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6 Questions for Simon Davis of Mighty Bear Games

Simon Davis is the co-founder and CEO of Mighty Bear Games, a multiplatform game developer in Southeast Asia creating accessible multiplayer experiences in Web3.

Davis has spent almost two decades working in the gaming industry, but he never planned to actually work in this field.

Before crypto, he was a professional guitarist who made ends meet by playing in metal bands and cover bands and by teaching guitar. But after his money dried up one summer, he scored a six-week gig as a professional game tester — and he’s never looked back.

Davis’ ever-growing guitar collection. (Simon Davis)

During his time in the gaming industry, Davis has held management and product lead positions at gaming companies including King Digital Entertainment, Ubisoft, Bigpoint, AKQA, Empire Interactive, and Laughing Jackal. 

In 2017, Davis teamed up with some friends and fellow industry veterans to launch Mighty Bear Games in Singapore, where they intended to focus on creating traditional games — before pivoting to blockchain in 2022. And in 2023, the firm launched an open beta for Mighty Action Heroes, its first Web3 gaming title.

Mighty Bear Games' Simon Davis' guitar collection
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Journeys: Hervé Larren on Bitcoin, Apes and the psychology of ‘blue-chip’ NFTs

During a period of hyperinflation in 2013, “my Venezuelan mother asked me to send money to Caracas, the country’s capital,” Hervé Larren recalls. However, bank transfers were not possible between the two countries. 

Busy with work in New York, he told a friend that he planned to fly to Caracas — carrying cash for his mother — and return the same day. “Why don’t you just send Bitcoin?” his friend asked, which quickly led to a change of plans as Larren made his first Bitcoin transfer.

“My first crypto transaction, in 2013, was to wire Bitcoin from the U.S. to Venezuela. Due to the economic collapse, there was no functioning banking system between these two countries.”

Switching from a career with luxury goods company LVMH Moët Hennessy Louis Vuitton, Larren co-founded a large-scale crypto mining operation and worked with Grayscale to bring crypto assets to old-school investors. He later became a key adviser to ApeCoin and the first person to bid a million dollars for a nonfungible token.

From old to new

“We were reporting to Nicolas Sarkozy, and he was coming to our meetings,” Larren recalls of his time as the head of a high school student council in Neuilly-sur-Seine, the wealthiest old-money suburb of Paris, where he grew up. 

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‘Elegant and ass-backward’: Jameson Lopp’s first impression of Bitcoin

Jameson Lopp has been on the front lines of the battle between technologists and those who want to preserve Bitcoin as it is since the scaling debates of 2015–2017.

The topic arouses such passion that many suspect it was a disgruntled Bitcoiner opponent who called down an armed SWAT team to his home, leading him to famously go underground.

Lopp blamed the 2017 incident on the “same old same old: Bitcoin philosophy and scaling debate arguments. A few of the more extreme cases think I’m some kind of manipulative monster.”

Lopp, who is currently the chief technology officer for decentralized wallet service Casa, is an advocate for cautious progress who commands respect among the Bitcoin community.  

Speaking from an undisclosed location, Lopp says he worries the backlash against Ordinals NFTs might result in lower support for much-needed future upgrades. Ordinals were largely an unexpected result of the 2021 Taproot soft fork.

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China’s blockchain satellite in space, Hong Kong’s McNuggets Metaverse: Asia Express

Chinese blockchain Sputnik’s maiden voyage

A Chinese satellite has become the first in the world to carry a blockchain imaging and screening system into orbit. 

According to local news outlet Red Star News on July 22, the Tai’an Star Era 16 was successfully launched into orbit from the China Jiuquan Satellite Launch Center. Developed by NationStar Aerospace Technology Co., the satellite features a visual blockchain on-orbit certificate storage system dubbed ‘ADAChain’ (not related to Cardano) developed in-house by NationStar. Researchers wrote: 

“The [ADAChain] can realize functions such on-orbit visual blockchain multi-signature authentication, on-orbit video visual broadcasting, and on-orbit visual remote sensing data storage certificate confirmation.”

The purpose of the satellite’s voyage is to “obtain rich spectral information on the surface of the target area,” in the fields of “precision agriculture, water resources management, mineral resource investigation, environmental monitoring, and emergency safety.” Blockchain technology will also assist in achieving the goals of “high spatial resolution, high spectral resolution, and high temporal resolution” in such satellite imaging. 

