Today’s edition is brought to you by Crypto 101’s Hedge Fund Summit - Discover for free what retail investors can be doing as institutional money floods in.
GM. This is Milk Road, the crypto newsletter that’s as electrifying as a sip of Sprite from McDonald’s.
Here’s how we’re kicking off the week:
- Weekend Watchers: 2 winners📊
- 2 things to keep your eyes on this week… 🪙
- Coinbase shuts down its Borrow program 🍪
Prices as of 9:20 AM ET.
WEEKEND WATCHERS: 2 WINNERS📊
What a weekend.
Barbie and Oppenheimer finally dropped.
Messi made his MLS debut and scored the game-winner. (GOATs doing GOAT sh*t).
The one thing you probably missed: the crypto action.
Lucky for you, the Milk Man kept track of it all, so you wouldn’t have to. Here are the 2 winners that caught his eye…
1/ REDDIT’S TOKEN ($MOON)
What is it? $MOON is the native token for the r/cryptocurrency forum on Reddit.
Think of them as tokenized community points. Users that contribute to the subreddit page (i.e. posts and comments) get rewarded with $MOON tokens.
Why it’s up: Two big things recently happened…
- Reddit changed its terms of service to allow users to trade virtual assets like community points and avatars.
- Big crypto exchanges (like Crypto.com) listed the $MOON token on their platforms.
As a result, $MOON is up +80% over the last 7 days.
This is something we call the Exchange Listing Effect. An exchange announces it will list a token → that token (usually) pumps in price.
NOTE: The Exchange Listing Effect won’t always lead to a price increase.
Token listings are a lot like real estate - it’s all about location, location, location.
If a token gets listed on a small exchange with little to no users, the token probably won’t pump.
If a token gets listed on a big exchange with millions of users, the token has a better chance of pumping.
2/ HAMSTER.GG ($HAMS)
What is it? Hamster.GG is a platform for live-stream hamster races and $HAMS is the native token used to place bets.
Yup. You read that right. Hamster racing.
Why it’s up: Hamster.gg was all the hype in crypto this weekend.
As a result, $HAMS jumped from $0.60 → $3.26 over the weekend. It’s now crashed back down to under $1.
While most people were out spending time with their families and enjoying the weather…
Crypto investors were trying to figure out who the Usain Bolt of Hamsters is.
(Btw, our local Milk Road Degen tells me it’s a hamster named Rocky.)
From meme tokens —> A.I. tokens —> animal racing tokens. It’s never a dull moment in crypto.
WHAT CAUSED BTC’S HUGE JUNE RUN?
Just when the rest of the year was starting to look bleak, the crypto markets pulled a complete 180. I’m talking about a Tony Hawk level 180.
Bitcoin crossed the 30k mark and ETH bounced back even harder.
And while crypto Twitter and Discord are fun, the real alpha comes from institutions.
That’s why we partnered with the Crypto Hedge Fund Summit, a free 2 day event led by the brightest hedge funds in crypto. All from the comfort of your home.
- Learn the investment strategies that the wealthiest crypto investors are using and how they are positioning their portfolios
- Hear about how institutional investors are feeling about the currently regulatory landscape
- Listen to exclusive insights from top fund managers and explore some of the altcoins they are betting on
The best part? It’s all free.
The summit goes live virtually on July 25-26, 2023!
2 THINGS TO KEEP YOUR EYES ON THIS WEEK… 🪙
Ladies & gents, we’ve got a BIG week ahead. It’s gonna be full of macro news, earnings reports, and token unlocks.
The Holy Trinity of Volatility.
Here are the 2 things you need to keep your eyes on…
1/ THE FED AND MACROECONOMICS
This week has a packed slate of macro news:
- Tuesday: CB (Conference Board) Consumer Confidence data
- Wednesday: FOMC (Federal Open Market Committee) Meeting + Jerome Powell speech
- Thursday: Q2 GDP report and Unemployment Claims
- Friday: Core PCE Price Index (PCE is similar to CPI, but focuses specifically on what people are buying and how much they pay for it)
The main event for the week will be the FOMC meeting where the Fed decides whether it will hike interest rates or not.
All Eyez On Jerome Powell.
Source: Twitter
P.S. - According to FedWatch, there’s a 99.8% probability of a 25 bps hike. **gulp**
2/ TOKEN UNLOCKS
Token unlocks are a big deal and every crypto investor needs to keep an eye on them.
(Milk Road Rule #58: Where there is a token unlock, there is price volatility.)
This week, there is $43M+ worth of tokens being unlocked:
- Optimism ($OP) is unlocking $37.7M worth of tokens
- Sui ($SUI) is unlocking $5.2M worth of tokens
- SingularityNET ($AGIX) is unlocking $2.3M worth of tokens
You can check out the full list here.
Milk Road Weekly Forecast: Buckle up, it’s gonna be a wild week.
FOMC meeting + earnings reports + token unlocks = 100% chance of volatility.
MILK & COOKIES 🍪
Coinbase is shutting down its Borrow program for retail customers. Loan holders have until Nov. 20 to pay any outstanding balances or the crypto exchange will sell the Bitcoin collateral to close the loans. (R.I.P.)
Americana launches a “Phygital” vault service to securely store and showcase assets. Items are secured in a physical vault and authenticated via the blockchain. (Btw, anyone else struggling to say the word “phygital”?)
The U.S. Department of Justice announced it’s doubling the size of its crypto crime team. The DoJ is merging two of its internal teams to focus more resources on criminal crypto matters.
The couple accused of laundering billions of dollars stolen from the Bitfinex hack has entered a plea agreement. Heather "Razzlekhan" Morgan and her husband are set to appear for a plea hearing on Aug. 3.
According to the FTX lawsuits, Gabe Bankman-Fried (SBF's lil’ bro) tried to buy the island of Nauru to create an “apocalypse bunker”. You can’t make this sh*t up…
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
Blockin out the h8ers
— Milk Road Images (@MilkRoadImages)1:32 PM • Jul 24, 2023
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
