📸 Look! There's a two-faced actor in here!

GM, GM. It’s Tuesday. Time to get after it again. Don’t stop grinding towards your goals and always take time for yourself! Today’s edition features exchanges…exchanges and more exchanges. Just kidding, but it does feature plenty of exchanges, a fan favourite (not) and words of caution. Let’s dive in and see what’s in the pod for today!

How we looking today?

At least the 7d % looks good for Ethereum…right? Those were the good days, all we get is sideways action now.

GARRY GENSLER YOU’VE DONE IT AGAIN

The fan favourite. The crowd pleaser. My cryptocurrency himself…Garry Gensler. He’s back in the spotlight. We’ve loved to cover Mr. Gensler and his antics in the past, but this one might just take the cake.

In his time (currently) as SEC chairman, Gensler has been anti-crypto to the max, spearheading a regulatory crackdown on BTC along with other crypto native assets. Just yesterday, the SEC recommended regulators to sue U.S based exchange Bittrex, despite them already winding down their U.S operations. What’s important in all of this is that the SEC declared Algorand, a semi-popular crypto token, as a security. But here’s where it gets interesting..

Just 2 years, footage emerged of Gensler promoting Algorand, Gensler commented on the technology behind Algorand, also known as ALGO, saying it was impressive whilst going on to compliment its founder, Silvio Micali. As you probably already guessed, Twitter had a field day with this information.

So, where does this leave everything? Honestly, we have no idea. The SEC and their regulations are already vague enough. Bittrex attempted to play by the SEC rules and got burnt as a result. As for Gensler, we’re sure he’ll weasel his way out of it, like he always does. Just in case you were wondering, Algorand is down considerably from 2021, from well over $2….to now $0.22. Yikes.

BYBIT GOES GLOBAL

From one exchange, to another, but this time with some more positive news. No, not a closure or winding down of operations, but rather an opening! Today ByBit announced the opening of their new global HQ, situated in none other than…..Dubai! Was it ever going to be anywhere else? Check out their opening video below 👇

The launch comes a year after ByBit revealed plans to move to the city of gold and managed to successfully do so, despite a winter filled with layoffs and regulatory concerns. After everything the SEC is doing, along with other regulatory bodies, I guess we can’t really be surprised that one of the largest exchanges in the world has decided to move to a place that actually welcomes crypto…unlike others.

ByBit also announced they plan to recruit 100 people almost immediately to help with operations, which while small, may indicate their commitment to the region and vision beyond the rest of this year. To be honest, we wish them well. Let’s just hope they don’t pull a SBF on us…

PEPE PANDEMONIUM?

We’re not saying that the bull run is back…but is the bull run back?! Over the last 48 hours, the return of “sh*tcoins” has become apparent. The most recent victor, $PEPE, a coin created with absolutely no utility, yet sent Twitter into a spiral with its ability to chew up dips and spit out pump after pump. In just 48 hours from launch, $PEPE accumulated the following

• Over 5500 holders

• $30 million in daily volume

• $0—>$40 million market cap

• I mean, just look at this chart. Isn’t it beautiful?

Those who were smart enough to get in early, cashed big. Some holders reported that their initial $1,000 investment (side note -$1,000 on a coin with no utility?!) turned into $40,000 in the space of 3 days…a pretty good return one would say. As always, Twitter lapped it out and for a fleeting moment, it seemed we actually may be back in the bull run again. Everybody was having fun, making memes and making money. I mean, just look at this meme made by $pepe holders.

A caution from you good friends at Bean Boy though, be careful with these coins. As fast as they may rise, they will fall even faster. For some it’s just fun and games, but for others it may mean financial ruin. Always DYOR and if it seems too good to be true, it probably is.

PEAS IN THE POD

• 💨 Silk Road Bitcoin thief gets sentenced to 1 year in jail… 1 year for 50,000 Bitcoin, is this the best trade deal in history???

• 🐕China has 30 million active crypto users, despite crypto being banned… You can’t stop the movement.

• 🤔 One month ago, Jim Cramer told everyone to sell their BTC, now it’s up over 40%. Ahhh, some things never change!

HOW YOU BEAN - A READERS CONFESSION

Tried to buy the $PEPE coin yesterday but accidentally left my slippage at 50%. As soon as I sent the transaction on Metamask I knew I f*cked up and tried to instantly cancel. Being the degen I am, I sent the initial transaction with extra fast gas so I would be the first to buy the dip. Obviously, that didn’t happen and a MEV bot beat me to it raising the price by 30% before I bought and instantly selling after my transaction went through. I’m down bad to say the least…

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

MEME OF THE DAY

That’s all for us today. While you have the time, why not refer a friend to us?

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.