This article is excerpted from Tom Yeung’s Moonshot Investor newsletter. To make sure you don’t miss any of Tom’s potential 100x picks, subscribe to his mailing list here.
Source: Filippo Ronca Cavalcanti / Shutterstock.com
#ETHGate Breaks The Internet
On Wednesday, hawkish Federal Reserve news sent both stock and crypto markets spiraling. Crypto markets would instantly lose $200 billion, while stocks would shed $1.4 trillion.
I’ve been warning investors since October that Fed Chair Jerome Powell was taking away the punch bowl.
“As we enter the later innings of the crypto bull run, it’s time to selectively take profits.”
But the market volatility has also hidden another disquieting trend:
#ETHGate
Though the hashtag has existed on social media since last year, the past several days have seen “ETHGate 2022” gaining significant traction. And with its $400 billion market capitalization, Ethereum is now worth almost six times more than Enron ever was.
Source: Twitter.com
Today’s Moonshot Investor will be an unusual one. Rather than consider specific picks, we’ll take a look at this offbeat theory, and what it means for crypto investors.
Source: Catalyst Labs / Shutterstock.com
1. What is #ETHGate?
“[Ethereum] whales… could have possibly created multiple fake identities and accounts,” explained one Twitter commentator, “to make it look like the Ethereum Network and the initial coin offering was truly decentralized when in fact … it was manipulated to look more decentralized.”
Meanwhile, other coins have gotten shortchanged. In December 2020, the SEC filed a lawsuit against XRP parent Ripple Labs for “raising $1.3 billion through an…
![Anticipation for Ethereum [ETH] 2.0 rises as metric reaches all-time high](https://crypto.newswireservice.net/wp-content/uploads/2023/01/ethereum-wale-1000x600-350x250.jpg)
