Bitcoin Transaction Fees Are Going The $Pepe Route
Welcome to another edition of The Scoop. The Scoop is that feeling you get when you realize crypto still hasn’t crashed yet.
Welcome to another edition of The Scoop. The Scoop is that feeling you get when you realize crypto still hasn’t crashed yet. And a likely rate pause means you’re probably going to experience more gains in the short term.
The Big Scoop
Know that feeling when you wake up, bleary-eyed, to find your favourite crypto taking a dive? That's a bit like what Binance is experiencing right now, courtesy of the Securities and Exchange Commission. It seems the S.E.C. prefers its crypto served chilled, ideally in the form of a U.S. asset freeze. It's one icy breakfast Binance didn't order!
But hey, don't pack up your cleats just yet. Just as that unexpected bull run can turn your bleary-eyed breakfast into a bullish brunch, the world of Web3 is still pushing the chains forward. Enter NFL Rivals. This officially licensed NFL Web3 game has gone from kickoff to scoring a touchdown with over a million downloads! The game's approach? Two point conversion – Play as a Web2 game, profit as a Web3 one.
Ready for the replay? Rush over to our news section for more yardage on these headlines. Go long, folks! Your crypto gains might just depend on it.
The Bitcoin Bet: Day 90!!!!
Ok so for those who haven’t been following us or just started, we were keeping a close eye on one of the biggest bets in the crypto space! And we are officially on the last day of the bet!
… what is the bet you as?
In March 2023, a Twitter user named James Medlock offered a bold wager of $1 million, betting that the United States would not enter a state of hyperinflation. Balaji Srinivasan, the former Chief Technology Officer of Coinbase, responded by accepting the bet, proposing a deal with roughly 40:1 odds. Balaji offered to send $1 million USD to James Medlock if he buys 1 Bitcoin (BTC), which was valued at around $26,000 at the time. The bet had a 90-day term, and Balaji suggested the use of a smart contract or a mutually agreed-upon custodian to settle the bet in the event of digital dollar devaluation.
Game Over!! Balaji Srinivasan Lost The Bet
Binance Throws Down the Gauntlet Amidst Regulatory Fire and Asset Freeze
It's been quite a showdown in the crypto Wild West as Binance, the global crypto exchange giant, is trading blows with the Securities and Exchange Commission (SEC). A federal judge, acting as the referee, has encouraged both sides to find a compromise that would allow Binance to continue its U.S. operations amidst the civil fraud lawsuit filed by the regulator.
Things started heating up last week when the SEC charged Binance and its U.S. sidekick with mismanagement of customer deposits and fibbing to regulators. The SEC tried to put Binance's U.S. assets on ice, a move that Binance claimed would leave it out in the cold, forcing a shut down in the United States.
During Tuesday's showdown in Washington, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia suggested that the two adversaries could find common ground over the asset freeze. She argued that they were closer to a deal than their fiery court filings suggested. The Judge ordered them to keep negotiating and to update her by Thursday.
Judge Jackson also took a jab at the SEC’s attempt to rope in the wild frontier of crypto using their enforcement powers, calling it "inefficient and cumbersome.”
The actions against Binance are just the latest in a series of showdowns between regulators and crypto cowboys. Just a day after the Binance lawsuit, the SEC turned its guns towards Coinbase, the largest U.S. exchange, charging it with dealing in unlicensed securities.
This double whammy has set the crypto industry on edge, sparking fears of a long-drawn-out legal shootout over the future of crypto in the United States. The heat has been turned up since the collapse of the FTX exchange last November, which resulted in criminal charges against its founder, Sam Bankman-Fried.
The SEC's attempt to freeze Binance's U.S. assets could be seen as an aggressive play to bring the crypto industry to heel. Victory over Binance could result in the world's largest exchange being run out of town, hastening the departure of other crypto companies.
In response, lawyers for Binance’s American arm, Binance.US, argued that the SEC’s proposed asset freeze would cripple the company's operations, bringing them to a standstill by preventing payments to vendors, employees, and suppliers. One of Binance.US's lawyers put it bluntly at the hearing, stating that they weren't prepared to accept a "death penalty" just eight days into the case.
According to Carl Tobias, a professor at the University of Richmond School of Law, the request for an asset freeze could be a shot across the bows for the broader crypto industry, aimed at reminding them of the SEC's authority to regulate this new frontier.
Despite the turmoil, the asset freeze wouldn't affect Binance's larger global exchange, already barred from operating in the U.S. The SEC has had Binance in its sights since the summer of 2020 and informed Binance that it was considering taking legal action.
The SEC's lawsuit against Binance caused a ripple effect, with Binance.US's banking partners withdrawing crucial payment channels, forcing the exchange to stop offering to trade in U.S. dollars.
In court filings, the SEC argued that none of its moves should have taken Binance or its chief executive, Changpeng Zhao, by surprise. They claim that Binance was well aware that their conduct was illegal and risked U.S. government enforcement actions. But rather than ceasing such activities, the SEC claimed, Zhao and Binance doubled down.
Judge Jackson ended the hearing on an ominous note, urging both sides to find a resolution on the asset
freeze issue posthaste, saying, "Something needs to be done." It seems that in the high-stakes game of crypto regulation, there's always a new card to play.
Web3 Mobile Phenom NFL Rivals Blitzes Past 1 Million Downloads
The world of Web3 gaming just got its very own superstar with Mythical Games' NFL Rivals, charging down the field and smashing the 1 million download mark on both Apple and Google mobile stores. The mobile game, which launched just a month ago, is an officially licensed offering from the National Football League (NFL) and NFL Players Association (NFLPA), and it has already delivered a Hail Mary pass to all its competitors.
