Looks like Twitter is becoming the new Wall Street.

eToro is partnering with Twitter to offer crypto and other asset trading services directly to Twitter users. The arrangement will enable verified Twitter users searching for "$Cashtags" like $TSLA or $BTC to access real-time prices for various assets and invest through eToro's platform. 📈

The partnership will significantly expand the list of assets with live price charts and will be accessible to users worldwide making it easier and more convenient to invest in digital assets. This move aligns with Elon Musk's vision to integrate financial services into Twitter and create a "super app." 💪🐦️

The service is expected to roll out gradually over the coming months, starting with users in the US.

Bankrupt crypto exchange FTX has recovered over $7.3 billion in cash and liquid crypto assets, with an increase of over $800 million since January. The company's attorney, Andy Dietderich, stated that FTX is considering its future after stabilizing its situation. FTX's new CEO, John Ray, has exposed improper fund transfers and poor accounting at the exchange. 🫣

The company is discussing options for restarting its crypto exchange and may decide on this in the current quarter. FTX is also working on a preliminary Chapter 11 plan to exit bankruptcy but does not expect any plan to be approved before the second quarter of 2024. 😰

Are you ready for round 2?

As part of its continued efforts to tighten crypto regulations, the US government has a new stablecoin bill draft has been introduced in the U.S. House of Representatives. It aims to regulate the issuance and use of stablecoins. 📝

The bill requires stablecoin issuers to obtain a banking charter and approval from the Federal Reserve, as well as comply with anti-money laundering (AML) and counter-terrorism financing (CTF) requirements. Registration would be required for any issuer, regardless of their location, that wishes to conduct business in the United States. 🔒

The bill also includes a temporary ban on stablecoins without fiat backing, allowing government to set interoperability standards, and directs the Fed to study a digital dollar's impact on monetary policy, financial stability, and privacy. The draft bill is subject to further negotiations and may not be the final version.

The stablecoin bill draft might not be the final version, but we’re sure it will be stable and secure like any other government project. 🙃

For over a year, Bitcoin and stocks, particularly the Nasdaq index, have moved in tandem. However, in the past month, Bitcoin has been leading, with stocks following or remaining in the red. This change in relationship might be structural. 🧱

The decoupling began around March 12 amid banking collapses in the United States. Bitcoin is a unique asset class that sometimes temporarily correlates with stocks, gold, or inflation. Currently, it is inversely correlated with banking as a function, with investors possibly perceiving banks as riskier than before. 🔴🏦

As a result, Bitcoin might now be seen as a safer alternative, returning to its role as a diversifier. This renewed focus on its function as an alternative explains its decoupling from stocks, potentially marking a structural change in Bitcoin's behavior.

Weird flex but ok