29th February 2024 > > ATH incoming.

tl;dr

Senator Elizabeth Warren’s anti-crypto army needs to get a wriggle on if they wish to stay true to their illiberal and undemocratic vision. Cramer’s shock and distaste is lovely to behold. I stand corrected (not a common occurrence, if I say so myself). I am correct, according to Fidelity.

Market Snap

Market Wrap

There was nearly $8bn in volume traded through the nine newborns plus Grayscale yesterday. The previous high was less than $5bn on launch day. This is a very positive sign that probably reflects the growing participation of RIAs as they add BTC ETFs to their approved list. BTC briefly reached $64k yesterday. I see no reason why today’s enthusiasm will be any less, but I note the worryingly elevated perpetual futures funding rates. Those leveraged longs will get closed out, voluntarily or otherwise.

Occasional Series – Did someone say incoming ATH?

I am sure there are copyright issues using those photos. So, go on, sue me.

Curious Cryptos’ Commentary – What has BTC ever done for mankind?

https://twitter.com/neiljacobs/status/1762844975849439513

https://www.youtube.com/watch?v=Qc7HmhrgTuQ

Curious Cryptos’ Commentary – Scams

Well, well, well.

I have been corrected on yesterday’s post about what I thought was a ridiculous and laughable scam. Though it was a fiat scam, not cryptos, I still thought it was worth identifying the obvious red flags.

It seems those red flags are deliberate. I had no idea.

Serial entrepreneur Nick Illston, CTO & co-founder of Curious Cryptos Ltd., explains:

“The errors in those communications from them are not mistakes. They do it deliberately. They want the most gullible people in society to fall for it. It's the first level of filtering. They don't want 10,000 people to respond, most of whom will realise it's a scam once they speak to someone. That's a lot of extra resource that Mr. Sxxxbag scammer will need. Instead, they let the errors filter out anyone with half a brain, leaving only the dimmest people to engage with them.”

This a whole new level of nefariousness that adds a whole new level to my disgust of these feral scumbags who prey on the weak and the vulnerable.

…

And what do we do about it?

Oh yes, the action fraud website where data is collected and ignored.

It works on the same basis as the process for reporting benefit fraud, a process that is pointless and leads nowhere. I know all about it.

Once again, the UK authorities prove they do not care. Their lack of desire to fight against financial fraud and benefit fraud is hollowing out our society.

Curious Cryptos’ Commentary – Fidelity

I have been trying to tell everyone for years now that the world’s wealth will have an allocation of between 1% and 5% to cryptos, almost entirely BTC, with a small amount in ETH.

Fidelity agrees with me:

Fidelity have long been supporters of cryptos. I doubt investment managers like Vanguard will ever understand.

I do know which of those two will have more clients and more AUM for evermore.