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Happy Monday Folks! Bitcoin is trading down at $40,756.64. Over the weekend we learned that a pastor was charged for running a scam on his members with a worthless token and said God made him do it.(2) Today, Terraform Labs just declared chapter 11 bankruptcy; go figure right?(4)
Crypto adoption continues to grow as owners increase to 34% to 50M by the end of 2023. Normally you hear sell in May and go away, that might not be the case this May; it might be an opportunity to go long. People have asked me about if the number of Bitcoins mined can be changed. Yes it can by the developers BUT the miners will not accept the change. It appears that AI might end up using $BTC, $ETH, and $SOL as currency.
The ETFs now hold 638,900 $BTC worth more than $26B.(3) Meanwhile, it looks like FTX was behind the massive selloff of GBTC(5) and China's currency woes could be weighing on the price of Bitcoin.
Ethereum Foundation sells loaded ETH again and a Whale swoops in to buy.(2) Once the Dencun upgrade is complete, Ethereal layer-2 rollups could benefit significantly from it. DOGE is experiencing a MACD golden cross and could possibly be used for the X payment system.
Tether is nearing $100B market cap after it printed more than 10B in 3 months.
There is a 70% chance that Coinbase will win its case against the SEC.
The scams keep coming and my recommendation to everyone is to stop messing around with these obscure project promising to give you great returns. If it's not in the top 10 on Coinmarketcap and even then I'd be very suss of any project. Bitcoin and Ethereal are tried and true. Investment bank B. Riley is under investigation by the SEC.(2)
AFTERNOON
Bitcoin dropped below $40K for the first time and looks to be headed lower.(2) I still believe $38K or lower before it find its bottom. Arthur Hayes believes the bottom will be somewhere around $35K. SEC is now saying their 2FA was turned on their X account until last summer when they turned it off.(3)
There are two major court cases going on right now that involved the SEC: Coinbase and Binance.
WATCH
LISTEN
Podcast of the Day: Invest As Much As You Can In Bitcoin | Brian Estes | TWOAS
