The Wolf Den #1195 - Meta’s Third Shot At Crypto
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In This Issue:
Meta’s Third Shot At Crypto
Bitcoin Thoughts And Analysis
Altcoin Charts
Legacy Markets
Today’s Newsletter Is Made Possible By Arch Public!
New OCC Guidance Opens The Door For Crypto Banking
Coinbase Almost Bought A Lot Of Bitcoin
Bitcoin To $400K, Solana To $420, Ethereum Not Worth Owning | Joe McCann
Meta’s Third Shot At Crypto
On October 28, 2021, at the company’s annual Connect conference, Mark Zuckerberg stood before a sleek digital backdrop and announced that Facebook – the company, not the app – was changing its name to Meta. It wasn’t just a rebrand. It was a $10 billion pivot in purpose.
“We're now looking at and reporting on our business as two different segments: one for our Family of Apps and one for our work on future platforms. And as part of this, it is time for us to adopt a new company brand to encompass everything that we do, to reflect who we are and what we hope to build.
I am proud to announce that, starting today, our company is now Meta. Our mission remains the same - it's still about bringing people together. Our apps and their brands - they're not changing either. And we are still the company that designs technology around people. But now, we have a new North Star: to help bring the metaverse to life.
And we have a new name that reflects the full breadth of what we do and the future that we want to help build. From now on, we're going to be metaverse-first, not Facebook-first.”
For a social media giant, this was bold… very bold.
Zuckerberg laid out his vision for the “metaverse” – a next-gen internet where people could socialize, work, and play in immersive digital environments. He called it “the successor to the mobile internet.” In Meta’s eyes, this new internet would be powered by virtual and augmented reality, spatial audio, avatars – and yes, blockchain and crypto infrastructure.
Reactions to the announcement were all over the place.
Inside the crypto world, Zuckerberg was suddenly being hailed as a visionary – conveniently forgetting Meta’s centralized empire and long track record of privacy issues. But now they were joining our movement. The metaverse was already gaining serious momentum in Web3 circles through projects like Decentraland, The Sandbox, and Axie Infinity – all demonstrating the power of digital ownership through NFTs, tokens, and decentralized infrastructure. Meta’s rebrand turbocharged the narrative, fueling the historic Otherside land rush in April 2022 and giving validation to Beeple’s $69 million NFT sale and the Axie boom.
(If you want nightmares, go look up current prices on those NFTs...)
Outside the crypto bubble, things didn’t land as well. The announcement came at a time of intense public scrutiny for Facebook – antitrust probes, whistleblower leaks, and declining trust among users. Many viewed the rebrand as an escape hatch, not a genuine transformation. A fresh coat of paint on a damaged brand.
For younger audiences, especially those aged 18–34, the pivot made sense. This is the generation raised in digital worlds – gaming, social media, virtual economies. But for older users, the metaverse felt like science fiction. Facebook was still a place for family updates and high school reunions – not VR headsets and legless avatars.
Meta’s interest in crypto, though, didn’t start with the metaverse. It started way back in 2019, when Facebook launched Libra – an ambitious plan to create a global stablecoin backed by a basket of major currencies. The goal was to revolutionize money, particularly for the unbanked. And the partners backing it were heavy hitters: Visa, Mastercard, PayPal, Spotify, Uber. The world’s financial infrastructure, reimagined.
Then came the backlash. Lawmakers and regulators worldwide saw Libra as a threat. In the U.S., Rep. Maxine Waters led the charge to shut it down. Treasury Secretary Steven Mnuchin warned it could be used for money laundering and destabilize the dollar. The ECB echoed those fears. India was concerned about its massive unbanked population. The resistance was swift and unrelenting.
Libra was rebranded as Diem, but the damage was done. Key partners bailed. Visa, Mastercard, and PayPal pulled out. Without their support, the project lost credibility – and momentum. As capital and attention shifted to NFTs and metaverse plays, Diem was left behind. By 2022, it was shut down and sold for parts. Meta’s crypto play had failed.
But failure breeds insight.
Meta learned the hard way that building a new global financial system is politically impossible – at least from scratch. So they shifted their focus: VR headsets, AR glasses, Horizon Worlds. And for a while, crypto faded into the background.
