Welcome to BitBoy Crypto!
This is your daily crypto wrap-up,
where I give you all the day's news very quickly.
Alright. Well, let's start looking at the markets right now.
We've got Bitcoin coming in at $46,798.
Down 0.3%.
Overall market cap for Bitcoin is $887 billion.
Ethereum at $3,933,
inching closer back to $4,000,
which, hey, that would be nice, am I right?
Binance Coin - $521
XRP's actually up today at 87¢.
Thank God!
My portfolio needed that one.
Looking at the biggest winners of the day,
we got YFI continuing to be one of the bigger pumpers out there.
Up 10.5%.
OHM or TIME up 10--
or, I'm sorry, OHM is not TIME.
It's Olympus DAO.
Up 10.3%.
Helium, SPELL, XMR, AVAX all up.
RUNE up 3%.
So that's good.
Looking at the chart here for Market Cipher in Bitcoin,
we've just really flattened out here.
I mean, we've really flattened out.
We're really holding, you know, the $46,000 level pretty good.
Let's see if we can bounce back.
Nothing monumental to report about Bitcoin right now.
Stories of the day,
we got Elad Roisman of the SEC stepping down,
who often cited positive crypto regulation along with Hester Peirce.
He's now leaving the SEC.
I've got some feelers out on who some replacements for him could possibly be.
So we will keep you updated on that.
Not good when you only got two really pro-crypto folks on the SEC and one's going.
Also, this story from Coin-tell-a-lie I thought was pretty interesting.
The biggest winners and losers of 2021 for crypto,
winners - Kazakhstan
It's where all the Chinese miners have gone.
Coinbase
Solana
El Salvador
Beeple
Avalanche
Sam Bankman-Fried
OpenSea
ProShares, the ETF
They're some of the big winners.
Some of the big losers,
China
Of course. They move their people to Kazakhstan.
Go figure.
Meta, which is the Facebook-- or Facebook
Big loser this year. Facebook.
Central Bank of Nigeria
Virgil Griffith, who got arrested for helping North Korea hide their crypto
and Iron Finance
You guys may remember Mark Cuban promoting them.
Lastly, I want to talk about Terra LUNA
because there's a really interesting thing going on with Terra LUNA
which involves Mirror Protocol.
Now, if you don't know Mirror Protocol,
this is basically a cousin to Synthetix.
It's a protocol in which they--
you can buy and sell synthetic stocks or synthetic assets.
Now, Do Kwon,
who I believe is the CEO.
Yeah, he's the Terraform Labs' CEO.
Do Kwon got a stack of papers from the SEC at the Mainnet conference in New York City.
I'm trying to see if I can figure out exactly when that was.
May--
looks like it was in May.
Maybe it was in April.
Right before Do Kwon is going on stage, he gets this packet of papers.
A lot of people knew that this was coming,
and so they went to Twitter saying they got served.
He came out. He said, "No, we didn't actually get served."
Then he found out later in the day, no, that is what that actually was,
was a stack of papers from the SEC.
Now,
Do Kwon sat down at a 5-hour interview with the SEC.
And then they came back to him, they said,
"Sorry.
Everything you gave us was good. It was enough,
but we've still got to serve you an enforcement action."
I mean, these people with their Ps and Qs, am I right?
And so, now, what's happening is
Do Kwon and Terra, along with Mirror Protocol,
they're trying to get the entire case dismissed
because of a procedural rule
where the SEC cannot serve
investigation, lawsuit, subpoena, whatever you want to call it,
to someone without that person--
without their lawyers being contacted first
if they're represented by attorneys.
And that's what they did.
They went ahead and served these papers,
trying to embarrass him publicly is what they really tried to do.
So this is going to be very fascinating
because whether or not Do Kwon gets off on a procedural rule for Mirror Protocol,
I'm telling you, guys,
stablecoins,
synthetic assets,
these are things the SEC is coming after.
So don't be surprised if somehow, you know,
that Terra is able to wiggle out of this enforcement action,
but I believe that eventually Mirror Protocol will--
they will come after this hot and heavy
regardless of what happens here on the short term.
But overall, Terra is crushing it right now.
Terra ecosystem is definitely bullish.
I think they had some news on their DAI and their UST today that was pretty bullish.
I don't have it right here in front of me,
but keep an eye on Terra.
It doesn't seem to be slowing down.
The SEC enforcement action didn't seem to do a lick.
Alright. That's all I got. Be blessed.
Longer video than normal, but complicated situation.
BitBoy out.