Amid crypto massacre, Goldman and Barclays fill their suitcases, May 12-18, 2022

Has there ever been a worse time to be in crypto? It depends on how you look at it. Amid Terra’s death spiral, Bitcoin (BTC) registers seven consecutive weekly red candles, more than $ 1 trillion in lost market cap across the ecosystem and an aggressive Federal Reserve hell-bent on reversing the chaos it created, large banks are quietly increasing their exposure to the sector. You’ll love this: Goldman Sachs – once the most passionate Bitcoin detractors – and Barclays are doing something strategic buying as they prepare for the future of crypto trading.

Early polling of Terra poll indicates that 91% are for ‘reborn’

The Terra saga took an interesting turn on Wednesday after Terra co-founder Do Kwon succeeded in convincing network validators to accept a proposal that would save the blockchain without the algorithmic stablecoin, TerraUSD (UST). More than 91% of the community’s votes were in favor of “reclaiming” the Terra network and completely removing UST. The “old” blockchain would continue to support so-called “residual UST” holders and operate under the name – wait for it – Terra Classic. However, not everything is good for the Terra ecosystem. Kwon has been summoned to a parliamentary hearing on his failed project, while three members of Terraform Labs’ legal team resigned this week.

Goldman Sachs and Barclays invest in UK crypto trading platform Elwood

Goldman Sachs and Barclays made headlines this week after announcing a strategic investment in UK-based crypto-trading platform Elwood. Why is this important? Besides the fact that I like to dunk on Goldman every chance I get for their past anti-Bitcoin propaganda, the investment further confirms the fact that big banks see crypto as a new asset class with a strong institutional appeal. That’s basically what Goldman’s global head of digital assets said. You can read below about Elwood’s $ 500 million financing round.

Bitcoin investment giant Grayscale debuts ETF in Europe

Grayscale has finally launched an exchange traded fund (ETF). Okay, not the one we’re all waiting for, but it’s a remarkable achievement nonetheless. Grayscale Future of Finance UCITS ETF is the first digital asset manager’s European ETF and will track the performance of the Bloomberg Grayscale Future of Finance Index. The fund does not invest directly in crypto, but provides exposure to companies directly involved in the digital asset ecosystem – particularly miners and trading apps.

BitMEX launches spot crypto exchange to $ 30M fine

Crypto-derivative exchange BitMEX – home to the now infamous liquidation cascades – goes beyond offering just derivatives by launching a spot trading platform. BitMEX Spot Exchange gives investors the ability to trade seven cryptocurrencies, including Bitcoin, Ether (ETH), Chainlink (LINK) and Tether (USDT) – without the ability to become absolutely wrecked in the process. BitMEX recently released $ 30 million in civil fines after the company’s co-founders, including Arthur Hayes, pleaded guilty to violating the Bank Secrecy Act.

How will you survive the bear market?

I’ll be honest: the Crypto implosion in recent months is unlike anything I’ve ever seen. Many investors are currently in extreme pain. Believe me, I’ve been there. I will not sugarcoat your losses or fill this site with clichés, but as famous value investor Benjamin Graham once remarked: “Abnormally good or abnormally bad conditions do not last forever.” This week’s edition of The Market Report dissects the current bear market and gives you some survival tips to get out the other side stronger than ever.

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