Today’s edition is brought to you by Bakkt® Custody – an institutional-grade solution to custody your digital assets with multi-layered security.
GM. This is Milk Road. We read between the market lines for you so you don't have to make that ugly squinting face.
Here’s what we got for you today:
The rumor heard ‘round crypto… 🗣️
Bakkt custody: compromise nothing 🔒
How to use A.I. to analyze the crypto market 🤖
4 out of 5 BTC addresses are in profit 🤑
Margined futures for BTC and ETH are coming soon 🍪
THE RUMOR HEARD ‘ROUND CRYPTO 🗣️
Yesterday was a rollercoaster…
What happened: a new iShares XRP Trust was registered in Delaware.
The filing was submitted under BlackRock’s name. It included their address, the executive’s name, everything.
So, everyone thought BlackRock would be filing for an XRP ETF next. (Similar to its BTC ETF and ETH ETF filings).
As a result, the price of XRP soared. It jumped more than 10% within 30 minutes.
The problem? The news was fake… BlackRock didn’t file the paperwork.
Someone else did and used BlackRock’s name.
(Btw, it’s unclear who made the fake filing, but man, do they have steel cojones).
And as soon as BlackRock confirmed it wasn’t them, the price of XRP came crashing back down…
Only in crypto…
Bakkt® focuses on security so that you can focus on your business.
With Bakkt, your digital assets are safeguarded by their award-winning NYDFS-qualified custodian, ensuring peace of mind and best-in-class security for all clients.
And in addition to institutional-grade custody, Bakkt offers the complete package.
Here’s why businesses rely on Bakkt:
They go beyond custody to offer comprehensive solutions including trading and on/off ramp capabilities.
Their focus is on sustainable and long-term involvement in crypto.
They’ve established a proven track record of providing top-tier solutions since 2018.
When you tie it all together, it’s no surprise that businesses are aligning themselves with Bakkt for the long term.
HOW TO USE A.I. TO ANALYZE THE CRYPTO MARKET 🤖
Check it out. I found something cool for all the market analysis nerds out there…
It’s a A.I. tool called Market Analyst.
It lets you upload a screenshot of any chart.
It will analyze the chart for trends.
It will also include a potential trading strategy for that specific asset.
To test it out, I uploaded the 7-day chart for XRP.
Here’s what the Market Analyst spit back out:
A few things that stood out:
1/ It was able to tell it was an XRP chart and even included the 7-day performance.
2/ It was able to identify the sharp spike and decline (due to the fake BlackRock XRP ETF news).
3/ It even said that the pump/dump “could be a result of a news event” and “could be an anomaly”.
4/ It spits out two trading strategies – one for a long position and another for a short position (and even suggested to include a stop-loss).
P.S. – Does this mean the A.I.’s analysis is 100% correct? No.
P.P.S. – Does this mean you should let the A.I. make trades for you? Hell no.
It’s just a cool tool that could help. Check it out for yourself here.
4 OUT OF 5 BTC ADDRESSES ARE IN THE GREEN 🤑
I got a crazy stat for you…
At the beginning of the year, the number of Bitcoin addresses in profit was close to 50%. Impressive.
Well, fast forward to today…
The percentage of all Bitcoin addresses in profit has jumped to 80% (!!)
Congrats to BTC holders!
Next round is on you 🍻
BITE-SIZED COOKIES 🍪
Bitwave is laying the foundation for blockchain companies to simplify their accounting and taxes. Equipped with robust integrations, a high level of client customization, and high-touch customer service. Check out our review of their platform!
Cboe Digital is launching margined futures for BTC and ETH starting in January. Cboe will become the first regulated U.S. exchange to offer spot and futures markets on a single platform.
Two former FTX executives are starting a new crypto exchange called Backpack Exchange. “Dear ChatGPT, please give me a random, generic name for my new crypto exchange…”
Foresight Ventures acquired the majority of shares in The Block. The crypto news and data provider was purchased at a $70M valuation and plans to build out new, exciting products.
Ryan Watt is joining Optimism as its new Chief Growth Officer. Ryan was the former president of Polygon Labs and head of gaming for YouTube.
MILKY MEMES 🤣
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Nov 14, 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.