Welcome to Bean Boy!

GM,GM. Welcome to the first edition of Bean Boy. From firms collapsing to new ATH’s, we’re here to give you everything you need to know about what’s happening Crypto, in 5 minutes or less. Let’s see what’s in the pod for today.

How we looking today?

Yeah, we’re not looking too hot… but hey, how bad can things reaaally get, right?

SILVERGATE GOES BOOM

Yesterday, Silvergate Capital, a firm that served as one of two main banks for the Crypto industry, announced that it will wind down operations , liquidating their bank. Once holding over $11 billion in managed assets. 2023 has been rough to say the least for Silvergate. From laying off 40% of its staff in January, to Coinbase and Crypto.com announcing they will no longer use Silvergate Capital, it seems like the final hour is in for the California-based bank . It joins a long line of Crypto related firms that have suffered the same fate over the last 6 months.

Our beloved Elizabeth Warren chimed in on the news of course, once again rambling on about how regulators should step up against Crypto risk. What could go wrong, she’s on our side… ,right? It’s not like she accused Binance of facilitating $10 billion in payments to criminals a week ago…

In better news, SIlvergate announced they will return all deposits in full to protect it’s users. We hope SBF is taking notes, but we’re pretty sure he’s too busy playing League of Legends 😂

BIDEN WANTS TO DO WHAT?

We’ve got bad news for you Crypto whales. Ahead of President Biden’s budget proposal later today, Biden has called for capital gains tax to essentially double from 20%, to just under 40%. However, it’s worth noting that this is only for investors making at least $1 million, and with the way Crypto has been going the last 6 months, I don’t think that’s many of us. 🤝

Regardless, It seems the US is attempting to crack down on wash-trading, especially in the Crypto space.  With all the recent speculation about the SEC and the classification of Crypto, we can’t say we’re surprised.

VITALIK DROPS AN NFT…?

One of Crypto’s founding fathers has supposedly dropped an NFT. “The Quadratic Funding Collection” is an open-edition NFT focused on his philanthropic efforts. Once users collect the NFT, they receive an academic paper in the form on an e-book, written by the man himself alongside others. The project also featured the option for a limited run of 12 Signature Editions, that included a physical signed copy by our lord himself, Vitalik. Interestingly enough though, Vitalik himself hasn’t tweeted anything about it.

In only a few days, it’s done over 6,500+ volume in ETH and currently has a floor price of 0.43 ETH 🤯 By the time you read this though, we wouldn’t be surprised if the the NFT Whales have dumped it onto unsuspecting victims

STRAP IN, WE’RE GOING ON ANOTHER TRIP

On Wednesday, Yuga Labs announced new details for their second test of Otherside, it’s metaverse platform. In a tweet put out by @OthersideMeta, the second trip will take place on March 25, with Otherdeed NFT holders having the opportunity to invite a guest. Unlike the first trip, this trip will feature an expanded playable region list, which previously was only open to those in selected regions.

Yuga hosted it’s first trip in July 2022, inviting over 4,300 pass holders to visit the Otherside. However, Yuga announced that the second trip will feature up to 10,000 voyagers, mainly on a first-come-first-served basis. For those who don’t make the cut, and for those who don’t hold the NFT, Yuga plan to livestream the event on YouTube.

Yuga has been quite busy recently, launching TwelveFold, which was a limited collection of 300 Ordinal NFT’s aka Bitcoin NFT’s. Many people called out Yuga for taking advantage of the Ordinal’s boom, as they apparently netted over 700 BTC from the auction. We’ll just say no comment.

PEAS IN THE POD

- CoffeeZilla called out Logan Paul recently on Joe Rogan’s podcast. Apparently Logan still hasn’t refunded any of CryptoZoo holders, who would’ve thought?

- Bitcoin mining? Enter Jack Dorsey. He’s currently developing a mining development kit to make Bitcoin mining accessible to everyone.

- Despite recent rumors, Gemini says its relationship with JP Morgan remains intact. Ahh, let’s see if this one sticks.

HOW YOU BEAN - A READER’S CONFESSION

So my boyfriend used to manage the ETH I received from my family for my 18th birthday. It’s been 2 months since we broke up and he’s blocked me on all socials, I have no idea what I’m doing…

So, how’d we do?

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.