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Pamp It Or Damp It? Time Cycles Warn Of Big Moves Incoming

Whipsaws and more whipsaws. Central banks worldwide, especially the Bank of England, are generating a lot of uncertainty. Crypto markets have not been immune. But there are some signs that the congestion and uncertainty in the crypto space will end soon. We’ll talk about a probable price spike and what that looks like for bulls and bears. 

We’ll also look at Nexo’s ($NEXO.X) most recent legal issues, with eight States throwing the book at the crypto-lender. You (Nexo) survived the Celsius ($CEL.X), Voyager ($VGX.X), BlockFi, and Three Arrows Capital collapse only to have a gang of State regulators at your throats, ouch. 

And lastly, Charles Hoskinson went on a long Twitter tirade deriding the crypto media space for putting Cardano (ADA.X) on a constant ‘let’s only write bad things about Cardano’ list while uplifting and ignoring problems with Ethereum ($ETH.X).

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Before we dive in though, here’s how the market looked at the end of the trading day:

Cardano (ADA)
$0.43
-0.91%
Binance Coin (BNB)
$278.90
2.43%
Bitcoin (BTC) $19,483 2.12%
Dogecoin (DOGE)
$0.06
0.01%
Ethereum (ETH)
$1,325
-0.24%
Polkadot (DOT) $6.42 0.782%
Solana (SOL)
$33.38
2.08%
XRP (XRP)
$0.44
-1.95%
Altcoin Market Cap
$530 Billion
0.01%
Total Market Cap
$904 Billion
0.91%

Nexo Hit By Eight US State Regulators Featured Image

No real surprise here, but crypto-lender Nexo ($NEXO.X) has been hit by various forms of cease-and-desist from the States of California, Kentucky, New York, Oklahoma, South Carolina, Washington, and Vermont. 

The scrutiny against Nexo varies from failing to register to inadequate representation and disclosure of risks. NEXO has a tiered reward structure for putting cryptocurrency into their Earn Interest Program, generating interest and passive income. 

However, after BlockFi’s record $100 million fine, NEXO almost immediately issued a voluntary stop to onboarding new US clients into the Earn Interest in February 2022. 

Coincidentally, one day after the eight State pounce on Nexo hit the news wire on CNBC, Nexo announced it acquired a stake in a US bank – Summit National Bank. In an e-mail to customers, Nexo says the OCC (Office of the Comptroller of the Currency) reviewed the partnership. 

Nexo’s co-founder, Kalin Metodiev, is now a board member of that bank. 

Nexo also issued a response via its company blog titled: Nexo’s Stance on US State Regulators’ Cease & Desist Letters Regarding Our Earn Product.

Read our recent interview with Nexo’s Business Development Executive, George Manalov, discussing how they avoided the collapse that hit Voyager ($VGX.X), Celsius ($CEL.X), and Three Arrow Capital. 🤜


Cardano Founder Hoskinson Slams Industry Bias Featured Image

In a lengthy Twitter thread, Cardano’s ($ADA.X) founder and former Ethereum ($ETH.X) co-founder, Charles Hoskinson lambasted the crypto media industry and fanboy base as a whole. 

Hoskinson highlighted the media’s negative focus on Cardano’s three-month delay of the Vasil hard fork, yet gave a pass to Ethereum’s three-year delay of the Merge. He also lamented the ‘us vs. them’ mentality and that it does more to hurt the industry than help. 

A key takeaway, and possibly the point of Cardano’s founder, was this comment: 

The reality is Cardano doesn’t need cryptocurrency to be successful in order to succeed. I’m sorry that our industry behaves this way at times. Our community doesn’t deserve it. But I believe none of that will matter in the end because we are going to change the world.” 👊


September is almost done, with October just around the corner. September has historically been a weak one for the crypto market. And unless something dramatic happens between now and Friday, this will be the sixth consecutive September that has closed in the red for the crypto market. Let’s look at the Total Market Cap chart. 

Today, September 28, 2022, is an important date from a Gann Analysis perspective. It is the final date in a massive cluster of time cycles that began on September 19 and culminated today. What does that mean? It means there is a high probability of a very powerful move and trending move beginning anytime between now and October 5.

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Bullets

Bullets From The Day:

🙌 You know your accounting firm is bad if Tether ($USDT.X) drops you. A former auditing partner of Tether, Friedman LLP, agreed to pay a combined $1.6 million fine with the SEC. The firm failed to be transparent between 2015 and 2020. The firm also failed to address certain fraud risks. Worse, an auditor made false statements during an audit of iFresh, a China-based grocery chain. Tether dropped Friedman LLP in 2018. Bitcoinist has the full story

💎 FTX ($FTT.X) keeps tallying up the wins. The most recent is winning the bidding war to acquire bankrupt Voyager Digital’s ($VGX.X) assets. The winning bid of $1.4 billion covered $1.3 billion of crypto holdings and a little over $100 million in other assets. The court now needs to approve the purchase, and customers must vote. We’ll keep you updated. Read more from Reuters

💗 Ripple’s CEO, Brad Garlinghouse, sounded off on CNBC about his confidence in a positive outcome with the continued SEC vs. Ripple suit. Garlinghouse highlighted that the SCOTUS Howey test, used to determine if an asset is a security, is something the SEC can’t legally prove. Garlinghouse further accused the SEC of gross overreach. Full interview from CNBC