16 Jun: Dead Cat Bounce or Relief Rally?


“A person will sometimes devote all his life to the development of one part of his body - the wishbone.
- Robert Frost

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Welcome to Thursday Folks! I will be on a plane shortly but more will be added once I land. The contagion continues as Celsius calls on Citigroup for options after liquidity squeeze and now they have another problem; BitBoy is suing them. Liquidity provider is asking platforms to freeze 3AC funds to recover assets after litigation.

Dead cat bounce or relief rally? Apparently there are 3 metrics that suggest the Bitcoin price crash is not over but in the meantime, after massive volatility, BTC bounced off $20K and altcoins have recovered double-digits. However, Novogratz believe if the Fed stops raising interest rates, Bitcoin will rally. Jurrien Timmer from Fidelity believes Bitcoin is cheap; undervalue and oversold.

One of Bitcoin's biggest Whales is now in accumulation mode and stockpiled $20MM in BTC. 71% of high net worth individuals have invested in digital assets and more will come; meanwhile it appears private capital is fleeing Crypto. Central African Republic president continues to urge his citizens to understand Bitcoin; which can bring long-term prosperity. 

Cathie Wood believes the Celsius freeze created and arbitrage opportunity in Ethereum and Stablecoins total supply dropped sharply for the first time ever in Q2. Ensure you listen to the Podcast of the day as Peter Doyle talks about a crisis in all markets, Greg Foss tells us how to behave in a bear market, and Lyn Alden tells us why the ECB is trapped; much more.

CRYPTO CARNAGE CONTAGION CONTINUES

  • Three Arrows Capital has failed to meet margin calls: Report (Cointelegraph | TB | Blockworks | TDH)
  • Celsius Undergoing Restructuring Process With Attorneys To Address Potential Insolvency: Report (TDH | BIC)
  • Celsius Calls on Citigroup for Options After Liquidity Squeeze, Report Says (Blockworks)
  • Alex Mashinsky Breaks Silence: Celsius Team Working Around the Clock (Cointelegraph)
  • 5th Regulator Investigates Beleaguered Crypto Lender Celsius (Blockworks | Cointelegraph)
  • Celsius investors 'unlikely' to provide bail-out funds: WSJ (TB)
  • BlockFi among firms that liquidated Three Arrows collateral: FT (TB)
  • Hindsight 20/20: The ‘Missed’ Signs Of The Celsius Insolvency (Bitcoinist)
  • BitBoy founder threatens class action lawsuit against Celsius (Cointelegraph | BIC)
  • Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation (Cointelegraph | Blockworks)
  • Who’s Firing—And Still Hiring—During the Bitcoin Bear Market (Decrypt)

BITCOIN

  • Bitcoin traders expect a ‘long consolidation’ phase now that BTC trades below $21K (Cointelegraph)
  • Bitcoin Trading Volume Surges To Highest Since Dec 2021 (Bitcoinist)
  • 'Buy Bitcoin, plant a tree, lower your time preference': a Sequoia story (Cointelegraph)

Bullish

  • Further downside is expected, but multiple data points suggest Bitcoin is undervalued (Cointelegraph)
  • Biggest Bitcoin Whale in Existence in Accumulation Mode, Stockpiles $20,900,000 in BTC (TDH)
  • Largest Whale Inflow of $116,000 BTC Spotted; What Might It Mean for Price? (UToday | Finbold)
  • Bitcoin (BTC) Creates Bullish Hammer Candlestick (BIC)
  • After Massive Volatility, BTC Bounced Off $20K, Altcoins Recover Double-Digits (Market Watch) (CryptoPotato)
  • 71% of high net worth individuals have invested in digital assets: Survey (Cointelegraph)
  • CAR president urges citizens to understand Bitcoin to bring long-term prosperity (Cointelegraph | CryptoPotato)

Bearish

  • Further downside is expected, but multiple data points suggest Bitcoin is undervalued (Cointelegraph)
  • BTC price rejects at $23K as US dollar declines from fresh 20-year highs (Cointelegraph)
  • These 3 metrics suggest the Bitcoin price crash is not over (Cointelegraph)
  • Exit Strategy: Why Private Capital Is Fleeing Crypto (Bitcoinist)

GOING DOWN WITH THE SHIP: BITCOIN OR NOTHING

ETHEREUM

  • Ethereum sell-off resumes with ETH price risking another 25% decline in June (Cointelegraph)
  • Ethereum Jumps 10% as Bitcoin and Crypto Markets Stage Mini Rally (Decrypt)

ALTCOINS

  • SOL price trending toward yearly low as Solana TVL drops $870M in three days (Cointelegraph)
  • Solana, Tron and Dogecoin Post Double-Digit Gains Amid General Market Relief Rally (UToday)

