The 70th Hoot

UFC Fight Gloves Get Tokenized 🥊

April 22nd, 2024

GOOD MORNING 😎

THE BITCOIN HALVING HAS US FEELING SUPERCHARGED AND REFRESHED 🤝🏼

LETS GET AFTER IT.

Scatt's Weekly Seeds:

🌱The Bitcoin Halving is Done ✅

🌱UFC Fight Gloves Get Tokenized 🥊

🌱Crypto Volume Hits Multi-Year High 📊

🌱Korean Won Beats the U.S. Dollar 👀

Meme of The Week

Year-to-Date Returns:

  • Dow: 0.79%

  • S&P 500: 4.14%

  • Nasdaq Comp: 1.80%

  • Bitcoin: 52.10%

  • Ethereum: 33.85%

  • Solana: 36.68%

News Breakdown:

Crypto Market:

  • 7-DAY CRYPTO MARKET CAP CHANGE: $13B

  • CRYPTO INVESTMENT PRODUCT FLOW: $126M

  • 2024 TO OVERRTAKE 2023 IN NUMBER OF NEW TOKENS LAUNCHED

  • HONG KONG APPROVED BITCOIN AND ETHEREUM ETFs

  • KOREAN WON MOST TRADDD FIAT CURRENCY AGAINST CRYPTO

  • CRYPTO EXCHANGE KRAKEN DEVELOPED ITS OWN WALLET

  • CRYPTO TRADER CONVICTED OF FRAUD IN $110M SCHEME

  • ONLY 14 OF THE TOP 50 TOKENS HAVE OUTPERFORMED BITCOIN THS YEAR

Credit & Debt Markets:

  • 10-YR TREASURY YIELD: 4.626%

  • BLACKSTONE LED $2B LOAN TO DATA CENTER FIRM PARK PLACE TECH

  • 777 PARTNERS HELD TALKS WITH BLUE OWL FOR $452M LOAN TO HELP FINANCE TAKEOVER OF EVERTON FC

  • JPMORGAN RAISED $9B THROUGH FOUR PART BOND ISSUANCE

  • WELLS FARGO RAISED $4.25B IN NEW DEBT

  • BRIGHTLINE RAIL SYSTEM KICKED OFF $1.3B JUNK DEBT SALE

This Week’s Economic Calendar:

  • New Home Sales (Tuesday)

  • Q1 GDP (Thursday)

  • PCE Inflation Index (Friday)

  • Personal Income & Spending (Friday)

The Bitcoin Halving is Done ✅

Bitcoin’s price is about to be cut in half.

Just kidding.

The Bitcoin miner reward will be cut in half.

So instead of issuing 900 BTC per day, the Bitcoin network (through the miners) will only spew out 450 BTC per day.

Bitcoin was pre-programmed this way, because each halving reduces BTC issuance which then = less inflation.

Contrary to what we see today in the world with inflation figures of 9 or even 10%+, Bitcoin’s inflation rate just went from 1.7% to 0.85%.

There are now less Bitcoin going into circulation with the same (or arguably an increasing) amount of demand.

You tell me what you think that’ll do to prices?

All in all, a successful halving.

UFC Fight Gloves Get Tokenized 🥊

UFC = one of the fastest growing sports in the world.

And they just announced they’re launching new fighting gloves…

Gloves with an “authentic data chip”

The gloves:

  • Have near-field communication chips connected to the VeChain blockchain

  • Will record fight data and provide authenticity thanks to the blockchain

  • Will help prevent fraud in the secondary market

  • Will debut at UFC 302 (aka on June 1st, 2024)

12 exclusive sets have been given to A-listers like Joe Rogan to test them out

Some other sports & blockchain collaborations in the past include:

  • Australian Open tokenized its courts into mini NFTs for the fans

  • LaLiga is doing a similar thing with the gloves but with its balls

  • AC Milan tokenized their field similarly to the Australian Open

Crypto is on the up.

And I don’t just mean in prices.

Trading on centralized exchanges (ie. CEXs as we call them) hit a multi-year high

The top 10 recorded $4.29T in spot trading volume in Q1

This is a 95% increase from Q4 last year

Of them all, Binance is still the top dog with more than 50% market share 🐕

And they also grew the most in volume terms… +122% 👀 

Korean Won Beats the U.S. Dollar 👀

Market dynamics are an interesting thing.

The U.S. Dollar is the world’s reserve currency, but things are starting to shift in the crypto world

The Korean Won is officially the most traded fiat (AKA government currency) against crypto assets

So how we do interpret the below?

The USD trades are important and make up a huge part of the volume, but…

The Asian markets have become increasingly important to analyzing the crypto markets

Unlike the stock markets, we can’t just look at the US and make conclusions

We almost need to look as deep (if not deeper) into Asia as the US to find some answers.

There are a lot of crypto retail investors in Asia which makes it really unique 🤝🏼

Crypto Cold Storage Options:

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy, sell or hold any assets or to make any financial decisions. Please be careful and do your own research.