Eating humble pie. Eating crow. Egg on your face.

What do all these strange (and seemingly delicious?) idioms have in common?

They all mean a serious change in outlook. You were wrong, you’re embarrassed, and now you’re reversing your stance.

And it appears that with the booming crypto market, NPR, CNN, and the New York Times are cutting themselves a fat slice of humble pie.

Espresso Shots

☕️ BTC Flash Crash 💀 💥

Bitcoin plunged over 7% on Wednesday morning, down to the $41,804 mark at its lowest.

Bitcoin currently sits at $42,411 at the time of writing.

But what caused the dive? Much of this bull market has been driven by ETF optimism, but this seems to be our first widespread case of ETF pessimism.

And much of that may be the result of a statement from Matrixport, but more on that in our next espresso shot.

But we relate to Bitcoin, we also experienced a dive in morale this week when we were forced to return to work and realized that our resolutions, such as getting back in the gym or cutting back on alcohol or caffeine, were actually, like, really hard.

☕️ Matrixport Bearish on ETFs 🐻 🏦

Matrixport, a blockchain service company, may have singlehandedly caused the Bitcoin flash crash when they published a post with their prediction that every ETF application would be rejected by the SEC.

“While we have seen frequent meetings between the ETF applicants and staff from the SEC, which resulted in the applicants refiling their applications, we believe all applications fall short of a critical requirement that must be met before the SEC approves. This might be fulfilled by Q2 2024, but we expect the SEC

to reject all proposals in January.” Matrixport wrote.

Though Matrixport copped to being bullish on Bitcoin for much of 2023, even correctly predicting that BTC would reach $45,000 by Christmas, Matrixport cited SEC Chairman Gary Gensler and general hostility toward crypto from the Democratic party as major factors that would prevent any ETFs from being approved.

Unofficially, a sunglass-wearing representative from Matrixport stated that, “Human beings are a disease, a cancer of this planet. You're a plague and we are the cure,” before copying himself several times and fighting Keanu Reeves.

☕️ Orbit Chain’s Big Clue 🌌 🔍

Orbit Chain has announced that they have discovered a “significant clue in the process of tracing the stolen funds” that were lifted in an $81 million NYE exploit.

It’s been notable that in the days since the massive hack, the funds still have yet to be moved from the wallets associated with the attack.

At the time of writing, Orbit Chain still has yet to release any more details about this potential break in the case.

Now that Orbit Chain has obtained this significant clue, they will write it down in their Handy Dandy Notebook before consulting Salt, Pepper, and their daughter, Paprika.

Spilling the Beans

Crypto’s New News ✨ 🗞

Crypto and mainstream media have been at odds for some time.

Maybe it’s just that the major news outlets weren’t sure what to do with the emerging world of digital finance.

And like most things that are new or strange, everyone’s first instinct was fear.

The media was quick to brand crypto as the “Wild West” a world full of big promises, bigger losses, and riches that were too good to be true.

But now it appears that the crypto market’s recent upswing has these voices singing a very different tune.

Now, before we get too deep into the “I told you so” section of our deep dive, we’d be remiss not to mention that we’re celebrating crypto’s success after our espresso shots just informed you of a Bitcoin flash crash and one company’s belief in the total failure of the Bitcoin Spot ETF applications.

Though yes, this recent drop represents a slight stumble, consider the current state of the market versus Bitcoin’s price in November of 2022, a woeful $17,600.

We have a lot to be thankful for and just as much to be proud of.

Which is why we couldn’t help but feel the need to thumb our noses at some of the media outlets that have been… less than confident in crypto along the ride.

And like any good news outlet, we have evidence!

In 2022, The New York Times’ David Yaffe-Bellany published, The Crypto Industry Struggles for a Way Forward, an examination of the inherent problems with crypto and how the industry was straying from its ideals.

Then last November, Yaffe-Bellany wrote Cryptocurrency Prices Surge, Driven by a Potential Bitcoin Fund

And we’ve got a recent, fun one from CNN that straddles both sides. Crypto’s 2023 was marred by fraud and scandal. It may have been its best year ever.

And of course, it was NPR’s recent coverage that even gave us the idea for this roundup. With All Things Considered’s “the crypto comeback”.

Of course, in no way overshadowed by NPR’s October coverage, “the fall of crypto”.

Now, we haven’t compiled these changes of hearts to gloat (okay, maybe a little bit) but because we think it’s worth nothing that for better or worse, it seems like the mainstream media is finally not only starting to take crypto seriously, but recognize that this is a space where good things can happen.

But we’ll also admit, we won’t truly be satisfied until articles start getting published such as “Could Crypto Get Any Better?” or “Is Coffee & Crypto Both More Important and More Culturally Relevant Than The New York Times?”

Crypto 101

GPU Mining: One of the four most popular varieties of crypto ming. GPU mining uses a graphics card to process hashes.

GPU is generally considered a faster form of mining than CPU mining, but not as fast as ASIC mining.

The Last Sip

The Last Sip: If you or a loved one have discovered a clue that could solve a crypto-related crime, please deliver it to local law enforcement. OR write a letter to Nickelodeon and address it to Steve, Joe, Blue, or Magenta.

Stay Caffeinated,

Coffee & Crypto Team

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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.presiplane