Fast forward to today, and Meta is quietly preparing for a return to crypto – this time with a more measured approach. According to reports, the company is in early discussions with crypto infrastructure firms to integrate stablecoin payments across Facebook, Instagram, and WhatsApp.
No splashy whitepaper. No talk of reinventing money. Just stablecoins. Quietly. Carefully.
If this move materializes, Meta is expected to support multiple tokens – likely USDT and USDC. This approach is far less audacious than Libra, and far more realistic. Stablecoins have matured since 2019. They now boast a combined market cap of over $231 billion. The timing and tone are both different. This isn’t trend-chasing. It’s strategy.
And frankly, I’d like to see it succeed.
Stablecoins are crypto’s killer app – real-world utility, financial inclusion, global reach. If Meta can help distribute dollar-based stablecoins in markets that welcome the exposure, it might actually align with U.S. interests rather than threaten them.
Plus, Zuckerberg himself feels more human these days. He’s hanging out with UFC champs Volkanovski and Adesanya, talking parenting with Lex Fridman, even acknowledging past mistakes. The arc is trending in the right direction. If Meta reenters crypto and truly embraces decentralization, inclusion, and innovation – I think it’s a company worth rooting for.
Now that we’re caught up on Meta’s journey, what matters most is what comes next. Everything before this feels like background noise. The real test is whether Meta can now execute – starting with stablecoins, and this time, getting it right.
Quick note before I wrap up…
Let’s talk about ETH – and the altcoin run we’re seeing right now.
As an ETH holder, part of me wants to exhale and celebrate. I have been calling for this reversal and it amazing to see it. But I’m still hesitant. Historically, summertime tends to reverse gains, so I am remaining cautiously optimistic.
To be fair, the Ethereum community has been grinding. A lot of hard work is starting to pay off. But maybe it’s lingering PTSD keeping me from popping champagne just yet. If nothing else, this move reminds us that ETH still has that “pump factor” – and when the real moment comes, it’ll be ready.
I’m cautiously optimistic about ETH, SOL, and other alts. It feels like alt season. But for now, the party hat stays in the drawer. Let’s not jump the gun.
Bitcoin Thoughts And Analysis
Bitcoin continues to push higher on the daily chart, now trading just under key horizontal resistance at $106,099 – the final major barrier before a potential retest of the cycle high at $109,358. Price action remains firmly bullish, with strong momentum since breaking out above $88,804 and $92,817 in late April. The 50 MA is curling upward, and price is well above both the 50 and 200 MAs, confirming a healthy trend.
Volume remains steady, though not explosive, which is worth watching as we approach critical resistance. The RSI is sitting elevated in overbought territory, which can either signal strength in a trending market or a caution for cooling ahead – especially if we begin to see bearish divergence.
All eyes are now on the current zone between $106K and $109K. A clean breakout above this area could open the door to price discovery and new all-time highs. Until then, bulls will want to see consolidation or shallow pullbacks above previous resistance levels that now serve as support.
Altcoin Charts
For those who are new here, I share SETUPS and not SIGNALS. These are ideas that I am watching - if a certain thing happens, then the trade triggers. I am not telling you what to buy or when. I am showing you how I am watching certain charts and what has to happen for me to take a trade.
Altcoins look great across the board, so I will share random ideas as I see them. I shared quite a few last week.
The EGLD daily chart is looking constructive following a clean breakout above descending resistance, accompanied by a noticeable spike in volume – a classic signal of growing momentum and renewed trader interest. Price is now consolidating just under the $19.94 resistance level, which has capped the last few daily candles. A strong close above this line would confirm continuation and likely invite more buyers.
If we do see a breakout, Fibonacci retracement levels can provide logical upside targets. The 38.2% retracement sits around $21.68, followed by the 50% level at $26.18 and the 61.8% zone at $31.62. These levels may act as points of reaction or short-term resistance, but they also reflect the deeper potential of this move if strength persists.
For now, EGLD remains above its breakout level, and the recent bullish structure looks intact. However, confirmation still hinges on closing decisively above $19.94 with continued volume support.
Trading Alpha is showing a clear bullish structure, with price finding support at the track line and showing continued grey dots.
U.S., China Slash Tariffs - S&P 500 Futures Rally 3%
S&P 500 futures surged 3% and Nasdaq 100 futures jumped 3.8% after the US and China agreed to cut tariffs, easing trade war fears. Treasury yields climbed and gold tumbled over 3% as investors rotated back into risk assets. The nations will lower tariffs for 90 days, rolling back steep levies introduced since April, with US rates dropping from 145% to 30% and China's from 125% to 10%.
