The Hoot #49

Keep your eyes peeled for the official 50th Hoot Giveaway next week 👀 

Merch & prizes coming soon…

Scatt's Seeds for Thought:

🌱 Binance: $4bn+ Problem 😳

🌱The Last 30 Days in Crypto 🚨

🌱 Hedge Funds in 2023 📊

🌱 South Korea’s Crypto Program 🇰🇷

Meme of The Week

Year-to-date Market Performance:

• S&P 500: 18.75%

• Dow: 6.77%

• Nasdaq Comp: 36.16%

• Bitcoin: 125.03%

• Ethereum: 73.61%

• Scatt Capital’s Fortune Strategy: 36.19% (Since Inception (12/22): 31.86%

Market News:

• 7-Day Change in Crypto Market Cap: +$4bn

• NEW ARGENTINA PRESIDENT BULLISH ON USD & BTC

• BTC ETF HYPE HAS WALL STREET LINING UP $100BN

• NVIDIA REVENUE UP 206% YoY

• FED WANTS MORE EVIDENCE BEFORE ADJUSTING RATES

• HOME SALES FALL TO NEW 13-YEAR LOW

• JPM ANALYSTS SEE $2.7BN OUTFLOW FROM GBTC CONV.

• NOMURA IS BUILDING A $1BN PRIVATE CREDIT STRATEGY

• BARCLAYS SLASHES 2,000 JOBS IN $1.3BN COST CUT

• ISRAELS $48BN WAR BILL LEAVES BOND MARKET IN QUESTION

• GENESIS FILES LAWSUIT TO RECOVER $684M IN ASSETS

• SBF IS REPORTEDLY TRADING FISH IN PRISON

• SANTANDER BANK OFFERS BTC & ETH TRADING

• CITIGROUP CUTS 300 SENIOR MANAGERS IN RESTRUCTURING

• COMMERZBANK RECEIVES CRYPTO LICENSE IN GERMANY

• THE WEEK AHEAD: 

  • New Home Sales

  • Personal Income & Spending

  • PCE Index

  • Pending Home Sales

Binance: $4bn Problem 😳

Another one fallen.

It is official… Binance has been sued… and it’s a big one.

In short: They’ve been charged with money laundering, and unlicensed business, and sanction violations.

The CEO (CZ) has plead guilty and will pay a $50m fine while Binance will pay $4.3bn. CZ will also face up to 10 years in prison.

To be clear… this is NOT the same/similar thing as SBF & FTX.

Sam STOLE, CZ did business UNLICENSED - there’s a big difference.

The Last 30 Days in Crypto 🚨

The last month or so has been crazy in the crypto world:

• BlackRock & Barclays use JPM’s blockchain

• BlackRock CEO says Bitcoin & Crypto are vital in flight to quality

• Major EU clearinghouse issues first tokenized Eurobond ($106m)

• JPM reveals handles $1bn in daily transactions

• Crypto market cap nears $1.5TN for first time in 2 years

• CME BTC open interest surpasses Binance

• UBS launches crypto ETF trading for HK clients

• Nomura launches ETH fund

• BlackRock files for ETH spot ETF

• HSBC announces crypto custody to institutions

• UK sets out proposals to bring stablecoins to real economy

• HSBC launched tokenized gold

• Thailand 4th largest bank buys $103m stake in crypto exchange

• WisdomTree announces plans for blockchain app

• World Bank rolls out digital bond issuance

• Standard Chartered to invest $100m in crypto startups

Don’t tell me “Crypto is dead” ever again…

Hedge Funds in October 📊

Always such a newsworthy topic, but are they actually performing?

Well… short answer is NO.

The BEST performing strategy in October was Macro at +0.95%

The BEST strategy year-to-date is Multi-Strategy at +6.26%

Sounds good, right? It is, but…

Not when the ‘market’ (S&P & Nasdaq) are up 20-30% AND you don’t pay 2% and 20% fees.

It’s always good to dive into this stuff to make sure you’re playing the market right.

South Korea’s Crypto Program 🇰🇷

Of ALL countries…

South Korea is leading the charge!

Their central bank has announced a pilot program to test a digital currency with 100,000 citizens in 2024.

This, like the recent UK adoption news, is MASSIVE.

To have a central bank basically running a test… could we even have thought of this a year or 2 ago?

Upon approval, what do you think will happen to prices?

With the new utility will come MASSIVE price jumps.

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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 or sell any assets or to make any financial decisions. Please be careful and do your own research.