"Little minds are tamed and subdued by misfortune; but great minds rise above them."
–Washington Irving
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Top Performing Assets (24 Hours): $XRP 1.11% | $ETH 0.47% | $BNB 0.30%
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Happy Tuesday Folks! Bitcoin is trading up at $52,254. Bitcoin continues to struggle right around $52.5K. If it can break that level I believe we will see high $60K. Let's get on with the news...
SUMMARY
Yesterday, Edward Snowden called Bitcoin the "most significant monetary advance since the creation of coinage."(3) Today, Ethereum continues its strong run, pushing higher toward $3K and it hit shortly after publishing.(5)
A week ago, Bitcoin continued its strong rally and had just crossed $51K(6) and Peter Thiel's Founders Fund invested $200M in Bitcoin and Ethereum demonstrating confidence in crypto.(6)
Bitcoin got rejected at the $53K level but there is still $22B open interest that remains; Whales refuse to short. The market setup for Bitcoin remains "very strong" says Richard Galvin and the sentiment remains strong that $69K could come before a strong pull back. Navin Gupta, Crystal CEO, says Bitcoin ETFs will drive institutional adoption and company growth. BlackRock has just released another ad. $200M in $ETH was liquidated as a result of the pump to $3K. Dogecoin just surpassed 1M daily transactions in February.
Coinbase Bitcoin holdings drop to 9-year low and option traders take $20M bet to hedge against price drop to $47K. Bitcoin whales have decided it's not worth it to try to short $BTC. CME will be launching a Euro-denominated micro Bitcoin and Ether futures next month.
MID-DAY
Bitcoin price dipped and now it's pushing back toward $53K once again as Bitcoin Open Interest is near an alarming amount - $24B; will this put bulls at risk? Arthur Hayes says that the "supercycle of Tech and money priting" could create the biggest Crypto bull market in history. Ophelia Snyder, 21Shares President, believes ETF market will shrink before it expands. That said, VanEck Spot Bitcoin ETF just blasted off 1000% Will we see an XRP ETF? Michael Saylor says $BTC is the exit strategy and reiterates that he will buy Bitcoin forever; the "demand for $BTC is 10x the supply."(2) Brad Garlinghouse is definitely open to it happening.
Bitcoin & Politics
John Deaton, a pro-XRP lawyer, is running against Elizabeth Warren and released his campaign video today; however he doesn't mention Crypto in his video at all.
WATCH
LISTEN
Podcast of the Day: #1312 Jim Bianco | Wall Street REALLY Wants Your Bitcoin | TPP