Being the NFL team general manager is a fantasy for many fans, and NFL Rivals is turning that fantasy into an augmented reality. It's an arcade-style game with a Web2 compatibility which has us scratching our heads about whether it's the allure of Web3 features or the familiar ground of Web2 that's capturing the crowd.
Remarkably, the game has averaged two hours of gameplay per day per player, amounting to a whopping 10 million game sessions. And the score? An impressive 4.8 out of 5 on iOS. The game lets you take charge as a general manager and build your own dream team.
The launch, according to Mythical CEO John Linden, has been a high-flying kickoff. It's been a roaring 30-day run, and the game even took home a trophy for the number one spot on the sports games chart last month. The game also sprinted to the top spot on action games and placed third overall.
The NFL's venture into Web3 gaming has brought digital ownership to the game, allowing fans to own, collect, and trade digital assets to access special events, in-game rewards, and other unique features. These assets can be sold on third-party stores outside the app stores, providing a seamless integration between Web2 and Web3.
Mythical Platform, with its "gamers-first" mindset, provides a custodial wallet to protect newbies while offering experienced players the freedom to link their wallets. Even in the complex world of blockchain, players can enjoy the thrill of the game and digital ownership without having to understand all the intricate details.
According to Linden, Mythical worked continuously with app stores to gain approval for this Web2 and Web3 gaming combo. The result is a game with Web3 elements that doesn’t overtly promote its Web3 nature within the apps. It's like Web3 is an optional side quest for those who choose to accept it.
The mobile game allows players to buy and sell team members, as well as collectible helmets. The average transaction is about $18, and the revenue from these secondary sales of game items makes up about 15% of the game's revenue. That means players are actively utilizing the Web3 feature, selling their items to other players, with Mythical getting a cut of the proceeds.
About a third of the players are interacting with the economy of the game, according to Linden, and this number is growing daily. This means they're reinvesting back into the game, creating a cycle of engagement that keeps players returning.
App stores generally don't want to be bypassed, and it remains a matter of speculation whether they'll approve Web3 sales in their games. But the Epic Games Store has already given a thumbs-up to Web3 games on its platform. Meanwhile, Mythical is getting ready to test its Nitro Nation racing game, where players will have the opportunity to buy and sell cars.
Mythical has big plans. Linden stated, "Once we get these games into 10 million to 20 million players, then a lot of the industry is going to start really thinking heavily about it." It looks like Web3 gaming is about to score a touchdown,
Three years ago you probably had no idea this chart existed but now you probably do know about it. The Fedwatch tool monitors bets that investors make on whether or not the government will raise pause or lower interest rates at the next FOMC meeting. By the time you read this the Fed will have already made their decision, and you can see that there is a 95% chance rates are being paused.
It’ll be the first pause in a long time which means risk-on assets like AI stocks and crypto are likely to go through the roof for the next little while.
Bitcoin continues to experience a decline since reaching a local high of $30,000 on April 14th. Based on technical analysis (TA), there are two potential buy zones to watch for in Bitcoin's price movement. With today's 3% drop, BTC is approaching the first potential buy zone at $25,000 USD.
While a small rebound may be expected at this level, it is unlikely to surpass the $30,000 mark until the upper green line of the bull flag pattern on the chart is broken.
Monitoring the charts for a buy signal on lower timeframes is advisable. Crypto Birb suggests that the momentum remains positive on zoomed-out charts, but it is crucial to exercise patience and wait for the trend to continue before buying large amounts of BTC.
In the event that BTC does not rebound from the current level and there is no positive news within the crypto industry, there is a possibility of Bitcoin dropping further into a $22,000 buy zone. This would align with a Fibonacci retracement to the 0.236 level, and it is highly probable that a strong rally would follow.
It is important to note that cryptocurrency markets can be volatile, and market predictions are subject to change based on new developments and market conditions.
Stocks have been hot recently. I won’t share any charts specifically, but friends with highly developed TA skills have been discussing many stocks including $COST , $TSLA , $NIU , $AMD $NVDA $HOOD and more. If you happen to be a full-time trader and aren’t having luck in the crypto industry, there are other opportunities in the market to take advantage of. There’s no doubt that Bitcoin will come back, it’s just a matter of when.
Fundraising In Web3.
Big-money crypto investors crushed it this week. Thank Paypal for most of the skrilla being poured into Web3 right now.💸💰🍰🧀
Father’s Day is coming up this weekend. What better way to celebrate the day with the man that is responsible for 50% of your existence than to teach him (and your mom) about crypto?
The Final Scoop
Well folks, it's like a legendary NFL play-off out there. On one end, the SEC is putting on a full-court press, showing some aggressive defense against the likes of Binance and Coinbase. Their game plan? Ensuring the crypto field isn't more Wild West than Wall Street.
Yet, just like in any great sports saga, adversity often leads to innovation. With the recent inflation data and the U.S. Federal Reserve's positive stance, crypto is preparing its offense! The playbook? Innovation. The players? Us, the Web3 advocates.
So, whether we're wading through the choppy waters of regulatory crackdowns or rushing for a touchdown with the next big Web3 venture like NFL Rivals, we're all playing in the field of Feds and fortune. Let's stay bullish, folks!
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We know it’s been a minute since you’ve heard from us and it’s because the voice behind our newsletter, Jack, is stepping from behind the laptop to the front of the camera and acting as the host of a YouTube channel where he covers crypto news and continues to educate.
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