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July 3, 2023

🥛 Market Movers: 3 winners. 1 loser 📊

Today’s edition is brought to you by Nexo – 💸 buy crypto, earn interest, borrow funds, and get a cashback card 💳

GM. This is Milk Road, the crypto newsletter that’s more addictive than a game of Snake on your old Nokia phone.

Here’s how we’re kicking off the week:

  • Market movers: 3 winners. 1 loser 📊

  • The IRS is coming for Kraken 👀

  • Dior is launching a new NFT shoe 🍪

Prices as of 10 AM ET

WEEKLY MARKET MOVERS: 3 WINNERS. 1 LOSER 📊

We gave the Milk Man one job over the last week: track crypto prices.

Why? So you wouldn’t have to.

It took 6 screens, 3 gallons of milk, and 2 packs of Oreos but he was able to round up the biggest market movers of the week.

He had 3 winners and 1 big loser. Let’s dive in…

THE WINNERS

1/ Compound ($COMP) is up 67% over the last 7 days

What is it? Compound is a DeFi lending protocol.

It lets users earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform.

Why it’s up:

  • There’s been a lot of whale activity recently. Aka crypto wallets with large balances have been buying.

  • The founder just announced a new project called Superstate Funds. It will create a short-term government bond fund using the Ethereum blockchain as a secondary record-keeping tool.

Although $COMP isn’t directly mentioned in the Superstate Funds plans, some investors speculate that it could play a role since it’s the same founder.

It’s a “buy the rumor, sell the news” moment.

2/ Bitcoin Cash (BCH) is up 31% over the last 7 days

What is it? Bitcoin Cash is a hard fork (aka a spinoff) of Bitcoin.

It was created in 2017 with the goal of having lower fees and faster transaction times.

Why it’s up:

  • BCH is one of four tokens available on the new EDX Market exchange.

  • There’s been a big increase in BCH trading volume on UpBit, a popular South Korean crypto exchange.

BCH has been getting love from all over the world. #MrWorldwide

3/ Litecoin (LTC) is up 22% over the last 7 days

What is it? Litecoin is an OG cryptocurrency that was created in 2011. It was inspired by Bitcoin.

If Bitcoin is digital gold, Litecoin is digital silver.

Why it’s up:

  • LTC is one of four tokens available on the new EDX Market exchange.

  • Litecoin will be going through a “halving” next month. Aka the number of coins for mining rewards will be cut in half.

Halvings are big events that every crypto investor should keep an eye on. It usually leads to price pumps.

With Litecoin’s halving right around the corner, it’s been LTCs’ time to shine.

And now, onto the…

THE LOSER

Conflux (CFX) is down 11% over the last 7 days

What is it? Conflux is a Layer-1 blockchain.

It’s also the only compliant chain in China. Some call it the “Ethereum of China”.

Why it’s down: The token dropped in price after news broke that DWF Labs (a crypto market maker and investment firm) bought another $18M worth of CFX tokens.

Many investors have been skeptical of DWF Labs since it tries to act as both a market maker and an investment firm.

They’re a lot like Mac from It’s Always Sunny In Philadelphia…

Source: Tenor

NEXO: PIONEERS SINCE 2018

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THE IRS IS COMING FOR KRAKEN 👀

It’s been a tough time for crypto exchanges this year…

  • Kraken got fined $30M and was forced to shut down its staking services.

  • Coinbase got sued by the SEC.

  • Binance (US) lost its banking partners.

Now it’s Kraken’s turn (again). The crypto exchange has been court-ordered to turn over information on some of its customers to the Internal Revenue Service (IRS).

**gulp**

What this means: Kraken will now need to cough up all info for any Kraken user that traded at least $20K in crypto between 2016 and 2020.

That includes info like legal name, physical address, taxpayer identification number, the name of the first pet they owned, and the street they grew up on. (jk on those last 2)

Why this matters: Kraken might be the first, but it probably won’t be the last exchange that gets ordered to share customer info.

Funny how things work….

MILK & COOKIES 🍪

Dior is launching a new shoe called B33 that comes with a corresponding “digital twin” (aka an NFT). The sale begins on July 6th and there will only be ~470 pairs available.

Celsius has been granted court approval to liquidate its altcoins. The bankrupt crypto lender will convert the altcoins into BTC and ETH as it prepares to redistribute funds to creditors.

Ubisoft (creators of Just Dance and Assassins Creed) is launching a new web3 game called Champions Tactics. The game is being developed on Oasys, a gaming blockchain.

MILKY MEMES 🤣

PS – we’ll be off tomorrow for the 4th of July. (The Milk Man has his eyes set on some hot dogs and cold milk)

We’ll be back to our regularly scheduled programming on Wednesday (7/5).

Stay thirsty, my friends.

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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.