👀 FTX Users Rejoice?

GM, GM. Hump day has come and gone, meaning there’s only 2 more editions left in the week! Feat not though, today’s edition covers soooooo many wholesome stories, that it might actually end up giving you an endorphin rush. Let’s see what’s in the pod for today.

How we looking today?

Oh my, is Ethereum finally catching up to BTC ???

THE RETURN OF FTX ???

To all the poor souls that experienced financial losses from FTX, this edition might be the best thing you’ve read this year. In the United States Bankruptcy Court yesterday, FTX’s attorney (Sullivan & Cromwell) announced that they managed to recover $7.3 billion in liquid assets, filling majority of the ~$8 billion hole in the balance sheet. Note: This is due to the recent pump across the crypto market, not from finding missing assets. On top of this, FTX’s legal team also announced that there is a possibility of FTX restarting their operations in Q2 of 2024. Drum roll … This means that user’s will have the ability to access / withdraw their assets. I know I know, we’re excited too, but don’t get your hopes up yet, nothing is confirmed.

Now, we all know how insane the crypto market is, so obviously as soon as these statements were released to the public the price of the FTX token ($FTT) surged from $1.32 to $3.00. That’s a whopping 127% increase!

As mentioned before, nothing is confirmed, but Bean Boy wishes from the bottom of his heart that FTX returns, allowing all those users to get their money back. If not, Bean Boy will launch our own lawsuit at FTX demanding everyone’s money back! Uhhh…when we save up enough money, right guys?

SAY HELLO TO SHANGHAI

Ethereum's Shanghai/Shapella upgrade is finally complete !!! 🎉 But what does this actually mean and how does this affect Ethereum holders?

The Shapella upgrade is the combination of the Shanghai and Capella upgrade and marks the completion of Ethereum’s transition from Proof of Work (PoW) to Proof of Stake (PoS). It might take some time to explain the difference between the two, so here’s a post by Ethereum if you really want to dive deeper. Now the biggest result from this upgrade is that Ethereum stakers now have the ability to unstake their Ethereum !!! What a perfect time to unstake, with Ethereum bouncing back like crazy!

Prior to the upgrade, everyone had one question in mind:

Will ETH dump after withdrawals / unstaking is live ?

At the time of writing, approximately 96,374 ETH has been withdrawn by stakers which is equivalent to ~187 million USD. Now, it’s hard to determine how many ETH was actually sold but if you have a look at the price of Ethereum up above, its still maintaining the $1900 levels ! Knock on wood … Looks like all the FUD was FUD, and maybe the market makers just wanted cheaper Ethereum... On top of this, Ethereum holders seem more interested to stake their $ETH as they have the ability to withdraw at any time, without a lock up period. So many wholesome endings in today’s edition, wouldn’t you agree?

ALL DAY I DREAM ABOUT…NFTS ?

Global sneaker and lifestyle brand Adidas have finally delivered on their promise, or so it seems. Adidas first released its “into the Metaverse” collection in December 2021, promising holders of the NFTs "exclusive access to collaborative merchandise and virtual land experiences. After collaborating with Yuga Labs in 2022, Adidas have now ventured into a new stage, where holders can burn their NFT to receive a new “ALTS” NFT. Check out the announcement below.

The new collection will offer various utilities for holders, including a stake in the ALTS by Adidas ecosystem, some commercial intellectual property (IP) rights to their character, access to exclusive virtual wearables, entry to holder-only community gatherings and token-gated Discord channels, among others.

Current floor price sits at .748 ETH, but consider this a warning from Bean Boy. Floor prices always tend to sit higher pre-reveal, as people are buying into the newfound hype. We’ll sit this one out. We’ve seen one too many Web 2 brands strike out with NFT collections.

PEAS IN THE POD

• ❌ Paxos withdraws from Canada, citing regulatory uncertainty. It was only a matter of time.

• 🍋‍ Limewire launches a crypto game, mimicking their old music downloading platform. It’s cool but not that cool tbh.

• 🤔 Crypto VC funding is at an 2-year low with Galaxy Research still on top. Is this considered FUD? If so, we should see VC investments at an all-time high within a few years.

HOW YOU BEAN - A READERS CONFESSION

Lmao, I just lost 20% of my portfolio for trying to buy ETH at a discount. Everybody close to me from NFT and DEFI communities told me that the Shanghai upgrade will dump ETH for a little while but pump it back up. I sold all my ETH expecting that it would at least go below $1800 and was thinking to buy it all back in the ~$1700’s. It never really dumped and only keeps going up… FML

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.