Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: The Good News Catalogue (Pt. 3)
• 🔎 This seems important: Ooft! Everything crashed. Here's why...
• 🤝 Partner: This painting sold for $8 million and everyday investors profited
• 🔪 Let's dissect this: Mars Bars and Crypto Tokens

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
​Bear Market, Bull Market, Stablecoin, Web3, Blockchain, Decentralized, Protocol, Layer 2.

💅 This is cool:

​The Good News Catalogue (Pt. 3): Five Pieces of Positive News That’ll Give You the Zoomies​

In one sentence: BTC turns 15, Crypto ads are back, Saylor is buying more BTC, The SEC meets w US exchanges to talk ETFs, BTC becomes more affordable.

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The headline of the article after this one is a bit gloomy.

And honestly, we don't feel it properly represents the exciting stuff that's happening in the crypto world right now.

So to bring things back into balance, we're leading today's edition with part three of The Good News Catalogue.

Here's what's happening:

1. Bitcoin turned 15 yesterday (aaaaw!)
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   The longer it exists, the stronger it gets. It's science!​
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2. Crypto ads are back!
   
   Paid media spend dries up during a bear market - take it from us, an ad-supported crypto media company. This has BBME ("Big Bull Market Energy")!
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3. Michael Saylor personally sold $216M worth of his company's stock, $MSTR, to buy more BTC!
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   He's been doing that for a while now - but it's still a good show of sustained faith in the asset.
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4. The SEC met yesterday with major US stock exchanges to 'conclude discussions' on the launch of a Bitcoin spot ETF.
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   This hints at an approval! (Cause why consult with exchanges if an ETF isn't going to launch on their respective platforms?).
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5. As we'll dig in to in the next article, Bitcoin (along with many other major cryptocurrencies) shed a bunch of market value yesterday morning.
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   Glass half empty: that's bad.
   Glass half full: that's a buying opportunity.

Alright, that's everything for now!

Time to find yourself a pile of leaves to run through.

🥇 Want the news before anyone else?

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🔎 This seems important:

​Ooft! Everything Crashed. Here’s Why...​

In one sentence: A research group released a report that wagered the upcoming BTC spot ETF would be denied, which lead to a market sell off.

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Remember yesterday when we said:

Well, same goes for when Bitcoin prices decrease.

And yesterday morning, that theory was proven out in real time.

Every non-stablecoin in the crypto top 5 had its price fall off a cliff around the same time (see above ☝️).

Why? Cause some (relatively) unknown research group, called Matrixport, released a report that wagered the upcoming Bitcoin spot ETF (which'd make BTC tradable on the stock market, and attract new investment) would be denied.

Their reasoning for this prophecy?

The folks at the SEC responsible for approving the ETF are mostly democrats → some democrats don't like crypto → therefore they won't approve a BTC ETF.

It's a fragile argument at best.

But the market took it to heart and sold off a bunch of Bitcoin, creating a knock-on effect that went something like this:

1. A bunch of folks were convinced BTC would go up in price...
2. So they took out loans (aka 'took on leverage') to buy more Bitcoin...
3. When BTC dipped, their lenders forced them to sell and repay the loans...
4. This sell pressure pushed BTC prices even lower, which caused more forced sales, which pushed the price lower, till everything bottomed out...

And as folks sold their Bitcoin, they also sold off many of the other major coins/tokens they were holding.

Why? Cause we've all bought into the idea we lead with at the top:

"If BTC goes up/down, the rest of the market often follows."

And now it's a weird self fulfilling prophecy...

🤝 Partner:

​This Painting Sold for $8 Million and Everyday Investors Profited​

When the painting by master Claude Monet (you may have heard of him) was bought for $6.8 million and sold for a cool $8 million just 631 days later, investors in shares of the offering received their share of the net proceeds.

All thanks to Masterworks, the award-winning platform for investing in blue-chip art.

Masterworks does all of the heavy lifting like finding the painting, buying it, storing it, and eventually selling it.

When Masterworks sells a painting, investors could get a return*.

With over 850,000 users, shares of offerings can sell out in just minutes. But Web3 Daily readers can skip the waitlist to join with this exclusive link.​

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*Investing involves risk and past performance is not indicative of future returns. See important Reg A disclosures and aggregate advisory performance masterworks.com/cd

​

🔪 Let's dissect this:

​Mars Bars and Crypto Tokens​

In one sentence: Ethereum co-founder, Vitalik Buterin, mentioned ENS domains in an interview - and as a result the ENS governance token pumped 50%.

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In the second quarter of 1997, sales of Mars Bars skyrocketed for no apparent reason...

There was no extra marketing spend...no new ad campaigns...but for whatever reason - folks couldn't get enough of the chocolate n' caramel covered nougat.

Turns out, it was all thanks to the extra news coverage being given to the Mars Pathfinder Mission that was taking place at the same time.

It was all totally subliminal!

Folks heard something → likened it to another (unrelated) thing of the same name → got a hankering for it → purchased it.

All without understanding how the two were connected.

And something similar has just happened in the crypto world.

Vitalik Buterin (aka ETH Daddy), mentioned Ethereum Name Service (often referred to as 'ENS') in an interview. Shortly after that, a token of the same name shot up in price.

It didn't make sense right off the bat, because despite having similar names, they are two very different things.

The Ethereum Name Service is the Web3 equivalent of domain name service:

You can go online → purchase yourname.eth → own that domain on the Ethereum blockchain for a set amount of time.

But Web3 is decentralized, which means there's no central company/companies managing the purchase/exchange of domain names like there are in Web2.

So who maintains it all? The "Ethereum Name Service (ENS) DAO."

Which is a confusing (yet far more succinct) way of saying "an organization that anyone can join, which helps manage the Ethereum Name Service protocol."

Now, here's where Ethereum Name Services and ENS tokens intersect...

Folks can join/help manage the Ethereum Name Services protocol, using ENS tokens.

If you hold ENS tokens, you can submit proposals to tweak/change how ENS domain system functions, cast votes and manage future development...

So when Vitalik said ENS is "an important component of layer 2 development"...

Crypto investors followed in the footsteps of Mars Bar fans from decades past, buying up ENS tokens, and pushing prices up 50% in a day.

All without really understanding how the two were connected - cause the ENS token is more of a governance tool than an investment asset.

What a fun/weird world we live in.

What is Ethereum Name Service (ENS)

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👇 Other stuff you may have missed

• 👆 DeFi Protocol EigenLayer Reaches Restaking Capacity, Pushing TVL Past $1.4 Billion​
• 🔎 Orbit Chain Announces ‘Significant Clue’ in $81 Million New Year’s Eve Hack​
• 🚀 Mystery Wallet Rockets to Top 10 Bitcoin Holders With 8,888 BTC New Year’s Gain​
• 🪙 Tether Eating All Other Stablecoins as Total Assets Approaches $100B​
• 🌊 Ripple Expands Horizons: Targets $1.5 Trillion IT Services Industry​

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Alright, that’s it for today!
Love to the family,

​Chevy, Seb & The Web3 Daily Team.

P.S. Want to learn how to research and value cryptocurrencies? We created a framework that does just that.

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