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It was a week of super stonks and big gambles. Let's dig into what you missed this week. Today's Issue ⬇️ - 🗞️ Recap: Robinhood Gamble
The SEC can't stop Robinhood. - 🎧 Rollup: ETH Price Predictions
Analysts have big numbers in mind. - 📊 Week in Markets: Eyes on Rates
The rate cuts are on the way. - 🕰️ Catch Up: What We Published
Celeb memecoins. SOL versus ETH.
Sponsor: Kraken — Sign up for an account and see what crypto can be. . . . WEEKLY RECAP Robinhood's Gamble 1️⃣ Robinhood to acquire BitstampOn Thursday, Robinhood announced it was set to acquire Bitstamp in a potential $200M deal to double down on crypto and expand its presence globally. The acquisition not only aims to bring in Bitstamp’s retail customers in the EU, UK, U.S., and Asia, but also its institutional customers — expanding Robinhood’s offerings to a whole new investor class. Founded in 2011, Bitstamp is the oldest crypto exchange with over 50 global licenses, supporting over 85 tradable assets. Against the backdrop of ongoing legal issues with the SEC, Robinhood's acquisition of Bitstamp showcases its commitment to crypto and its anticipation of further high demand. 2️⃣ BTC flirts with new highsWhile Bitcoin set new records this week, a new all-time high was not one of them. Instead, BTC futures positions reached a new record as open interest (OI) surpassed $37.7B. The surge in OI coincides with record inflows into spot bitcoin ETFs that brought Bitcoin from $68.5K to $71K, as BlackRock’s IBIT displaced GBTC as the largest ETF. On the back of seemingly strong employment market data, Bitcoin slipped on Friday to fall below $70K. Yet, the market remains hopeful as multiple countries have begun cutting rates, with Canada and the ECB leading the way. 3️⃣ Roaring Kitty back on livestreamGameStop had a rollercoaster of a week, jumping from ~$26 on Wednesday to ~$65 on Thursday after their champion, Keith Gill, also known as "Roaring Kitty," posted a livestream scheduled for Friday. Earlier in the week, Gill had posted a screenshot on Reddit showing a portfolio ballooning to $586M, including GameStop stock holdings and 120K call options, and a tweet of a green Uno reverse card, igniting hopes for another short squeeze. However, on Friday, GameStop announced the issuance of 75M shares during earnings, reversing the rally, a drop compounded by Gill's first live stream since 2021 ending as a let-down, dropping GME back to ~$28. 4️⃣ Coinbase launches Smart WalletsOnchain Summer has arrived with Coinbase's new "smart wallet," designed to ease onboarding and enable gasless transactions. The wallet allows new users to create accounts in 15 seconds and use Face ID, Google Chrome profile, fingerprint, or Yubikey instead of seed phrases. Further, it allows them to pull from self-custodial wallets and Coinbase account balances to treat "insufficient balance" errors. However, since developers can sponsor transaction costs via paymaster integrations, enabling gasless operations across most EVM networks like Base, Ethereum, and Polygon, smart wallet users may not run into “no funds” errors often 😉. 5️⃣ NYSE competitor to launch in TexasCrypto’s favorite asset manager, BlackRock, and market maker Citadel Securities have backed a firm launching a new national stock exchange in Texas. Having secured approximately $120M in funding, the Texas Stock Exchange (TXSE) intends to file registration with the SEC by the end of 2024. This move offers an alternative for crypto companies looking to go public, like Kraken, in a pro-crypto state. The TXSE will focus on securing ETF listings, providing more competition for the NYSE and Nasdaq, which could lead to lower fees for companies. The news comes as the SEC recently approved spot Ether ETFs in the United States, with a forecast of launching possibly as soon as the end of June. 
FRIEND & SPONSOR: KRAKEN Kraken is one of the largest and most secure crypto platforms in the world. They've been in the crypto game for over a decade, and now they're inviting us all on a journey to see what crypto can be. . . . WEEKLY ROLLUP ETH Price Predictions Bitcoin was the big mover this week, but ETF excitement for ETH continues to build. In this week's Rollup, Ryan and David discussed the latest ETH price targets from crypto analysts, the latest ETF process updates, Robinhood's Bitstamp acquisition, and more! Listen in! 👇 . . . THIS WEEK IN MARKETS All Eyes on Interest Rates 📊 Rates In Focus. Western central banks are resorting to interest rate cuts for the first time in the post-COVID era, triggering investor optimism for the next large move up in crypto prices. What else happened this week in markets? . . . GET CAUGHT UP What We Published 📰 Articles:📺 Shows: . . . GO BANKLESS Don't Miss Another Airdrop! Thousands of Bankless Citizens scored an average of $3,500 worth of tokens after Ether.fi's airdrop. Did you miss out again? Ether.fi was in the Bankless Airdrop Hunter, and you could have gotten into the latest drop by following our quests! There are nearly 100 other crypto protocols in Airdrop Hunter waiting for you. |
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