"Cherish all your happy moments; they make a fine cushion for old age."
–Booth Tarkington
Powered by Wubits - better than X because it's real people, real connections, and real conversations.
READ
Guess what day it is Folks? HUMPDAY! Bitcoin is trading down at $68,912 from $70,380 but up from $66,480 last week. Well I guess $BTC decided not to boom for my birthday instead it went bust; but my fingers are crossed that by the end of the day it booms!
CURRENT NEWS
Today, is my Birthday so my hope is that Bitcoin can brighten my day with some amazing price action. However, Bitcoin halving’s price influence ‘diminished,’ demand now key driver according to CryptoQuant.(3) CPI data sparked further downside price action as Whales add downward pressure and Bitcoin RSI points to short-term gains as metric signals BTC price top. Bitcoin exchanges reserves at record lows which could create a supply shock and June 28 expiry shows Neutral-to-bullish call options dominate.
Miners keep adding to BTC stockpiles in homestretch before halving as Industry giants Marathon Digital and Riot Platforms together have roughly $3 billion in combined cash and BTC on their balance sheets.
Gen Z more likely to own crypto than stocks and Crypto investment products see record $13.8 Billion inflows with $BTC, $SOL, and $LTC shining. Grayscale CEO Michael Sonnenshein said Bitcoin ETF outflows are reaching equilibrium, that some of the selling connected to settlements of bankrupt crypto companies like FTX is "largely behind us." Van Eck believes that institutional interest in spot Bitcoin ETFs will take time to develop, as broker-dealers have not yet approved them for recommendation by financial advisors. U.S. spot bitcoin ETFs have topped $200 billion in cumulative trading volume just three months after launching, led by major providers like BlackRock.
THE U.S. needs to lead in Bitcoin, says Congressman Patrick McHenry and that cash is king in illicit finance and that Bitcoin is a bastion of freedom as he hopes digital asset bill passage will be his "biggest win." Sen. Cynthia Lummis said there's an effort underway to ensure Republicans trying to take seats from Democrats on the Senate Banking Committee are versed in crypto advocacy. Also, Senators Gillibrand and Lummis to introduce new legislation targeting stablecoin regulation, aiming for financial innovation and the bill addresses regulatory conflicts, classifies stablecoins, and sets strict issuance conditions to combat malpractices; Gillibrand emphasizes the legislation's balance and potential to integrate cryptocurrencies into the mainstream financial system.
WATCH
LISTEN
Podcasts of the Day: BTC177: The Future of Bitcoin Borrowing and Lending w/ Max Kei | Bitcoin Fundamentals
TIME MACHINE
A month ago, Bitcoin nails new all-time high at $73.6K(2) as ETFs continue to eat away at supply; retail HODLers sees massive increase with 277K new accounts. Bitcoin ETFs break another record with $1B inflows in a single day.(2) Tim Draper predicts that El Salvador will become rich and innovative thanks to Bitcoin. Jamie Dimon says he will never buy Bitcoin. Coinbase is raising $1B with convertible notes to pay off other convertible notes.(5) Drake is all about the Bitcoin like MicroStrategy.
A few weeks ago, 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) and the news continues to be as scarce as Bitcoins. Bitcoin on exchanges hits a 4-year low and the demand for Bitcoin continues to increase; will there be a supercycle? At the same time, record outflows from Grayscale's GBTC appears to be keeping downward pressure on the price for now. Bitcoin miners' reserves drop to April lows - just like the price of Bitcoin due to profit taking; the halving is now scheduled to take place on the 15 of April.
A couple weeks ago, the ETFs broke a five-day trend with Fidelity accelerating acquisitions(2) and KuCoin got charged for "multibillion-dollar criminal conspiracy."(7)
Last week, Bitcoin flash crash of 5%, briefly dipping below the $67,000 mark and over $500 million in trader liquidations occur as a result of the price decline. Major altcoins like ETH and SOL also face losses, mirroring BTC's downturn.(5)
Yesterday, Arthur Hayes believed that it could be negative before and after the halving but he's perennially long as F*ck;(10)
