Trump has Covid-19, Record Decentralised Exchange Volume & $250k Selling Pokémon Cards #22
Market Meditations | October 2, 2020
Trump has Covid-19, Record Volume on Decentralised Exchanges & Making $250k Selling Pokémon Cards.
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Today’s Meditations:
CryptoNekoz: How Nekoz Made $250k in One Day Selling Pokémon Cards
BITCOIN / DOLLAR
CHAINLINK / DOLLAR
Cftc and Department of Justice File Charges Against Owners of Bitmex
Defi Degens Hit Hard by Eminence Exploit Will Be Partially Compensated
Decentralized Exchange Volume Rose 103% in September to Record $23.6b Even as Growth Consolidated
Markets Risk Off After News That Trumps Have Coronavirus
U.S. Regulators Step up Battle With Spoofing
Bidenomics: The Good, the Bad and the Unknown
Macro Goals, Micro Actions
CryptoNekoz: How Nekoz Made $250k in One Day Selling Pokémon Cards
Today’s episode features CryptoNekoZ.
This episode got me motivated beyond belief. Nekoz has managed to combine his passions with his work in a way I’ve rarely seen pulled off.
CryptoNekoZ is a serial entrepreneur, trader, investor and cryptocurrency influencer. He is the co-founder of Noble-5, participates in two separate funds as an investor/trader and also works at Radiance where he is in charge of partnership management.In this episode, we talk about his background as a professional tennis player and the influence it had on him as an entrepreneur. We explore his different interests such as investing in and flipping high-end collectibles like Pokémon cards and watches, why he co-founded a gaming mouse company and how he owns his own E-Sports team. We also talk about what it takes to become a good investor, attending conferences and how the VC-model is slowly changing, resources he recommends to get started and end with an interesting discussion about body language & dating.
If you’re looking for a productive, motivating and enjoyable experience this Friday, make sure to tune into this conversation.
BITCOIN / DOLLAR
One Day
$11,200 – Key Resistance
$11,000 – Key Psychological Level
$10,400 – Turning Point
$10,000 – Key Psychological Level
$9,200 – Key Structural level. This 0.382 level remains key to our macro bullish bias
Bitcoin continues to respect our levels. Note $10,400 is now less significant given note the closes on the 23rd & 24th of September. Should it get chopped any further I will no longer be paying attention to it. I’m also paying attention to $10800 level, which is developing into a resistance and structural level of significance.
CHAINLINK / DOLLAR
One Day
$16.98 – After this level, new all time highs can be considered again.
$12.96 – Key Resistance. Both based on price action and looking at it psychologically $13 is the most important level for bulls to claim. Building longs above this level significantly reduces risk.
$10.12– Local Resistance. Below this level my short term bias is bearish.
$7.09 – Local Support. While my bias remains bearish, I do expect a strong reaction at this level so I will be looking for long scalp opportunities on the first test.
Extremely excited to announce that this week I have started a passive medium-long term Chainlink investment.
This is an extremely high-risk play where I must be prepared to lose everything. Never copy blindly.
However, I highly recommend checking out the episode. Not with the intention to copy but rather through the lens of a student looking to learn more about a more passive strategy.
Cftc, Department of Justice File Charges Against Owners of Bitmex. The U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC) are suing crypto derivative exchange Bitmex and its founders, including co-founder and CEO Arthur Hayes. In the CFTC statement, it says that “The complaint charges BitMEX with operating a facility for the trading or processing of swaps without having CFTC approval as a designated contract market or swap execution facility, and operating as a futures commission merchant by soliciting orders for and accepting bitcoin to margin digital asset derivatives transactions, and by acting as a counterparty to leveraged retail commodity transactions. The complaint further charges BitMEX with violating CFTC rules by failing to implement know-your-customer procedures, a customer information program, and anti-money laundering procedures.” In a separate action, the Department of Justice filed criminal charges against Hayes and the two other operators, Ben Delo and Samuel Reed, one who was arrested on Friday morning. Read more.
Defi Degens Hit Hard by Eminence Exploit Will Be Partially Compensated. As we wrote in our Wednesday edition, Eminence.Finance was a new project by Andre Cronje, the man behind Yearn.Finance (YFI). Traders and yield farmers deposited millions in an unaudited smart contract after Andre tweeted about it, unaware that the project was far from finished resulting in the abuse of an exploit which resulted in an attacker draining $15 million from the Eminence smart contract a few hours after the tweets. Although unclear why, the attacker returned 8 million shortly after. The returned amount is used to compensate users that were affected by the exploit and subsequent price crash, with a solution built by a few developers. Read more.
