May well presumably well also unprejudiced 17, 2021 / Unchained Day-to-day / Laura Shin

🎉Welcome to Unchained Day-to-day 🎉

The Unchained e-newsletter is shifting from a weekly recap to an on a normal basis blog. Every morning you would possibly maybe presumably well receive about a quick bullet aspects summarizing the day earlier than this day’s news, about a memes, a immediate breakdown of a trending matter, and about a suggested reads.

For these of you who bear been immense fans of the weekly recap, don’t alarm — the weekly recap will quiet be available on the back half of of the Unconfirmed pod on Friday!

Without additional ado… here is the first model of the Unchained Day-to-day.

Day-to-day Bits ✍️✍️✍️

Bitcoin market dominance dipped to 40% this weekend — a low now not seen since 2018
Ethereum creator Vitalik Buterin burned billions of dollars worth of SHIB
Coinbase was as soon as rated “overweight” by investment agency Piper Sandler
DEX 1inch expands to ETH layer 2 resolution Polygon; MATIC up 80%+
Crypto Twitter raised $800k for a younger one who had leukemia
bEarn Fi misplaced $11 million to profit from on Binance Clear Chain

What Perform You Meme?

With the crypto market taking a sizeable dip over the weekend, on-chain analyst PlanB tweeted out some encouragement for these of you dreading taking a glance at your crypto portfolio this morning:

Even with the market down this day, the YTD performance of the prime 15 cryptoassets is quiet staggering, as Messari’s Ryan Selkis identified on Twitter.

What’s Poppin’?

Closing Wednesday, Tesla CEO Elon Musk announced that the electric automobile company would no longer settle for Bitcoin as price.

Over the weekend, according to @cryptowhale on Twitter, Musk took it a step additional, hinting that Tesla would possibly maybe presumably well moreover sell — or has already supplied — its Bitcoin holdings:

It has been a moderately raucous few weeks between Musk and crypto. Between his constant Dogecoin pumping, the announcement that Tesla had supplied section of its BTC holdings, and, now, Tesla’s resolution to cease BTC purchases attributable to environmental concerns, attempting to decipher Musk’s motivation within the crypto region looks to be a virtually very unlikely assignment.

*bonus meme from @_benkaufman that explains what is usually occurring*

Instructed Reads

With the vital focal level on Elon and Tesla, it will moreover be now not easy to be aware that assorted components can circulation the market. Have a examine this tweet thread from Wyoming’s Caitlin Lengthy on why Tether’s most modern USDT disclosure would possibly maybe presumably well moreover very well be a contributor to this week’s dip:

Having danger wrapping your head spherical the constant backwards and forwards between Musk and crypto? Reuters has you covered with a comprehensive timeline — going back to 2017 when Musk denounced a thought that he’s Satoshi:

Tomorrow I’ll bear Alex Gladstein, chief approach officer on the Human Rights Basis, alongside with James McGinniss, CEO and co-founder of David Vitality, on the podcast to communicate about Tesla, Bitcoin energy consumption, and the environmental impression of the US greenback. As a primer, I’d suggest reading Alex’s part on the history of the petrodollar:

On The Pod…

How Elon Musk Pushed DOGE Up and BTC Down, With Arca’s Jeff Dorman

Jeff Dorman, the executive investment officer at Arca, comes on the train to give a macro standpoint on the crypto surroundings. On this episode, he discusses:

how financial records and exact-world events bear affected digital assets
how Jeff classifies the assorted forms of assets interior crypto
what market forces bear pushed ETH to recent all-time highs above $4k
whether or now not EIP 1559 can bear the an analogous originate on ether stamp because the Bitcoin halving has on BTC stamp
what goes on with Dogecoin and assorted meme-coins
why the market’s reaction to Tesla’s cease of BTC automobile purchases was as soon as wholesome
whether or now not environmental concerns surrounding Bitcoin can bear long-duration of time consequences on crypto as an asset class

E book Substitute

As a e-newsletter subscriber, you would possibly maybe presumably well be the first to rep the be aware on Laura’s upcoming book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Huge Cryptocurrency Craze.

Preserve tuned for an announcement about two issues:
1. When this would possibly maybe maybe be published 😁
2. The build you would possibly maybe presumably well aquire it 😅