A very happy New Year's Eve. Between writing your resolutions and getting ready to party, please enjoy this feature. We thank you for an amazing year, where the newsletter has grown over 500%. Wishing you health and success in 2022.
Top 5 Crypto Headlines
OpenSeason on Apes
BTC and AAVE Updates -> Potential Hot Crypto in 2022
The Metaverse ETF
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⏰ In A Rush?
🦍 OpenSeason on Apes
Sixteen Bored and Mutant Ape NFTs were frozen by marketplace OpenSea Wednesday when they were reportedly stolen from a New York art gallery operator.
The toddkramer.eth account, linked to the Ross+Kramer Art Gallery based in New York, was victimized in the apparent hack.
The haul, totaling about 615 ETH, included one Clonex, seven Mutant Ape Yacht Club and eight Bored Ape Yacht Club NFTs.
As a result of OpenSea’s freeze, these non-fungible tokens can no longer be traded on OpenSea.
The hack was only possible due to a successful phishing attack which required Kramer to click a malicious link provided to him by a bad actor.
The freeze OpenSea instituted in response to this theft was met on Twitter with mixed emotions. It’s hard to deny the altruism of OpenSea’s actions, but some members of the crypto community interpreted the platform’s power play as flying in the face of the idiom “code is law”.
In this case the centralized entity, OpenSea, acted in users’ best interest to do what they could to provide a solution to a serious problem. However, every rose has its thorns. This action undeniably demonstrated the influence and potential folly of centralized control.
We can’t stress security enough when it comes to protecting your assets. Always remember that everything can be lost with one wrong click. Establish protocols and practices that protect you against unnecessary risks.
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
🤝 BTC & A DeFi Mystery
Our chart remains unchanged.
We are in a short term bearish trend and long term in the neutral bullish zone. No longer aggressively bullish.
Remember, the key levels show where our biases start to change.
Neutral bullish is lined up with both the 30 Day and 7 Day Moving Averages.
The 100 Week Moving Average is nicely synced up with the hardcore Bearish level.
As we go into the new year, keep this macro picture in mind.
DeFi is a hotly anticipated narrative for 2022.
AAVE showing a powerful reversal.
Strong resistance at $300.
If $300 is reclaimed, this will be a breakout play opportunity.
If the DeFi narrative does play out, AAVE looks positioned to be a hot crypto in 2022.
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🥽 The Metaverse ETF
Proshares, the capital group whose bitcoin futures ETF was the first to gain approval and launch on the NYSE, has filed for approval of a metaverse themed ETF.
ETF stands for exchange-traded fund, meaning you can purchase it on an exchange.
An ETF can hold assets such as stocks, bonds, currencies, futures contracts, etc. ETFs usually function like an index fund.
This particular ETF will track the Solactive Metaverse Theme Index according to The Block.
The Solactive Metaverse Theme Index Fund does not hold any digital assets but consists of a few giants of big tech, such as Apple, Meta (Facebook), Nvidia and Alphabet (the parent company of Google) and several gaming companies like Activision Blizzard and EA.
Solactive uses an algorithm, ARTIS, to sift through public documents, evaluate & score companies’ exposure to specific themes and topics. After scoring is complete, 50 companies are chosen for SOMETAV (Solactive Metaverse Themed Global Index). You can see the composition of the index here.
Readers in the US will have to wait until the SEC approves the ETF application, but Canadian investors already have access to an ETF that tracks SOMETAV, the Horizons Global Metaverse Index ETF, which began trading on Nov 29, 2021 on the Toronto Stock Exchange with the ticker MTAV:TSX.
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