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Crypto Investments

Gemini Exchange – advantages for the Singapore investor?

One of the advantages of using the Gemini Exchange is that it is one of the most compliant crypto exchanges out there. Apparently the exchange has support from regulators from many countries and that would include Singapore. Unlike Binance (International) which seems to be in the crosshairs of Singapore authorities, Gemini seems to be given more or less some free access to Singapore investors. I know that the US regulators allow Gemini the license to trade in almost all the states in the US. But all these compliance seem to come at a cost. The fees in Gemini is one of the highest I know. Even Binance SG fees are not as high as some of the trading platforms in Gemini. I am guessing that compliance sometimes do cost money eh? The reason why compliance is important can be seen by what has happened to Binance and their Singapore customers. We had to transfer our crypto assets out to other Exchanges.

And another advantage of Gemini Exchange is that the assets apparently have insurance against hacks. That is a good thing as some of the biggest exchanges do fall victim to hacks. However the Gemini Exchange is supposed to be one of the most secure exchanges in the world. In actual fact, that is their main selling point. And it seems that big institutions and whales are using the Gemini Exchange for this reason. Which makes sense, considering that they have a lot more to lose compared to the rest of us. Of course you have to pay more. In many cases, way way more than what the other major exchanges are charging.

However with that said, there are some advantages with trading on the Gemini Exchange. One of which are for those who want to HODL their crypto assets. These investors seldom trade their assets so the transaction fees don’t really matter that much in the grand scheme of things. And they have an earning platform as well. So if investors just want to get hold of one or two cryptocurrency to hold and keep for a long time, then yes this actually makes a lot of sense. Plus you get the strong security that is supposed to be provided by this exchange. Furthermore if you are in Singapore and using a local bank, you might want to check out their SGD deposit and withdrawal methods. There is supposed to be no additional charges for depositing or withdrawing from Gemini within a number of times per month. Again very good for anyone who seldom do that much trading or any sort of transactions. And did I mention that they have BTC/SGD and ETH/SGD trading pairs as well? Isn’t that convenient? Not only do you not need to pay any sort of SGD/USD exchange rate fees, you don’t even need to pay any withdrawal/deposit fees as well.

They do have a limited selection of cryptocurrencies on their platform. But if you only deal with the major cryptocurrencies (which I have seen quite a few investors do), this should not really be a problem. It is definitely not for everyone but think it might just be good enough for some. I myself have done some trading on Gemini. It is easy to use and very basic and yes, you pay for the convenience. You can make use of their “ActiveTrader” platform which has much lower fees as well. But overall it has been a decent experience for me.

Take care!

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Crypto Investments News

Bitcoin – new all time highs!

Well it is about time. Finally reached USD 66K! I had actually expected Bitcoin to go to new all time highs at the beginning of this month but I am guessing there was still a lot of FUD around. But it is good to see Bitcoin going to such new highs. If you ask me, I think Bitcoin is currently undervalued quite significantly. And no, I am not a Bitcoin bull or some sort of maximalist. Just stating the facts here – the level of institutional interest and with the recent release of a futures backed ETF, how is it possible for Bitcoin to remain at such low levels? Those institutions are not purchasing Bitcoin in small amounts and most of them seem to be holding onto their Bitcoin portfolio. So with increased demand and less circulating supply, there will of course be upwards pressure on the price of Bitcoin. And it is actually a good thing for us retail investors. Even those who do not hold any Bitcoin. I am one of such investors. When Bitcoin price goes up, the rest of the crypto market goes up as well. If investors are confident seeing Bitcoin going up, the whole market turns bull.

As mentioned, I am not holding onto Bitcoin at the moment. My portfolio consists of only altcoins – primary XRP, ADA, VET, CAKE and a small amount of ETH. Yes I am holding onto Hi Dollar tokens as well. I will give you guys an update on my Hi Dollar token venture perhaps in a few weeks time. As for the rest, I am only planning to hold onto ADA. The rest I will most likely sell when the time is right. But as the crypto market is pumping right now, I will start to let go some of them soon. Again I would like to highlight the importance of the relationship between Bitcoin and other cryptocurrencies. Sure at times we will see a certain token pumping while the rest of the market is red. But this is something that happens far and few between. The cryptomarket is full of speculators and manipulators. So yes, there will always be tokens that go against the wind. But in most cases, Bitcoin dictates where the market is going.

