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Happy Tuesday Folks! Yup, max pain continues to come and the Crypto market is on life support along with Celsius. Peter Brandt and Arthur Hayes are both saying it could get worse. Dropping below $20K will really create many to rethink the entire industry the same as it did when it dropped from $20K to $3K. Peter is saying his next target is $12,700 if Bitcoin breaks $20K.

Meanwhile there are other signals that lead you to believe it's down but not out. Bank of America survey reveals 90% are planning to buy Crypto this year. Cardano of all assets continue to see inflows from Institutions. NY Mayor is lobbying for the Governor to not sign the Bitcoin mining bill. There isn't a LOT of positive news but I am not ready to throw in the towel. Live to fight another day and look on the bright side - a lot of people are going to become Whole coiners if the price keeps dropping. Who will be crazy or courageous enough to buy? 

I will put in a calendar reminder to come back to this on June 14, 2023 and let's see what the picture looks like :) 

LAYOFFS

• Coinbase to Fire 1,100 Employees (UToday | TB | Blockworks | Cointelegraph | Bitcoinist | ZyCrypto | Coindesk)
• Layoffs Continue with BlockFi and Crypto.com Latest Firms to Shed Staff (BIC | Bitcoinist | Bitcoinist)
  
• Job Security a Growing Concern as Crypto Layoffs Continue (Blockworks)

CELSIUS CARNAGE

• Celsius adds more collateral amid market sell-off to protect their Bitcoin from liquidation (Finbold | CryptoPotato)
  

CRYPTO WATCH

• Did Macro Kill Crypto or Are Risk-laden Lenders to Blame? (Blockworks)
• Crypto Fear and Greed Index Drops Below March 2020 Levels (UToday)
• $1,000 worth BTC bought after Matt Damon’s crypto ad is now worth only $375 (Finbold)
• Market Liquidations Cross $1.22 Billion Following Bitcoin’s Decline Below $23,000 (Bitcoinist)
• Bank of America Survey Reveals 90% Planning to Buy Crypto This Year (BIC | NewsBTC)
• Crypto Markets Erased $300B in Days, Bitcoin Dipped to $20.8K: Market Watch (CryptoPotato)
• MicroStrategy may be forced to sell part of its BTC holdings or add more collateral (Finbold)
• El Salvador’s Fiscal Risk Is Extremely Minimal Despite BTC’s Crash, Says Finance Minister (CryptoPotato | UToday)
  

BITCOIN & ETHEREUM

• Has Bitcoin Hit Bottom Yet? Here’s What On-Chain Data Says (NewsBTC)
• Bitcoin (BTC) Reaches Historic Support at 200W MA (BIC)
• 'Too early' to say Bitcoin price has reclaimed key bear market support — analysis (Cointelegraph)
• Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence (NewsBTC | NewsBTC)
• Bitcoin (BTC) on-Chain Analysis: Mayer Multiple Drops Below March 2020 Levels (BIC)
• Over $1,300,000,000 in Crypto Liquidated in Last 24 Hours As Bitcoin Threatens To Breach $20,000 (TDH)
  
• Bitcoin (BTC) Bounces by 12% Following Drop to $20,855 (BIC | Decrypt | Cointelegraph)
• Ethereum crashed by 94% in 2018 — Will history repeat with ETH price bottoming at $375? (Cointelegraph)

ALTCOINS

• Crypto Gold (PAXG) Goes up 40% Against Bitcoin (BTC) During Latest Collapse (UToday)
• $ADA is ‘Putting in a Higher High, Even After Moving Up 88% Against Ethereum ($ETH) (Cryptoglobe)
• Cardano, XRP Face Institutional Inflows as Investors Draw Funds from Bitcoin and Ethereum (UToday | Finbold | ZyCrypto)
• Solana (SOL) Dominating Institutional Capital Flows for 2022 As Crypto Carnage Continues: CoinShares (TDH)

STABLECOINS

• Payment Service Provider Checkout.com Is Adding Support for Stablecoin $USDC (Cryptoglobe)
  