The Tai’an Star Era 16 blockchain satellite Launch (RedStar News)

Digital Yuan CBDC expands to Hong Kong 

The Bank of China’s Hong Kong subsidiary has allowed individuals in the Special Administrative Region (SAR) to utilize the digital yuan central bank digital currency (e-CNY CBDC) for retail shopping. 

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SEC reviews Ripple ruling, US bill seeks control over DeFi, and more: Hodler’s Digest, July 16-22

Top Stories This Week

Chair Gensler says SEC reaction to Ripple decision is mixed, still under consideration

U.S. Securities and Exchange Commission Chair Gary Gensler has commented publicly about the recent ruling on the agency’s suit against Ripple, saying the SEC is “still looking at it and assessing that opinion.” Gensler declined to comment further on the case, but said the commission is pleased with the court’s decision stating that XRP was a security when sold to institutional investors, but disappointed with the non-security ruling for retail investors and other XRP distributions. Comments made by the regulator on July 21 in a lawsuit hinted that it might appeal the decision. In the crypto community, however, some believe it is unlikely to happen as the SEC benefits from the “current confusion.”

A bipartisan bill was introduced into the U.S. Senate, tightening regulations and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as “other financial companies, including centralized crypto trading platforms, casinos, and even pawn shops.” The proposal also makes “anyone who controls that project” liable for the use of the DeFi service by sanctioned persons. The bill also set new requirements for operators of crypto kiosks (or ATMs) to prevent their use in money laundering. Kiosk operators would be required to verify the identities of both counterparties in a transaction.

Altcoins ‘bled’ as Bitcoin gained dominance in Q2: CoinGecko

The second quarter of the year has been a solid one for Bitcoin’s performance as its market dominance gained against altcoins, which “bled” throughout the period, according to CoinGecko’s industry report. Bitcoin (BTC) and Ether (ETH) continued to build their market share over the past months, while Binance Coin (BNB), XRP (XRP), and Cardano (ADA) suffered double-digit losses over the quarter. DeFi tokens were hit particularly hard during the quarter, with Uniswap (UNI), Chainlink (LINK) and Lido (LDO) taking double-digit losses as well. The top five metaverse and play-to-earn tokens by market cap also marked losses up to 40%.

Multiple spot crypto ETF applications go to Federal Register in step toward SEC approval

Applications from several firms for a spot Bitcoin exchange-traded fund (ETF) have been published in the Federal Register, moving them one step along in the U.S. SEC process. According to the records, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree were officially registered. Publishing the applications gives the SEC a window of opportunity to accept or reject the request, extend the time allowed or open the application for public comment. The SEC has an initial window of 45 days to reach a decision, but the commission has the option of extending the process for up to 240 days — until March 2024 — for final approval or denial.

Robert F. Kennedy Jr. vows to back US dollar with Bitcoin if elected president

Democratic presidential candidate Robert F. Kennedy Jr. has promised to progressively back the United States dollar with Bitcoin if he is elected president. Kennedy said during an event that backing the U.S. dollar with what he called “hard currency,” including gold, silver, platinum or Bitcoin, could help to re-stabilize the American economy. Kennedy explained the process would be gradual and that, depending on the plan’s success, he’d adjust the amount of backing for the dollar. Additionally, Kennedy declared he would make Bitcoin-to-U.S. dollar conversions exempt from capital gains taxes in an attempt to spur investments in the country.

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Web3 Gamer: Earn Bitcoin in Minecraft, BGA’s 50/50 gender split, Oath of Peak hot take

Minecraft gets the Bitcoin treatment

It seems like Minecraft has been around since the invention of computers, and there is a reason for that. Along with its official free updates, which provide extra content, the Minecraft ecosystem has an incredibly active community, helping it stay up to date. Thanks to the game’s open-ended gameplay, there is tons of community-built content available to enjoy.

Have you finished the standard content of the game? Then why not relive the industrial revolution with custom-built mods? Or enter a competition to see who can build a construction first against hundreds of others? There is a server for that. Pokemon in Minecraft? Pixelmon! 

And if you want to earn Bitcoin in Minecraft? Welp, you can even do that now.

