Where's the ETH Bottom?
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- 🥷 FBI Reports Huge Crypto Fraud Surge in 2023. The FBI reports crypto-related fraud schemes cost victims as much as $5.6 billion.
- 🧑💻 Venmo, PayPal Integrate ENS Domains. Users will soon be able to send crypto payments to .eth addresses.
- 🇺🇸 North Carolina Senate Passes Bill Banning CBDCs. The Republican-led Senate managed to override a governor veto.
📸 Daily Market Snapshot: The Ethereum L2 sector has had a truly brutal spring and summer with most major players down 60+% since they topped out at the beginning of the year. Starknet's STRK token is in a tougher spot than most, down a whopping 89% since its debut, falling another 6% on Tuesday.
| Prices as of 6pm ET | 24hr | 7d |
|
Crypto $2.03T | ↗ 0.6% | 0.0% |
|
BTC $57,634 | ↗ 0.3% | ↘ 0.8% |
|
ETH $2,381 | ↗ 0.6% | ↘ 3.4% |
|
APE $0.83 | ↗ 2.8% | ↗ 40.2% |
Ethereum has been in hot water lately.
Sentiment is down, and critics have been quick to point out ETH's underperformance against SOL while largely attributing this to a perceived loss of mindshare and users to L2s.
This narrative has sparked a crucial debate: Are L2s Ethereum? The answer, as with most things in crypto, is a delightful mix of mess and simplicity.
So, let’s take a closer look at both sides of this argument and explore the relationship between Ethereum and L2s. 👇
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When is this all going to reverse?
That’s the question we asked Benjamin Cowen – YouTuber, founder of Into The CryptoVerse, and chart maximalist – who does some fantastic technical analysis.
The main goal of this pod is to understand if we're currently going through Ethereum’s bottom, but we also cover:
- Are crypto 4-year cycles dead?
- What’s next for ETH/BTC?
- How’s Ben positioning his portfolio for what’s coming?
Hear all of the analysis! 👇
- 🧑⚖️ Crypto Policy Needs to Empower Builders, Not Speculators - Christian Catalini, et al.
- 🔦 Socket Protocol: The First Chain-Abstraction Protocol - Socket Team
- 🧠 My (e)thesis: settlement, data availability, execution - Mike Neuder
- 🔑 The New EigenLayer Security Model - Sreeram Kannan
- ☑️ 1 GB blocks to Build Whatever - Celestia Foundation
- 📸 Introducing Snapshot X - Snapshot Labs
- 🇺🇸 Crypto Needs Kamala To Win - Ben Lilly
Thousands of Bankless Citizens scored an average of $3,500 worth of tokens after Ether.fi's airdrop. Did you miss out again?
Ether.fi was in the Bankless Airdrop Hunter, and you could have gotten into the latest drop by following our quests! There are nearly 100 other crypto protocols in Airdrop Hunter waiting for you.
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.