Riding The Wave News Summary 112

Former FTX US President lashes out at ‘insecure’ SBF in 49-part Twitter thread rant, Republican Lawmakers Push Crypto Regulation with New House Subcommittee, & more.

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News

Table of Contents

1. Tweets

2. Former FTX US President lashes out at ‘insecure’ SBF in 49-part Twitter thread rant

3. Republican Lawmakers Push Crypto Regulation with New House Subcommittee

4. Polygon primed for hard fork aimed at reducing gas fee spikes: New details revealed

5. One of the largest US colleges has begun teaching students about Bitcoin

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Tweets

whalechart.org @WhaleChart

BREAKING: ​FTX allowed by bankruptcy judge to sell LedgerX and other assets.

whalechart.org @WhaleChart

This is not a new bull cycle. Be careful.

Blockworks @Blockworks_

BNY Mellon ($43 trillion AUC): Ignoring crypto would be like sticking with paper and not adopting a computer

Dennis Porter @Dennis_Porter_

The #Bitcoin doubters will feel pain soon. HODL.

Rekt Capital @rektcapital

#BTC is in a transitional phase It's bordering on the Bear Market ending & new Bull Market beginning This phase could take a few months & new lows can't be entirely ruled out just yet But it's great to see there is finally light at the end of the tunnel $BTC #Crypto #Bitcoin

Karl @karl_0x

free monthly alpha, enjoy

Route 2 FI @Route2FI

These 4 were the biggest winners in the 2021 bull run among the top tokens: 1. $LUNA (up 180x) 2. $MATIC (up 160x) 3. $SOL (up 150x) 4. $FTM (up 140x) Which tokens do you predict will have a crazy run in 2023 (if any at all)?

Root 🥕 @therationalroot

Making an attempt for Realized Price — the average purchase price of #Bitcoin at $19.7k. Longest period below Realized Price was the 2015 bear market.

whalechart.org @WhaleChart

If you believe crypto is going to new ATHs, ask yourself this this first: Do people have money?

Documenting ₿itcoin 📄 @DocumentingBTC

₿REAKING: $82,000,000 worth of #bitcoin short trades just got liquidated - More short positions than any day since July of 2021.

Will Clemente @WClementeIII

Bitcoin is now trading back above its cost basis (realized price) for the first time in months. In other words: In aggregate, the market is no longer underwater at the moment.

Vijay Boyapati @real_vijay

This is nothing. Just think about what happens when the Fed pivots right around the halving.

PlanB @100trillionUSD

So far so good! BTC now crossed STH price (light blue) and Realized price (black). Next targets: 200WMA $25K and 2Y Realized price $32K (dark blue).

PlanB @100trillionUSD

My 2 sats on #bitcoin price: - November 2022 low of $15,5K was the bottom - BTC has crossed Short Term Holder (STH) and will rise into 2024-halving and subsequent 2025 bull market. Several on-chain signals confirm STH signal. - 2024 halving will be >$32K - 2025 bull market >$100K https://t.co/0QtbeOXwsG

Caitlin Long 🔑⚡️🟠 @CaitlinLong_

DON'T FORGET--illiquid markets are easier for manipulators to manipulate than liquid markets. No clue if this rally is sustainable but be careful--lots of leverage still to be liquidated (based on publicly available info) & many people have incentives to pump prices short-term.🚧

il Capo Of Crypto @CryptoCapo_

I feel completely disappointed with other big accounts around here, with whom I have interacted always in a good way. Despite the fact that they have shilled bad exchanges and crap projects, and have been wrong throughout the entire bear market, they feel entitled to mock others.

Gareth Soloway @GarethSoloway

Warning from someone who has seen 25 yrs trading bull/bear markets in #Stocks, #Commodities #Crypto. Bear market rallies make you believe a new bull is here. #FOMO off 30% $BTC run is insane. Note $TSLA chart, multiple 30-50% bounces. BTC hasnt taken #FTX collapse high out...

MacroScope @MacroScope17

Mind the gap. It should close. Main questions are timeframe (may have already started in past 24 hours) and relative prices when it happens.

James V. Straten @jimmyvs24

Before the #ftx collapse #BTC had an 83% correlation to #gold, ultimately correlation went away due to fraud within the crypto space, which had nothing fundamentally to do with #BTC Expect to see this gap close, something @MacroScope17 has talked about for a while https://t.co/UHP2lQzTQX

Mike Novogratz @novogratz

Two unconventional ideas on why crypto is ripping to add to the obvious ones… 1. BOJ injecting huge liquidity this past week QE a lot!!! 2. China backing away on regulatory enforcement (tech and crypto).. China retail RE-engaging a story to watch in 2023

Hamza @Itsdehamza

Extreme RSI overbought reading. This is the most overbought the RSI has ever been in the entire down only era of 430 days. Bull markets do not start this way. In the same way as previous rallies, this one is likely to fade away as well. #Bitcoin

whalechart.org @WhaleChart

🚨 Nancy Pelosi just dumped millions in stocks As usual she knows something we don’t, keep eyes on charts 📉

Pierre Rochard @BitcoinPierre

Bull trap or not, this week was a significant move for #bitcoin's exchange rate

Heisenberg @Mr_Derivatives

$SPY Chart Update: Upside target if MOAT breaks convincingly: 418.49 gapfill Downside target if MOAT holds convincingly: 372.42 gapfill Every financial news outlet will talk about the MOAT (Mother of All Trendlines breaking/holding). Fireworks coming soon. This will be fun...