Players can earn Bitcoin in Minecraft with the partnership between Zebedee and Satlantis. (Zebedee)

A community-operated Minecraft server by the name of “Satlantis” has integrated Zebedee’s gaming tech that lets players earn Bitcoin by completing in-game quests inspired by real-life BTC mining. Players in the server can join in-game mining pools, collect ASICs (popular hardware tailored for Bitcoin mining) and increase their hash rate to win block rewards. What a cool way to educate traditional gamers on the basics of Bitcoin!

Players can withdraw their earnings to Zebedee’s app, where they can spend their gains on other games made by the company or move them to exchanges that support Bitcoin’s layer-2 Lightning Network.

Bitcoin integration for Minecraft with Satlantis and Zebedee partnership.
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Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame

Scott Melker is the host of The Wolf Of All Streets Podcast and author of The Wolf Den newsletter.

“If I tweeted about a small cap [crypto] of some sort right now, the price would probably change by like 50%,” says Scott Melker, better known to his 904,800 Twitter followers as The Wolf Of All Streets.

Melker says he takes this responsibility seriously and won’t share tweets that might “impact the market” – but this makes Twitter “a lot more boring” from his end. In fact, Melker declares that Twitter “stopped being fun” when he reached 100,000 followers.

“That’s when I went through a phase of a real love-hate relationship with Twitter because that’s when I guess 10% of the people who respond to comments were trolling at any given time.”

All you can really post to 900,000 followers is “Bitcoin and inspirational quotes” because “everything else” will land you in hot water. 

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Tokenizing music royalties as NFTs could help the next Taylor Swift

Since 2021, pop superstar Taylor Swift has been rerecording and releasing her entire back catalog of albums in an effort to break away from her previous record label and gain greater control over her art.

The fact she has to go through such a painstaking, expensive process just to recover what most would consider rightfully hers highlights how the music industry can be a complicated, confusing place for young artists. It has a well-deserved reputation for being a space where enthusiastic musicians often unknowingly enter into unfavorable or exploitative record contracts. 

“I would say maybe 10% of musicians have a good understanding, 1% of musicians have a great understanding, and 0.1% of musicians have an amazing understanding” of the legal and financial structure behind the music industry, Justin Blau tells Magazine. Also known as 3lau, Blau is a popular DJ and the founder of Royal, one of a handful of companies working to bridge the divide between the traditional music industry and blockchain.

Web3 or blockchain is often hyped up as the “Promised Land” for musicians, where the music industry will be democratized and decentralized, and where musicians will earn a larger slice of the profit pie by connecting directly with fans through NFTs. 

One rising use case for “music NFTs” is tokenizing a song’s royalties, allowing fans to earn a percentage of the revenue generated by their favorite artists’ music.

How a song’s copyrights generate multiple royalty streams
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Bitcoin price is ‘stuck’ at $30K — Here are 3 reasons why

Bitcoin (BTC) has spent almost a month at or near $30,000, but this is no coincidence, new analysis claims.

In one of its Quicktake market updates on July 17, on-chain analytics platform CryptoQuant highlighted three key factors keeping BTC price action in the same place.

Bitcoin speculators in the driving seat

Bitcoin has rebuffed any attempt at a breakout for weeks on end, making casual one-year highs but always falling lower afterward.

For CryptoQuant contributor Axel Adler, this has roots — among other things — in speculative trading.

Short-term holders (STHs), he notes, have divested themselves of their holdings since April, leading to increased selling pressure above $30,000.

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Bitcoin price falls under $30K as macro and regulatory worries take center stage

Multiple pieces of data point to the Bitcoin price falling below $29,000 in the short term. 

Yes, you read that right.

Let’s investigate the main issues contributing to the current downside in the Bitcoin price.

Bitcoin (BTC) encountered difficulties breaking above $31,800 on July 13, resulting in a 6.3% correction down to $29,700 on July 17. The price action could reflect investors’ concerns that ongoing regulatory developments and macroeconomic headwinds could drive Bitcoin below the $29,000 level, which was last observed on June 21.

On the derivatives side, Bitcoin futures show increased demand, but Asian markets are slowing down.

