"One who deceives will always find those who allow themselves to be deceived."
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Top Performing Assets (24 Hours): $BTC 2.76% | $ETH 2.39% | $SOL 1.84%
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Happy Monday Folks! Bitcoin is trading up at a insane $72,001 and up from $65,055 a week ago.
CURRENT NEWS
JUST IN: “MicroStrategy announced today that it has completed its previously announced offering of 0.625% convertible senior notes due 2030 on March 8, 2024. MicroStrategy Buys Another 12,000 BTC After Raising Over $800M From Convertible Notes.(6)
Today, Bitcoin flips silver(2) as it breaks above $71K on the verge of pushing toward $100K by halving day (April 15th) as $100B is added.(10) However, Coinbase believes the market could face some short-term headwinds. UK's FCA opens the door for institutional investors to build Crypto-backed ETN market and London stock exchange to accept Bitcoin/Ethereum ETNs;(4) Mudrex offer U.S. Bitcoin ETFs to Indian investors.
Bitcoin CME futures' open interest reaches record high of $10B and Bitcoin miner treasuries now worth $131B — a new all-time high. Bitcoin miner Bitfarms purchases additional 51,908 ASICs amid bull market. Crypto funds weekly inflows surge to record of $2.7B.
Halving Day Happening Sooner Than We Think
Alex Kruger believes Bitcoin is now in a supercycle and will run over $100K. Balaji Srinivasan argued that Bitcoin is the only realistic solution to escape the inevitability of unsustainable government spending and potential asset confiscation.(2) Institutions representing “trillions of dollars” in assets are expected to buy into spot Bitcoin ETFs by June this year, says Bitwise’s Matt Hougan. BlackRock CEO Larry Fink says Bitcoin ‘great potential long-term store of value’ if you’re fearful of Government. Bernstein is 'now more convinced' that Bitcoin will hit $150K after massive rally.(2) Willy Woo says $71K is the same as $20K last bull cycle.(2) Michael Saylor believe "Bitcoin is going to eat gold."
$ETH tops $4,000 but it doesn't appear that the ETF is going to get approved anytime soon according to Eric Balchunas and James Seyffart.
Bitcoin & Politics
While Trump appears to be leaning in on Bitcoin, Biden is pushing it further out by proposing a mining tax and Wash Sale rules; of course we have wash sale rules for all other assets only makes sense for Bitcoin as well.
MID-DAY
VanEck cuts fees to zero until the end of March.(2) The current 495,380 BTC in futures open interest is substantial enough to trigger sharp volatility spikes as Bitcoin’s price fluctuates. TD sequential indicator flashes a sell signal on the 12-hour timeframe. Bitcoin’s RSI is overbought on multiple timeframes. Miners are now deemed extremely overpaid, with profitability hitting its highest level since December 2023.
TIME MACHINE
Few weeks ago, Bitcoin struggled a bit but I believe it found it's footing and is pushing higher once again. Edward Snowden calls Bitcoin the "most significant monetary advance since the creation of coinage."(3)
Couple of weeks ago, we continued to hear a lot about the emails from Satoshi and getting a better sense of what he thought as he created Bitcoin. The news continued to be focused on the hack of MicroStrategy's X account which lead to $440K in Crypto being stolen.(6) Meanwhile they slam the buy button once again to the tune of $155M!(6)
Last week, a lot of voices continues to be wildly bullish on Bitcoin's forecast and most believed its headed toward all-time high before the halving. We have a powerful week of economic reports this week which should bring crazy volatility to the market.
Over the weekend, Bill Ackman was pondering if he should buy Bitcoin since it appears to be going on forever; he's probably buying right now.(4)
Top Performing Assets Last Week(24 Hours):$DOGE 13.06% | $ADA 6.62% | $XRP 4.07%
Top Performing Assets 2 Weeks Ago (24 Hours): $ETH 4.04% | $DOGE 3.41% | $SOL 2.44%
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Podcasts of the Day: #488: Freedom Money Will Revive Rural America with Dr. Brooke Miller | TFTC
