$BMNR will issue $300 million in preferred shares. Borrowing a page from @Saylor's Ponzi playbook, @fundstrat will offer a 9.5% yield to raise money to buy more Ethereum. But with $MSTR's preferred yielding over 12%, and $ETH tanking, this offering will blow up on the lauch pad.
$RLUSD is institutional-grade infrastructure for payments and tokenization.
Through @wormhole’s Native Token Transfers (NTT), $RLUSD can now move natively across multiple blockchain ecosystems, supporting cross-border payments, institutional on/off-ramps, and tokenization use cases.
For developers and institutions building onchain, that expands access to compliant, USD-backed liquidity across supported networks.
The @Soneium situation is a good live demonstration of how launching an ethereum L2 is great for businesses *and* users.
Businesses can make very fine-grained choices around how much control they keep vs give to users.
But whatever rules they choose, that's what the rules are. Everything is onchain, transparent, and auditable by third parties.
You can make a very closed system where there's no escape hatch, and where the operator can edit the state root, but then users will know exactly what they are getting into, and @l2beat and armies of independent internet sleuths will help them.
You can also make a fully open system.
And you can also make a system where users know they can send a transaction on the L2 if they need to, but there's a large speed bump - the sequencer can throttle but not censor. This is effectively what Sony has done.
This is all free market at play. The main thing we need to watch for as an ecosystem is to ensure that
(i) a critical mass of financial activity happens in fully open environments
(ii) enough tools are available for users to understand the properties of the onchain environments they are spending their time in
It has been an insane week for crypto.
- Bitcoin hit a new yearly low of $59,127, wiping out $300 BILLION in market cap.
- $ETH dropped to $1,500 for the first time in a year, erasing $60 BILLION.
- Bitcoin ETFs sold $1.72 BILLION worth of BTC, the second-largest weekly sell-off since launch.
- Over $5.7 BILLION in long positions were liquidated in just 7 days.
- Saylor and Tom Lee’s combined unrealized losses hit $22.5 BILLION.
- Zcash crashed -60%, wiping out $60 BILLION after a critical bug was discovered.
The bad news : Crypto is the worst thing on earth right now.
The good news : If it ever comes back, any buys the past few months will print back breaking gains.
Darkest before the dawn or some shit like that.
What if an investor with unlimited capital announced a program to acquire 450 $BTC daily at the market price for the next four years and hold the asset forever? What if they increased their purchases to 675 BTC daily in 2028, and to 787.5 BTC daily in 2032? #BitcoinHalving.
People still think (or feel) because Bitcoin is down crypto is down.
Derivatives/perps, stablecoins, prediction markets, etc are all up in crypto.
Crypto touches every area of finance, and is much broader than Bitcoin now. It will take some time for this to sink in.
(And yes - Bitcoin is going to do great and is as important as ever - one of many cycles we've all been through.)
Stocks are dumping.
Gold is dumping.
Silver is dumping.
Crypto is dumping.
Bonds are dumping.
Even Oil is dumping.
If everything is dumping, where the hell is money going?
I feel compelled to remind you :
If you buy one Bitcoin at $126,000
And it goes to $89,000
You can sell it
And buy it back 6 seconds later
You still have the same one Bitcoin
But you can realize a capital loss of $37,000 for tax purposes
All you have to do is wait until October 6th this year and buy $BTC.
It’s amazing how many people still try to overthink an asset that has spent years following a remarkably consistent 4-year cycle.
Bitcoin is the matrix. The code is right there in front of everyone.
BREAKING: Over $500,000,000 liquidated from the cryptocurrency market in the past hour.
• $BTC: $61,100
• $ETH : $1,620
• $BNB: $570
• $XRP: $1.10
• $SOL: $64