↘️ Robinhood and Coinbase Fall After Earnings Misses. After rough releases, Coinbase is down 13%. Robinhood has fallen 16%.
🌴 Florida Holds Over $800M in Crypto-Related Investments. Florida's CFO has also requested that BTC be considered for state pension fund investments.
💰 Securitize Tops $1B in Tokenized Assets. Tokenization company Securitize crosses the $1 billion milestone as it pushes to bring more institutions onchain.
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📸 Daily Market Snapshot: Wall Street tumbled Thursday after earnings releases from tech giants led to sell-offs across the S&P 500 and Nasdaq Composite. Bearishness also struck recently exuberant crypto markets, taking BTC back to $70K while ETH dropped more than 5%.
Every bull run has a bait that pulls people in — something that hints at big, asymmetric returns. In the early days, it was Bitcoin. Then came ICOs, DeFi, and NFTs — each cycle’s breakout success, tempting people with outsized returns that would leave any traditional investment in the dust.
This time, it’s memecoins.
Memecoins offer the same kind of asymmetry as past cycles: small stakes that could explode into something big. They don’t often fit the purist’s vision of what crypto “should” be, but their raw appeal is undeniable. Memecoins have that same magnetic pull that brings people onchain, hoping to ‘make it’ in the new cycle.
Now, let’s be clear: this isn’t a call to invest in memecoins. These tokens are risky, lacking in fundamentals, and more about the attention economy than any intrinsic value — the value can disappear just as fast as it appears.
And yet, in this cycle, memecoins may just be the entry point that brings new people to crypto, the way NFTs did last time. So, while they may be volatile and a game of musical chairs, memecoins are undeniably a part of this cycle’s story 👇
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Not financial or tax advice. Bankless content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time to time, we may add links in this newsletter to products we use. We may receive a commission if you make a purchase through one of these links. Additionally, the Bankless team holds crypto assets.
