Crypto Crib Newsletter

DJT Jr announces an official Trump crypto project; US Credit Card debt reaches ATH of $1.14T

Welcome again to the Crypto Crib Newsletter. As always, another chaotic week. Let’s cover all the important events that took place.

Donald Trump Jr announces official Trump crypto project

It was a very chaotic few hours when CT started to speculate on what the official Trump project might be after the cryptic tweet from Donald Trump Jr. That was followed by the launch of a shady Trump themed memecoin called $RTR (Restore the Republic) by Kanpai Panda’s owner better known as Icebagz on twitter. It quickly reached a market cap of over $150mn before plummeting over 95% following the tweet from the Trump family over denying any involvement in the memecoin stating that’s not what their tweet was about. Over the last year, there have been numerous trump themed coins, a few of them even claimed to have associations and approval from the Trump family, previously Martin Shkreli was in controversy over an alleged trump memecoin DJT, which he said was launched with the green light from Barron Trump.

US Credit Card debt reaches another ATH of $1.14T

Amidst growing concerns over the global economic situation, US credit card debt reached a new ATH of over $1.14T, which is more than many country’s GDPs. Economists are seeing this as another bad sign for the coming future as inflation continues to grow, it will be harder for the average American to repay their debt.

ETH ETF YTD flows come out at a staggering -$400m+, Bitcoin ETF interest continues to grow despite recent price action

As per the latest data, ETH ETFs cumulative flow has been negative, standing at over $400m. Crypto community seems not to be surprised by this data however according to Yahoo Finance, Bitcoin ETF interest among investors is steadily growing even after the recent price action and the dip to $49000. Experts are stating ETH will start to have good inflows once Grayscale is done unwinding their billions of dollars worth Ethereum.

This is all from today's newsletter. Stay safe out there, we will see you again on Tuesday.