Hello HODLers,
Just some thoughts I had after looking back at all the news of the past few days and listening to my favorite podcasts.
The timing of this bull market seems quite odd to me as we are in the crosshair of regulators and the fight is going on everywhere.
From China over the past few months, to Binance and other exchanges being forced to lower anonymity and increase KYC procedures and now these Crypto Tax amendments that should be voted on in Washington.
On the latter, it seems the senate will consider the amendments in a meeting today. More information in this article form Decrypt.
The Ethereum Burn narrative?
We all know this leg-up was started by all the tweets and hype about the London HardFork and the inclusion of a burning mechanism. I have read a lot of posts and yes, some ETH is burned BUT ETH is NOT deflationnary as the amount of ETH burned on every block is not more than the newly created Ethereum.
On the supply/demand side this is great but it does not change the overall balance in the short term. At least that is what I think.
Binance and BSC are under fire
If you have read my articles, I liked BSC despite the centralization. I liked it because it seemed to have its own innovation ecosystem on the DeFi and more recently the Gaming front.
As I believe gaming IS the mainstream adoption path to crypto (as seen in the Philippines with Axie Infinity), I was betting on $BNB and $CAKE.
Nevertheless, I had to rethink my strategy following the crazy regulatory pressure the chinese company has been under.
- Lowering of non-KYC withdrawal (from 2BTC to 0.07 BTC)
- Delisting of most Derivatives for Nordics and some European countries
- Had to close its UK subsidiary
- US Subsidiary seems like it will also have to close very soon following Brian Brooks resignation
The latest news is the final blow for me as Brian Brooks is a top U.S. banking regulator. If he resigned he KNOWS heat is coming and do not want to be associated with Binance anymore.
From a geopolitical point of view, it seems clear that the US will not let Binance be the #1 exchange or Smart Chain.
Therefore, I might just watch this huge proxy war between the US and China from further away.
CAKE/BTC 1D
So why are we going up?
I honestly do not know but I am enjoying it while cashing in on some tokens to increase my stablecoins assets in order to farm like a Boomer at c.30% APY hehe.
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