STABLECOINS

ANALYST'S CORNER

  • Cathie Wood: Celsius’ Withdrawal Freeze Created Ethereum ($ETH) Arbitrage Opportunity, Says Ark Invest Analyst (Cryptoglobe)
  • ‘Builders rejoice’: Experts on why bear markets are good for Bitcoin (Cointelegraph)

Bullish

  • PWC: Bitcoin Could Hit $100K By Yearend, Majority Of Fund Managers Predict, Based On Survey (Bitcoinist)
  • Ali Martinez: Crypto analyst sets key levels to break for Bitcoin to run above $24,000 (Finbold)
  • Jurrien Timmer: ‘Cheaper than it looks:’ Fidelity exec says BTC undervalued and oversold (BIC | Cointelegraph)

Bearish

  • Crypto Capo: Analyst Who Called 2022 Crypto Crash Updates Bitcoin and Ethereum Outlooks, Warns There Is Zero Reason To Flip Bullish (TDH)
  • Mike Novogratz: Crypto Billionaire Mike Novogratz Says Bitcoin Will Lead Market Recovery When Interest Rate Hikes Pauses (TDH)
  •  

NOTABLE VOICE

  • Sam Bankman-Fried: SBF Clears the Air on Bitcoin’s Potential for Payments (CrypotoPotato)
  • Brad Garlinghouse: Ripple is Hiring for Hundreds of Roles, But we Have a ‘No A**holes’ Policy (EWN | ZyCrypto)
  • CZ: Richest person in crypto says current correction is ‘normal market behavior’ (Finbold | TDH)
  • Gene Simmons: Kiss Singer Claims He Hasn't Sold His Litecoin and 13 Other Crypto Holdings (UToday)
  • Mark Cuban: Explains Which Crypto Businesses Will Dissappear During the Bear Market (CryptoPotato)
  • Anatoly Yakovenko: Solana’s New Gas Fees Won’t Make the Network 'Expensive,' Says Co-Founder (Decrypt)

ACCEPTANCE

  • Spain’s largest airline Vueling adopts Bitcoin as a payment method for tickets (Finbold)

ETFs/ETNs/ETPs

BLOCKCHAINS

  • Cardano Onboards Native CDN for Non-Fungible Tokens (UToday)
  • Dogecoin Launches New Website for Public Review and Feedback After Nine Months of Development (UToday)

EXCHANGES

  • Kazakhstan to let crypto exchanges open bank accounts (Cointelegraph)

MINING

  • Capitalizing on buyer's market, CleanSpark acquires 1,800 bitcoin miners (BM | TB)
  • Banking uses 56 times more energy than Bitcoin: Valuechain report (Cointelegraph)
  • Resistance is futile! 3 reasons why Bitcoin mining will never go away (Cointelegraph)
  • Public Bitcoin Miners Struggle To Keep Up With Difficulty As BTC Production Declines (Bitcoinist)
  • Rising Energy, Sinking Crypto Prices See Miners Scaling Back (BIC)
  • U.S. town residents push back against world’s largest Bitcoin mining facility due to fears of increased bills (Finbold)
  • Bitcoin mining stock report: Thursday, June 16 (TB)

LEGISLATION/REGULATION/TAXATION

  • US House Wants Assessment of Crypto Investment in 401(K) Accounts (BIC)
  • Bank of Russia backs cross-border crypto payments vs. domestic trade (Cointelegraph)
  • IRS launches ‘Operation Hidden Treasure’ to clamp down on crypto non-taxpayers (Finbold)
  • US Labor Dept. Urged to Rescind Crypto Guidance as Pushback Grows (Blockworks)
  • Regulations and exchange delistings put future of private cryptocurrencies in doubt (Cointelegraph)
  • Portfolio in the red? How tax-loss harvesting can help stem the pain (Cointelegraph)

THE BAD

  • Inverse Finance drained for $1.2 million in a flash loan attack (TB | UToday | ZyCrypto | Cointelegraph)
  • Infamous Kenyan Gang nabbed for hacking credit cards to buy Bitcoin (Finbold)

PODCASTS

  • What Bitcoin Did: The Crisis Across All Markets with Peter Doyle
  • Bitcoin Magazine: How to Behave in a Bitcoin Bear Market w/ Greg Foss
  • Bitcoin Audible: Read_631 - The ECB is Trapped, Here's Why [Lyn Alden]
  • The Scoop: The importance of risk management, according to the CEO of a leading crypto quant trading firm

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TheCryptoCurator
TheCryptoCurator

I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post. If you want to sign up for SMS alerts - text CRYPTO to +1 (214) 380-2013.


The Crypto Curator
The Crypto Curator

I've been exposed to the world of crypto since 2011. Now I use my knowledge to curate the most relevant news articles, podcast, videos, blogs and social media information to help you be in the know in Crypto!

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