Weekly Crypto Update 📰
6.19.20
Hi everyone,
This is first of email many of you will be receiving. Below is the weekly crypto update outline with timestamps. This allows you to jump around the video to view content you find most intriguing.
XRP Isn’t A Security [1:25]
Crypto Debit Card Fraud [4:29]
WisdomTree Bitcoin ETF [6:43]
Defi Tokens Lead Bull Market [9:22]
Coin of the Week [12:53]
Summary:
A former regulator from CFTC, Chris Giancarlo, published a review of XRP using the the Howey Test as criteria. His current employer happens to be the largest holder of XRP so this doesn’t come as a surprise. I’m sure the regulators will be heavily influenced by this review, but it’s still not a slam dunk for XRP. It has yet to be officially declared a non-security by regulators.
Wirecard got caught cooking the books. Their stock dropped more than 50% in a single day after the news broke out. Crypto.com is a current client but largely remains unaffected. However, the CEO is now considering a new vendor for this service.
WisdomTree is attempting to get Bitcoin exposure through an ETF. The ETF will allocate 5% to Bitcoin and the rest into other commodities. They understand most traditional investors have an aversion for volatility. With this ETF product, they’re hoping to give investors the upside of Bitcoin with limited volatility.
DeFi is becoming more popular these days. Now with some DeFi token rising over 600% YTD, many retail investors are looking to get exposure. Within the week, I’ll be sending everyone a short summary of a DeFi projects.
REN is the coin of the week. The project aims to provide a non-custodial solution to interoperability. Solutions like WBTC require you to custody Bitcoin with a third party and don’t support other assets. With RenVM you’ll be able to interact with Ethereum based DAPPs using non native tokens. This is likely to bring a flood of liquidity to the DeFi space.
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