So do you guys think that Bitcoin will reach 75K by the end of this month? Let me know what do you think down in the comments. If you ask me, I think it is doable. The market is just so bullish right now. A little good news and they start pumping already. However note that there might be a few black swan events that might just bring down the whole cryptomarket. Mostly from the SEC. They seem to be hell bent on bringing down the cryptomarket, or at least they are looking for ways to take control of this financial sector. So if you are planning to get into the crypto trading right now, do watch out for them. And don’t forget to take profits when possible. Don’t be too greedy. I made plenty of such mistakes already. You only HODL if you are planning to stay for the long haul.

Note that the Bitcoin ETF (Exchange Traded Funds) is not a spot ETF but a futures ETF. This means that these are actually contracts that will be fulfilled at a later date. Of course Bitcoin futures are related to the actual Bitcoin price but there might be differences. But in general, they tend to be going in the same direction. And seems like there are plenty more ETFs waiting for approval by the SEC. Some of which are spot ETFs. This means more and more money are being poured into Bitcoin and other cryptocurrencies. This is a good thing for us. That is why if you are thinking of investing in cryptocurrencies, you should do it early.

By the way I am not a financial advisor. You should always do your own research when it comes to investing. Don’t take the words of a blogger with your own life savings.

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Crypto Investments

My thoughts on the recent SHIBA pump

As you guys should know by now, there was a massive SHIBA INU token pump just last week (or this week depending on where you live). And it surged like 300% over. Of course at the moment is it going down as investors start taking profits. This is very normal after such a pump. And people attributed the pump to Elon Musk’s tweet about his puppy – which if you think about it is kind of insane. Are investors so trigger happy, crazy and cash rich to bet on something like someone’s tweet, especially consider the said person had crashed the crypto market once before? It has now became the 13th largest cryptocurrency by marketcap. Again that is insane. I had thought the crazy pump by DOGECOIN a few months back was insane. But this one really takes the cake.

Although I admit that SHIBA INU token probably has better tokenomics than DOGECOIN but still it is a meme coin. Yes sure they have whatever swap exchange or something but in the end, it is still a meme coin that people just speculate on. Again I have nothing against speculation, but this has really gone out of hand right? It is the same DOEGCOIN saga happening once again. Just imagine what happened to the so called investors who had bought into leveraging for SHIBA INU. The same thing happened to all those DOGECOIN investors – they will get burn when the price goes tumbling down. The DOGECOIN all time high in May was around USD 0.68 and even after this recent pump, the price is still USD 0.25 or so.

There have been reports that the recent pump for SHIBA INU token was actually not due to Elon Musk’s tweet but actually by whales who had bought a good number of tokens a few days before the pump. You can read up on the article here. The purchase happened on 30th Sept which was before the actual pump of its price. So this could possibly be the result of market manipulation. An interesting excerpt from the article states – “While the whale moves on SHIB may give a glimpse of how the pump may have been triggered, the high amount of whale transactions may not be the best news for SHIBArmy because according to Santiment, it often coincides with a local price top.” Now isn’t that interesting. If you are thinking of joining this “SHIBArmy”, you might want to consider that again. This is just an example of history repeating itself. We small time investors are often the ones that are left hanging. I often tell my readers not to go into such meme coins and most importantly never leverage on such coins. I understand that it kind of look tempting and all the FOMO that comes with it. But come on, we will never beat the whales in this game. So why join them?

For those who don’t know, the recent pump for SHIBA INU did not reach the previous all time high for the token. Yes, it happened before around early May as well. And we all know what happened after that pump right?

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Crypto Investments

I am very bullish on…..Bitcoin

I know right, it sounds just so lame and hypocritical. For someone who talks quite a lot on altcoins and do not even hold any BTC, how is it that I am bullish on Bitcoin. Hold your horses all! Let me explain what I actually mean. And before I begin, I have never said that I am someone who is against Bitcoin. In fact I have said that I am very confident on the future of Bitcoin and Bitcoin has always been very important in the crypto market. You can read my old posts here and here. The simple reason why I did not get into investing in BTC is because when I first started investing in cryptos, I got burnt badly. Yes there are plenty of market manipulators and I get burnt in the process. Pretty common when doing investing, especially in a volatile market but when it comes to first time investors like me, it kind of left a mark. So whenever I see the ticker symbol BTC, I feel a slight sense of dread. And thus I never got back into buying BTC since then.

