Essential Crypto Tools You Aren’t Using!

It’s time for an overhaul of your crypto toolbox. Chances are you have a few tried and trusted resources for keeping an eye on the market, but, if a little knowledge goes a long way, just how far could a lot of it go?

Here at the Bureau, we’re always on the lookout for new sources of alpha. And, because we spend every day deep in the cryptoverse, we’re constantly coming across new ways to stay ahead of the game.

For today’s video, we’ve pooled together some of the most useful tools our team uses and selected a handful to share with you. From unsung Telegram groups to underused data aggregators and even the latest in AI-powered resources, these gems - almost all of which are free to use - are must-haves for any self-respecting cryptonaut.

You can watch that video here.

📈 Crypto Market Forecast 📈

It kind of feels like the crypto market is at a crossroads, doesn’t it? This isn’t surprising when you consider the macro and crypto factors that have been contributing to the recent price action. On the macro side, we have long-term interest rates, which continue to rise. This has been weighing on both crypto and stocks, though so far they’ve held up surprisingly well. 

That might have something to do with the fact that investors know (or rather assume) that if long-term interest rates continue to rise, there will be dislocation in the US bond market. You might recall that this is what happened to UK bonds last autumn. The consequence was that the Bank of England had to step in. It’s possible that the Fed could soon be in a similar position. 

It’s not just the bond market that investors are watching either. Rising long-term rates means bond prices are falling, and that means banks have lots of unrealised losses. As it so happens, banks in the UK appear to be coming under stress. It’s possible that we could see a second round of intervention by the BoE, or by the Fed if contagion spreads to the US.

And yes, that would be very bullish for crypto. 

But what if nothing breaks? What if the issues in the bond markets and the banks are orderly? This seems to be the scenario that investors are expecting the least, which could paradoxically make it the most likely outcome. Last week we got evidence of this possibility - jobs numbers came in 2x higher than expectations, with unemployment staying steady. 

Meanwhile, another macro factor on the menu this week is the CPI, which will be released on Thursday. If inflation comes in higher than expected, then expect long-term interest rates to rise even higher, and for stocks and crypto to crash. If it comes in lower than expected, then expect long-term interest rates to fall and for stocks and crypto to rally. The good old 50/50! 

On the crypto side, the main factor that’s been keeping the markets in limbo is the ongoing trial of SBF, which I’ll remind you is scheduled to last for a whopping six weeks. So far, the only dirty laundry that’s been aired has been about FTX and Alameda Research. Lo and behold, both were doing illegal stuff. Everyone already knew that, hence the lack of volatility. 

However, I think it’s only a matter of time before we start hearing more FUD about other large players in the crypto ecosystem. I say that because I’ve noticed an increase in hit pieces about these entities coming from the mainstream media. This could just be the media piling onto the anti-crypto theme of the SBF trial, but there could be more to these stories.

Regardless of what’s motivating these hit pieces, the bad press appears to be working. Binance’s share of spot trading volume in crypto has been declining for seven months and now stands at around 33%. At first glance, this is bullish because it seems the SEC will only approve a spot Bitcoin ETF once most of BTC’s spot trading volume has come ‘onshore’. 

Upon closer inspection though, this is bearish, because Binance has been losing this trading volume to offshore exchanges that haven’t been put through the wringer like it has. This could shift the scrutiny from Binance to Tether, given that most cryptos trade against USDT. One of the only exchanges where that’s not the case is Coinbase, which seems to be prepared to take market share. 

Another crypto-specific (ish) factor to be on the lookout for relates to Tesla, specifically Elon Musk. Some of you may have seen a few headlines about him being targeted by regulators like the SEC and the DOJ. I didn’t really understand the significance of this until I heard a seasoned stock trader named Thomas Thornton explain the details. It’s not looking good. 

On that note, Tesla earnings are coming up on the 18th October. Think they sold their BTC yet? 