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Multichain saga screws users, Binance fires 1,000 staff: Asia Express

Decentralized Web 3 cross-chain router allegedly under control of one-man

Imagine a system where all your money is controlled by one man and his family and when there is cause for concern, the propaganda machine immediately goes ‘brrr’ to put on a facade that everything is just fine despite some alarming withdrawls. Sounds more like a one party state? No, welcome to blockchain, specifically, Multichain.

A man alleged to be Multichain co-founder and CEO Zhao Jun (CryptoRank)

On July 14, Chinese decentralized cross-chain bridge protocol Multichain announced that it would cease operations after three years. The reason? The only person allegedly holding the private keys to over $1.5 billion in users’ crypto stored on Multichain was its co-founder and CEO Zhao Jun and later, his sister (name unknown). Both were arrested by Chinese police — but it’s still not clear why.

Zhao Jun was reportedly arrested as early as May 21, but it appears that Multichain staff did not want you to know that… until now, when one discrepancy after another made it impossible to bury the truth.

The whole ordeal started on or around May 24, when Multichain users reported that funds had not arrived for nearly 72 hours after being sent. Admins immediately responded that the delay was due to a backend node upgrade “taking longer than expected,” and that “all affected transactions will arrive after the upgrade is complete.”

“Most routes are working as usual, as some routes (Kava, zkSync, Polygon zkEVM) are temporarily suspended. All affected transactions will arrive after the upgrade is complete. We sincerely apologize for the inconvenience caused.”

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Bitcoin ‘full breakout’ not here yet as BTC price spends month at $30K

Bitcoin (BTC) refused to give up $30,000 at the July 17 Wall Street open as observers placed bets on a step lower next.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin traders line up downside targets

Data from Cointelegraph Markets Pro and TradingView followed what one analyst called boring BTC price action into the new trading week.

After an equally quiet weekend, BTC/USD showed no signs of volatility amid a lack of catalysts for change across risk assets.

“The market is in flux, and both camps are fighting for dominance,” on-chain monitoring resource Material Indicators wrote in part of its latest analysis, referring to a battle between Bitcoin bulls and bears.

“Everytime bears start to get some momentum, bulls replenish support at $30k. IMO, still too soon to declare a confirmed bull breakout, quite simply, because we haven’t even had a legit test of resistance. Time for patience and discipline.”

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AI Eye: AI content cannibalization problem, Threads a loss leader for AI data?

ChatGPT eats cannibals

ChatGPT hype is starting to wane, with Google searches for “ChatGPT” down 40% from its peak in April, while web traffic to OpenAI’s ChatGPT website has been down almost 10% in the past month. 

This is only to be expected — however GPT-4 users are also reporting the model seems considerably dumber (but faster) than it was previously.

One theory is that OpenAI has broken it up into multiple smaller models trained in specific areas that can act in tandem, but not quite at the same level.

But a more intriguing possibility may also be playing a role: AI cannibalism.

The web is now swamped with AI-generated text and images, and this synthetic data gets scraped up as data to train AIs, causing a negative feedback loop. The more AI data a model ingests, the worse the output gets for coherence and quality. It’s a bit like what happens when you make a photocopy of a photocopy, and the image gets progressively worse.

AI tweet
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BTC traders brace for $30K loss — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week above $30,000 but is heading nowhere, with the multimonth trading range refusing to shift.

BTC price action is giving traders little more than a frustrating sense of deja vu as they wonder what it could take to change the trend.

It may be more accurate to say that on low timeframes, a trend is exactly what Bitcoin lacks. The largest cryptocurrency has spent weeks bounding between upside and downside liquidity pockets without deciding whether bulls or bears will ultimately win.

This struggle continues to play out with predictable regularity, and nothing — not macroeconomic data prints, institutional involvement or anything else — has been able to switch things up.

With that in mind, it may not be all that problematic that the coming week offers little in terms of data-driven risk asset catalysts from the United States or Federal Reserve.

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Bitcoin price support at $30K opens the door for gains from UNI, ARB, AAVE and MKR

Bitcoin (BTC) attempted to break away from its boring sideways price action on July 13, following Ripple’s legal victory over the United States Securities and Exchange Commission, but the enthusiasm proved to be short-lived. Sellers pulled the price back into the range on July 14, indicating that they remain active at higher levels. However, a positive sign is that the bulls have kept Bitcoin’s price above $30,000.