However with that said, if you are looking at investing on something which is slightly less volatile in the crypto markets, I think that BTC is a good bet. Just look at the increased adoptions by big financial institutions – some of whom are coming in big and strong. Take a look at these articles – here and here. With that kind of financial muscle and cloud, surely the prices of Bitcoin will go up and most importantly stay there. Those financial institutions will never let their own portfolio go down too much, especially in the long run. So yes I am confident that Bitcoin is at least going to be one of the top performing assets you can have if you don’t like the volatility of altcoins. Of course if you are looking just for gains, altcoins will probably be better in some cases. Just remember to take your profits once in a while. And remember that most altcoins are way more volatile than Bitcoin. Perhaps take a quick look at the recent pump by SHIBA and how far it managed to pump. And we are talking about a meme coin with nothing much to back up the fundamentals.

As to whether I will be going into getting some BTC myself – I am two minds when it comes to this. The thought of getting burnt again is just always there. But as I look more into Bitcoin, the more I feel that this is the correct coin to put my bets on. Anyway I will most likely be getting a small amount into my portfolio this time round. However most of my portfolio will still be altcoins. Let me know what your thoughts are on BTC.

By the way I am not a financial advisor. You should always do your own research when it comes to investing, especially when it comes to the crypto market. To say that the crypto market is volatile and at times full of crazy people is an understatement. And beware of market manipulators.

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Crypto Investments News

NFTs – Am I being left behind?

If you have been in this blog for some time, you will surely know that I am not really into NFTs. NFT stands for Non-fungible Token and to put it simply – they are tokens that are unique and cannot be replaced with another tokens. So if you MINT an NFT on a blockchain, the NFT is kept “forever” on the blockchain and it cannot be replaced as it is unique. And the NFTs we are talking about are usually art. So if I create a JPG artwork and then mint that JPG into a NFT, it is uniquely mine and even if someone copies the JPG, it is still not the same JPG as the one that I minted. If that makes any sense to you, well great. You basically understood why people are now into NFTs. However I am certainly not one into NFTs. I have never bought an NFT myself and I don’t intend to. Pretty contended to just check out little projects on the Internet and seeing which I can make some money from. And yes I am still doing trading on the various exchanges.

With that said, it seems that a lot of projects are going to the NFT route. Even Ripple has announced that they are starting a 250 million dollar fund to mint art on their XRP Ledger. And if you have been watching the cryptosphere for some time, you would have seen numerous articles on record prices for NFTs that were being sold. These are usually collectibles which will in turn have some increased value in the future. Hey I don’t mind having some NBA collectibles myself as I am a big Boston Celtics fan. But honestly I find NFTs quite a hassle and seeing that there are just so many NFTs in different blockchains out there. Plus you have to pay for gas fees even after you purchase the NFT. You might not even have some spare tokens for that blockchain either. Quite a hassle if you ask me.

But of course if you are wondering whether I am interested in investing in platforms that actively support NFTs, I would say a definite YES! It is not that I do not see the value of NFTs, it is that I am not a real big fan of art and I find it too troublesome. If others see the value in NFTs, they will surely be demand for the tokens supporting these blockchains. And if there are increased demands for these tokens, the value will almost certainly rise. Tezos is one of the projects I have been eyeing for some time. I think this has great potential and they are posed to be one of the bigger players for NFTs. Yes I know that there might be some controversy behind the Tezos project. Their whitepaper and their core principles seem to be very different from what they are doing now. But if we were to put this aside and concentrate on their efforts now, I think they do have a lot of potential for growth. Of course this is just me.

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Crypto Investments

Binance to stop serving Singapore customers

Well not all but almost all its features will not be available to Singapore customers. And those are the features that most of us care about anyway, so might as well be closing its doors to us. I am not too sure what actually spark all these but looks like it is coming from the Monetary Authority of Singapore (MAS). Previously Binance has stopped P2P trading for its customers in Singapore, so you cannot trade in SGD. It was so convenient to do P2P trading. Basically it is direct trading with others in the platform and you directly transfer funds to their bank accounts and you get cryptos in your wallet or vice versa. But now it has turned into blocking nearly all the features in Binance. Do note that this will begin somewhere in late December. So if you have crypto still stashed in Binance, you might want to transfer them out to other platform or Exchanges. However it is kind of ironic that Binance SG has been granted special permission to do crypto trading with Singapore customers. Yet again I am not too sure why MAS is targeting Binance International (Binance.com) as they have been operating for quite some time with Singapore customers without any major issues. Something does not sound right here.

