👀 The race to go global heats up

GM, GM. Bean Boy is back with your daily dose of everything crypto. It’s Thursday already…thank god… but that doesn’t mean we’re hanging out for the weekend. Today we’re covering everything from BTC pumping, to Japan entering the CBDC conversation. Let’s dive in and see what’s in the pod for today.

How we looking today?

Ok, ok, it may not look like it…but we promise BTC did indeed hit 29k.

GEMINI GOES GLOBAL

The Cryptocurrency exchange, Gemini, recently announced that they’re gearing up to a launch an international cryptocurrency derivatives exchange, according to sources. Founded by Cameron and John Winklevoss, Gemini plans to wrangle some market share in the international scene after the collapse of FTX opened the door for other exchanges to go global.

Within Gemini’s international platform, perpetual futures would be offered, an offering that is currently banned in the U.S for “retail” traders. Yes, they’re talking about you and me…apparently. Despite the wave of regulatory talk that has consumed crypto over the past month or so, it seems like the Winklevoss twins are just committed to being chads, and we’re all for it.

But it’s important to note that Gemini aren’t the only players in this race to capture the international market. Coinbase recently signalled plans to launch it’s own overseas platform in order to offer perpetual features. Jeez, they really want people to trade with leverage huh? This comes after Coinbase was served with impending regulatory action against them by the SEC. Don’t worry Coinbase, we’d be doing the exact same thing.

Regardless, this story is far from over. It’s almost like the moon race all over again, except for you know….the moon and all that. With all of these exchanges seeking out market makers and other necessities for an overseas operation, it’ll be interesting to see who rises to the top. But fear not, Bean Boy will keep you updated with any updates on the matter!

CRACKDOWNS CAN’T STOP THE BULLS

Earlier today, Bitcoin set a new high for 2023. In a turbulent year filled with scandals, crackdowns and bank failures, it seems almost inconceivable that Bitcoin is pumping as much as it is. Hitting a high of $29,132, Bitcoin has returned to its pre FTX levels.

What’s even crazier as this pump comes just days after crackdowns across the crypto world. A lawsuit against Binance and it’s CEO (CZ) wasn’t even to send Bitcoin into a downward spiral, but instead seemingly help it rally even more. Such price action has sent the Fear & Greed Index upwards too, with a score of 60 indicating a level of greed as opposed to fear. We don’t know about you, but we’re still a little fearful over here...

But while everyone is taking to the streets to celebrate, it seems whales are not so sure of Bitcoin’s ability to continue its recent success. On chain data suggests that short term holders are taking profits at the highest margin in over a year, and also that there has been a slight decrease in Bitcoin holdings among whales. Data tracking of whale wallets showed over 320,000 bitcoin were moved, or spent, by large entities in the past week. Yep, sorry guys, it was us. We’re definitely the whales.

ANOTHER COUNTRY FALLS VICTIM TO CENTRALIZATION?

Unfortunately another country bites the dust. Japan has announced it has plans to launch an expert panel to explore the feasibility of a central bank digital currency (CBDC). Every country wants to get in on the action it seems, but nobody not named the government wants it… sigh.

Despite this, it appears that Japan are very reluctant to announce any plans to issue a CBDC, even going so far as to say that they “have no plans to issue one.” This comes after Japan experiences the largest growth of any country when it comes to cryptocurrency adoption, possibly prompting the government to take the industry more seriously, and thus spearhead plans to regulate it through any means possible.

It is worth noting that, that despite this immense growth, the number of crypto users in Japan sits at only 9.5 million, a far cry from the 30 million+ users in the U.S.

PEAS IN THE POD

• Since 2020, Wells Fargo has paid more in fines that crypto as a whole has suffered through hacks. And we’ve seen a LOT of hacks…

• Gary Gensler wants more SEC funding to crack down on “wild west” crypto “Am I out of touch? No, it’s the children who are wrong” - Gary Gensler, probably.

• Coinbase claims that 1M tech jobs are at risk of being outsourced due to vague federal regulations.

HOW YOU BEAN - A READERS CONFESSION

I lost everything in the FTX crash. I didn’t sell any of my holdings to those guys offering 20c/$ and it’s still all in there. I promised my wife a house and fancy things which I could never buy for her before. I feel so wronged, I did everything right, saved every penny… only to have it taken because of one guy. Why is this world so unfair.

To be featured in ‘HOW YOU BEAN’ please email: [email protected]

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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.