Today’s edition is brought to you by Evolve Markets - the top place for leveraged trading of crypto, stocks, commodities, and forex in the most private and secure way.
GM. This is Milk Road, the daily newsletter that surfs the crypto waves with more style than a penguin in a tuxedo.
Here’s what we got today:
- Twitter users are in danger 🚨
- Graph of the Day: Weekly crypto funds flow report 📊
- 5 things you need to watch the rest of this week 👀
- PayPal launches a new crypto “off-ramp” 🍪
Prices as of 9 AM ET. Click here for our Fear & Greed Index
TWITTER USERS ARE IN DANGER 🚨
A few days ago, Vitalik Buterin - the founder of Ethereum and Milk Road hero - got hacked on Twitter.
(turns out he bleeds just like the rest of us)
Yesterday, we found out how it happened…
There were 2 big lessons:
1/ Vitalik uses T-Mobile.
(We’re deducting 20 Milk Points after seeing this…🤔 )
2/ Twitter users are vulnerable through their phone numbers.
Turns out there’s a big vulnerability on Twitter where hackers can bypass two-factor authentication and reset your password - just by using your phone number.
So, what should you do? Remove your phone number from the app altogether.
Here’s how:
- Go to “Settings”
- Go to “Your Account”
- Click on “Account Information”
- Click on “Phone” (if your phone number is connected, it should appear)
- If your phone number appears, delete it!
P.S. - Twitter Blue users need to enter a phone number when they sign up, but this can be removed after the sign-up is complete.
P.P.S. - There are rumors that Twitter Blue users who remove their phone numbers get limited features (i.e. you can’t participate in Community Notes, etc.) - but in our opinion, the trade-off is worth it.
Milk Road Rule #56: Treat security like your teeth - keep ‘em clean or things get nasty!
LEVEL UP YOUR TRADING GAME
The Milk Man’s got a new favorite trading platform. We’re calling it the Amazon of crypto over at Milk Road.
That’s because it’s fast, cheap, and always delivers. And just because Evolve Markets accels in speed and cost, doesn’t mean they are cutting corners anywhere else.
- Allows users to get started in minutes with a simple crypto deposit, keeping user’s privacy top of mind
- Brings some of the best trading conditions in the industry: ZERO deposit, withdrawal, or conversion fees, low trading fees, and the narrowest spreads
- Offers the ability to trade high leverage on crypto, stocks, indices, commodities, and forex
And when you convert more than $50 of funds on Evolve, you’ll instantly receive a bonus ranging from $1-10. You can convert between BTC, ETH, SOL, LTC, and USD.
Start trading like a pro on Evolve Markets!
*Evolve Markets is not available for citizens or residents of the United States, and certain jurisdictions, including where restrictions may apply.
GRAPH OF THE DAY: WEEKLY CRYPTO FUNDS FLOW REPORT 📊
The latest Weekly Crypto Funds Report recently dropped.
The results? $59M in total outflows.
Here are some of the biggest takeaways:
- BTC saw the bulk of outflows, totaling $69M (giggity). To add salt to the wound, short-Bitcoin products saw inflows of $15M.
- ETH has become the “least loved digital asset” amongst institutional investors. ETH has seen $108M in outflows this year - 2x more than any other asset. (#2 on the list: Tron with $51M in outflows)
- Weekly trading volume is decreasing. According to the report, weekly trading volume dropped 73% compared to the week before.
This was the 4th straight week that crypto funds have sold off more than they bought - bringing the total outflows to $294M. Ouch.
Analysts believe this is due to a mix of regulatory worries and a recent recovery in the dollar strength.
We’ll see if the streak of outflows gets broken next week.
5 THINGS YOU NEED TO WATCH THE REST OF THIS WEEK 👀
Ladies and gents, the rest of this week is jam-packed with action.
Congressional hearings. Token unlocks. Crypto events. Macro stuff. You name it.
Lucky for you, we’ve got your back.
Here’s a list of all the big things you NEED to be watching this week:
- September 12 (today): Gary Gensler - the head of the SEC and ACC (aka the Anti-Crypto Club) - is speaking before the U.S. Senate Banking Committee to argue why most cryptocurrencies are securities and why the SEC should be in charge of regulating the industry.
- September 13: The U.S. will release the Consumer Price Index (CPI) data for August.
- September 13: The Delaware Bankruptcy Court will vote on whether to approve/deny FTX’s liquidation plan.
- September 16: $APE (the native token for the Bored Apes ecosystem) will unlock 11% of its supply - worth $47.5M. It’s one of the biggest token unlocks of the year!
On top of that, big crypto events like Permissionless II and TOKEN2049 are kicking off this week.
Fun fact: Crypto projects usually drop big announcements like new products, services, etc. at these events.
Not-So-Fun-Fact: Crypto prices usually drop during conferences.
As always, we’ll keep you updated on all the big news that happens! (All you gotta do is check those inboxes)
BITE-SIZED COOKIES 🍪
ZKX, an omnichain perpetual exchange, has introduced its ZKX Appchain. This move is a key element of their long-term strategy aimed at bridging the gap between traders' performance and security. *
PayPal is rolling out a new crypto “off-ramp”. The new feature will help users easily convert their crypto back into USD.
Apple paid $5M to buy the rights to Michael Lewis’ upcoming book about Sam Bankman-Fried. The book is called Going Infinite: The Rise and Fall of a New Tycoon and will be released on October 3.
Northern Trust is launching a new platform for institutional carbon credit transactions. The global financial services firm is looking to bridge the gap between institutional buyers and project developers.
SushiSwap is expanding to the Aptos blockchain. The popular decentralized exchange will soon be available on Ethereum and Aptos. #2Chainz
Bitget (a crypto exchange) is launching a $100M fund called EmpowerX. The fund will invest in crypto exchanges, data analytics firms, media companies, and more.
*This is sponsored content
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
Bucket hat game: 12/10
— Milk Road Images (@MilkRoadImages)12:15 PM • Sep 12, 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.
