BSCN Alpha [July 22]
Another weekly dose of news, watchlists, and more. The crypto markets can turn on a dime and staying on top is never easy...
(1) This Week's Catalyst Watchlist...
Major Token Unlocks:
[Aug 6] 3.64% of $MAVIA circ. Supply
[Aug 7] 3.11% of $HFT circ. Supply
[Aug 9] 2.11% of $IMX circ. Supply
[Aug 9] 6.90% of $XAI circ. Supply
[Aug 11] 0.82% of $ENA circ. Supply
[Aug 11] 2.22% of $IO circ. Supply
[Aug 12] 2.41% of $APT circ. Supply
Macro Events:
[Aug 6] US SEC Commissioner Hester Peirce speaks at Asia Blockchain Summit
[Aug 6] US Trade Deficit data
[Aug 7] Morgan Stanley to begin offering $BTC ETFs to eligible clients/investors
[Aug 8] US Initial Jobless Claims data
[Aug 8] Speech from Federal Reserve’s Barkin
Crypto Catalysts:
[Aug 6-8] Asia Blockchain Summit takes place in Taipei
[Aug 6] CEO of Memeland speaks at Asia Blockchain Summit
[Aug 6] CatWifHat’s $CWIF lists on Gate[dot]io
[Aug 6] Conflux Network v2.4.0 Network Hardfork Upgrade
[Aug 6] Filecoin $FIL ‘Waffle’ upgrade
[Aug 7] $ENSO auction ends on Coinlist
[Aug 8] Vitalik Buterin speaks at Asia Blockchain Summit
[Aug 8] International Cat Day, potentially relevant for memecoins
[Aug 9] “largest airdrop in star atlas history” to ship holders
Chief Editor's Comment:
"What a horrific start to the week with what is now being dubbed 'Bloody Monday'. The silver lining here is that many experts do not believe this to have been a 'crypto problem', with few if any negative crypto catalysts being attributed to the collapse.
That being said, it doesn't make the tumble any sweeter for those exposed to the crypto markets. All eyes are now on the Federal Reserve with academics (including Professor Siegel of Wharton Business School) calling for an emergency rate cut... or multiple.
For those that are 'happy in spot', Asia Blockchain Summit taking place in Taipei this week is one to watch, with major speakers including SEC Commissioner Hester Peirce, as well as Vitalik Buterin himself, on the roster."
(2) Narrative Watchlist
US Politics Marches on... Against a backdrop of vicious market collapse, it's easy to forget what is perhaps the biggest crypto factor of 2024.
The US Presidential race continues with more clarity than we have had so far and the November election date only grows closer.
Trump announced what we can assume to be his biggest crypto-specific policies two weeks ago at the Bitcoin 2024 Conference. These include overhauling management of the SEC, and the creation of a US Bitcoin stockpile.
These policies will now be under massive scrutiny with several outlets (including Web2 outlets like Reuters) already publishing critiques and analysis of the policies. Keep an eye out as their impact becomes clearer.
With that said, Harris is yet to clarify any clear crypto positions and, if these emerge as positive, it could spell a win-win scenario for the industry come November...
Asia Blockchain Summit: Perhaps inevitably, it's an event that may go under-reported and under-appreciated in the West, owing to its being situated in Taipei.
However, that doesn't make the insights that appear from it any less impactful. Not only is Vitalik Buterin set to appear along with a host of execs from major blockchain projects (e.g. TON)...
But Hester Peirce herself is set to speak. With Gensler's career at the SEC on the line pending November election results, Peirce has been labelled a potential replacement and her comments in Taipei this week could give an indication of what the SEC would look like under the rule of the so-called 'Crypto Mom'.
Web3 VC Funding: For some, the degree of VC capital being deployed into the crypto space is a leading indicator of things to come.
HOWEVER, with price collapse in recent days, countless fundraising announcements have likely been postponed, now awaiting market recovery.
As soon as this comes, expect a swathe of fresh funding announcements and, with it, better insight into the health of the industry as a whole...
(3) In case you missed it...
Some of the biggest stories from the past week that you really ought to know about...
Morgan Stanley to Offer Bitcoin ETFs - Perhaps the most impactful news item from last week, one of the world's largest investment banks is set to begin offering eligible clients exposure to spot Bitcoin ETFs as soon as tomorrow. Make no mistake, this is significant for the credibility of BTC.
A significant step for mainstream finance
The bank will allow its 15,000 financial advisors to offer bitcoin ETFs to clients starting next Wednesday, marking a significant move in cryptocurrency adoption by a major Wall Street institution.…
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MicroStrategy to Buy Another $2B?! - Is anyone as bullish on Bitcoin as Michael Saylor and MSTR? Just weeks after raising several hundred million through the sale of convertible notes, the world-famous Bitcoin whale is planning for another even BIGGER bet on the world's largest digital asset...
- MicroStrategy, the largest public Bitcoin holder, plans to raise $2 billion to buy more Bitcoin, by selling its Class A shares, according to a US SEC filing on Aug. 1.
Key Points:
- The funds raised…
[Disclaimer: The information provided in this newsletter is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and carry significant risk. Always conduct your own research and consult with a financial advisor before making any investment decisions.]
