Today’s edition is brought to you by eTukTuk - the first automobile project on Cardano that hopes to shake up the EV industry and support developing countries.
GM. This is Milk Road, the crypto newsletter that's as exciting as winning a game of Minesweeper without hitting a single bomb.
Here’s how we’re kicking off the week:
- Market movers: 2 BIG winners 📊
- 2 things to watch this week 👀
- Is Terra Classic making a comeback? 🍪
Prices as of 9:30am ET
WEEKLY MARKET MOVERS: WINNERS & LOSERS 📊
We’re back with another Market Movers segment.
And over the last week, it’s been 50 Shades of Green for cryptocurrencies.
BTC is up. ETH is up. Altcoins are up. Life is good.
Lucky for you, the Milk Man kept track of all the action. Here are his 2 big winners…
THE WINNERS
1/ Bitcoin ($BTC) is up 15% over the last week.
In that time, we’ve seen:
- Financial giants like BlackRock, WisdomTree, and Invesco file for Bitcoin ETFs
- Citadel, Charles Schwab, & Fidelity launch a new crypto exchange (EDX Markets) that offers BTC services
- The first leveraged Bitcoin futures ETF was approved. It’s set to launch later this week.
- HSBC (the largest bank in Hong Kong) start to offer Bitcoin and Ethereum ETFs to its customers
Crypto investors were served the Bitcoin Pump special…
Because of this, BTC just had its highest weekly close of the year (~$30,500).
It isn’t just the OG token that’s been pumping either, everything Bitcoin-related is up big.
- Bitcoin Cash ($BCH) is up 81%. This is a Bitcoin hard fork (aka a spinoff) created in 2017 to have lower fees and transaction times. (BCH is also one of the four tokens available on the new EDX Market exchange.)
- Bitcoin SV ($BSV) is up 46%. This is a hard fork of Bitcoin Cash (aka it’s a spinoff of the spinoff) with even faster transaction times.
- Stacks ($STX) is up 33%. This is a Layer-2 on the Bitcoin network and helps power stuff like Ordinals (aka NFTs on Bitcoin).
Call it guilty successful by association.
2/ Major altcoins are also up big
Business has been BOOMIN’ for altcoins:
- Gods Unchained ($GODS) is up 38%. The blockchain-based trading card game launched on the Epic Games Store last week.
- Near ($NEAR) is up 33%. Near Foundation partnered with Alibaba Cloud to support web3 initiatives in Asia and the Middle East.
- Algorand ($ALGO) is up 17%. Algorand Foundation partnered with DWF Labs to support the Alogrand ecosystem. (P.S - part of the deal included a $50M token purchase agreement)
Everyone knows the golden rule: When Bitcoin eats, altcoins eat too.
The result… Altseason.
All eyes will be on whether altcoins can keep the momentum over the next week.
THE NEXT BIG THING IN ELECTRIC VEHICLES
The electric vehicle industry is firing on all cylinders. Between new models and competitors, innovation around batteries, and Elon’s focus returning to Tesla, the future's looking bright.
And when it comes to new initiatives, the EV industry is full of them.
The latest? EV 🤝 Blockchain
That’s right, the first automotive project arrived on Cardano today. Introducing eTukTuk.
eTukTuk has BIG ambitions: To build an affordable network of charging stations and electric vehicles for the developing world.
Here’s some more info on them:
- Their initiative cuts carbon emissions and improves air quality, with a focus on developing nations who need it most
- Their team is made up of seasoned professionals with a background in Finance, Tech, Automotive and Blockchain
- Utilizing the blockchain allows them to create digital identities, provide wider access for users and reward network participants
And it’s all powered by the $TUK token, which goes live today! Learn why 60,000+ registered users are so excited for their future.
2 THINGS TO WATCH THIS WEEK 👀
We’ve got another BIG week for crypto coming. Here are the 2 things you need to keep your eyes on…
1/ THE FED AND MACROECONOMICS
It’s never a dull week for crypto. But this week, we also have a packed slate of macro news to keep us on our feet.
Here’s what we’re watching:
- Tuesday: New home sales data
- Wednesday: Fed Bank Stress Test (tests the strength of banks to perform normal operations in extreme cases) / Fed Chair Powell speaks
- Thursday: Q1 GDP Data / Fed Chair Powell continues speaking on the Semiannual Monetary Policy Report
- Friday: PCE Inflation data (similar to CPI, but focuses specifically on what people are buying and how much they pay for it)
With 4 speaking events coming from the Fed and Q2 wrapping up, this week could help shape the second half of the year for digital assets.
Get ready for another back-and-forth week between “It’s over” and “We are so f*cking back”.
2/ TOKEN UNLOCKS
Token unlocks are a big deal and every crypto investor needs to keep an eye on them.
(Milk Road Rule #58: Where there is a token unlock, there is price volatility)
Well, there are a bunch more happening this week:
- Optimism ($OP) is unlocking 24M tokens (worth ~$31.9M)
- Sui ($SUI) is unlocking 61M tokens (worth ~$45.6M)
- dYdX ($DYDX) is unlocking 6.5M tokens (worth ~$12.7M)
You can check out the full list here.
MILK & COOKIES 🍪
A group of developers submitted a proposal to revive the Terra Classic ecosystem. The group of devs is calling themselves the “Six Samurai”.
Binance reversed its decision to delist privacy tokens in Europe. Popular tokens like Zcash, Monero, Dash, etc. are safe again.
Japan’s National Tax Agency (NTA) updated its tax regulations to exempt crypto in certain situations. Under the new rules, unrealized gains from crypto assets issued by companies will no longer be subject to the current 30% corporate tax.
Bybit successfully obtained a license to operate as a crypto exchange in Cyprus. The crypto exchange will now be able to offer crypto services to Cypriots. (btw, what a dope name for a group of citizens. 10/10)
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
Over 23M ETH is now staked. Let's have a week, Roaders.
— Milk Road Images (@MilkRoadImages)1:48 PM • Jun 26, 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.