Documenting ₿itcoin 📄 @DocumentingBTC

₿REAKING: ~$4,000,000,000 worth of long #bitcoin futures trading positions were bought within the last few hours!

Bob Loukas @BobLoukas

If the 4year cycle low is in, as I believe, it’s really very hard to miss just how well $eth performed (relatively). As it gets asked often, my long term stack is 50:50. (Yes anon pls tell me it’s a shitcoin, because my wallets really care.)

Ki Young Ju @ki_young_ju

For the past 3 hours, someone(s) just bought ~$4B worth of $BTC futures in market orders, and $87M short positions liquidated across all exchanges. cryptoquant.com/asset/btc/char…

Lemon 🍋 @TheCryptoLemon

Sorry, I have to be true to my thoughts, I think we are here. #Bitcoin

Bitcoin Archive @BTC_Archive

#Bitcoin just had the biggest weekly gain in 100 weeks (since Feb 2021). 🚀

whalechart.org @WhaleChart

BREAKING: McDonald’s to enter metaverse this year.

whalechart.org @WhaleChart

BREAKING: Google Chrome security vulnerability detected could lead to crypto wallet stealing

Root 🥕 @therationalroot

What a break out! Below a comparison with previous occasions. #Bitcoin

Plan©️ @TheRealPlanC

After enduring another #Bitcoin bear market, the inevitable return to red will be glorious. #BTC

Rekt Capital @rektcapital

What if this is the beginning of 3 bullish years for #BTC? $BTC #Crypto #Bitcoin

Lark Davis @TheCryptoLark

If 2023 is a similar year to 2019 then we will see #bitcoin and #ethereum go up a couple hundred percent and many altcoins will do 10-20X moves. C'mon Satoshi, let's make this happen!

Plan©️ @TheRealPlanC

Well, that escalated quickly. #Bitcoin 89.3 | Jan 8, 2021 89.2 | Jan 14, 2023

PlanB @100trillionUSD

BTC playing catch-up with S&P (S&P implied BTC price $54K)

whalechart.org @WhaleChart

Scaramucci sees #bitcoin at $50,000 to $100,000 in 2-3 years. Is he going to be right?

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Former FTX US President lashes out at ‘insecure’ SBF in 49-part Twitter thread rant

Former FTX US President Brett Harrison has lashed out at Sam Bankman-Fried for manipulating and threatening colleagues who proposed solutions to reorganize FTX US’ management structure.

Harrison shared his experiences with Bankman-Fried and FTX US on Dec. 14, explaining how he was hired “casually over text” in March 2021 after working together at New York-based trading firm Jane Street for a few years.

But six months into Harrison’s tenure at FTX US, “cracks began to form” between the two, he said.

Despite recalling Bankman-Fried to be a “sensitive and intellectually curious person” at first, Harrison said he saw “total insecurity and intransigence” in Bankman-Fried when confronted with conflict, particularly when Harrison suggested FTX US establish separate branches for its executive, developer and legal teams.

Part of that irrational behavior Harrison describes included a series of gaslighting and manipulation tactics Bankman-Fried used against Harrison and other colleagues in their bid to clean up FTX US’ corporate mess.

Harrison also recalled his last attempt to fix FTX US’ organization issues with Bankman-Fried, claiming that he threatened to “destroy my professional reputation” if a formally apology wasn’t received

Full Article

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Republican Lawmakers Push Crypto Regulation with New House Subcommittee

After assuming control of the House of Representatives, Republicans are forming what they are calling a first-of-its-kind congressional group focused on digital assets.

The new Subcommittee on Digital Assets, Financial Technology and Inclusion was announced Thursday by Congressman Patrick McHenry (R-NC), as other subcommittees for the House Financial Services Committee were put forth

McHenry said he believes there’s “a big hole in how we structure the committee,” as it spends more resources on topics related to the digital asset sector instead of the larger financial industry, Politico reported Thursday.

The new panel will provide “rules of the road” for federal regulators of the digital asset ecosystem, as well as develop policies that reach underserved communities through the promotion of financial innovation, according to a recent press release.

The panel’s creation comes as multiple pieces of crypto-related legislation work their way through the legislative process, such as the Lummis-Gillibrand Responsible Financial Innovation Act—introduced in the Senate in June of last year—and more recently, The Stablecoin TRUST Act, introduced by former Republican Senator Patrick Toomey in the final weeks of his Congressional career.

Hill is no stranger to crypto policy initiatives. In 2021, Hill co-sponsored a bill that required the Board of Governors of the Federal Reserve System to study the potential impact of a U.S. Central Bank Digital Currency (CBDC), calling it “important work” when the report was eventually released.

He also floated the possibility of speaking with companies such as Binance, focussing on what role it played in FTX’s collapse after CEO Changpeng Zhao telegraphed his company’s move to sell its holdings of FTT—and later abandoned its buyout of Sam Bankman-Fried’s now-bankrupt exchange.

“I look forward to learning more from FTX and Binance in the coming days about these events and the steps they will take to protect customers during the transition,” McHenry stated.

Full Article

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Polygon primed for hard fork aimed at reducing gas fee spikes: New details revealed