Sorry guys! We have been away lately trying to try out new ways to set up our newsletter.

Here are the changes that will be made:

• Name change to Basepoint. (Sometime next week)

• Content will be around Finance and Crypto.

• Newsletters and posts will be delivered weekly.

We hope you will enjoy the content going forward!

Here is what is going on in the space this week🔥

• $1B in liquidations in sharp sell-off of Bitcoin and Ethereum📉

• Is this the best time to buy the S&P 500?🤔

$1B in liquidations in sharp sell-off of Bitcoin and Ethereum📉

It has been a rough 24 hours for cryptocurrency traders as the digital-asset markets experienced one of their worst sell-offs of the year. The prices of Bitcoin (BTC) and Ether (ETH) plummeted, resulting in a staggering $1 billion in liquidations.

According to Coinglass data, this sell-off has pushed Bitcoin's price to a two-month low, with BTC dropping as low as $25,000 on the popular crypto exchange Binance.

The largest and original cryptocurrency, Bitcoin, tumbled 7% to around $26,900 after hitting its lowest point since June at close to $25,000 earlier in the day. Traders who bet on prices rising suffered significant losses during this period.

CoinGlass data reveals that approximately $821 million of long positions were wiped out as traders rushed to exit their positions. Specifically, BTC traders endured losses of $472 million in long liquidations, followed by ETH with $302 million.

Someone even lost $55 million on their trade position on Binance 😭

This recent wave of liquidations is particularly significant for Bitcoin. In fact, it marks the largest level of BTC liquidations for a single day since June 2022 when the leading crypto's price plummeted to $17,000.

For those unfamiliar with liquidations in the crypto space: they happen when an exchange closes a leveraged trading position due to a partial or total loss of the trader's initial investment or "margin."

This occurs if traders fail to meet margin requirements or lack sufficient funds to keep their trades open. Unfortunately, when asset prices nosedive as they did recently, it can trigger a cascade effect of liquidations, exacerbating losses and contributing to further price declines.

Some people even think SpaceX is responsible for the sell-off, however, that is not the case, you can read more about it here.

Is this the best time to buy the S&P 500?🤔

The August market rout has created a golden opportunity for those looking to buy the dip in stocks, according to Fundstrat's head of research, Tom Lee.

While the S&P 500 has already experienced a 5% decline since the beginning of August, Lee believes that more near-term downside could be on the horizon. However, he remains optimistic about the long-term prospects of stocks, predicting that the benchmark index will reach a record high of 4,825 in 2023.

The recent sell-off in stocks can be attributed to China's weakening economy and stronger-than-expected economic growth in the US leading to a rise in bond yields.

The potential spillover risks from China's economic slump and the possibility of further interest rate hikes by the Federal Reserve have raised concerns among investors. However, Lee argues that these factors should not overshadow the overall strength of the US economy.

Looking ahead, one event that could potentially jolt stocks back on their bullish path is the Federal Reserve's Jackson Hole Symposium. The central bank is expected to provide further insights into its monetary policy strategy and any potential changes that may impact financial markets.

While short-term volatility may persist due to rising interest rates and economic uncertainties, this presents an opportune moment for savvy investors to capitalize on discounted stock prices before they resume their rally.

Other than that….

Billionaire investor George Soros has recently purchased shares in two buy-rated stocks, according to TipRanks.

• AerCap Holdings

• RenaissanceRe Holdings

The first stock is AerCap Holdings, a global aviation leasing company. The company reported strong Q2 results and raised its full-year adjusted EPS outlook. Soros purchased over 300,000 shares of AerCap Holdings during Q2.

The second stock is RenaissanceRe Holdings, a reinsurance and insurance company specializing in natural catastrophe risks. RenaissanceRe saw significant growth in net investment income in Q2 and announced the acquisition of Validus Re from AIG. Soros bought over 186,000 shares of RenaissanceRe Holdings during Q2.

Analysts have positive outlooks for both stocks and expect them to have substantial upside potential.

Just a little insight into the billionaire world 😉

OpenSea stops enforcing creator royalties 😱

OpenSea, has faced significant backlash over its decision to stop enforcing creator royalties. OpenSea investor Mark Cuban, a prominent figure in the NFT space, expressed his disappointment in the marketplace's move.

He stated on Twitter that not collecting and paying royalties on NFT sales is a huge mistake that diminishes trust in the platform and hurts the industry.

This decision likely stung even more because Cuban participated in the company's funding rounds and is aware of its impact on artists.

OpenSea's announcement to abandon mandatory creator royalties comes after other NFT marketplaces have also slashed these fees to attract more buyers. The move is seen as a capitulation to competition rather than upholding artists' rights, which OpenSea CEO Devin Finzer had previously defended.

The backlash against OpenSea's decision has been significant. Yuga Labs, creators of high-profile NFT projects like Bored Ape Yacht Club, joined Mark Cuban in criticizing the platform.

Yuga Labs plans to sunset its compatibility with OpenSea by disallowing new projects and any with upgradeable smart contracts from trading on their platform.

Other creators have also called for an industry-wide boycott of OpenSea. They argue that abandoning creator royalties goes against crypto-native principles like decentralization and profit-sharing.

While some smaller marketplaces are highlighting their commitment to creator royalties amidst this controversy, there are concerns that this decision by OpenSea could signal a death knell for this practice across the industry.

Could this be the death of OpenSea? Well we will see.

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.