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Daily Brief

Waiting for Gary

gm Bankless Nation, Crypto is feeling optimistic, but this is still Gary Gensler we're talking about...
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Jan 5, 20243 min read
Waiting for Gary
Published on Jan 5, 2024
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NEED TO KNOW
Waiting for Gary
  1. 🤔 Waiting for ETFs. Crypto Twitter is still convinced the BTC ETF is getting approved within days. Meanwhile, VanEck pledged 5% of potential ETF profits toward Bitcoin core devs at Brink.
  2. 🌡️ Celsius mass unstaking. The disgraced lender is unstaking hundreds of millions of dollars worth of ETH as it prepares to distribute assets to lenders, clogging the withdrawal queue for weeks.
  3. 📈 Macro surprises. December jobs numbers smashed expectations, leading economists to wonder whether rate cuts might be further off than analysts expect.
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TODAY IN MARKETS
Withdrawal Jam Risks

📊 LST depeg risk? Celsius has jammed Ethereum’s validator withdrawal queue shut for the next 14 days, the longest delay since the queue cleared out for the first time post-Shapella in October! Are liquid staking tokens (LSTs) now flirting with a risk of depeg?

Prices as of 4pm ET 24hr 7d
Crypto $1.65T ↘ 2.4% 0.0%
BTC $43,773 ↘ 1.4% ↗ 3.7%
ETH $2,240 ↘ 1.9% ↘ 3.0%
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ANALYSIS
Review: Drift Protocol
Bankless Author: Jack Inabinet

Solana continues to heat up, and as more users explore the network for the first time, we're revisiting some of its most popular platforms. Today, we're digging into Solana's Drift decentralized exchange and providing you with our take on the experience.

Here's what our Senior Analyst thinks 👇


FRIEND & SPONSOR: KRAKEN

Kraken is one of the largest and most secure crypto platforms in the world. They've been in the crypto game for over a decade, and now they're inviting us all on a journey to see what crypto can be.

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ROLLUP
BTC ETF Incoming

In our latest Weekly Rollup, David and Ryan discuss the latest BTC ETF drama, the latest draconian IRS crypto tax rules and what's going on in Ethereum development.

Hear it all in this latest episode fresh off the press! 👇

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LEARN
What We're Reading
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GO BANKLESS
Earn Airdrops!

Many Bankless Citizens who completed the Jito quests in our Airdrop Hunter app just earned $10k+ airdrop paydays!

It's airdrop season and plenty of other protocols are preparing to reward early users. Get on their lists. Start hunting!

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.