The Bitcoin Lightning Network announces plans for new financial products.
The SushiSwap DAO approves restructuring.
Amazon adds Venmo for payments as PayPal files for crypto trademarks.
And what's going on with Meta?
Watch till the end for my hot take on Zuckerberg,
Facebook and where the company went wrong with their metaverse.
My name is Ajwritescrypto.
And this is your crypto news wrap-up.
Let's get it!
A new derivatives exchange on the Bitcoin Lightning Network
wants to create a different kind of stablecoin.
But will it work?
Kollider, with a K, just finished the seed funding round
that raised $2.4 million to build what they call the
"first Lightning-native derivatives exchange"
that will work with its Lightning wallet
as well as Bitcoin-backed synthetic stablecoins.
The exchange's co-founder promises features you can't get anywhere else.
What are the features?
Users can open and close positions directly from Lightning wallets.
No more having to fund accounts in order to trade.
And what about their idea for synthetic stablecoins?
Those will be created by simultaneously longing and shorting Bitcoin.
Well, it sounds good in theory,
but considering the catastrophes we've seen for stablecoins that got a little too creative,
this one will need to be battle-tested before anyone can say anything for sure.
You can go long and short on Bitcoin on Bybit.
Click the link in the description for a BitSquad exclusive deal.
Time to hand it over to our guy Frankie Candles for a market watch.
Thanks, AJ!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $20,285.
Down about 2.3% on the day
We've got Ethereum coming in at $1,512.
Down about 3.5% on the day
Now, guys, obviously, we are seeing a little bit of a pullback here on Bitcoin.
Nothing drastic just yet.
We were expecting this.
If you guys tune into my live streams at 5:45PM on the Frankie Candles YouTube channel,
we were looking for a pullback here on Bitcoin in the short term.
And you can see right here that we've come up to our daily Value Area High.
We broke above it.
And we have bearishly retested with the confirmation of a yellow X.
And we are now breaking down back into the value area.
Now, some major levels to watch here,
No. 1 obviously would be that POC.
However, I'm not saying we're on our way to the POC just yet.
Some more likely levels that I would be looking at would be this level here
at about $19,957,
or even just $20K even is going to be a very, very important level that we hold
if we want to continue to the upside.
If we break that,
note that we do have a low volume gap in between these two levels.
Now, if we do come down here and we start to lose this level,
just understand we have low volume between these two levels.
So if we break this level,
we could get a quick move down to about $19,650.
And that level should act as pretty strong support.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
Following some scrutiny
from the Commodity and Futures Trading Commission over Ooki DAO
and possible violations of US investment laws,
SushiSwap decided to take some legal advice.
The firm Fenwick & West LLP recommended a divide into three legal entities.
And the SushiSwap DAO voted unanimously to approve the restructuring.
A foundation in the Cayman Islands will be responsible for maintaining the treasury,
approving the grants and administration.
In Panama, the foundation will develop the SushiSwap protocol.
And another Panama-based firm will develop the platform's frontend.
You might remember the infighting that caused a 20% drop
in the protocol's native token last December.
Is this SUSHI finally picking up the pieces?
Or are they as bad with chopsticks as I am?
Stay tuned.
PayPal stock rose yesterday
after Amazon announced they'll be using Venmo payments as the checkout option.
Venmo is a digital payment service that lets users send money to each other.
And it's owned by PayPal.
Shopify and Lululemon have also added this form of payment,
among other major retailers.
Shares of PayPal jumped up 7% yesterday.
And this shows how the industry is moving towards accepting new forms of payment.
Great timing for crypto
because PayPal and Western Union have both applied for new crypto service trademarks
for exchanging and trading digital assets,
processing transactions right on the blockchain,
using digital currencies and more.
The trademark will be downloadable software to enable this kind of functionality.
Also, PayPal recently reinstated a very controversial policy,
but I'm scared to say it out loud
because I don't want them to steal $2,500 from me.
So the question is,
what's going on with Meta?
Just when you thought the company's stock value couldn't go any lower,
Facebook reports a huge miss in revenue estimates for Q3,
with more losses expected in 2023.
Their shares immediately plunged over 24% following the news.
In a statement, CEO Mark Zuckerberg appears unfazed by the numbers,
and instead he seems all-in on the long-term potential of the metaverse.
He called not focusing on the metaverse a huge mistake.
And after investing $70 billion into the project
and even changing its name,
it's clear that this is Zuckerberg's baby.
You've seen the metaverse teasers from the company
that looked like it was made on home computer.
We've seen the avatars with and without legs.
And not to mention the risks of corporate metaverse poses to decentralization.
So it's possible that even with a big metaverse bet,
we'll have to see it through a VR headset to believe it.
What we'll actually see through the VR will be questionable to say the least
because how many NFT creators want to pay Meta's egregious 47.5%
for commission on NFT sales?
How do you spell greed?
META
My name is Ajwritescrypto.
That's all I got.
Have yourself a great night.