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  • šŸ„› Is Altseason coming soon? šŸ‘€

šŸ„› Is Altseason coming soon? šŸ‘€

PLUS: Signature Bank gets acquired šŸ’°

GM. This is Milk Road, the happiest place in crypto. We make every day feel like Disneyland.

Here's what we're serving up today:

  • Bitcoin is up big, is altseason coming soon? šŸ‘€

  • Signature Bank gets acquired šŸ’°

  • Polygon and Immutable team up to create a new gaming network šŸŽ®

Today's edition is brought to you by Arthouse Spirits DAO, an exclusive community with NFT memberships.

CRYPTO PRICES ARE IN THE GREEN, IS ALTSEASON COMING SOON?

Ladies & gents, crypto is on a roll. Prices are green, greed is in the air, and bags are being pumpedā€¦

  • The Fear & Greed Index hit a 16-month high (68). Investors havenā€™t felt this greedy since Thanksgiving ā€˜21 when everyone was eating turkey with a side of BTC.

  • Bitcoin closed the week at $28k+ for the first time in 9 months.

  • Bitcoin had its biggest weekly gain (+26.11%) since April 2019. Itā€™s been 4 years... *queue Titanic music*

If crypto was the Empire State Building, itā€™d be covered in green baby! šŸ¤‘

So what? Well first of all, if youā€™re a Bitcoin investor - congrats, youā€™re up big.

If you arenā€™t, donā€™t worry because Bitcoin pumps like this are sometimes followed up byā€¦.

Altseason. This is a function of the market due to new participants flooding into crypto around the same time, and can be triggered by stuff like BTC halving events or a sudden loss of faith in centralized financial systems. (*cough*.... the U.S. Federal Reserveā€¦ *cough*)

And crypto investors love altseason more than Owen Wilson & Vince Vaughn love wedding season.

The Path to Altseason can be split into 4 phases:

Right now, weā€™re probably in the overlap part between phase 1 and phase 2. ETH is also up big (~20% over the last 7d), but it hasnā€™t outperformed Bitcoin yet. But we could see a bigger flow into ETH as the Shanghai upgrade gets closer & closerā€¦

Who knows if this is exactly how itā€™ll play out but, buckle up crypto investors - Altseason could be coming soon.

There are three things the Milk Man loves:

  • Networking with cool people

  • NFTs

  • A nice glass of rum

Introducing Arthouse Spirits DAO - an exclusive community with NFT memberships. Holders get access to luxury events, physical prizes, and more.

The DAO treasury is backed by real-world assets (worth $1.5m now).

Oh, and members have the option to stake their NFTs for additional yield or redeem them for a physical bottle of Dictador rum.

Looking to join?

SIGNATURE BANK GETS ACQUIRED

Signature Bank is being bought for $38.4B. And in case you missed it, the crypto-friendly bank has been through the ringer latelyā€¦

It went from being a major bank fueling crypto ā†’ getting shut down by regulators & becoming a poster child for the governmentā€™s anti-crypto crusade ā†’ getting acquired by another bank.

(*queue Jay -Z - ā€œItā€™s a Hard Knock Lifeā€*)

Whoā€™s the buyer? Flagstar Bank - a new-ish subsidiary of the 172-year-old New York Community Bancorp.

Flagster will now be in control of almost all of Signatureā€™s deposits, take over all 40 of the Signature locations, and get some of the loan portfolio ($60 billion of loans and $4 billion of deposits will remain with FDIC.)

But hereā€™s the kicker: Signatureā€™s digital asset business isnā€™t part of the deal.

Signatureā€™s Signet network (how crypto companies transferred funds to fiat) is staying with the FDIC under receivership.

And someone needs to get the Febreze because something smells fishyā€¦

There were rumors Signature was being shut down to target crypto. Regulators denied it. Now regulators have approved an acquisition for everything except the crypto business.

Thatā€™s right, folks. The FDIC got its way. Another L for usā€¦ Crypto: 0 - Regulators: 1057

But on the bright side, crypto customers will at least get their deposits back. The FDIC will use $2.5B of its Deposit Insurance Fund to pay them back directly.

Phew.

BITE-SIZED TREATS

Polygon and Immutable are teaming up to create a new gaming network. The goal? Make web3 games faster, easier, and less risky for gaming studios and developers to get involved.

Goldman Sachs has highlighted Bitcoin as the best-performing asset year-to-date. Goldman Sachs reminds me a lot of my middle school girlfriend - first, they ignore you, then they talk to their friends about how much they love you.

Florida Governor, Ron DeSantis, has proposed a law to ban CBDCs. If the U.S. government does end up creating a CBDC, Florida wants no part of it.

The latest Weekly Crypto Fund Flows Report is in: a total of $95M in outflows. This is the 6th straight week funds have sold off more crypto than they bought. Ouch.

DefiLlama, a popular crypto analytics platform, has resolved its issues: the team wonā€™t move to a new forked protocol and there wonā€™t be a token drop. No more DefiLlama Drama.

MILKY MEMES

šŸ¤£šŸ¤£

That's a wrap for today. Meet us on Twitter to talk all about it. Itā€™s kinda like a family BBQ but better - no screaming kids, awkward photos, or drunk uncles telling weird stories (@MilkRoadDaily)

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DISCLAIMER: None of this is financial 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. Please be careful and do your own research.

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