For me, I store a good portion of my crypto portfolio in Nexo and Hi Dollar Earnings. Nexo seems to be giving me better returns compared to the other lending platforms. Although they recently added DOGECOIN into their platform but I have not seen any other platforms with higher interests for my XRP. And Nexo makes it much easier to swap cryptos as they have their own exchange feature. Sure, it is still rather limited but it is better than nothing. As for Hi Dollars, I am rather bullish about this new project, so I threw some funds into it. And their earnings feature has just been launched and is giving up to 40% APY. That is quite a return if the APY remains the same. But of course there are some risks as it is a very young project without the kind of popularity as other crypto platforms. But everything starts small right? And I think they do have some financial muscle behind the project. Hey, they own Hi.com domain name. That is one very expensive domain name.

As for other exchanges I am looking at Kucoin. The interface looks very much like Binance’s so users of Binance should be quite at ease at Kucoin. And Kucoin has good support for various types of altcoins. Some of whom are not even listed in Binance. Which to me, I think is a good thing. I want variety in my options. They do have limited support for staking and earnings. But of course nothing to the scale of Binance. The other exchange would be Huboi Global. One of the features that got me interested is that they have P2P trading in SGD as well. It is just so convenient to trade using P2P – all it takes is 15 minutes and you have your crypto or your funds in your bank. All those bank transfers from your account to the platform’s bank account and whatever verification for which account, you can skip all that. Yes, there are some risks involved but if you are careful, it should be fine. Even doing traditional bank transfers have their own risks and can come with plenty of frustrations if you don’t do it right. However as for other fees and charges, I am not too sure. I will do more research and get back to you guys. But from what I know, Huboi is quite a large crypto exchange.

Oh I am no financial advisor. Please do your own research on which platform you want to use and which is the best option for your trading style. Take care and stay strong. And of course here is to hoping that MAS will allow Binance to start their operations in Singapore again.

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Crypto Investments

Epic altcoin season is here?

I am not one for click bait titles but alas I do need the clicks. Na, I am just kidding but this is exactly what I have been reading in the news recently. Everyone seems to suggest that we will see one of the largest growth in altcoins in the coming months. Poor Bitcoin seems to be lagging behind in terms of growth and public/institutional interest. I can understand that. The price chart seems to suggest that as well and I kind of agree that we will see huge growth in altcoins very soon as well. However do not count Bitcoin out just yet. I always say that Bitcoin is the most important stat that traders and investors look at when they are thinking of buying or selling cryptocurrencies We all cannot deny this fact. If Bitcoin falls hard, it will carry the rest of the crypto market with it. And if it pumps, the market will pump with it.

With that said, yes I believe altcoin season is coming very soon! For those who don’t know what an altcoin is, well it is basically a cryptocurrency that is not Bitcoin. Perhaps the use of the word “alt” in altcoin is wrong but that is what all these cryptocurrencies are currently termed as. So…. We have seen altcoins like Solana rallying since September despite what is happening to Bitcoin. And looks like it is not stopping anytime soon. It has even surpass its all time high! The numbers are just mind boggling. How about Avalanche? The price keeps going up and up. I don’t think it will stop either. What about LUNA? The general sentiment very bullish about these coins. And there are still plenty of altcoins which I have not covered yet. Nothing is suggesting that the altcoin season is going to be over anytime soon either. But I am guessing that might just be the issue with altcoins – just so many of them out there! Everyday we hear of a new project or some blockchain that got funded by someone with a few million dollars and the price will then pump because of it. Most of these altcoins do not yet have a mature ecosystem. Yes I agree that the cryptosphere is still very young and there are lots of growth that can occur, even in the next few decades. But I think the ecosystem is also very saturated and dare I say – confusing. Furthermore there are just so many scams and hacks in the cryptosphere. I read them on the news nearly everyday. There seem to be are way less scams or hacks involving Bitcoin than those for altcoins.

Yes there are also some very attractive looking “old” altcoins like Litecoin which are also attracting some interest from investors. However for me I think they are something too similar to Bitcoin and usually don’t serve much use except as a store of value. So what is the point of investing in something like Litecoin if Bitcoin is available? And I would rather invest in Cardano or Ethereum or Polkadot as these are blockchains that have more real-use cases. Can’t wait to see what the Cardano ecosystem is going to develop into. I have been eyeing Cardano for quite sometime and I think they will definitely do well. Yes sure looks like ADA (native token for Cardano) did not really pump that much after smart contracts were implemented but I am guessing there were some market manipulation going on.

