***Qrafty jumping happily and waving*** Howdy, fellow curioso!  Welcome to CoinQraft, the audacious newsletter penned by a crypto-loving badger for those with a busy life and curios mind!🌟

I'm your host, Qrafty the badger, and I'm here to serve up the juiciest crypto tidbits 📰 from the crypto jungle. Think of me as your speedy crypto messenger, ensuring you're in the loop without the dizziness.

🦡 Qrafty understands you've got a busy life, so let's dive straight into the crypto whirlpool, shall we? 🔍🌟

1. RobinHood Ends It With Jump Trading

2. LATAM Is The Next Hot Crypto Land?

3. Tether Found a Bank For $USD

Bonus: Don’t Trust Analysts!

Today’s Story

MSM Analysts Exist To Make You Exit Liquidity

Mainstream media analysts are useless talking heads who aren’t paid to help you, remember that! Their job is to represent the interests of the person paying them, NOT your interests. Also, there is no responsibility for them if they just talk crap and lie. But if you let yourself be influenced by what they say, you will be the one responsible for the results, not them. So, when you listen to “analysts“, just remember that the word that best characterizes 99% of them is the first 4 letters of their title.

One of the best examples would be Jim Cramer. The amount of bad judgements that guy can be verified on is hilarious. He’s literally the inverse indicator for anything he says: if he says don’t buy crypto, you should definitely buy crypto. If he says buy crypto, you should sell like there’s no tomorrow. Backtested, if you did exactly the opposite of what he said, you would’ve made serious money and won more than 50% of the time. But congratulations to him for keeping at it for so long.

Also, just to have another view on the same useless crap they regurgitate as “analysis“. The SEC lost yesterday against Grayscale and, suddenly, the analysts “now estimate a 75% probability of a spot bitcoin ETF launching in 2023, with it being almost a "done deal" by the end of 2024”.

This is called bullshitting 101. Here’s their plan: if things don’t work out as they “predicted“, meaning that the ETFs don’t get approved, they were right!

How come, Qrafty?

Well… they said it’s a 75% chance, ok? It’s the 25% chance that they were right one! If the ETFs do get approved, guess what: they’re right! So, either way they’re right. The same is for next year being an “almost done deal“. You see, with three words they covered both bases: if it’s not approved, “well we said almost“. If it’s approved: “we told ya it’s a done deal, didn’t we?“.

So… what’s the problem Qrafty?

The problem is that these people are expert in placing the risk on you but say that it was their call if you win. If you lose - it’s your loss, they still called it. You can’t tell them that their prediction was wrong, as they have covered their backs.

It’s YOU who is taking on the risk by acting on their recommendation. At the end of the day, it’s just risk management.

So all Qrafty is saying trust yourself, use your mind and do your thing, because MSM media ain’t going to help you. Always ask yourself: who’s the risk bearer here? Who takes on the responsibility for being wrong? It definitely ain’t them…

🙃 Qrafty hopes that today’s main story brought brave badgery value to you! Now it’s time for a break, you deserve a bit of fun! 😇 👇️ 

A good giggle… priceless. For everything else there’s… laughing hysterically.

Here is the main news of the day 👇️ 

1. Robinhood ends it with Jump Trading

Jump Trading is a big market maker and the company that helped Robinhood make the push into the crypto market.

Janet Street Group (yes, that’s an actual company name) is another big market maker in the crypto jungle.

Jump Trading is the company that backed the now failed LUNA/Terra project. Word around the jungle is that they’re not happy with the regulatory environment in the US.

Now, even though Robinhood actually needs an MM to help them out with the order flow, they decided to drop Jump Trading.

But it seems that both Jump Trading and Jane Street, among the biggest market makers in crypto, were already planning on stopping trading crypto in the US. You know… with the bear market, angry regulators and enforcement agencies and all that… Oh, what a drama…

At the same time, Robinhood is adding support for Bitcoin and Doge (yup, you will be able to send and receive) and Ethereum swaps. This option is not yet available for Android, but it will come later this year. So Robinhood is: Babe… it’s not me… it’s you!

2. Bye bye, U.S.! LATAM is the next target for crypto growth

Adoption of all things tech in Argentina is growing fast, including crypto. This is also given that the value of their currency is not really reassuring and crypto is a real store of value for them(as for anyone, over a certain period of time).

Brazil is also hot and eager for all things tech and crypto for the same reasons as Argentina and the whole of LATAM: high political corruption, underdeveloped economy but fantastically tech capable people who want to protect their savings and money. Bitcoin and crypto are a logical solution for them for mid term.

Also, Circle is expanding into Chile by integrating their stablecoin with the biggest fintech in the area, MercadoPago, opening up USDC to potentially 2 million users.

Binance is moving in as well with a send cash service (more about that at point a bit later). PayPal is already there with their service and adding support for crypto currencies to existing users.

There are a LOT of crypto companies eyeing Central and South America for the next stage of growth as they are trying to escape the unfriendly US crypto environment. That doesn’t mean that US doesn’t have growth left, obviously!

