Uniswap, the cryptocurrency exchange, has seen a user file a class-action suit against it. The article in The Block says, “The complaint contends that if Uniswap Labs had registered with the SEC and met the burden of securities laws, investors would be better protected from fraudulent activity.” The case shines light on the gaps in defi.
Meanwhile, Goldman Sachs and Jefferies Financial Group are playing catch-up with the cool kids as they push into the crypto sector. This Bloomberg article says, “The moves by financial heavyweights — and one banker’s profile reinvention — underscore how far Wall Street firms have come in accepting cryptocurrencies. For years, executives at banks and money managers were some of the industry’s most vociferous dissenters, until soaring prices and a flood of investor money drove home the point that staying on the sidelines meant missing out.”
Fidelity has gone one step further. The Reuters article says, “…said on Tuesday it will allow individuals to allocate part of their retirement savings in bitcoin through their 401(k) investment plans, becoming the first major retirement plan provider to do so.”
There’s a lot of weeding out that needs to be done, for sure, in the crypto world but there’s no denying the fact that crypto is becoming more mainstream by the day.
The past week has been a tough one for crypto enthusiasts. A lot of traders were on the wrong side of the stick. But as Rocky Balboa said, “It’s about how hard you can get hit and keep moving forward. How much you can take and keep moving forward.”
@Kenny D said it well:
Sometimes, losses can be overwhelming. And that’s when the power of community comes to the fore. @StockShaman stood up and was counted.
He also gave a list of 11 rules to follow in a Red Market:
1: Focus on the daytrades, short swings.
2: Don’t look at your long plays 100 times (DCA in)
3: Focus on smaller trades with less risk within a red market.
4: play shorts.
5: Don’t hesitate to cut a position if it doesn’t make sense to your trading plan anymore, you can always buy on way back up, don’t try to catch falling knives on averaging down, don’t leave too much of your money in active trades, do wait for confirmations for additional buys
6: Keep larger cash positions.
7: Spend this time learning. You will never master the market! Watch videos, 7-crypto-dads-academy, 10-books , ASK QUESTIONS 11-questions-crypto
8: SLOW DOWN the market will be here tomorrow, next week, and next month. We will be here too, there is no reason to take unnecessary trades just for the sake of trading.
9: Don’t overreact to red days, force trades, or take unnecessary risks. If a specific chunk of the day is quiet alert wise, it’s not due to lack of charting and looking for plays, it is to protect members.
10: Research option leaps at discount prices, make a list and prices for buy confirmation on chart reversals
11: Deep dive into your red plays. Come up with a plan for reversal. Do some DD, some TA.
Sometimes, a strong sense of fellowship is all that you need to get through bad times.
Your Friendly Reminder
BTW, do you know you can earn rewards by referring other enthusiasts to the Crypto Dads discord server? This is how you do it: We offer free time to people who help us grow our community. You can earn referrals by sharing your referral code with people. When you give someone your referral code, they get 25% off their first payment. Once you get enough referrals, you can redeem rewards. Use this guide to learn how to do that. https://bit.ly/3L11jJR