Anyway it is a very exciting time for altcoins. Plenty of projects are launching and this should get more people excited and interested in the cryptomarket. And this is a good thing. No longer will the cryptosphere be thought of as “free internet money” right? And yes I am no financial advisor. You should always do your own research as it is your own money when it comes to investing.

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Crypto Investments

Crypto Scams – getting out of hand

I have been in the crypto space for like slightly over 6 months and one thing I realize is that there are tons of scams out there. And they are targeting crypto users and investors. If you have been in the crypto sphere for some time, I am pretty sure you would agree with me. And they are getting very sophisticated. Enough to even trick seasoned investors into parting with their hard earned money. I recently joined a telegram for a project that I am interested in and within a day or two of joining, I got 3 to 4 users asking me whether I need help. I had highlighted one of such scams in this blog post which you should read. In most cases, such telegram groups’ administrators or moderators will NEVER message you first. And they will NEVER ask you whether you require assistance. You will need to initiate that request. And most probably they will answer or direct you to another channel for assistance in the telegram group. So if you find someone asking you whether you need assistance or somethin in Telegram, you should be careful. And beware of the group you are joining. Always go to their official website and click on the official link to join their Telegram groups. Anyone can create Telegram groups and some of them are scammers trying to trick you into believing that they are the official group when they are not (fake Telegram groups). That goes the same for other social media platforms like Whatsapp, Facebook, Instagram or Twitter. I normally just stick with one channel.

I cannot highlight how important it is for everyone NEVER to give out information regarding your login or even your wallet private keys. Such information can result in your data and funds being stolen. In most cases, the official staff of any organization will never ask you for such information. Why would your trading exchange want to know about your login password? If you have issues logging in, you should be contacting their official support team first. And no matter what, passwords should not be shared with their team as well. Of course in some cases they might need to verify your personal information to ensure that you are who you are claiming to be. Most importantly is that you should be the one initialing the request for support. Not the other way round.

And please never give out your wallet’s private keys. It is called private for a reason. If you give someone your private key, it is akin to giving the keys to your public locker at the gym. The person with the key can access your locker just like it is you. And if your wallet is non custodial, you can kiss the cryptocurrencies inside good bye. Even if your wallet is custodial, you will probably not be able to recover the funds too. So please be very careful with who you share your private keys with. But of course you will need to keep the keys somewhere safe, where you can retrieve if necessary. If you lost those keys, it is nearly impossible to gain access back to your wallet.

I also need to mention about social media promotions. If you are the kind who loves “airdrops” or “rewards”, you should be careful when signing up for such events. Yes I agree that there are a lot of legitimate projects that leverages on social media to promote their platforms. But with that said, there are also a lot of fake projects and scams that abuses social media to cheat or trick investors. It can be very difficult to differentiate between a real project and a fake one nowadays. There are scammers making use of professional looking websites and even very well-made Youtube videos to trick viewers. So I normally stick to a few well-known website crypto sites like CoinMarketCap to check out new offerings. Of course not everything being promoted by such sites are all genuine. So you should always do your own research. And I would NEVER spend money on such projects either. Yes we are all hoping to get that 1000x altcoin at bargain prices but honestly I don’t see that being a possibility nowadays. The trick here is don’t be too greedy. If the project is really growing and do have the numbers to back it up, sure go for it. But if a project is like just starting up with nothing to show for, I don’t think you should take the risk. Well that is my opinion anyway. There are just so many scammers on the Internet that I immediately consider any new project a scam.

So please take care and don’t let your guard down when people start throwing around exaggerated words like “just like Bitcoin”, “Don’t miss out” and “1000x”. Fool’s dream if you ask me.

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Investments

What is leveraging and why you should avoid it

I got into “mining” USDT in Stormgain [referral link included] a few months ago and have started to receive some of the USDT into my account. Well actually it is not “mining” per say but more like generating USDT. Basically you just click a button once every few hours and they will give you some USDT. It is a small amount but at least you are selling the actual value of what you are getting since it is actual USDT. But with those mined or minted USDT, you cannot withdraw from the account. You can only trade with it. Only the profits from these trades you can then withdraw. Well it is kind of like free money and I guess it is meant for incentivize their users into trading on the Stormgain platform. The problem is that you cannot trade as per normal, you can only leverage. This makes sense because you are not really getting a lot of USDT from the mining and even if you are the best trader, what is 30 USDT going to get you when you are trading? Not much right? So here we are – leverage trading.

