@cryptocracy 27 June 2022 more from that month

Crypto Crash, Ripple, and Lunatics What are **bitcoin covenants** and how do they work? **(A MUST-READ)** Are miners selling off their bitcoin contributing to **bitcoin’s price problem**? *There are a lot of factors contributing to bitcoin’s price slump. I don’t think we should be worried. Bitcoin isn’t dead yet.* https://cointelegraph.com/explained/what-are-bitcoin-covenants-and-how-do-they-work https://www.coindesk.com/podcasts/the-breakdown-with-nlw/is-miner-selling-contributing-to-bitcoins-price-troubles/ Ripple CEO Brad Garlinghouse says Ripple will **move out of the U.S.** if the company loses its lawsuit with the SEC. *This may appear to be an idle threat. Quite often, we hear celebrities say they’ll move out of the country if such-and-such person wins an election. They never do it. This time, it could happen. Ripple is a business, and like any business, its executives want a favorable business climate. The Securities and Exchange Commission is showing itself hostile to crypto on many fronts. It will be interesting to see how this plays out.* https://www.fxstreet.com/cryptocurrencies/news/sec-vs-ripple-brad-garlinghouse-announces-expansion-out-of-the-us-if-outcome-is-unfavorable-202206270556 First, **Moody’s downgraded Coinbase**, now Goldman Sachs is **downgrading the crypto exchange to Sell**. Meanwhile, Coinbase has added support for **ETH and USDC on Polygon**. https://cryptocracy.substack.com/p/uniswap-passes-ethereum-in-fees https://www.streetinsider.com/Analyst+Comments/UPDATE%3A+Goldman+Sachs+Downgrades+Coinbase+Global+Inc.+%28COIN%29+to+Sell%2C+Crypto+activity+levels+continue+to+fall/20256367.html https://www.msn.com/en-us/news/technology/coinbase-adds-support-for-usdc-and-eth-transfers-on-polygon/ar-AAYTGsv CoinMarketCap now tracks more than **20,000 cryptocurrencies**. https://u.today/coinmarketcap-tops-20000-cryptocurrencies John Loeffler is pissing off crypto miners and he’s **damn proud of it**. (**THIS IS AN AWESOME READ**—in other words, **don’t miss it!**) https://www.techradar.com/news/did-i-make-it-harder-to-sell-your-crappy-used-crypto-mining-graphics-card-good Galaxy Digital loud mouth Mike Novogratz talks about his **big Lunatic mistake** and the future of bitcoin. Should we trust him? *Novograts has done a lot of good for crypto, but his jumping on board the Luna bandwagon was a colossal embarrassment for the entire industry. Does that mean we should never listen to him again?* https://nymag.com/intelligencer/2022/06/mike-novogratz-on-crypto-blowups-and-whats-next-for-bitcoin.html

Why, in God’s name, would anyone want to follow the path of LUNA? No earthly idea here on this side of paradise, but that’s precisely **what Justin Sun is doing**—according to Coffeezilla. *USDD looks like another scam. Maybe it is and maybe it isn’t. What we can know for sure is that investing in it is risky. Like, super risky.* https://beincrypto.com/crypto-sleuth-warns-that-justin-suns-usdd-is-following-path-of-terras-ust/ The number of crypto wallets holding 10,000 BTC **has grown**. What does that mean? https://www.thecoinrepublic.com/2022/06/26/what-does-the-increase-in-the-number-of-bitcoin-addresses-having-10000-btc-signifies/ How margin calls are **disrupting the crypto market**. What is **protocol risk** and why is it impacting crypto? https://www.washingtonpost.com/business/why-margin-calls-and-bot-liquidations-are-roiling-crypto/2022/06/27/3d64797c-f5e8-11ec-81db-ac07a394a86b_story.html https://www.coindesk.com/markets/2022/06/26/opaque-platforms-and-intertwined-protocols-pose-big-risk-to-crypto/ Muslim authorities have issued a ***fatwa*** **on Islamic coin**. https://beincrypto.com/islamic-coin-gets-fatwa-from-muslim-scholars-launches-private-sale/ Why aren’t companies acting like **crypto just crashed**? ***A read more awesomer than the last awesome read.*** *Be prepared to get angry, ensconced, on fire.* https://www.theatlantic.com/technology/archive/2022/06/crypto-market-bitcoin-coinbase-crash/661398/ How Web3 creators can **make the most of** the crypto crash. https://techcrunch.com/2022/06/26/latasha-web3-crypto-musician-rapper-artist-creator-education-zora-zoratopia/ The National Hockey League is getting in on **the NFT action**. *Pass the puck!* https://bitcoinist.com/nhl-with-nft-sweet-bring-digital-collectibles-fans/ **Doodles vs. Goblintown**. Who wins? https://decrypt.co/103848/a-tale-of-two-ethereum-nft-parties-doodles-goblintown Why NFTs are going to be around for **a long time**. https://news.bloomberglaw.com/ip-law/dont-write-off-nfts-they-will-be-around-a-long-time The government needs the private sector to **test digital currencies**. https://www.cityam.com/how-the-government-needs-the-private-sector-to-test-digital-currencies/ What will the **Bank of the Metaverse** look like? What are the weak spots in **metaverse security**? How are companies **monetizing the metaverse**? *These are all questions worth pondering. And, yes, there are answers.* https://www.altfi.com/article/9440_what-will-the-bank-of-the-metaverse-look-like https://venturebeat.com/2022/06/26/cybersecurity-and-the-metaverse-identifying-the-weak-spots/ https://www.investmentmonitor.ai/tech/how-monetise-money-metaverse-companies A member of the British Parliament has thrown in the towel on the crypto revolution and proposes a **“liberal” regulatory scheme**. He says no country can stop it. *Yeah, no shit.* https://news.bitcoin.com/british-mp-calls-for-liberal-crypto-regulation-no-country-can-stop-this-revolution/ Bank of International Settlements Asia head says stablecoins have **no role as a form of money**. https://finance.yahoo.com/news/stablecoin-implosion-shows-no-role-093000064.html *Snark and commentary in italics. Not financial advice. Not legal advice. Not advice. Just information and a feeble attempt at entertainment.* Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. *First published at* *Cryptocracy**. Not to be construed as financial advice.* https://cryptocracy.substack.com/p/from-the-crash-to-lunatics-what-a Image credit: Mike Novogratz