Tuesday, August 29, 2023

back to market stories via charts today! and NFTs

“The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." – Michelangelo  || 

Hello everyone! Today I’m back to taking a look at market sentiment, so there’s the usual smattering of charts, as well as my take on what the SEC action against an NFT issuer says about both startups and regulation. I did want to get to India and China as well, there’s interesting crypto-related stuff going on there, but I can’t get this edition out late today – I’m on Scott Melker’s Wolf of All Streets show in about half an hour. So, more on this tomorrow or later this week or as soon as time allows.

You’re reading the premium daily version of Crypto is Macro Now. In this newsletter, I give some depth on factors I’m keeping an eye on that highlight the growing overlap between the crypto and macro landscapes – my focus is on how crypto is affecting the global economy, and vice versa. There is often a market discussion as well, because that is an important piece, not just for the structural changes but also for investor sentiment, which impacts attention and funding. Nothing I say is investment advice!

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IN THIS NEWSLETTER

• Are NFTs securities?

• Checking in on rates expectations and BTC

WHAT I’M WATCHING

Are NFTs securities?

Yesterday, the SEC published an action against Impact Theory LLC, a Los Angeles-based media company, accusing it of conducting an unregistered security offering with its $30 million sale of limited edition digital “Founder’s Keys”.

Why it matters:

This marks the first official action against an NFT issuer, and highlights the problematic approach of the SEC to regulating crypto assets. It also highlights the problem with tech entrepreneurs thinking that NFTs are a cool fund-raising mechanism.