"Perfection is attained by slow degrees; it requires the hand of time."
–Voltaire
Powered by Wubits - better than X because it's real people, real connections, and real conversations.
Top Performing Assets (24 Hours): $BTC 4.46% | $XRP 4.27% | $BNB 3.84%
READ
Guess what day it is Folks? HUMPDAY! Bitcoin is trading up at $58,888 after crabwalking last week. I mentioned that there would be wild price action if Bitcoin broke above $53K. I've decided to start highlighting previous weeks data to give you a more comprehensive look at what's going on with Bitcoin, so let's get on with the news...
TIME MACHINE
Couple week ago, Peter Thiel's Founders Fund invested $200M in Bitcoin and Ethereum demonstrating confidence in crypto and Bitcoin crossed $1T in market cap for the second time in history and it remains still above that. Now Bitcoin along is pushing $1.2T and the entire MarketCap is over $2T. Last week, Ethereum continued its strong run, pushing higher above $3K(5) and today it's nearing $3.5K.
CURRENT NEWS
Yesterday, the Spot Bitcoin ETFs have accumulated over 300K $BTC as net inflows rise to $6B.(8) Today, it's all about price as Bitcoin surges past $59K as retail is asleep, eyeing $60K; this is where FOMO kicks in. $60K achieved as the market is now in extreme greed!(3)
However, Crypto traders are now hedging their bets against Bitcoin by buying puts to protect against a sharp decline in price. If Bitcoin does pull back and it loses $56K then we could see massive liquidations; possibly back down to $50K. At this stage signals bullish behavior and impressive short-term gains, it is often followed by an equally swift and drastic reversal. Meanwhile, Dan Tapiero is predicting that if $BTC crushes $70K we go straight to $90K. Ryan Rasmussen, a Senior Crypto Research Analyst at Bitwise, projected a bullish trajectory for Bitcoin, foreseeing a potential price surge to $88,000 by the close of 2024. Benchmark Managing Director and Senior Research Analyst Mark Palmer explained that their basic scenario is that the BTC price is at $125,000 by the end of 2025. Adam Back is predicting $100K by halving day.(2) How much more bullish can we be? Will there not be any pull backs?
Fidelity is now recommending between 1-3% allocation in investors portfolio. Hut 8 is investing in a new Texas facility ahead of the halving. Kraken is launching an institutional arm so they can join in the Bitcoin ETF race.
Russia is approving the use of Crypto for international payments.
The IRS has hired former Binance.US and TaxBit execs to enhance crypto compliance and enforcement efforts.
MID-DAY
$BTC skyrocketed toward $64K(3) within hours of breaking $60K and then Coinbase had a glitch showing accounts with zero(5) - it spooked the market and within minutes Bitcoin pulled back to $58K and is now trading around $61K. The MVRV Z-Score hit 2 signaling we could see a serious pull back to $32K.(3) MicroStrategy's profits are blowing through the roof as Bitcoin pumps and El-Salvador is up 40%.
BlackRock crushes it for a second day in a row and it appears that institutional interest could push $ETH to $4,300.
Morgan Stanley is looking to jump into the ETF game it seems.
Bitcoin miners are looking to consolidate as the halving approaches. Marathon is outperforming all other miners.(3)
Two Binance executives have been arrested in Nigeria - what is going on there?!
Dadvan Yousuf plan to "hoist the Bitcoin flag at the top of the world" (Mt. Everest) to highlight the "global disparity in access to financial education."
WATCH
LISTEN
Podcasts of the Day: BTC171: Bitcoin Tech Update with Alex Leishman | Bitcoin Fundamentals
