Daily News Summary: Why?

There are a plethora of crypto podcasts, Youtube channels, and websites. There are also a lot of crypto news aggregators. I want to highlight a few interesting news stories that stick out to me. I want to sift through the stories each day so you don't have to. I do a monthly recap show but there is simply too much news to cover it in a monthly re-cap format.

I hope you'll find this helpful. Feedback, thoughts, comments, and constructive criticism are appreciated.

Banking & Crypto Joining Forces?

This seems to be a trend. Today, Binance CEO CZ (Changpeng Zhao) was rejected as a shareholder in a Liechtensteinian bank. Although not what Binance would want, you can see where this is going when it comes to Binance and their plans for expanding into more of the banking sector. With their acquisition of CoinMarketCap, adding a reputable bank to their various acquisitions and expansions seems like a no-brainer. I find it highly probably that CZ will get partial or full ownership of a bank (or several) by the end of this quarter.

I also see this as a trend industry-wide. With banks like Revolut (which started in Europe) and LVL trying to gobble up market share, don't be surprised if we see:

• Big US Banks starting to offer Crypto Buying Options and Custodial Services

• Large Crypto Exchanges offering Banking Services

• All of the above, HODL

This is all the more like with what the OCC has been saying recently.

Big BTC Buy and BTC/Crypto Price Action

BTC shrimp, crabs, and octopuses, hide in the shallows or under the reef! A monster Humpback whale has entered the waters. They just swallowed up nearly 21,500 BTC. This is big for the space and bullish for BTC. In addition to BTC, they also purchased a bunch of gold. This isn't a bad play in my opinion since some in the space think that gold and BTC are becoming increasingly correlated.

I also think that in addition to gold and Crypto, you should look at buying physical silver right now. At the time of this writing, you can purchase about 80oz of silver or 1oz of gold. Since gold is at or near an all-time high, I'm more into dollar-cost averaging into silver these days.

DeFi Continues to Explode in 2020

Uniswap, the biggest DEX, just did over a quarter of a billion dollars in volume in 24 hours. This is a big deal. It's now doing more volume than some of the bigger centralized exchanges. In addition, UniSwap is by far the biggest DEX but there are 5 other DEXes that did $10million+ in volume over the same period.

In other big DEX news, 1inch just raised $2.8 million in a funding round from some of the well-known players in the space. They're a liquidity aggregator connecting multiple decentralized exchanges. I think it's a cool project but if Uniswap keeps gobbling up market share, there won't be much of a need for it. I think it's really cool that 1inch was launched at a hackathon last year. I must admit: I really hate the name "1inch." I think they're at the top of my list of companies that need a rebrand or a new name.

Until Next Time. HODL.