It is actually a pretty simple concept behind leveraging. What happens when you leverage -whatever amount you leverage in, you will get multiples of which you can use for trading. So lets say for example you have only 20 USDT (just like what I had) and you are able to leverage x5 in a trading platform. So what you actually get is 20 x 5 which is 100 USDT to trade. This might sound great if everything is all rosy and whatever you are leveraging in is going to the moon but just imagine if things go south. Again a reminder that with just 20 USDT, you are now a player trading with 100 USDT. And when things go south, all that is needed is a small drop in the stock or cryptocurrency you are trading to get you liquidated. So in our case, that means a 20 dollar (or slightly less) drop will get you liquidated. And yes, these exchanges and trading platforms will liquidate you without a second thought. That is how most exchanges make their money. And this means all the funds you put in will be taken by the platform. In this example, you lose the entirety of the 20 USDT you initially put in. This is unlike other regular trading where even if the cryptocurrency price or stock price tanks, you are still holding the same amount(number) of cryptocurrency or stock, even if it possibly becomes worthless.

But so why is this bad for the market, especially one so volatile as the cryptomarket? Well that is because retail investors who leverages don’t want to get liquidated. Liquidated means you get nothing back – zero, zilch, cero, blank, 0….. Just imagine those traders with 100x leverages. A small retraction of the price will result in quite a significant amount of losses. Hence you will often see crazy price dumps as leverage traders tries to sell off whatever crypto they have to save themselves. And that is why I keep stressing to my readers never to leverage. Only invest what you can afford to lose. Of course as Stormgain do not allow me to do normal spot trading, so I will just trying leveraging for fun. And it is a small amount indeed. I do not encourage anyone to do leveraging. I will nevertheless keep you guys updated on this little fun experiment. Wish me luck. But I am pretty sure I will get rekted in the process.

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Crypto Investments News

Bitcoin finally hits 52k; crypto markets in general

We all should know by now that Bitcoin had hit 52k yesterday and it is still above 52k. At the time of writing, it is hovering around 52,700. And this is very positive news for the entire crypto market. It has been a while since BTC hit this mark. As BTC will often dictates how the market goes, bullish sentiments for BTC means overall bullish sentiments for the crypto market. Although we are starting to see altcoins becoming less dependent on BTC, it is still not completely there yet. And thus the entire cryptomarket is a sea of green. Can’t imagine just about a month or so ago, everyone was talking about “crypto winter” and the need to start withdrawing all their assets to fiat currencies. And of course those are actually the bears who actually benefit from dips by shorting the market. I wonder how much loss are these bears making these few weeks.

So what is the outlook for the crypto markets? I am no financial advisor but I do think that this bull market will run till maybe middle or late October. There are plenty of positive news coming out of the crypto sphere and this will definitely push the markets higher. The Bitcoin hashrate is still going up. This is a very good sign. A good number of crypto projects are finally matured enough to make investors even more confident about this technology. And look at how high Solana (or SOL) has risen these few days. How about my favorite Cardano? NFTs are the craze nowadays and this is of course driving ETH prices up as well. Sure there are some black swan events like those governments trying to control or restrict investors getting into crypto trading and of course our dear SEC trying to dip their fingers into everything in the name of investor protection. Again I am not someone who is against regulations. I am someone who finds it very suspicious if such regulations are not meant to serve the public and are only meant to control entities or reduce competition. And I think SEC is doing exactly that. Come on, just look at what they are doing to Ripple. It honestly makes no sense that they are targeting Ripple and claiming that they are selling securities when it happened way before there was any indication the sale of XRP can be considered securities. And most importantly, is anyone feeling “protected” by the actions of the SEC? Not very sure about you, but I almost certainly don’t feel protected at all. Feels like they are doing this for some other purpose, which I cannot list down least I get into trouble. I am also a bit worried about the Defi sector. Looks like it is also being targeted by the SEC and there have been a number of hacks that occurred. One of which was a pretty high profile one involving quite a lot of money – the Poly Network hack. And it seems that Defi hacks account for 75% of crypto fraud. This is very worrisome as well. If these Defi platforms and protocols don’t start getting serious with security and look out for vulnerabilities, it will be their downfall. Remember bad news = lower public sentiments/confidence. This will also embolden the government authorities to come in to “protect” investors.

Anyway if the markets are able to retain this momentum, the bull run might even last longer (me thinks). Perhaps even to November. Of course these few days will be something interesting to watch out for.