Market observers are expected to closely follow the review process for the various exchange-traded fund (ETF) proposals for a spot Bitcoin ETF, one of the most prominent being the proposal by BlackRock. Interestingly, out of 550 ETF applications by BlackRock, only one has been rejected, according to Bloomberg Intelligence’s Eric Balchunas and James Seyffart.

Crypto market data daily view. Source: Coin360

Even as Bitcoin consolidates, waiting for its next catalyst, several altcoins are witnessing solid buying. This has pulled Bitcoin’s market dominance below 50%, suggesting that the focus could be shifting to the altcoins in the near term.

Could Bitcoin start a trending move in the short term, or will it remain stuck inside the range? What are the altcoins that are looking strong on the charts? Let’s study the charts of the top-five cryptocurrencies that could be on traders' radar in the next few days.

Bitcoin price analysis

Bitcoin closed above $31,000 on July 13, but that proved to be a bull trap as the bears yanked the price back below the level on July 14. This shows that the bears are fiercely defending the zone between $31,000 and $32,400.

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Buying the dip? Record 3.8% of the Bitcoin supply last moved at $30.2K

Bitcoin (BTC) at $30,000 is the most popular “buy” level ever, the latest on-chain data suggests.

According to figures from crypto analytics firm Glassnode, a record amount of BTC changed hands near the current spot price.

Bitcoin: 'Big move coming' thanks to buyer interest

BTC price action may have stalled near the $30,000 mark, but buyer behavior suggests that there is significant demand for the largest cryptocurrency here and now.

Glassnode, which monitors unspent transaction outputs (UTXO), shows that $30,200 is the price at which the largest number was created.

The figures come from the firm’s Entity-Adjusted URPD, or UTXO Realized Price Distribution metric. This counts UTXOs but discards two important transaction types that could give a false impression of demand.

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XRP is not a security, Celsius CEO arrested on criminal charges, and more: Hodler’s Digest, July 9-15

Top Stories This Week

Judge rules XRP is not a security in SEC’s case against Ripple

Ripple Labs scored a victory in a district court in New York on July 13, with Judge Analisa Torres ruling partially in favor of the company in a case brought forth by the U.S. Securities and Exchange Commission (SEC) dating back to 2020. According to court documents, Judge Torres granted summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security, but only in regard to programmatic sales on digital asset exchanges. XRP’s price skyrocketed within minutes of the news breaking. The case has been ongoing since December 2020, when the SEC sued Ripple and two of its executives over allegations of offering an unregistered security. Despite the positive outcome, several lawyers warned against celebrating too soon, noting the ruling is only partial and does not set a precedent. In addition, the SEC may appeal the decision, which could result in a reversal by a higher court.

XRP becomes 4th largest crypto after Ripple’s partial win over SEC

XRP has become the fourth-largest cryptocurrency by market capitalization this week after Ripple’s partial victory over the SEC. The price of XRP surged as much as 98% in the hours following the decision, reaching as high as $0.93, according to data from TradingView. Meanwhile, its market cap surged a whopping $21.2 billion to reach a new yearly high of $46.1 billion. The new ruling has also sparked a fresh wave of re-listing activity from mainstay U.S. exchanges, with Coinbase, Kraken and iTrustCapital making the token available for trading on their respective platforms.

Celsius Network fined $4.7B by FTC, and CEO arrested under criminal fraud charges

U.S. authorities have announced charges against the former CEO of bankrupt crypto lender Celsius, Alex Mashinsky, over securities fraud, commodities fraud and wire fraud. Former chief revenue officer Roni Cohen-Pavon and Mashinsky will also face charges of conspiracy, securities fraud, market manipulation and wire fraud related to manipulating the price of the Celsius token. Authorities arrested Mashinsky as part of the indictment, which includes seven criminal counts. In parallel, the Commodity Futures Trading Commission announced a complaint against Celsius along with a $4.7 billion fine, claiming its co-founders marketed the platform as a “safe place” for consumers to deposit their cryptocurrency while misappropriating over $4 billion in consumers’ assets. Under similar allegations, the SEC also filed a lawsuit against the company. While Celsius is cooperating with regulators, Mashinsky pleaded not guilty to charges of misleading customers and inflating the CEL token.

