"Tact is the ability to describe others as they see themselves."
–Abraham Lincoln
Powered by Wubits - don't pay to "Xweet," get paid to engage.
READ
Happy Tuesday Folks! Bitcoin is trading down at $70,380 down from $72,318 yesterday but up from $66,576 last Tuesday. Will the halving be a buy the rumor, sell the news event?
CURRENT NEWS
Galaxy Digital CEO Mike Novogratz is bullish on Bitcoin because he is convinced that the US Federal Reserve is going to cut rates, but the odds of three rate cuts in 2024 look increasingly dim.(2) Consumer trust in cryptocurrencies, notably Bitcoin, sees an uptick according to a recent Deutsche Bank survey, signaling evolving sentiments amid lingering concerns over price volatility.
I put out a poll on X (with still 12 hours to go), asking folks if they thought the Bitcoin Halving will be a buy the rumor, sell the news event, and so far the majority agree with Arthur Hayes who believes that it could be negative before and after the halving but he's perennially long as F*ck;(10) Peter Brandt also appears to think a halving correction will happen.
As I've always said, have enough Bitcoin that if the price popped it would move the needle for you and if it dropped, have some dry powder to BTFD; otherwise remain calm, and chill. A pattern in the holdings of the Bitcoin long-term holders may suggest that the current bull run is 40% of the way to completion. Meanwhile, Metaplanet just invested 1 billion JPY into Bitcoin, and has adopted it as its “core treasury reserve asset;” stock price soars.(4)
Spot Bitcoin ETFs outflow net $224M despite BTC’s jump above $72K. SEC defers decision on Bitwise, Grayscale Bitcoin ETF options. The April 8 delay decision impacts proposed options trading on spot Bitcoin ETFs on the New York Stock Exchange, namely those from Bitwise and Grayscale.
Ethereum boosts 8% amid ‘ultra-strong’ social and market activity. Toncoin hits all-time high price, flipping Cardano out of top 10.(3)
WATCH
LISTEN
Podcasts of the Day: #1339 Robert Mitchnick | The REAL Reason Why Blackrock is Buying Bitcoin | TPP
TIME MACHINE
A month ago, MicroStrategy announced that it has completed its previously announced offering of 0.625% convertible senior notes due 2030 on March 8, 2024 and bought another 12,000 $BTC after raising over $800M from those convertible notes.(6)
A few weeks ago, Bitcoin whales were "increasingly cashing out," but the number of new “millionaire” wallets for Bitcoin (BTC) has risen to about 1,500 daily after the cryptocurrency’s price surged to $72,000 recently. However, this increase is modest compared to the daily creation of new millionaires during the previous bull market.(2) Biden proposes 30% tax on crypto mining electricity to address environmental concerns and the tax to be introduced over three years, aiming to reduce mining's environmental impact; critics argue the move could stifle US crypto industry growth, citing alternative motives.(2) and actual news continue to be sparse. 90% of the news published is focused solely on the price of Bitcoin or other altcoins and 90% of those are from the so called ANALyst and Crypto Twitter (CT) personalities. As Bitcoin reached a feverish $73K the up only narrative and $100K by halving day ruled the airwaves and now the pull back; retracement. Meanwhile, Japan's state pension fund, GPIF, is seeking information about Bitcoin as part of a broader strategy initiated in response to significant economic and societal changes and technological advancements.(2)
A couple weeks ago, Goldman Sachs' says clients are showing more interest in the Cryptocurrency markets again and(4) the SEC sought $2B fine from Ripple and they will probably get it; it's pay to play.(3)
Last week, according to Arkham Intelligence data, Tether recently purchased another 8,889 BTC; they now holds $5B in $BTC(3) and Major altcoins like ETH and SOL also face losses, mirroring BTC's downturn.(5)
Yesterday, Bitcoin price broke out of the triangle pattern during the intra-day trading hours today, expecting a 21% rally ($80K price target) and on the long-term outlook, BTC follows the Wyckoff pattern, which suggests that price upside is highly likely; long-term holders, however, are realizing profits, and historically, this has proven to be a drawing-inducing event.
