'21 Weekly Newsletter: August 25th
Binance alert, NEO migration, Bitcoin price, Vegas recap, Trading & Investing Courses
I realize that I’m calling this a weekly newsletter but it’s more of a twice-per-month kind of deal. Unfortunately “Bimonthly Newsletter” sounds like something instagram influencers push on their followers so I’m going to keep it “Weekly” for now…
Lot’s of exciting things (and some warning signs) happening in the cryptosphere recently so let’s dive in:
Binance’s KYC policy change
Migrating you NEO to N3
Bitcoin’s positive price action
Monero community party in Vegas
Upcoming Trading and Investing Classes
1. Binance international goes full KYC
According to this announcement, effective immediately Binance.com is now requiring all users to complete their intermediate level KYC or have their accounts limited to a daily withdrawal limit of 0.06 BTC (roughly $2,900 USD for now). This is also in addition to being prevented from depositing fresh funds.
While this is not a huge surprise as some of Binance’s top regulatory compliance employees quit a few weeks back, it does make things difficult for those of us who have been using the “VPN trick” to access Binance’s wide range of cryptocurrencies from the United States and other areas with antiquated securities laws.
Unfortunately this has put quite a few users in a bind, especially those who hold some type of wrapped token on Binance Smart Chain. The main way to swap your tokens from Binance Smart Chain to Ethereum or other blockchains is by depositing them into Binance.com and then withdrawing them to the blockchain of your choice.
I would recommend if you have any funds on Binance.com and live in the U.S. that you immediately being withdrawing them and putting them in a hardware wallet or other secure cryptocurrency storage.
Not your keys, Not your cheese! @Bitcoinzay
2. NEO token migration
For those of you who hold the cryptocurrency NEO they are upgrading their mainnet to N3 very soon. In fact, you can being migrating your existing tokens over right now, or wait a few weeks until their incentives kick in. The incentives aren’t mind boggling at only 1 NEO per 100 migrated, but it may be worth it for large hodlers or those who had it back when it was still called Antshares.
If you want to migrate over right now but have your NEO stored on a Ledger Nano you unfortunately are not able to. Support for Ledger Nano is coming soon though so just hang in there!
If you don’t mind transferring it to a non-Ledger Nano controlled wallet like Neon or similar you can go to their website, scroll down and click on the guide to begin migrating right now.
3. Bitcoin rally pulling some Altcoins with it
As Bitcoin cools off after re-breaking $50k USD many of the larger Altcoins with solid fundamentals also saw a nice pump in price. I am an avid watcher of the BTC vs. altcoin markets (like BTC/ETH or BTC/XMR) and when you get a green wick on those while Bitcoin is simultaneously pumping it’s always a good time!
With liquid supply of Bitcoin on exchanges steadily dropping over the past few weeks/months this rally was fairly obvious to those of us performing even rudimentary quantitative analysis. While the timing can be hard to pinpoint with this method (or any method really…) a great indicator is the illiquid supply ratio (rate of change in liquid vs illiquid Bitcoin).
This chart from Will Clemente is 3 weeks old and predicts that a run up in Bitcoin is imminent based on the fact that there are just less Bitcoin available for purchase.
With more accumulation currently underway the big question is “Where do we go from here?”
I personally do not think this rally is over as there are too many people still on the sidelines waiting for the perfect moment to enter. Historically Bitcoin has rallied explosively in this type of scenario and I don’t see this time being any different.
Short term however I believe we could see some mid to low $40k prices with a strong upward trend to follow.
4. Monero Party recap
Vegas was a fun experience! It was awesome meeting some of the Monero community in person for the first time and the party at the Nerd was good vibes all around.
Doug and Sunita from Monerotopia also held a special episode live from the party and its definitely worth checking out -
Also at the party was Yessica Ortega, an amazing MMA fighter and huge Monero supporter. Show her some love and follow her twitter Monero fam!
5. Virtual Crypto Trading and Investing Classes
Back due to popular demand, I will be holding a series of classes that are focused on trading cryptocurrencies and investing in cryptocurrencies. Previous versions of this curriculum were received very well, however, I’m even more excited to present this current round as I’ve continued to update and improve them to ensure relevancy.
For the trading classes we will cover technical and basic quantitative analysis of markets and how to apply them to your trading strategy. These tools are applicable for day traders, swing traders and even long-term position traders as they allow you to make smart decisions for accumulating more of your favorite cryptocurrencies.
During the investing classes we will learn how to discover new projects, how to evaluate healthy projects and how to structure a crypto portfolio based on your personal appetite for risk. This knowledge is increasingly applicable as every day new and seemingly “revolutionary” projects hit the market. Being able to separate the noise from the signal is a valuable skill and will allow you to grow your portfolio without unnecessary risk.
These classes will be taught by me virtually (for now). Please realize that this newsletter and these classes DO NOT CONSTITUTE FINANCIAL ADVICE and I’m not a licensed financial advisor.
There are a limited number of seats per class to ensure quality, so I’m asking that you submit an application after answering a few quick questions. If you’re interested in applying to either series you can do so below.
Crypto Trading (marketing blurb)
Denver Crypto Group founder Matt Millen has been trading and investing in crypto since 2017 and his early days as a trader allowed him to beat the markets by ~78% during the run up and subsequent down turn over 2017 and 2018.
While Matt mainly swing trades these days, the strategies and analysis he uses are still relevant as ever. Mentored by Mike Boehler and Eric Zabelin, (both proficient floor traders at the CBOE back in the day), Matt has taken their tutelage and adapted it to the 24/7 crypto markets. During these classes he will be teaching the same strategies used by him and many other DCG members to grow their crypto portfolio's and outperform the markets.
If you want to learn the successful secrets of crypto trading then these classes are for you! The cost is $89 per 90 minute class.
Crypto Investing (marketing blurb)
Denver Crypto Group founder Matt Millen has been researching crypto since 2017 and his early investments into Bitcoin, Ethereum, Monero and Neo along with Binance coin, Solana, Terra, Axie Infinity, FTX and others (including Doge >.<) have allowed his portfolio to grow by over 11,100% (~189% CAGR) - all while minimizing risk and downside during bear markets.
During these classes he will be teaching the same strategies used by him and many other DCG members to grow their crypto portfolio's and outperform the markets.
If you want to learn the secrets to safe crypto success then these classes are for you! The cost is $89 per 90 minute class.
Phew, that was a long one! Thanks for reading to the end and I hope to see you at one of our next in person events (Sept 22 most likely).