25 June

“Option expiries can influence market direction via a process known as “pinning” in which option traders try to move the spot price to avoid sharp losses.

Skew CEO Emmanuel Goh said that ‘with big quarterly expiry, you tend to see some pinning and then the market moving post-expiry.’ Open interest is concentrated at $10,000 and $11,000 strike prices. As a result, $10,000 may act as a stiff resistance heading into expiry.

This is definitely the largest BTC option expiry by a country mile.”

See Also: Veteran Commodities Trader Chris Hehmeyer Goes All In on Crypto
See Also: Low Exchange Reserves Suggest Futures Traders Are Over-Leveraged


“Decentralized finance (DeFi) tokens from Balancer, Ren, Aave and Swissborg have all made huge gains, in the wake of excitement generated by the distribution of Compound’s governance token.

Less than twelve hours after Balancer announced its protocol governance token BAL was live on the Ethereum mainnet, and the price jumped from $6.65 to $22.28. It’s following in the footsteps of COMP which more than tripled in value this week.”

See Also: DeFi-Nitely a Bubble? Seller Blamed as COMP Crashes 45% on Coinbase
See Also: Compound Token Suffers Heavy Losses But Still Dominates DeFi Rankings


“The sale was for the governance token of a decentralized finance (DeFi) ecosystem called the DeFi Money Market. The interest rates are backed by real-world assets, mostly cars.

Termed the DMM, it’s an Ethereum-based yield farm that claims to offer consistent interest rates of 6.25% on Ethereum (ETH), decentralized US dollar stablecoin DAI and centralized US dollar stablecoin USDC.”


Brazil’s central bank has ordered Mastercard and Visa to suspend processing money transfers on behalf of Facebook’s WhatsApp.

The Central Bank of Brazil (BC) took action against WhatsApp Pay ‘to preserve an adequate competitive environment‘ and allow the central bank to assess the risks posed by the firm to the country’s existing financial sector.

Despite taking swift action against WhatsApp, Brazil’s central bank also announced that the payments feature will likely be integrated with PIX — the central bank’s forthcoming blockchain-like digital payments system.”


Recommended read.

“The world’s oldest central bank presents four models for supplying a digital version of the Swedish krona (e-krona) as well as outlining how well the different models would fit its policy goals.

The four models under review include a “centralized e-krona provision without intermediaries,” “a centralized model with intermediaries,” “decentralized solutions with intermediaries” and “a synthetic e-krona.”

The Riksbank concludes that both the centralized and decentralized model featuring intermediaries, as well as the centralized e-krona provision without intermediaries, would incur substantial change and cost. A synthetic digital version of the Swedish krona, the paper says, could prove to be viable but may not even classify as a CBDC.”


The History of (Yield) Farming

“A bill that would outlaw end-to-end encryption for technology companies was proposed by three Republican senators. The proposed legislation ‘would bring an end to warrant-proof encryption in devices, platforms, and systems.

It is not clear why Graham and his colleagues felt the need to propose a bill that, on the surface, seems to have similar goals to the EARN IT Act — stripping the individuals of the right to use privacy-preserving technology while forcing technology companies to become even more responsive to the state’s whims.”


“Braintrust launched out of stealth mode Wednesday, backed by a $6 million seed round. The tech startup aims to cut the middleman (think: ZipRecruiter, Indeed) from the employment decision.

In the current environment of massive economic uncertainty, it is our responsibility to share our expertise in managing a distributed workforce.

Braintrust has already sourced hires for firms such as Porsche, Nestle, Blue Cross Blue Shield, TaskRabbit and even NASA.”