GM. This is The Seek, your go-to source for crypto insights. We're the bacon to your eggs in the digital currency market, always bringing you the sizzle and the flavor 😋

Here's what's on the menu for today:

• The Next FTX Is Here And It Is Called GTX

• Russia X Iran Stablecoin

• The Crypto Pump Explained

• Important Dates For The Week

• The Weekly Meme :)

THE NEXT FTX IS HERE AND IT IS CALLED GTX

Looks like crypto investors may have a new knight in shining armor to save them from their financial woes. Wait, or is it?

The founders of Three Arrows Capital have created a platform that helps investors navigate the intricacies of crypto bankruptcy claims. We are missing one big part the name, drum roll please, da da da, GTX. Huh sounds oddly familiar 👀

It may seem complicated but trust me it's not:

1. You put your money into a crypto exchange

2. Wow, they just lost all of your money so they give you a bankruptcy claim (an IOU)

3. GTX rolls up and says you want to make some money, you ofc say yes.

4. They take your IOU and sell it to others that speculate the claim to be worth more in the future

This sounds like an amazing project especially because of all these crypto bankruptcies happening.

Yet, there is one main issue and it has taken over the internet: the founding team of GTX has led crypto companies to bankruptcy in the past 🤦‍♂️

The big question is will GTX become the next FTX??

RUSSIA X IRAN STABLECOIN

Looks like Russia and Iran are about to give the dollar the cold shoulder and turn to gold for a warm embrace. 

Russia and Iran are creating a new gold-backed stablecoin that would be like a fortress, immune to the economic sanctions imposed by other countries 😨

Meaning Russia and Iran would have a way to conduct transactions without relying on the US dollar or any other national currency that could be subject to sanctions.

This stablecoin would be creating a decentralized system as it would not be controlled by a single government or central bank. For this reason, many people are becoming scared as it will become harder and harder to punish opposing countries.

THE CRYPTO PUMP EXPLAINED

Looks like Bitcoin is on a roll like a snowball gathering more momentum, this week alone over $70 billion have been pumped into Bitcoin.

Here is how it all went down:

We had amazing CPI data (measuring the inflation rate) come in ---> Bitcoin skyrocketed to the moon ---> $700 million worth of shorts got liquidated ---> Bitcoin took a detour and went to MARSSSS 🚀

The buying power was so strong that it was like a herd of elephants stampeding through the store, leaving nothing in their way but empty Bitcoin shelves.

Now ofc there is speculation that this is just a dead cat bounce but let's be honest dead cat bounce or not we needed a relief rally.

IMPORTANT DATES FOR THE WEEK

• 1/18/2023 - Core PPI m/m

• 1/25/2023 - The Seek Newsletter

THE WEEKLY MEME 🤪

That wraps it up, stay tuned for next Wednesday. If you haven't seen last weeks news then you need to check this out 👇

DISCLAIMER: The Seek does not provide any financial advice. This newsletter is strictly for educational purposes and should not be used to make any financial actions. Please be careful and do your own research.