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The Wolf Den #573 - Is Nancy Pelosi A Trading Genius?

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September 6 · Issue #573 · View online
The Wolf Den Crypto Newsletter
Welcome to The Wolf Den! This is where I share my ideas about the market, technical analysis, education and advice regarding trader psychology and emotional control. The newsletter is released every weekday and is completely FREE.
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In This Issue:
  1. Is Nancy Pelosi A Trading Genius?
  2. Bitcoin Thoughts And Analysis
  3. Altcoin Charts
  4. Legacy Markets
  5. Binance Delists USDC
  6. Who Is Supporting The Ethereum Hard Fork?
  7. Vitalik Wrote A Book
  8. My Recommended Platforms And Tools
Is Nancy Pelosi A Trading Genius?
Want to see a non-crypto chart that resembles a volatile shitcoin? Go on Google Trends and search “Nancy Pelosi Stock.”
The entire investment world is obsessed with the Pelosis, and not for good reason. Nancy’s husband Paul has wildly outperformed the market, trading stocks that are directly impacted by the decisions of politicians. And if age tells us anything, the Pelosis (both 82 years old) might not have even entered their investing prime. After all, Warren Buffet is still going strong at 92…
Here is a great list of their trades, and those of other politicians.
Unusual Political Trading
Let’s look at the Pelosis’ most recent controversial trade, Nvidia. For those that don’t know, Nvidia ($NVDA) is a popular tech company that is responsible for manufacturing chips used around the world. It’s stock movement is often subject to regulation and the whims of politicians. It is, therefore, the perfect company for insiders.
Let’s see how the Pelosis have traded $NVDA.
It was revealed recently that on July 26th, Paul sold 25,000 shares of $NVDA. These shares were purchased in advance of the CHIPS Plus Act, which Pelosi had direct involvement in passing. This purchase was heavily criticized and scrutinized.
But Paul lost $341,365. Not so good for an insider right? Well, since that sale, the stock has continued to drop from its late 2021 highs, down nearly 60% overall. So why did they sell?
One day after the sale, the Senate signed the CHIPS Plus Act, which should have theoretically helped Nvidia, but the stock continued to drop. That’s not the whole story - maybe their trade was smarter than we think.
Just last week, an SEC filing revealed that the U.S government restricted the sale of chips to Russia and China, directly hurting Nvidia and sending stock prices lower. The decision will reportedly cost Nvidia $400M in sales, a significant impairment. Did the Pelosis’ see this coming and sell to avoid a larger loss? Well, probably.
This activity only scratches the surface of insider trading by elected officials. It has become the norm, and is seemingly perfectly acceptable in the eyes of the SEC for politicians to purchase stock and the push legislation that directly helps the investment. This is past the point of coincidence. Trading on Capitol Hill must end.
Bitcoin Thoughts And Analysis
DAILY CHART
Bitcoin has spent the last 11 days trading between $19,500 and $20,500. This is about as range bound and sideways as it gets. Utterly forgettable for the moment.
Altcoin Charts
I do NOT share signals in this section. I share setups and charts that I am watching, in an effort to help show you how I view a chart and what criteria would be necessary for me to consider taking a trade. NEVER blindly buy something because it is listed in a newsletter or posted on twitter. You need to have a plan when you enter a trade. These are just ideas, and are almost always “if, then” scenarios. If a certain set of things happen, then I would consider a trade.
ETH/USDT
ETH is trading right at the 50 MA on the daily, a strong resistance that many view is key to a trend change. Watch this blue line on the daily - a break above “should” signal more upside. The 200 MA looms above.
Legacy Markets
Stock Market Today: Dow, S&P Live Updates for Sept. 6 - Bloomberg
What to watch this week:
  • Apple event due to feature new iPhones, watches, Wednesday
  • Bank of England Governor Andrew Bailey at Treasury Committee, Wednesday
  • Fed’s Beige Book of regional economic activity, Wednesday
  • Cleveland Fed President Loretta Mester due to speak, Wednesday
