Cramer Jinxed The Market (AGAIN)

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Happy Friday! We got a HUGE newsletter in store for you!

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Here is the breakdown of today's newsletter:

🔮 Cramer Does What He Does Best (Jinx the market)
📉 Spot ETF FUD Sends Market Lower
👀 Logan Paul CryptoZoo Refund For Victims (With A Catch)
🪂 It’s Airdrop Season

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Bitcoin ETF FUD Shakes Entire Crypto Market 🌪️

My source’s source who has an anonymous source said that he knows a guy who said that the Bitcoin Spot ETF isn’t going to be passed.

Sounds ridiculous doesn’t it?

Although of course exaggerated, this isn’t too far off of what happened the other day which in turn sent Bitcoin and the entire crypto market spiraling $500+ million.

It all started with one tweet:

Bigger publications picked up on this news and scrambled to make headlines sending the market slipping. Bitcoin quickly fell from $45,500 USD to $40,500 but the space started to scratch their heads and wonder the legitimacy of the report. Bitcoin Archive spotted out the back and forth Bitcoin ETF sentiment Matrixport stated in the same day.

Many people chalked it up as classic FUD (Fear, Uncertainty, Doubt) and the market bounced back.

Jim Cramer Jinx’s Crypto 🔮

The cherry on top is finance personality and former fund manager Jim Cramer went live on CNBC just the day prior and sang his praise for Bitcoin.

Cramer stated: "This thing, you can't kill it […] Bitcoin is a technological marvel and I think people need to start recognizing it's here to stay."

Well, we all know what happened next…

For those who don’t know, Cramer has a cult-like following of people who follow his every trade … to do exactly the opposite. The motto: Cramer buys, we sell - Cramer sells we buy. Cramer has an uncanny ability to talk favorably about a company, stock, or in this case currency on his show and then like a sports announcer jinxing a quarterback into an interception, that same investment doing exactly the opposite of what he says. The “Inverse Cramer” sentiment has been so strong that even real-life ETFs have been made for people to bet against his picks.

• Jack Butcher: Plans to give away a max 250 Orange Checks (Bitcoin Ordinals) to collectors of single checks on February 8th. (@jackbutcher)

• MAYC: Over 120 Mutants were floor sold for 600 ETH or $1,343,000 USD. (@thedropnft)

• The first 10k Ordinal (Bitcoin NFTs) collection “NodeMonkes” announced that their founders hold 500 monkes each. (@nodemonkes)

• y00ts: Trader goes big by buying 184 y00ts and then selling them for 13.54 loss, yikes. (@punk9059)

• Binance: Announces their investment in $MEME the native token from MemeLand (Founders of 9GAG). (B)

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Logan Paul (FINALLY) Wants To Refund CryptoZoo Victims 👀

As Jordan Belfort said in the Wolf Of Wall Street, “The chickens have finally come to roost”…

Celebrity influencer Logan Paul has finally come to terms that his CryptoZoo scandal is not going away. In response to a class action lawsuit by holders who were allegedly scammed in the millions, Paul has pledged that he will commit more than $2.3 million to victims of the alleged rug pull and will also sue the CryptoZoo team/bad actors who were in his words the ones who “derailed the game”.

💡 What Happened?

• In 2021 Paul announced “CryptoZoo” a Pokemon-inspired trading NFT game that was based on animal trading cards, hatching eggs, and tokenomics

• The first series of 11,000 NFTs sold out quickly and once fans of Paul invested millions

• Everything seemed legit until, well there’s no other way to say it, everything promised just simply did not happen.

• The egg NFTs that community members bought did not hatch and no game was released

• Paul and the team tried to distance themselves from the project as much as possible even though community members demanded their money back

Paul defended himself by stating:

“I never made a single penny from the project, period. In fact, the opposite is true, because I spent hundreds of thousands of dollars trying to make it happen,” and “Like you, I was highly disappointed that the game was not delivered.”

Needless to say, holders weren’t buying it and class action lawsuits piled up. Now with their backs against the wall, Paul is offering a refund to holders - but the catch is if you accept the refund you can’t sue!

🎥 Here is the 5 part series full breakdown of the rug pull by investigative journalist Coffeezilla. If you haven’t seen it yet it’s well worth the watch.

• Vitalik Buterin: Founder of Ethereum (currently 2,235.82 a coin), announces his full game plan for Ethereum in 2024 and it’s definitely worth reading. (CT)

• $540M Gone: From the crypto market in 4 hours as Bitcoin dips below $41,000 USD (it has now retraced to $43,300+). (WG)

• SBF: The US dropped 6 charges against infamous crypto criminal and former founder of FTX, SBF. (MR)

Head of Partnerships at Magic Eden @vohvohh truly outdid herself by outlining an entire list of all 75 potential airdrops and requirements for participants to maximize their rewards.

The list contains important details such as the status of whether you need to stake, lend, borrow, trade, use app, complete quests, etc. 

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That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking web3 news! (@TheDropNFT)

• Is There A Web3 Cabal?

• Moonbirds Frustration Boiling Over

• Who Let The BoDoggos Out?

Written by: Gannon Breslin

Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.