MAJR News 061
BTC takes a breather after all-time highs, PTJ prefers crypto as the inflation hedge, ETH & Layer 1s follow BTC's rally, Bond giant PIMCO get's in on crypto, Fire fighter pension fund owns BTC
@zolloc
MAJR NEWS BRIEF
Videos
Paul Tudor Jones speaking on CNBC about his inflation worries and his long position in crypto as the best way to hedge.
Airdrop Alert
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Check it out - HERE.
Top Stories
BITCOIN
Bitcoin Tumbles to $63K in Quick Retreat From All-Time High
Bitcoin hit new all-time highs this week reaching $67k. It’s since taken a breather. Long-term holders don’t appear to be selling and the market is overall super bullish. VanEck announced that they were approved for their bitcoin futures ETF. The Proshares futures ETF (BITO) was the second largest ETF debut doing over $1 billion in volume, with $320 million in the first 30 minutes of opening. Grayscale, the largest digital asset manager with over $53 billion in AUM announced they’ve officially filed with the SEC to convert their Bitcoin fund into a spot ETF.
Paul Tudor Jones says crypto is his preferred inflation hedge over gold right now
Billionaire investor, Paul Tudor Jones went on CNBC and had a few things to say about inflation and bitcoin. First, he doesn’t think inflation is transitory - it’s here to stay. He said he’s never seen more out of control and dangerous monetary policy than we have now. His answer is to be long bitcoin and crypto over gold. PTJ confirmed that the traditional portfolio of 60 / 40 - stocks / bonds is dead.
$2.2T Asset Manager PIMCO Plans to Buy More Crypto
Fixed-income manager PIMCO is planning to increase its exposure into digital assets such as bitcoin after dabbling in alternative securities with second hand exposure to the crypto space. PIMCO is one of the world’s largest asset managers with over $2.2 trillion in AUM. This move makes perfect sense since they’re mainly focused on the bond market, which is severely damaged with ~$20 trillion of negative yielding debt globally.
“This will be a gradual process where we spent a lot of time on the internal diligence side speaking to investors. And we’ll take baby steps in an area that’s rapidly growing.”
More on Bitcoin
Sanctioned Russian oligarch urges central bank to embrace Bitcoin
Tesla’s Bitcoin Holdings Have Earned the Company $1 Billion in Profit
Pension fund for Texas firefighters reportedly allocates $25M to Bitcoin and Ether
CRYPTO
Ethereum Follows Bitcoin's Lead, Hits All-Time High Price
Ethereum (ETH) the second largest digital asset by market cap followed bitcoin’s rally and made new all-time highs, reaching $4,361. While, bitcoin has the store of value function Ethereum has paved it’s way as the leading protocol for DeFi with over $100 billion locked across protocols and NFTs with over $1 billion in sales last month. Bitcoin leads and pulls the rest of the market with it, and capital rolls down hill. After the Ethereum pump we saw other layer 1 alternatives move with Solana (SOL) up 13% and Terra (LUNA) up 20%.
Total Value Locked in DeFi on Solana Hits Record High of $12.7B
Solana’s DeFi ecosystem is growing and made a new highs with over $12.7 billion in total value locked (TVL) across DeFi protocols. Solana is known for super fast and cheap transaction times, which makes perfect sense for DeFi and applications looking for a great user experiences.
MAJR Take: We highly recommend users give Solana a try by simply sending SOL from wallet to wallet. It’s pretty incredible. A recommended mobile wallet is
Exodus
and a browser wallet is
Phantom
.
Flow Blockchain Now ‘Controlled by Community,’ Says Dapper Labs
Dapper Labs, the company behind the Flow blockchain is decentralizing its control over the network to its community. Now, they run less than 1/3 of the nodes. The Flow blockchain is a highly scalable blockchain designed for high throughput use cases like NFTs and gaming. It’s home to the NBA Top Shot NFT trading card game which did more than $750 million in volume on the secondary market and CryptoKitties, the first NFT game.
More on Crypto
Solana gains over 26% in two days — $250 SOL price target next?
The Weeknd Joins Tom Brady's NFT Platform Autograph as It Expands Into Music
Mekaverse mania continues to sweeps NFT space ahead of artwork reveal
MACRO
First Bitcoin ETF Is Already in Danger of Breaching a Limit on Futures Contracts
Proshares Bitcoin Strategy ETF (BITO) is already encountering some issues because of too much demand. The futures structure has a limit on the number of futures contracts it is permitted to hold by the CME, 2,000 per month, and it’s already broaching those limits for October and now November. The immediate solution is spread its holdings into longer dated contracts, however this could lead to a tracker error between the paper price and the true underlying price of spot bitcoin.
MAJR Take: This shouldn’t come as a surprise due to the institutional demand for bitcoin exposure, but the SEC Chairman Gary Gensler is trying to “protect investors” by putting in place a complicated ETF structure that retail doesn’t understand and now increases volatility given the futures structure (insert sarcasm).
Facebook plans new group name to revamp image, says The Verge
Facebook announced that they will be changing their name from Facebook to The Verge. The rebrand comes at a time when they face even more scrutiny over it’s closed door practices around knowingly promoting negatively charged content on its platform and targeting kids and teens, but also as it looks to focus on the metaverse - virtual and augmented reality and it’s new digital wallet launch Novi.
Snap Warning Feeds Concerns Over Social Media Ad Splurge
The social media company, Snap issued comments that caught the market and tech investors off guard stating that the company expects ad spend to significantly slow down in Q4 due to supply constraints for consumer brands. Estimating that sales should only see a 30% bump compared to estimates of 50%.
More on Macro
Europe’s Recovery Stumbles Over Supply Squeeze Driving Inflation
Fed Imposes New Restrictions on Officials’ Investment Activities
MEDIA
Inflation is the number one issue facing investors: Paul Tudor Jones
Crypto is beating gold right now as a better hedge against inflation: Paul Tudor Jones
Bitcoin and crypto adoption is here to stay. Don’t let your friends and family miss the opportunity of a lifetime.
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THIS IS NOT FINANCIAL ADVICE. IT’S IMPORTANT TO DO YOUR OWN RESEARCH. INVESTING IN CRYPTOCURRENCY OR ANYTHING FOR THAT MATTER COMES WITH RISK. THE INFORMATION PRESENTED IN THIS NEWSLETTER IS FOR INFORMATION AND ENTERTAINMENT PURPOSES ONLY.