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–Albert Einstein
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Happy Tuesday Folks! Bitcoin is trading up at $70,682 which is up from $66,944 and up from $62,268 last Tuesday. Can $BTC continue to press higher and take out the ATH at around $73K this week?
CURRENT NEWS
Today, Bitcoin reached $71K as the outflows from the ETFs have paused; local bottom is now around $56K. The ETFs break a five-day trend with Fidelity accelerating acquisitions.(2) They continue to gobble up Bitcoin as if there are not going to be any left; in fact they are right - only 21M and those are going fast. 52K $BTC were accumulated on Sunday. Yesterday it appears that Gold miner Nilam Resources is looking to acquire 24,800 $BTC in the acquisition of another company they plan to rename to Mindwave.
The Ethereum ETF seems to be following the same path the Bitcoin ETF did; will it be approved this year or next? Grayscale believes approval is strong.(2) Meanwhile $ETH is pushing strong toward $4K once again.
SEC seeks $2B fine from Ripple and they will probably get it; it's pay to play.(3) Ripple say they are well positioned to pay the fine.
WATCH
LISTEN
Podcasts of the Day: Get Ready For The Massive Bitcoin Rally | Global Easing Cycle | Macro Monday | TWOAS
TIME MACHINE
A month ago, I said...Bitcoin continued to struggle right around $52.5K. If it can break that level I believe we will see high $60K - guess what? Went much higher than I ever imagined! It jumped over $57K and adding $140B daily; liquidating the shorts.(4) In addition, MicroStrategy slammed the buy button once again to the tune of $155M worth of $BTC!(6)
A few weeks ago, Bitcoin ETF inflows reached $562M as Bitcoin was eyeing all-time highs but within inches it pulls back to $66K ($500M in long liquidations (2)) and is once again trying to rally back up; traders dismiss a triple top. BOOM! ATH reached .... and it's gone. lol (5) 100% of Bitcoin wallets are now in profit. 45% of all Bitcoin hasn't moved in more than 3 years. Bitcoin has flipped Silver.
A couple weeks ago, MicroStrategy announced that it has completed its previously announced offering of 0.625% convertible senior notes due 2030 on March 8, 2024 and bought another 12,000 $BTC after raising over $800M from those convertible notes.(6)
Last week, Bitcoin whales were "increasingly cashing out," but the number of new “millionaire” wallets for Bitcoin (BTC) has risen to about 1,500 daily after the cryptocurrency’s price surged to $72,000 recently. However, this increase is modest compared to the daily creation of new millionaires during the previous bull market.(2) Biden proposes 30% tax on crypto mining electricity to address environmental concerns and the tax to be introduced over three years, aiming to reduce mining's environmental impact; critics argue the move could stifle US crypto industry growth, citing alternative motives.(2) and actual news continue to be sparse. 90% of the news published is focused solely on the price of Bitcoin or other altcoins and 90% of those are from the so called ANALyst and Crypto Twitter (CT) personalities. As Bitcoin reached a feverish $73K the up only narrative and $100K by halving day ruled the airwaves and now the pull back; retracement. Meanwhile, Japan's state pension fund, GPIF, is seeking information about Bitcoin as part of a broader strategy initiated in response to significant economic and societal changes and technological advancements.(2)
Yesterday, Goldman Sachs' says clients are showing more interest in the Cryptocurrency markets again.(4)
