"What matters in life is not what happens to you but what you remember and how you remember it."
–Gabriel García Márquez
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Happy Saturday Folks! As I type Bitcoin is trading at 64,572. Bitcoin is down $2,217 M-F and week over week it's down $3,245. Last week I said $65K before $75K and we did. Last weeks ago the Fear and Greed Index was at 81 and today it's 73; that is good.
MY HOT TAKE
Well looks like the pull back was not short lived and if fact we did get a bit of a dead cat bounce when $BTC quickly rallied from 61K to $67.5K (possible a result of the news that MicroStrategy bought the top - another $623M purchased) but now the real test - can $BTC close above $70K this week? It doesn't appear we will see $100K by halving day. We have less than 5000 blocks left to mine and halving day might occur right around my birthday; current day shown by Nice Hash is April 21, 2024 and Bitbo shows April 19, 2024.
This week we saw Whales cashing out but new millionaire wallets continue to be rising; 1,500 daily after that surge to $72K so as can be assumed those wallets are not loner in millionaire status. But that doesn't really matter because Japan's state pension fund (the largest in the world) is now considering allocating a portion to Bitcoin and Carson Group and Grant Engelbart are allocating 3.5% of their client's portfolio to Bitcoin. This should tell you something right?
Grayscale hinted that they will continue to lower their ETF fees and BlackRock changed the game a bit by launching a digital fund with $100M on Ethereum and its wallet was immediately flooded with CryptoDickButts and memecoins. Since that created such a stir they had to come out and say most customers are interested in Bitcoin NOT Ethereum. However, Ethereum continues to get the most attention as the SEC again delayed Grayscale $ETH ETF and reconsiders if it's a security or not; Coinbase came out and defended it saying it's not a security. Also the Ethereum Foundation is being investigated by an unidentified government agency.
Ripple continues to play the long game and now the XRPL AMM will support various Cryptocurrencies not just $XRP. Not alot going on with the other Altcoins in the top 10 except Coinbase has decided to launch cash-settled futures for $DOGE, $LTC, and $BCH; hate them but it's happening.
As the week came to a close WisdomTree got the green light to launch their Blockchain-enabled app in NYC; if you've been around you know that's not an easy task.
I'll be adding news as it flows in over the weekend below, but that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
WEEKEND NEWS
Well it appears the GBTC outflows are decreasing and this might lead to a clear path to return to new all-time highs for Bitcoin. "Mr. 100" has been doxxed and now we know it's an Upbit wallet. Bitcoin demand in Argentina reaches peak in nearly two years.