• Circle Introduces Support for Polygon $USDC (Crpytoglobe)

ANALYST'S CORNER

• Mike Novogratz: Believes Ethereum (ETH) Will Hold $1K(CryptoPotato)
  
• Raoul Pal: Raoul Pal Unveils His "Buy the Dip" Plans as His Opponent Recalls 2008 Disaster (UToday | TDH) 
• Scaramucci: Bitcoin Will Hit $100K In 12 Months, Ex-White House Chief Predicts, Despite Crypto Carnage (Bitcoinist)
• Peter Brandt: Trader Who Nailed Epic Bitcoin 2018 Collapse Says Extreme BTC Correction Looming – $12,700 (TDH)
• Arthur Hayes: Predicts if Bitcoin Breaks 20K Levels, Massive Sell Pressure Is Expected (EWN)
  

NOTABLE VOICES

• CZ: Binance CEO plans to leverage crypto winter (Cointelegraph)
• Alejandro Zelaya: Fiscal Risk of Bitcoin Crash ‘Extremely Minimal’ Says El Salvador Finance Minister (BIC)
• Goldsmith Romero: CFTC’s G. Romero raises the alarm of similarities between crypto now and banks in 2008 (Finbold)
  
• Michael Saylor: 'Nothing issue' — MicroStrategy CEO plans to hodl Bitcoin 'through adversity' (Cointelegraph | UToday | Bitcoinist | BM | Finbold | EWN | BIC | UToday | Bitcoinist | BIC)
• Andrew Bailey: Bank of England Governor discredits crypto saying it has ‘no intrinsic value’ (Finbold)
• Brad Garlinghouse: Explains Why Ripple Has Survived ‘Cyclical Bear Markets’ (Cryptoglobe)
  
• JP Richardson: Taxes of top concern behind Bitcoin salaries, Exodus CEO says (Cointelegraph)

CEFI

• BlockFi fined more than $900K by Iowa as part of broader US regulatory settlement (TB | Cointelegraph)
• Celsius (CEL) price gains 600%+, but analysts cite exchange error and a massive short squeeze (Cointelegraph)

BLOCKCHAINS

• Bitcoin & Ethereum Fees Jump Up As Holders Rush To Sell (Bitcoinist)
• ‘Tons of Projects’ of Cardano-Powered Projects Are ‘Moving Forward Without a Care’ (Cryptoglobe)
• Cardano Launched EVM Sidechain on its Testnet (CryptoPotato)
• $ADA: Is Crypto Space ‘Ready for What Cardano Is Getting Ready To Deliver’? (Cryptoglobe)

EXCHANGES/WALLETS

• Binance to Cease Support for MimbleWimble-Based Litecoin Transactions (BIC)
• What happens if you lose or break your hardware crypto wallet? (Cointelegraph)

MINING

• NY Mayor urges Governor to reject law banning Bitcoin mining in the state (Finbold | Cointelegraph | BIC)
• Bitcoin mining stock report: Tuesday, June 14 (TB)

LEGISLATION/REGULATION

• SEC chair warns about 'too good to be true' returns amid market downturn (Cointelegraph | UToday | Finbold)
• Crypto Market Sell-Off Far From Over As SEC Probes Exchanges For Insider Trading (ZyCrypto | Coindesk)
• Self-Custody Crypto Wallets To Be Targeted by U.S. Treasury, According to Deputy Secretary Wally Adeyemo (TDH)
• EU commissioner reiterates need for 'regulating all crypto-assets' (Cointelegraph)
• Congress preps hearing on 'Future of Digital Assets Regulation' for later this month (TB)
• Brazilian Congressman introduces bill recognizing Bitcoin as means of payment (Finbold | BM | Cointelegraph | CryptoPotato)

PODCASTS

• The Breakdown: Sens. Cynthia Lummis and Kirsten Gillibrand on the Responsible Financial Innovation Act 
• Bitcoin Audible: Reboot - Everyone's A Scammer [Michael Goldstein]
• Bitcoin Magazine: Why every Altcoin will Fail w/ Jimmy Song