UK investors are turning to Bitcoin to hedge the collapse of the British pound.
California Governor Gavin Newsom vetoed a statewide bill for crypto regulation.
And these Web3 apps are making it possible for you to fall in love in the metaverse.
My name is AJ.
This is your nightly crypto news wrap-up.
Let's get it!
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The United Kingdom's currency, the GBP, or the British pound,
has been taking punches for years,
and now it's up against the ropes.
Not to be confused with the euro,
the British pound has lost a lot of steam and purchasing power
since they're dealing with 40-year high inflation.
And it doesn't help them at all that the US dollar is raging up into the right.
Let's face it.
The pound is collapsing against the dollar.
And it recently hit an all-time low at $1.03.
As parity inches closer,
UK investors are starting to understand,
and they're playing it safe by turning to Bitcoin to hedge their bets.
James Butterfill, the head of research at CoinShares, tweeted out,
"When a fiat currency is threatened, investors start to favour Bitcoin."
The chart he attached to the tweet backs this very well.
You see,
there's only about $70 million of volume per day between the British pound and Bitcoin.
Yesterday, that number spiked to $881 million,
which is over 1,000% increase.
That's massive!
This says a lot.
Not just the fact that fiat is failing people all around the globe,
but they turned to Bitcoin to regain their losses.
How is this played out on the charts?
Let's pass it to our guy Frankie Candles for a market watch.
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $19,117.
Down about 0.4% on the day
Ethereum coming in at $1,331
Down about 0.1% on the day
And what a crazy ride it has been in the last 24 hours, guys.
Now, I do want to bring you guys over to the Bitcoin chart.
Obviously, we did get this massive pump up to the upside
before completely eating up all of the gains and coming all the way back down
to perfectly kiss our level we've been watching forever.
And that is that Value Area Low at about $18,825.
Now, you guys will know,
we've been looking at this bullish divergence on the daily timeframe,
which is a very rare bullish sign.
When you have these lower lows coming in on your price
with the higher lows on your momentum waves,
these typically give us a big move to the upside.
And we were aware of the mixed signals,
but I thought if this daily bullish divergence played out,
we would be able to fully lean bullish.
However, we woke up today, and all those gains were eaten up.
We do have money flow coming up on these lower timeframes,
so we could potentially get a little bit of a bounce here, guys.
But, again, be careful with all the yellow X's appearing on the higher timeframes.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
A bill known as AB 2269, or the Digital Financial Asset Law,
was passed by the California State Assembly in late August
without a single objection by any of the assembly members.
The bill would have made every crypto company to get a license
from the Department of Financial Protection and Innovation
to operate in the state of California.
Well, unless they want to pay some serious fines.
California's Governor Gavin Newsom curiously vetoed the bill
saying that it's premature and too expensive
and that he wanted to take a more "flexible approach" to ensure regulatory oversight.
In a memo, he stated,
"It is premature to lock a licensing structure in statute
without considering both this work and forthcoming federal actions."
Key words: forthcoming federal actions.
He vetoed this bill because he knows the same bill is being lobbied on a federal level
by FTX and Sam Bankman-Fried.
In Fried's federal version,
they're setting out to make any and every decentralized transaction illegal in America.
It's in his own selfish interest to destroy decentralization.
And his pockets are deep enough to make the federal government agree with him.
This goes against every reason why we're all involved in crypto in the first place.
If you care about your financial freedom,
if you care about your financial privacy,
you should abandon FTX and join our political Discord,
the BitSquad policy,
to join the fight and save decentralization.
Link in the description.
I've been in a relationship for quite some time,
so I've never really been involved in the whole online dating world.
But, boy, have I heard the nightmares!
People in vulnerable places will end up messaging people
who aren't even real for months or even years
before they learn they've been getting catfished the whole time.
I couldn't even imagine how bad that would sting.
But what if there's a way to prevent this from happening?
And what if Web3 is the answer?
There are new Web3 dating apps coming soon,
such as metaMATCH and truyou.io,
that are a gateway to find your soulmate in the metaverse.
Instead of swiping left and swiping right,
there is tokenized matchmaking and heightened verification
so you can't get catfished.
How romantic!
metaMATCH and TruYou are coming Q4 this year and Q1 next year.
But if you want to trade in your Tinder today,
be sure to check out metacubes.world.
This is a dating DAO,
where you have to mint a $300 NFT to participate,
and the rarity of that NFT dictates how many matches you can make.
Also, you can earn rewards based off how many relationships you form
and how much you communicate.
I think that it's a good idea
because even though it costs to get in the door,
investing in that idea shows others that you care.
And if you want to meet a partner that has similar interests as you
and that's also interested in Web3,
Metacubes is the perfect place to get shot with Cupid's arrow.
Best of luck out there in the Web3 dating community.
And until you find your match, try smashing that like button.
That's all I got.
Be blessed.
AJ out.