Europe’s first spot Bitcoin ETF eyes 2023 debut after year-long delay

Europe’s first spot Bitcoin exchange-traded fund (ETF) is set to debut later this year after a long delay. The Bitcoin ETF, created by London-based Jacobi Asset Management, was set to debut in July 2022 but was postponed due to market conditions. The asset manager now sees a gradual shift in demand compared with 2022. A related development also took place in Argentina this week, as the nation welcomed its first Bitcoin futures contract. According to Matba Rofex, the trading platform behind the investment vehicle, it is the first Bitcoin futures contract in Latin America.

Binance has reportedly laid off hundreds of employees in recent weeks. According to former employees, cuts were global and customer service workers were heavily affected, particularly in India. Including this week’s layoffs, over 1,000 employees have lost their jobs at the exchange. Before the slash, Binance’s global headcount was estimated at 8,000. The reorganization could cost Binance more than a third of its staff. The crypto exchange announced the 20% reduction in staff on May 31, claiming it was not downsizing but reallocating resources amid the ongoing crackdown in the United States. Binance’s most enduring challenge is reportedly an ongoing investigation of its activities and executives by the U.S. Justice Department.

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Cardano price turns bullish, but is there substance to the ADA rally?

Cardano experienced a remarkable price surge of 23.9% on July 13, leaving investors curious about the potential for further gains. This significant rally comes on the heels of a favorable judicial decision regarding XRP (XRP), leading many to question if Cardano (ADA) has what it takes to break above the $0.40 mark.

Cardano 1-day price in USD at Coinbase. Source: TradingView

There are three reasons to support Cardano’s bullish momentum, including its potential to integrate other blockchains, increased activity in decentralized applications (DApps) and the decreased regulatory risk, although the latest XRP event requires a more cautious approach.

SEC actions specifically named ADA as a potential security

Cardano and its ADA token found itself in the spotlight as the United States Securities and Exchange Commission (SEC) referred to it as a potential security during the recent court actions against the Coinbase and Binance exchanges. However, it’s important to distinguish that while the staking offering may be considered a security, it does not pose a direct risk to Cardano or its development companies.

Following the SEC’s remarks in June, ADA faced a 36% correction, dropping to $0.24. However, the XRP ruling on July 13 helped alleviate regulatory risks, leading to a boost in the rally of ADA and other coins impacted by the regulator's comments.

The idea of implementing sidechains sparked additional interest

After a recent video shared by John Woods, chief technology officer at the Algorand Foundation, Charles Hoskinson, founder of Cardano, proposed incorporating Algorand (ALGO) as a Cardano sidechain.

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Solana price hits a 2023 high, but do strong fundamentals back the SOL rally?

Solana (SOL) price briefly surged to a new year-to-date peak on June 14 after Ripple’s partial win against the U.S. Securities Exchange and Commission in the case contesting XRP’s position as a security. 

The token recorded gains of 48.09%, reaching a peak of $32.40 as news of the court ruling spread, before retracing below the $30.00 level.

The positive gains following the verdict not only eliminated the losses from June 2023 when the SEC considered SOL a security in its lawsuit against Binance and Coinbase, but also reclaimed levels not seen since the FTX collapse in November 2022.

However, the network's usage and market charts suggest that a long-term bullish price trend is unlikely, with the $30 level forming a crucial resistance level.

Solana ecosystem growth stalls

The total fees paid on Solana are still ranging below Q3 2022 levels, per Token Terminal data, referring to a time before the FTX collapse, suggesting that the network’s activity has failed to revive completely.

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Bitcoin spending copies history as metric flags ‘1st stage bull market’

Bitcoin (BTC) long-term holders are coming back to life as BTC price increases, the latest analysis confirms.

In a tweet on July 13, Philip Swift, creator of on-chain data resource LookIntoBitcoin, revealed classic bull market behavior among “older” BTC investors.

Value Days Destroyed Multiple prints BTC price bull signal 

Bitcoin’s current price cycle may be dividing opinions when it comes to how high BTC’s price could go, but one thing is for sure: Hodler behavior is the same.

Thanks to BTC/USD more than doubling in 2023, on-chain spending velocity is up, indicative of profit-taking activity.

Uploading a chart of the Value Days Destroyed (VDD) Multiple, Swift suggested that the current cycle barely differs from all previous ones in this regard.

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