Despite record inflation,
certain Americans prepare for another round of stimulus checks and homeowners' relief.
Crypto.com allows users to onboard with Apple Pay.
And are the winds changing for the worse for XRP?
My name is Deezy.
This is your crypto nightly news wrap-up.
Let's get it!
The bottom line from my perspective is that
California does not need any more stimulus.
Sacramento State finance professor Dr. Sanjay Varshney
isn't impressed by another stimulus round.
It's a short-term band aid
that's going to result in a very severe kind of a crisis down the road.
California Governor Gavin Newsom and California lawmakers
are proposing a stimulus package to help consumers combat rising costs.
As states such as California, Pennsylvania and Colorado are considering
passing additional stimulus checks for their residents,
as Maine and New Mexico have already pulled the trigger on sending relief to their residents.
For the first rounds of checks this month,
residents in Maine will receive $850,
while residents in New Mexico will receive $250.
While other states are also considering stimulus checks or tax rebates,
homeowners in almost every state will be eligible for financial relief
thanks to the Treasury Department's Homeowner Assistance Fund.
The HAF was created to prevent mortgage delinquencies,
defaults, foreclosures and things of that nature.
Since Joe Biden signed the American Rescue Plan Act,
almost $10 billion has been put aside for homeowners,
giving each state $50 million.
To see if you're eligible for HAF,
be sure to check ncsha.org.
It does come as a surprise that the government continues to hand out printed dollars
in these times of 40-year high inflation.
But in the same breath,
some Americans need all the help they can get since the cost of living has gone up substantially.
Alright, guys.
Now, let's do a little market watch here.
We've got Bitcoin coming in at $20,262.
We've taken a little dip today.
Down about 2%
Ethereum coming in at $1,142
Down about 4% on the day
Let's go ahead and check our top gainers.
USTC up 106% on the day, 406% on the week
We've got BTT up about 10%
1INCH up about 10%
Kava up about 3%
And Synthetix up about 3% on the day
Guys, we have been getting a little bit of a correction here.
Right now, the markets are really hard to read.
We've got bullish things popping up on the longer timeframes,
bearish things popping up on the lower timeframes.
The price action is super scammy.
So be careful out there if you are trading, please.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Crypto.com is now allowing their users to onboard onto their website and mobile app in a few taps
using Apple Pay.
This decision to incorporate Apple Pay was a no-brainer for Crypto.com
given it makes it easier for customers to buy crypto
and it ensures top-notch security.
This feature is only available in the US and excludes New York and other US territories.
A bullish aspect of using this new feature is that if you use your Apple Card as your payment method,
you will receive 2% back in Daily Cash on your purchases.
Ironically, as it becomes easier to purchase crypto by conventional means,
buying conventional things with crypto took a small step back yesterday
as the Bored Ape-themed restaurant in LA
announced that they will no longer be accepting crypto as a payment.
Back in April, they were proud to fly the flag of being the first restaurant
to accept ETH and APE as payment,
but given the drastic market volatility and the lack of customer enthusiasm to pay with those cryptos,
it turns out using cash to buy food, eh,
it works just fine.
These next two stories paint a bigger picture when you put them both together,
and the insinuation is not a pretty sight.
Ripple co-founder Jed McCaleb has been offboarding XRP from his infamous "tacostand" wallet in a big way.
According to a website that tracks his wallet's activity,
he didn't sell any XRP at all from September '21 until the end of December '21.
At the time, that was a bullish idea
because it would make sense for him to wait for the price to go back up and sell more, right?
To my surprise,
once 2022 started, he started selling again and not in small increments.
So far this year during a bear market, he has sold over 500 million XRP.
If he continues selling at this rate,
cryptoglobe.com reports that he's expected 23-27 days left before the account is empty.
Does he know something we don't?
He's not my favorite person in the world by any stretch of the imagination,
but he's definitely not an idiot.
So, why would he sell his XRP before the next bull run?
So while Jed is selling his XRP yesterday,
Axios and Daily Hodl ran a story saying that Brad Garlinghouse
said that Ripple will leave America if they were to lose the lawsuit against the SEC.
Garlinghouse is obviously frustrated at the SEC's hypocrisy
by suing XRP but allowing the Coinbase IPO,
but for them to close up shop and leave the US,
it would be a massive blow to everyone
except Gary Gensler.
Since US exchanges don't offer XRP to their customers
and most of Ripple's growth has happened outside of the States,
Garlinghouse asked the rhetorical.
If Ripple loses the case, does anything change?
Seeing these two stories come out back to back like this is a bad look.
And it seems like Jed and Brad knows something that happened behind the curtain that we don't.
Hopefully, the SEC doesn't overregulate the space before it gets its real chance to change the world.
Because if the SEC wins the case,
they can use it as a precedent and go after everyone.
Fingers crossed that doesn't happen.
That's all I got.
Be blessed.
Deezy out.