Crypto Friday - Week 09/11/20 - 09/18/20
Crypto Friday - Week 09/11/20 - 09/18/20
Dear DEFI WORLD community,
Honestly, we thought that filling this Crypto Friday episode with exciting news would be very hard! Well, this was our point of view on Wednesday.
This industry is simply mind blowing and things can change very fast, which was the case on Wednesday evening. Since then the whole situation in the crypto market changed within hours. However, this is exactly what we at DEFI WORLD love about this industry: The extremeness of this sector! Most people in the space were quite upset with the dumping prices last week, but because of the news from Uniswap and Kraken even sceptics and critics went bullish.
In today’s Crypto Friday episode, we want to show you all the aspects which make us super bullish and why this is only the beginning!
The market
After having some dumping times recently, we can see some kind of a pull back right now. BTC, ETH and DOT prices are recovering again, and the atmosphere on Crypto Twitter is somehow bullish. However, this was not to expect at the beginning of this week but things changed very fast due to massive news in the space. Uniswap made people rich overnight, Kraken became a bank and MicroStartegy bought Bitcoin for $175 Million. Let’s take a closer look at all of these news!
Uniswap gifts $UNI token to their users
What is $SUSHI again? Seriously, there were people around that were discussing if $SUSHI could replace Uniswap as No. 1 decentralized exchange last week. However, it seems that this hype has come to an end. Why? Well, first of all because Chef Nomi, former head chef of SushiSwap, committed an exit scam. Even though he apologized for this on Twitter later on the trust in SushiSwap is somehow lost. On the other hand, Uniswap published their token. This might be seen as overdue, however the interesting aspect of this is how they published it. Overnight, people who have been using Uniswap before 09/01/2020 were able to claim for 400 $UNI token which have a value of around $2000 right now. In fact, some liquidity providers received even more $UNI which made them to millionaires overnight. Let’s see how $UNI will perform in the next week! Nonetheless, we at DEFI WORLD are very excited about this development and we have never earned $2000 so easily.
Kraken becomes a bank
Let’s get to the next good news! The state of Wyoming approved that the crypto exchange Kraken can interact as regulated bank in the near future. This are breaking news because Kraken will become the first regulated bank which offers deposit, custody and trust services for digital assets. This is a monumental step for the entire sector, because it gets very clear that holding crypto currencies is more widespread in the society than ever before. The entry into the banking sector of such a large crypto exchange is to be seen as a clear signal against all major banks, whereupon a quote from Mahatma Gandhi comes to mind: "First they ignore you, then they laugh at you, then they fight you, and then you win.”
MicroStrategy buys Bitcoin for $175 Million
It is no secret that the FED is currently printing Dollars like crazy. "In order to strengthen the economy again", if you believe in the words of the US President Donald Trump. But this kind of monetary policy brings with a significant risk of inflation, which was also noted by the NASDAQ company MicroStrategy. The company's CEO, Michael Saylor, has now announced on Twitter that his company has bought 16796 BTC after buying 21454 BTC in mid-August. This is a clear signal that even large companies are now increasingly turning away from the current monetary policy and looking for alternatives. The question is who is the next big player to take similar action?
Conclusion
The start of the week was anything but bullish; now the situation looks somewhat different! In the last 48 hours, the news has spun over and the whole space is experiencing a strong upswing again! Everything indicates that crypto is increasingly entering the daily lives of millions and billions of people. These are exciting times to come and we don't really have time to sleep! We at DEFI WORLD can't really do it and we expect a clear final spurt by the end of the year. In this sense we wish you a nice and relaxing weekend! However, stay tuned for Sunday where Fabian Klauder, one of our Co-Founders, shares his thoughts about Ethereum’s gas prices with you!
All information presented above is for educational purposes only and should not be taken as investment advice.