"If you fell down yesterday, stand up today.."
–H. G. Wells
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Happy Tuesday Folks! Bitcoin is trading up at $39,001.70. Well Bitcoin finally dumped to $38K as the sentiment had been pointing to for the past couple of weeks. Where to from here? It's anyone's guess but lower before higher is what folks are saying. let's get on with the news...
SUMMARY
Yesterday, we learned that FTX was behind the massive selloff from GBTC. Today, we learned that Whales have dumped over $3B and more could be on the way when Mt. Gox begin sending $BTC to creditors in about 60 days.(4)
The Guppy Multiple Moving Average indicator is about to flash a red signal, indicating a strengthening of downward momentum. Meanwhile, Nine spot Bitcoin ETF amass over 100K $BTC in 7 days.(2) However, keep in mind, this pull back is healthy and could be setting $BTC up for an explosive move into the six-figure region. 21M Bitcoin is all there will ever be but could developers change that number? It's possible but not probable. What is more important is Bitcoin's future when it comes to needing to be a fractional reserve asset to accommodate 8B people.
DOGE continues to dominate when it comes to transaction network metric.
Alameda Research will no longer sue Grayscale(3) and ABRA has settled its lawsuit sending funds back to creditors.(5)
Hackers and scammers continue to get more crafty with the way they attempt to trick you, be vigilant and do not trust phone calls, emails, text messages. All of those mediums are how they are tricking people into giving up critical information. It appears MacOS users can also be fooled into downloading fake Exodus wallets so be careful there as well.
WATCH
LISTEN
Podcast of the day: OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever | Unchained