Decentralized Exchange Volume Rose 103% in September to Record $23.6b Even as Growth Consolidated. Even with the market-wide pullback in September, volume on decentralized exchanges (DEX) recorded its third consecutive month of doubling the trading volume from the previous month after a 160% rise in August, according to Dune Analytics. Total volume traded on DEX’s amounted to $23.6 billion, another strong increase from the already astonishing $11.6 billion in August. The biggest contributor remains Uniswap, good for $15.3 billion in volume in September. The successful token distributions by Curve and Uniswap are primarily responsible for the sustained growth. Read more.
Markets Risk Off After News That Trumps Have Coronavirus. Breaking news today that Donald Trump and the first lady have tested positive for the coronavirus. U.S. stocks slumped and bets on volatility increased as traders weighed the implications of President Donald Trump’s positive test for the coronavirus. The Nasdaq 100 led losses amid declines for tech companies including Apple, Microsoft and Amazon.com, and the S&P 500 Index fell more than 1%. A disappointing jobs report that showed less hiring than analysts had estimated underscored the urgency to push through an aid measure to help U.S. workers, and House Speaker Nancy Pelosi would work to find compromise with Republicans on a bill. Crude oil tumbled for a second day. The yen, often seen as a haven in times of market stress, edged higher amid the increased uncertainty in the runup to the Nov. 3 presidential election. Traders had already been bracing for turmoil ahead of the ballot and in the months afterward, and the CBOE Volatility Index, known as Wall Street’s fear gauge, jumped the most in a month at one point Friday before paring the increase. Read more.
U.S. Regulators Step up Battle With Spoofing. Regulators have delivered a blunt warning to banks to clamp down on high-speed financial market manipulation or risk blockbuster fines and criminal convictions for staff. US authorities this week levied a $920m fine on JPMorgan Chase for eight years of giving a false impression of market demand in precious metals and US government bonds by rapidly entering and cancelling orders — a practice known as spoofing. The penalty far outstrips previous punishments for such misconduct. The size of the fine reflects regulators’ dissatisfaction with JPMorgan, one of the world’s largest financial institutions. But the settlement has also sent a message that spoofing is as serious a liability to banks as rate-rigging, corruption or money-laundering scandals. Read more.
Bidenomics: The Good, the Bad and the Unknown. As the 46th president, Mr Biden would alleviate some problems simply by being a competent administrator who believes in institutions, heeds advice and cares about outcomes. Those qualities will be needed in 2021, as perhaps 5m face long-term unemployment and many small firms confront bankruptcy. Mr Biden’s economic priority would be to pass a huge “recovery” bill, worth perhaps $2trn-3trn, depending on whether a stimulus plan passes Congress before the election. This would include short-term money, boosting unemployment insurance and help for state and local governments, which face a budget hole. Mr Biden would also extend grants or loans to small businesses which have not received as much aid as big firms. He would ease tensions with China, soothing the markets. And if a vaccine arrives, his co-operative rather than transactional approach to foreign relations would make its global distribution easier and allow borders to reopen and trade to recover faster. Read more.
Macro Goals, Micro Actions
A macro goal is something that you want to achieve in the next few years. A micro action is something that can be done right now. Aligning the two and making specific actionable steps towards your big goals creates momentum and propels you forward towards reaching your seemingly impossible goals.
We talked about the importance of processes in an earlier edition, but we shouldn’t completely neglect having goals either. Rowing harder doesn’t benefit you if the boat is headed in the wrong direction. Having goals in life is necessary, they help you find a direction and purpose to which you can direct your efforts. Problems only arise when goals are so big and ambitious that they seem nearly impossible to achieve, demotivating you from working on them in the first place and leaving you in a state of failure as long you haven’t achieved them.
That’s where micro actions come in handy. After writing down your audacious long-term goals, break them down into small steps that allow you to work towards them one step at a time. Think about the tiny, specific and easy tasks you can achieve on a daily or weekly basis that bring you closer to your goals. Big changes don’t just happen overnight, the trick is to work on tasks that are so unintimidating that you can achieve them easily, one day at a time. Consistency trumps everything.
Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. I am not a financial advisor. Every investment and trading move involves risk. Do your own research when making a decision.
