Monday, June 7th, 2021
Your Weekly Update On All Things Crypto
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Recapping The Biggest Bitcoin Week Ever In Miami
Miami is quickly ascending as one of the most forward-thinking cities in the world when it comes to quickly. That was put on display last week for Bitcoin Week in Miami. Conference organizers estimated that over 50,000 people attended the two-day event. Crypto investors, including the industry's best and brightest minds, came together alongside everyday investors and enthusiasts, making it the biggest Bitcoin event of all time. The event was packed with top-tier industry experts, gaming stations, VR, and fun brand activations like a ceremonial "cash is trash" fiat bonfire. They even toilet paper printed with $100 bills on each roll.

Our team made the trip, and it did not disappoint. Here is a recap of some of our highlights from the week:
  • Opening Remarks from Miami Mayor Francis Suarez said he wants Miami to become the crypto capital of the world.
  • Michael Saylor and Max Kaiser Fireside Chat - Bitcoin emerging as the alpha asset of the human race. How Michael Saylor's Bitcoin purchase revitalized his career, his company morale, and his balance sheet.
  • Former Presidential Candidate Ron Paul - "Everybody wants monetary freedom, I would hope, butโ€ฆI want to clarify that because some people want free money, and that's different. There's a lot of free money circulating out there these days, and it's all fake, and it's all political corruption that goes in. โ€ฆ It makes the country poorer no matter how many people get richer in the meantime."
  • Jack Dorsey - Talking about his life work shifting to growing the adoption of Bitcoin. "Whatever I can do โ€” whatever my companies can do โ€” to make Bitcoin accessible to everyone, that is what I will do for the rest of my life." he said.
  • Charity Water Announcing Their Bitcoin Trust. Charity Water is a US-based charity that works to build wells and provide clean drinking water to the world. They are launching a Bitcoin Trust, in which they are asking for 100 donations from 100 people in the amount of 1 BTC each. They will then hold this Bitcoin for a full market cycle, sell it in 2025 and use 100% of the proceeds to advance their mission.

The week was also packed with many auxiliary events hosted by crypto firms to bring the industry together. Some of our favorite events of the week were the NFT Summit and the NFT Bazl hosted by GDA Capital. As well as the Prime Trust After Party.

While crypto is truly a global phenomenon, Miami is quickly taking the lead in relation to crypto regulation and adoption. If you didn't have a chance to make the event this year, we highly recommend you circle this one on your calendar next year.
GemStarter Introduces Ground-Breaking Cross-Chain Ecosystem Synaps Network
One of our most anticipated projects of 2021 is a cross-chain crypto launchpad called
GemStarter. We love the team and think they are building essential technology that will accelerate the growth of our ecosystem. We even put our money where our mouth is and invested in the company at seed stage through our early-stage venture fund, CW Ventures.

GemStarter has been known as the bridge to a new world of fundraising across all smart-contract-based blockchains. Accessible for everybody, with a democratized tier system redesigned from scratch and allowing for investment at any stage of project development. After completing a successful Seed, Private A, and Private B rounds, from internationally recognized venture funds like Moonwhale Ventures, Gemstarter is now ready to take their project to the next level. Synapse Network Co-Founder, Michaล‚ Domarecki says, โ€œAt Synapse Network we want to go beyond being a launchpad โ€” we are also harnessing the power of decentralized finance and blockchain to democratize blockchain incubation and fundraising.โ€

Building on their existing tech, and pioneering to solve market inefficiencies, Synapse Network is offering 5 ground-breaking products to the investment market:
  • Accelerator โ€” access to accelerator & incubator for start-ups and entrepreneurs where ideas are converted into working products

  • Launchpad โ€” a chain-agnostic platform matching projects and private investors enabling investment opportunities in early-stage start-ups to everyone

  • DEX โ€” a safe, simple, and user-friendly cross-chain decentralized exchange

  • DeFi Marketplace โ€” a simple and secure platform allowing token holders users to stake their token, earn rewards and APR, and participate in the events

  • Investment Syndicate โ€” a network of trusted and reliable VC funds, business angels, tech partners, private investors, and blockchain projects, providing fast-track access to capital, technology, and partnerships

The launch of Synapse Network will be unique in its scale and scope. We believe it will be a giant leap forward in the adoption and acceleration of blockchain-based projects as well as the growth of our industry. It is the first solution of this type to increase blockchain adoption by connecting it to traditional markets and democratizing investment in crypto assets.
Unchained Capital Announces $25M Series A From NYDIG
On Friday, Bitcoin financial services firm, Unchained Capital announced the close of their $25M Series A round from lead investor and institutional powerhouse, NYDIG. NYDIG has also committed to lending Unchained another $100 million, for a total commitment of $150 million.

"Historically, there has been a lack of investment in bitcoin-dedicated infrastructure, often in favor of platforms supporting many digital currencies, but Unchained Capital expects this raise to be the first of a growing trend of bitcoin-only businesses attracting capital investment at the scale which has long been deserved," Parker Lewis, head of business development at Unchained, said.

Unchained and NYDIG also plan to offer collaborative custody services in which both hold private keys with the intention of encouraging more financial institutions to do the same.
Decentral Capital is a registered FinTrack business that provides secure access and diversified exposure to the digital currency asset class.
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Bitcoin Stabilizes But Trending Lower Daily Highs Continue
After the Bitcoin route through the month of May, Bitcoin started to stabilize last week. Price started to recover and broke through a short-term, descending line of resistance. Although it had not yet broken through the 200 day EMA, optimism was in the air... Until a rogue tweet from Elon on Thursday, featuring #Bitcoin and a broken heart emoji sent price into another spiral. It is frustrating that the cryptocurrency market is still fraught with so much short-term narrative speculation. It is also frustrating that our once trusted champion could turn on the community so quickly. But maybe this is good for Bitcoin in the long term. We know these narrative-driven selloffs tend to transfer coins from weak hands to stronger long-term believers. When all is said and done, maybe Elon is just helping us recycle the paper hands.

View the chart here.
Altcoin Dominance Looks Set For a Correction
After a healthy recovery back from the flash Bitcoin crash in May, the upward momentum for altcoin dominance has started to fizzle out. The past four days have seen relatively no change in dominance and it is starting to look clear that the "v-shape recovery" will not quite be able to make it back to previous highs. Given that we are still nearly 13% over our 200-day EMA, the chances look likely that we see a more dramatic pull-back in altcoin dominance. Regardless of the direction Bitcoin goes.

View the chart here.
Jack Dorsey Banking The Unbanked @ Bitcoin 2021 Miami
Bitcoin 2021: Fireside: Michael Saylor And Max Keiser
Ron Paul at Bitcoin 2021

Bitcoin (BTC)

When market sentiment is bearish, it is always best to be in the big coins, or on the sidelines. At a nearly 50% discount from all-time highs, Bitcoin is a deal for those trying to "buy the dip." Given that Alt-coin dominance is losing steam, regardless of the direction of the next Bitcoin move, it will likely outpace the rest of the market.

View the chart here.
Tether (USDT)
Tether is the largest USD-pegged stable coin in the world by market cap. I add Tether this week as a reminder that it is always valuable to take when times are good. It is also a good reminder to keep some "dry powder" on the sidelines for when sustained consolidations like this one take place.

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We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space.