June 25, 2021 / Unchained Daily / Laura Shin
Daily Bits ✍️✍️✍️
Citigroup announced the Digital Assets Group, a new business unit dedicated to the cryptocurrency and blockchain space.
ARK Invest purchased more than 1 million shares of the Grayscale Bitcoin Trust on Tuesday, an investment totaling $29M.
Africrypt exchange founders are nowhere to be found — along with billions of dollars in BTC.
NYDIG is partnering with Q2’s Digital Banking Platform to offer 18 million customers direct access to buy/hold/sell BTC.
Met Police seized more than $150M in crypto as part of an ongoing criminal investigation.
FTX is rolling out tokenized stocks for Facebook, Google, Netflix, Nvidia, PayPal, and Tesla.
Several crypto fraudsters were included in the US Secret Service’s “Most Wanted” list.
- New York mayoral favorite Eric Adams wants to back the Big Apple “the center of bitcoins.”
What Do You Meme?
Investing in cryptocurrency companies is poppin’.
Yesterday, Andreessen Horowitz launched a new $2.2B crypto fund. The VC plans to invest in a slew of companies across the blockchain and digital asset space. a16z also announced former Securities and Exchange Director Bill Hinman will join the firm as an advisory partner.
A new $2.2B fund should only accelerate the pace of crypto investments. According to Dove Mountain Data, crypto companies received an influx of $329,450,000 across a series of eight fundraising rounds announced over the past week.
Source: Dove Mountain Data
With that in mind, let’s test your knowledge:
- WallStreetBets Dapp is creating a macro hedge exchange-traded product with the help of Balancer labs:
- Everything you need to know about DAOs:
- Nassim Taleb, the author of several well-regarded books on finance, published a paper critiquing Bitcoin, saying “[I]n spite of the hype, bitcoin failed to satisfy the notion of ‘currency without government (it proved to not even be a currency at all).”
You can find the full criticism here.
Nic Carter, co-founder of Castle Island Ventures, gathered a thread of threads, rebutting Taleb’s paper:
On The Pod…
why Will is not worried about a bear market
what indicators make Will believe BTC is in a mid-cycle consolidation
who is selling and driving the recent market downturn
why Will thinks the unwinding of derivatives is a significant factor in Bitcoin’s move below $30K
what Will believe institutions are waiting on before entering the market again
how Bitcoin cycles can be broken down into mini hype-cycles
how long-term holders are acting on-chain
the difference between long-term holders versus short-term holders during bear and bull markets
why Will is interested in finding data on Latin American Bitcoin users
how long the consolidation process might take
what metrics Will has his eyes on for the latter half of 2021
My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, is now available for pre-order now.
The book, which is all about Ethereum and the 2017 ICO mania, comes out Nov. 2nd. Pre-order it today!
You can purchase it here: http://bit.ly/cryptopians