regulators scratching their heads about how it’ll work.

Interesting Tweets:

Research Reports & Videos (DYOR):

Floaters
(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor…
Proof-Of-Work Is Objective, Proof-Of-Stake Is Not
The proof-of-work consensus mechanism used in Bitcoin is an objective measure of history which cannot be changed on the whims of validators.
On-Chain Forensics: Demystifying TerraUSD De-peg
Nansen’s research team dives into the UST de-peg, using on-chain evidence to dispel the myth of a single malicious attacker on Terra.
22,000 ETH Embezzled and Over Ten Projects Failed: The Story of …
Jeffrey Huang, known online as Machi Big Brother, is a former Taiwanese-American musician and tech entrepreneur who embezzled 22,000 ETH from Formosa Financial in 2018. In the four years since the fall of Formosa Financial, Jeff has gone on to launch over ten failed pump and dump tokens and NFT proj…
Cryptocurrencies’ Impact on Stablecoins
As crypto remains at the forefront of regulation, especially stablecoins, H.E. Justin Sun will discuss his regulation viewpoints and offer an inside look, from a macro perspective, on how future regulation can play out and how USDD is built to work.
3 Crypto Core Trends That Could Shape The Future of The Decentralized World
Where the industry goes from here
Kraken Intelligence’s The Metaverse: an inflection point
DocSend

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