Banks which were previously funding crypto startups have crashed. The SEC is aggressive with the players in the industry, but is also losing a bunch of important lawsuits. Either way, things are moving forward.

Why did that happen, Qrafty?

In order to eliminate competition and make way for ETFs and TradFi companies to enter crypto, there needed to be legislative clarity and enforcement of it. The U.S. isn’t ripe for crypto startups anymore, as the whole crypto ecosystem is TradFying. That doesn’t mean that BAM, starting tomorrow there will be no more crypto action in the US. It means that there will be other markets that will be joining the crypto ecosystem.

3. Michael Burry is down… for now

If he’s still holding, he would be ~50% down on his position. But it’s important to pay attention here, as things aren’t always what they appear to be. The current jump isn’t really sustained on the charts for a bigger upside move. So Qrafty will revisit this in the next month. The next three months are very important and exciting for all markets!

4. Binance Launches “Send Cash“ In LATAM

As per their own blog post, Binance is launching a crypto to bank account product in Latin America.

This move is meant to send the message that Binance isn’t having troubles with fiat on/off ramps. It’s also important because LATAM is really big on tech and has developed a LOT!

Most people are tech savvy and use digital means to pay for things and send money to each other. There’s a LOT of room for growth in LATAM for the next 10 years. And Binance wants the pie, or at least a big piece of it. Or at least growing markets where regulation is more permissive to its habits if it gets booted by authorities in other countries, as it happened recently.

Initially, the new option will be available for users in Argentina, Mexico, Colombia, Panama, Paraguay, Guatemala, Honduras, Costa Rica and the Dominican Republic.

5. Tether found a bank for USD?

Stablecoin issuer Tether is using privately-held, Bahamas based bank Britannia Bank & Trust to process dollar transfers, according to Bloomberg, which cites anonymous sources.

It’s an interesting moment because the onboarding fiat ramps have been nuked lately and exchanges need them to provide access to fiat for their customers. But also stablecoins issuers need them, badly. All banks that have worked with crypto and provided them access to liquidity are bankrupt now.

Since USDC’s maket cap has dropped considerably because of all the USDC’s being redeemed for USD and thus being burned in the process, now USDT(Tether) is looking dandy and attractive, innit? And this access to USD comes just in time for them, opening up the door to more stablecoin printing!

So what’s the problem, Qrafty?

The thing is that Tether hasn’t allowed a real outside audit of their capital reserves they claim to fully back the stablecoin supply, which is in the billions. They did report that their reserves are bigger than what they would actually need, but it’s on the “trust me, bro“ system, we just have to take their word for it.

Qrafty thinks it’s also very important to mention that, in 2021, there was a settlement between Tether and the New York’s Attorney General for allegations that Tether lied about its reserves and hid the losses it had. Cool, huh?

Hey hey 🙃 Qrafty hopes you are enjoying the experience here and would like to regularly get Qrafty’s letters!

If so, please click on the button below. Qrafty is really really grateful to have you here, so thank you!

If my crypto wallet could beat me, I woud be in a coma!

Qrafty’s thought of the day

Other stories

ByBit and OKX follow Binance

In a move similar to Binance, two prominent cryptocurrency exchanges have also removed Russian banks subject to international financial sanctions from their payment choices.

40% of BTC have been dormant for over three years

Bitfinex released their report they mention that the mining difficulty of Bitcoin has surged, with the hash rate of the digital gold also experiencing a remarkable 60% increase since the start of the year. A significant 40% of Bitcoin's total supply has remained untouched for over three years. That’s diamond hands, right there! Or institutions…

Goldman Sachs bought US&UK companies with CN funds

Money doesn’t have ideology, whether it’s religion or politics or any other type of beliefs. Goldman Sachs bought US and UK companies by using a fund with Chinese state money.

The gentlemen at Goldman Sachs affirm that it’s all good because the fund is actually an anchor investor in the companies and plans on facilitating their expansion in the Chinese markets. Niiiiice!

Crypto donations help victims of Maui

All Hands and Hearts, a disaster relief organization, has been collecting cryptocurrency and fiat donations to assist local Maui residents in the wake of the fires which took the lives of more than 100 people and destroyed homes and businesses, as reported by Cointelegraph. The Giving Block matched more than $68,000 in crypto and fiat donations to raise more than $136,000. It’s pennies compared to the estimated $5.5 billion required to rebuild, but it’s good to see that even in this environment there are people who care.

Market Whispers

Qrafty is hungover after last night party, together with BTC which chose a slow painful bleed today from $27,750 to $26,950.

Maybe it’s building up forces for a massive pump (or dump) on Friday's ETF approval (or disapproval).

Which side are you, long or short?

Today is NATIONAL BEACH DAY!

That’s all from Qrafty 🦡 for today! Qrafty thanks you and wishes you to live each moment as if you are listening to the music you love most!

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