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🇭🇰  JPEX Scandal Continues 🇭🇰

In recent weeks, a devastating yet largely overlooked scandal has been unfolding in the East. While much of the Western world remains oblivious to the scandal or its effects, the burgeoning crypto hub of Hong Kong has been weathering a storm.

For those unaware, the furore involves JPEX - a crypto exchange which had been fraudulently advertising itself as a licensed entity operating in Hong Kong. If you’ve been to Hong Kong in recent years, you’ve likely come across a JPEX advertisement at least once – it was everywhere, in the subways, on taxis, billboards and social media. In fact, JPEX was even a platinum sponsor of the Token 2049 event held in Singapore last month.

On top of this advertising avalanche, JPEX enticed unsuspecting crypto newcomers by claiming to offer an annual yield of up to 30% on stablecoin deposits. As you might have guessed, this yield was never realistically sustainable. To cut a long story short, the platform attracted the attention of Hong Kong’s Securities and Futures Commission (SFC), JPEX users panicked, the platform made it difficult for investors to withdraw money, cited ‘liquidity issues,’ and blamed third-party entities for the same.

Since the scandal broke, Hong Kong Police have arrested 18 people connected with the exchange, including three YouTube influencers - Joseph Lam Chok, Sheena Leung and Chan Wing-yee. However, only $11 million has been recovered from the $191 million fraud so far. Moreover, the mastermind behind JPEX remains at large.

Interestingly, the scandal comes at a time when Hong Kong has been attempting to publicly re-establish itself as a region that is autonomous from mainland China. Renewing its image as a financial innovation hub through its crypto-friendly policies was one of the ways in which it was doing this. In fact, the SFC’s new licensing regime for virtual asset trading platforms only came into effect in June.

However, with the JPEX scandal unfolding, it appears that Hong Kong may be turning its focus towards placing regulatory safeguards before innovation. These include the SFC’s recent measures, such as enhancing its Alert List by adding a dedicated section for suspicious Virtual Asset Trading Platforms and the establishment of a joint task force with the Hong Kong Police Force to monitor suspicious activity on crypto exchanges.

Coincidentally, a recent Chainalysis report notes that Hong Kong records a crypto transaction volume at a level close to the volume seen on the Chinese mainland, despite Hong Kong having a population only 0.5% the size of China’s. The report states that this is due to the Special Administrative Region’s highly active OTC market.

Notably, the OTC industry in Hong Kong exists in a regulatory grey area. This means that a lot of mainland residents choose to come to Hong Kong to buy and sell their crypto via OTC desks. In fact, of the arrested individuals so far, many of them happen to be connected to OTC desks that helped drive liquidity to JPEX.

Some are speculating that this could see Hong Kong being forced to resort to establishing restrictive regulations on OTC trading, including bringing OTC under the regulation of the SFC's VASP licence. 

Given the current state of the Chinese yuan, could this lead to a larger series of events that will eventually see China indirectly restraining the development of pro-crypto policies in Hong Kong? We’ll just have to wait and see.

📊 Personal Portfolio 📊

BTC 38.02% | ETH 29.25% | USDC 18.38% | USDT 7.36% | USD 3.72% | ATOM 2.26% | DOT 1.01%

🔮 Video Pipeline 🔮

• FED Press Conference Summary: What Went Down
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• Here’s Who Controls The World!

🏆 What's New at CoinBureau.com This Week? 🏆

✅ Alethea Review 2023: A Deep Dive into Artificial Liquid Intelligence (ALI)

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📖 Quote of the Week 📖

The amount of money you put at risk in an investment should directly correlate with the amount of research that you have done on said investment. It’s much easier to be ‘right’ when you have done the right amount of due diligence. 

“It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong” - George Soros

Team Coin Bureau

Disclosure: Authors may own cryptoassets named in this newsletter. These are unqualified opinions, and a Coin Bureau newsletter, is meant for informational purposes only. It is not meant to serve as investment advice. Please consult with your investment, tax, or legal advisor.