June 2, 2021 / Unchained Daily / Laura Shin
Daily Bits ✍️✍️✍️
Sotheby’s to host an NFT auction including the ‘first’ NFT ever minted
Union Square Ventures has invested in crypto publisher Mirror at a $100M valuation
JP Morgan analyst believes BTC price may decline even further
Ethereum on-chain volume and miner revenue hit an ATH in May
Coinbase’s debit card now syncs with Apple pay
Dogecoin is now listed on Coinbase Pro
DeFi protocols produced $370M in revenue last month
- dYdX hit $2 billion in total volume on its layer 2 protocol
What Do You Meme?
Unchained Challenge → send in your best meme that explains a hot topic in crypto. You can either tweet @Unchained_pod or send an email over to [email protected]!
The best three submissions will be showcased in the What Do You Meme section sometime later this week or earlier next week, along with a shoutout to your Twitter profile.
May was a busy month, a very busy month. Here is your 600-word recap:
Week 1 (May 1st – May 7th)
Big Story → Fintech firm FIS announced a partnership with digital asset manager NYDIG to bring about an industry first: customers at hundreds of US banks will be able to purchase, HODL, or sell Bitcoin directly within their bank account — without having to go through an exchange, like Coinbase, or a payment application, such as PayPal.
Bitcoin’s Taproot update began its speedy trial
Uniswap, the largest decentralized exchange by trading volume, officially announced the launch of its version 3
Dogecoin hit 69 cents
Mike Novogratz’s Galaxy Digital announced its acquisition of BitGo for $1.2 billion in cash and stock
A federal court in California is authorizing the IRS to obtain the identities of any user who has traded $20,000+ on cryptocurrency exchange Kraken
Week 2 (May 8th-14th)
Big Story → Tesla CEO Elon Musk said that Tesla is suspending the purchase of vehicles with Bitcoin, citing concern over the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.”
The announcement immediately sent the price of BTC plunging — because, you know, sooooo much of the Bitcoin transaction activity was people spending their BTC on Teslas.
Vitalik proposed that UNI become an oracle token
EBay launched an NFT platform
Tether, for the first time since 2014, revealed the breakdown of its reserves
Bloomberg reported that Binance is under investigation by the DOJ and IRS
Shiba Inu and other memecoins took a hit due to Vitalik’s charitable donations
Week 3 (May 15th-21st)
Big Story → Bitcoin and Ethereum lost 30% and 40% of their value, respectively, in a single day. The stress of the dip led to Coinbase reporting “intermittent downtime” for customers attempting to purchase cryptos on sale. Binance was also disrupted, as the exchange stopped Ethereum-related token withdrawals from its platform.
Data from CoinMarketCap reveals that the total cryptocurrency market capitalization was down 15%+ over week three, declining from $2.2 trillion to $1.8.
SushiSwap reported its highest trading volume ever in a 24h period
Elon (erroneously) hinted that Tesla had sold more BTC
Acting OCC Head Michael Hsu announced his wish for the OCC, Federal Reserve, and FDIC to create an “interagency sprint team” to handle crypto
US Congressman Tom Emmer sent a letter to FASB urging clear accounting standards for digital currencies
Wells Fargo announced that it will soon introduce an actively managed crypto strategy
Bitcoin hash rate fell almost 20% as miners in China’s Sichuan region faced temporary power limitations
In China, three self-regulatory bodies jointly published a note reiterating a previous ban on financial and payment institutions from providing services related to cryptocurrency transactions and initial coin offerings.
Week 4+ (May 22nd-May 31st)
Big Story → Elon Musk took to Twitter once again with some good news for the Bitcoin community, tweeting, “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
MicroStrategy CEO Michael Saylor offered further context to Musk’s potentially promising conversation, saying that he [Saylor] had, in fact, hosted the meeting between Elon and a few high-profile North American miners, forming what Saylor named the Bitcoin Mining Council.
Shark Tank “shark” Mark Cuban confirmed his investment in Polygon
GameStop announced it’s building an NFT team.
Large Bitcoin holders scooped up 77,000 BTC during week 3’s market correction.
1confirmation raised $125 million for its third fund
Ray Dalio owns “some bitcoin” and would “rather have bitcoin than a bond.”
Carl Icahn is considering a significant investment in crypto
Circle announced a $440 million raise led by Fidelity, FTX, and DCG
The US Treasury is proposing expanded crypto reporting to fight tax evasion
A statement summarizing State Council meeting in China said: “We should crack down on bitcoin mining and trading activities and prevent individual risks from being passed to the whole society.”
- Bitcoin is Batman… 😂:
- Glassnode broke down the last week of activity on-chain:
- Parker Lewis on why Bitcoin could make all other money obsolete (an oldie but a goodie):
On The Pod…
June 14th is the 5-year anniversary of Unchained. 🎉
On Tuesday, June 15th, we’ll publish a 5-year anniversary episode with questions or messages from you listeners to me.
- record a video or audio message of 60 seconds or less stating your name, where you’re from and your question or message.
- email it to [email protected] with “anniversary” in the subject line (or just respond to this email)!
The deadline to get your submissions in is Thursday, June 10 by 5 pm ET/2 pm PT.
Thanks so much for supporting Unchained all these years! 🙏
Check out the latest episode of Unchained:
Nick Tomaino, general partner of 1confirmation, discusses his firm’s recently announced third fund of $125 million and gives his perspective on many hot crypto topics, such as NFTs, Layer 2 solutions, Polkadot, DAOs, and more. Show highlights:
- why Nick became interested in crypto and his background
- what drives 1confirmation’s investment thesis
- why Nick believes NFTs have taken off in popularity this year
- why NFTs are currently in a bubble
- what we might do with NFTs in the future
- how competition between different NFT marketplaces will shake out
- how music NFTs could work
- the feasibility of charging royalties in the secondary sale of NFTs
- why environmental concerns over crypto mining to only be a short-term issue
- why Nick is not an Ethereum maxi and how he feels about the fragmentation of Layer 2 solutions on ETH
- why Polkadot is such an exciting project
- whether, as an early Coinbase employee, he would say the fat protocols thesis is true
- what new trend Nick is keeping an eye on for 2021 and beyond
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