Treasury Secretary Scott Bessent called the talks “very robust and productive.” While markets rallied, strategists cautioned that uncertainty remains, as the tariff reprieve is only temporary.
Elsewhere, Indian and Pakistani stocks soared after an unexpected ceasefire, and Ukraine and Russia may engage in peace talks. Pharmaceutical stocks lagged globally after Trump vowed to sign an executive order slashing drug prices, pressuring shares in Eli Lilly, Pfizer, Novo Nordisk, and others.
Stocks
The Stoxx Europe 600 rose 0.9% as of 9:57 a.m. London time
S&P 500 futures rose 2.7%
Nasdaq 100 futures rose 3.7%
Futures on the Dow Jones Industrial Average rose 2%
The MSCI Asia Pacific Index rose 0.7%
The MSCI Emerging Markets Index rose 1.9%
Currencies
The Bloomberg Dollar Spot Index rose 0.7%
The euro fell 1% to $1.1142
The Japanese yen fell 1.6% to 147.71 per dollar
The offshore yuan rose 0.5% to 7.2064 per dollar
The British pound fell 0.8% to $1.3199
Cryptocurrencies
Bitcoin rose 0.3% to $104,655.64
Ether rose 2.7% to $2,578.97
Bonds
The yield on 10-year Treasuries advanced five basis points to 4.43%
Germany’s 10-year yield advanced seven basis points to 2.63%
Britain’s 10-year yield advanced six basis points to 4.62%
Commodities
Brent crude rose 2.7% to $65.61 a barrel
Spot gold fell 2.8% to $3,233.08 an ounce
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New OCC Guidance Opens The Door For Crypto Banking
While headlines chased flashier stories last week, something quietly significant slipped under the radar.
The Office of the Comptroller of the Currency (OCC) released Interpretive Letter 1184 – and while it didn’t make waves, it delivered meaningful clarity to traditional banks exploring crypto.
In plain terms, the OCC reaffirmed that national banks and federal savings associations are allowed to provide custody and execution services for crypto assets. That means they can help customers buy, hold, and transfer digital assets – and even outsource parts of those operations to third-party providers, provided they have the right risk controls in place.
This builds on earlier guidance (Letter 1170), which framed crypto custody as a natural extension of traditional banking services. Letter 1184 goes a step further by clarifying that banks can work with sub-custodians, as long as customer assets remain protected and everything operates within safe, sound, and compliant frameworks.
It’s not the kind of news that kicks off a bull run – but it is another brick in the wall of institutional adoption. A green light, not a spotlight. But that’s how real infrastructure gets built.
Coinbase Almost Bought A Lot Of Bitcoin
Reports surfaced this week revealing that Coinbase once seriously considered putting the majority of its cash reserves into Bitcoin — up to 80% of its balance sheet. In an interview with Bloomberg, CEO Brian Armstrong admitted,
“There were definitely moments over the last 12 years where we thought, man, should we put 80% of our balance sheet into crypto – into Bitcoin, specifically.”
Ultimately, they backed off. The reason? Survival.
“We made a conscious choice about risk,” Armstrong said, referencing the company’s early days as a startup navigating extreme volatility. CFO Alesia Haas added that they didn’t want to give the impression Coinbase was hoarding Bitcoin in direct competition with its users — a fair concern given the optics.
Still, Coinbase has been steadily building its crypto reserves. In Q1 alone, the company added $153 million in digital assets, mostly Bitcoin, bringing its total holdings to $1.3 billion. And as Haas put it,
“Rest assured, we are not stopping there.”
It may not be 80%, but the message is clear: Coinbase is leaning in.
Bitcoin To $400K, Solana To $420, Ethereum Not Worth Owning | Joe McCann
Join me for an insightful episode of The Wolf Of All Streets, where I sit down with Joe McCann, founder and CEO of Asymmetric, to unpack the latest market dynamics, crypto trends, and the true potential of Bitcoin. Joe shares his expert perspective on why traditional market cycles might be outdated and reveals where he sees the crypto space headed next. Don’t miss this deep dive into Bitcoin’s future, meme coins, and why AI could soon redefine the blockchain world.
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.