  • European Central Bank rate decision, Thursday
  • Fed Chair Jerome Powell speaks at a Cato Institute conference in Washington, Thursday
  • Reserve Bank of Australia Governor Philip Lowe speaks at event, Thursday
  • China PPI, aggregate financing, money supply, new yuan loans, Friday
  • EU energy ministers extraordinary meeting on emergency intervention in electricity markets, Friday
Some of the main moves in markets:
Stocks
  • Futures on the S&P 500 rose 0.6% as of 6:04 a.m. New York time
  • Futures on the Nasdaq 100 rose 0.7%
  • Futures on the Dow Jones Industrial Average rose 0.6%
  • The Stoxx Europe 600 rose 0.6%
  • The MSCI World index was little changed
Currencies
  • The Bloomberg Dollar Spot Index was little changed
  • The euro rose 0.2% to $0.9952
  • The British pound rose 0.7% to $1.1598
  • The Japanese yen fell 0.8% to 141.69 per dollar
Bonds
  • The yield on 10-year Treasuries advanced six basis points to 3.25%
  • Germany’s 10-year yield declined two basis points to 1.54%
  • Britain’s 10-year yield advanced three basis points to 2.97%
Commodities
  • West Texas Intermediate crude fell 0.2% to $86.71 a barrel
  • Gold futures were little changed
Binance Delists USDC
Binance to Stop Supporting Second-Biggest Stablecoin, USD Coin (USDC), in Favor of Binance USD (BUSD)
Effective at the end of this month, all stablecoin balances of USDC, USDP, and TUSD will be auto-converted into BUSD at a ratio of 1:1 on Binance. Alongside the consolidation, a large number of trading pairs linked to these coins will be delisted as well. The list is as follows:
USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT, ADA/USDC, ATOM/USDC, AUD/USDC, BCH/USDC, BNB/USDC, BTC/USDC, BTTC/USDC, EOS/USDC, ETH/USDC, LINK/USDC, LTC/USDC, SOL/USDC, TRX/USDC, WIN/USDC, XRP/USDC, ZEC/USDC, BNB/USDP, BTC/USDP, ETH/USDP, ADA/TUSD, BNB/TUSD, BTC/TUSD, ETH/TUSD, TRX/TUSD, XRP/TUSD.
Stablecoins in margin and lending accounts will also be converted.
Binance is basically telling its competitors to get lost and telling its customers to use their product. Plus, Binance is still allowing its users to withdraw the tokens if they chose to do so after the update. If you want to read further, you can peruse the official announcement HERE.
Who Is Supporting The Ethereum Hard Fork?
Playing the Merge: How to Get Free Money From Ethereum's PoS Upgrade - Crypto Briefing
With roughly 7 days until the merge , I wanted to briefly recap who is supporting the hard fork. Poloniex was the first to act, and already has a market trading the new coin. Poloniex users will receive ETHW. Binance, MexC Global, OKX, and Gate.io will also credit users’ accounts with a 1:1 ratio of ETH and ETHW tokens. BitMex has launched an ETHW futures contract, leaving Coinbase, FTX, and Kraken on the fence. If any major changes occur, I’ll make sure to cover them here.
Vitalik Wrote A Book
vitalik.eth
"Proof of Stake", the (physical and digital) book compiling various writings I've made over the last ~10 years, will be out in a month!

You can get a signed digital copy and NFT here: https://t.co/RCZPHs9rpe

My share of the proceeds all goes to @gitcoin grants public goods!
Did you know that Vitalik was one of the founders and original authors of Bitcoin Magazine? He’s come a long way. Vitalik recently wrote a book on Ethereum titled, “Proof of Stake.” The physical copy releases on September 17th, right after the merge, but you can also buy a digital copy that’s signed by Vitalik. For those curious, 90% of proceeds go to the Gitcoin Grants matching pool and 10% to the publishing partner.
This is a short description of the book, “These writings, collected from his essays before and during the rise of Ethereum, reveal Buterin to be a vivid and imaginative writer, with context from media studies scholar Nathan Schneider. While many around him were focused on seeing the value of their tokens rise, he was working through the problems and possibilities of crafting an Internet-native world.
My Recommended Platforms, Tools And Podcast Sponsors
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Follow me on Twitter at @scottmelker. This is where I am constantly updating my trades and sharing ideas.
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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.
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