Hey everyone, just a quick update.
I’m sure many of you have seen the recent events of the SEC taking out civil lawsuits against Binance US + CEO of Binance CZ & Coinbase. This has generated a lot of fear in the markets, causing a large sell off on the crypto markets.
Today there was news of CryptoDotCom closing it’s US Institution Investment component as of 21st June 2023. It is still uncertain if this will affect US retail customers as CDC operates from Singapore. There has been no news that CDC will close their US retail component of their company.
This news caused more fear and another market drop.
As someone who went through the crypto winter of 2019, I can say that a lot of this reminds me of the fear that was stirred over cryptocurrency during 2019 that caused markets to drop. Back then it was news about China & India banning Bitcoin (which turned out to be false information leaked by their govt. agencies), and the prospect of Bitcoin being banned by other counties such as UK & USA.
This time in 2023 it seems the fear is being driven by govt. agencies like the SEC. Threatening to force regulations against crypto, but so far nothing directly tied to changing regulation is happening. At the moment it’s just been the SEC filing civil lawsuits, which does not result in changes to regulations, it only results in potential monetary fines and a damaged reputation.
I want to say that it’s important to be mindful of “fake news” during these times. I’ve already seen people on Twitter make claims that “BNB will be dead if it drops below $200” or “US is banning altcoins”… these are stupid claims and just create more fear.
I don’t claim to have a crystal ball and no one can tell you exactly what will happen in the future. I personally feel that this year will just be another bear market rollercoaster.
A reminder that with projects like ours that are pegged against BNB, if the price of BNB falls then our token value will fall with it. For example, if BNB drops 20% in value, then our token price can drop 20% with no one selling simply because BNB price dropped.
It’s important to take note of this when you are holding altcoin tokens. The same occurs on ERC20 with tokens pegged against ETH, same on Polygon with tokens pegged against MATIC, etc.
On the topic of other chains, we are still working on our bodaswap smart contract for the additional chains. We have successfully managed to get our referral fee working on BNB, ETH & POLYGON. We’re working on PULSE, ARB & CRONOS at the moment.
I hope everyone has a good weekend and if you have any questions or just want to have a chat about crypto or other topics, you are always welcome to come chat 😊💚