Coin Club

Week 1 Newsletter, Bitcoin, Ethereum and Trump

Physician on FIRE — Wed, 08 Jan 2025 04:21:28 GMT

Bitcoin conference organizer on Trump's call for U.S. strategic Bitcoin reserve

A strategic cryptocurrency approach challenges traditional banking, hinting at potential shifts in strategy.

President Donald Trump's proposal to create a strategic bitcoin reserve has stirred excitement and debate, capturing the attention of industry leaders.

Roundtable anchor Rob Nelson chatted with David Bailey, the mastermind behind the largest Bitcoin conference and CEO of BTC Inc., to explore the implications of such a move, discussing its potential impact on the Federal Reserve, Treasury, and broader financial system.

"Trump's idea of a strategic bitcoin reserve brings incredible value," said Rob Nelson. "It provides a new way of managing value and opportunity, even if bitcoin doesn't entirely take over." However, he criticized Federal Reserve Chair Jerome Powell's move to answer questions about that proposed plan from the Fed's point of view. Bitcoin's price sold off after a reporter asked about Trump's plan and Powell noted the Fed was not asking for any sort of embrace of Bitcoin.

Bailey emphasized that establishing a bitcoin reserve falls under the Treasury's jurisdiction, not the Federal Reserve's. "The president has full authority via executive order to create a digital Fort Knox," Bailey explained. "This could be a significant component of the U.S. Treasury's strategy to reclaim financial power from the Federal Reserve."

Economic Data Fuels Bitcoin Correction, Wall Street Sell-Off

A sharp Bitcoin price correction triggered by stronger-than-expected U.S. economic indicators has sent shockwaves through markets, pulling down equities like MicroStrategy and Coinbase and raising fresh concerns about the Federal Reserve’s interest rate trajectory for 2025.

Bitcoin’s recent price rally met a sharp reversal as the cryptocurrency fell almost 5% yesterday, coinciding with significant market turbulence across equities and risk assets.

The correction was triggered by fresh U.S. economic data, which dampened expectations for imminent Federal Reserve rate cuts. Stocks, including crypto-related equities like MicroStrategy and Coinbase, also saw steep declines, reflecting the broader risk-off sentiment.

Bitcoin’s Retreat Amid Economic Indicators

The U.S. Bureau of Labor Statistics released data showing a rise in job openings to 8.1 million in November, up from 7.8 million in October and surpassing the 7.7 million forecast, Associated Press reported.

This increase, coupled with the Institute for Supply Management’s (ISM) services index showing acceleration in December activity and rising prices, signaled persistent economic strength and inflationary pressures. Treasury yields climbed in response, with the 10-year yield hitting a high of 4.699%, its highest level since April. Rising yields typically weigh on speculative assets like Bitcoin, which dropped to around $96,200, down 5% in 24 hours.

The broader crypto market reflected this bearish sentiment. Ethereum fell 8.4% to $3,371, and Solana tumbled 8.23% to $199. Total crypto market capitalization declined nearly 6% to $3.37 trillion, per CoinMarketCap data.

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Week 39 Newsletter: XRP moving, Bitcoin and more

Physician on FIRE — Sun, 01 Dec 2024 04:03:41 GMT

Former CFTC Chair Bets SEC Will Drop Ripple-XRP Lawsuit Under Incoming Crypto-Friendly Admin

Former U.S. Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo, known as “Crypto Dad” for his support of blockchain technology, discussed the high-profile U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple over XRP during an interview on Fox Business this week.

The SEC has accused Ripple of violating securities laws by issuing XRP, with a federal court ruling part of the issuance qualified as a security while other parts did not. Giancarlo argued the SEC should reconsider its approach, especially in light of recent legal outcomes and a potentially changing regulatory environment.

When asked if the SEC would drop the Ripple lawsuit, Giancarlo stated:

I think they should … I would bet they would.

In July 2023, U.S. District Judge Analisa Torres ruled that the XRP token was not a security when sold to retail investors through exchanges, but classified it as a security in institutional sales. This decision led the SEC to seek a $2 billion fine against Ripple; however, the court imposed a $125 million penalty instead. In October 2024, Judge Torres denied the SEC’s motion to appeal the ruling, stating the regulator did not demonstrate substantial grounds for a difference of opinion. Despite this, the SEC proceeded to file an appeal with the Second Circuit Court of Appeals, arguing that the decision conflicted with Supreme Court precedents.

Highlighting the mixed results of the Ripple case, Giancarlo emphasized the court’s decision as a significant setback for the SEC. Giancarlo stressed:

I would recommend that it’s time for regulatory agencies to drop a lot of these cases where they’ve lost at the trial.

The former CFTC chief pointed out that a potential shift to a more crypto-friendly administration under President-elect Donald Trump could influence the SEC’s future decisions. The Ripple case has become a pivotal legal battle in the cryptocurrency world, testing the boundaries of securities laws. A pro-crypto administration, should it materialize, could reshape the SEC’s stance on cryptocurrency regulation, including XRP. Giancarlo, who authored a legal analysis arguing that XRP is not a security, has become a vocal advocate for regulatory clarity and a lighter touch in the treatment of digital assets.

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Week 38 Newsletter: Bitcoin boom post election

Physician on FIRE — Tue, 12 Nov 2024 20:55:55 GMT

Bitcoin surged above $89,000 before dropping to $87,000, resulting in over $600 million in futures liquidations across both long and short positions.
This volatility was the highest since BTC briefly surpassed $73,000 earlier in the year.
Altcoins like DOGE, SOL, and APT also saw substantial futures losses, with DOGE experiencing its largest liquidations this year.
DOGE gained over 40%, beating the 24-hour gains for the top 100 tokens.

Bitcoin (BTC) briefly surged above $89,000 in early Asian hours, before correcting to as low as $87,000, in a wild trading session that saw the asset extend 7-day gains to over 32%.

The volatility caused nearly $700 million in liquidations on crypto-tracked futures, impacting both longs and shorts (or bets on higher and lower prices, respectively), with $380 million in bearish traders and $290 million in bullish bets evaporated. Such cumulative losses are the highest since early April, when BTC briefly crossed its previous peak at over $73,000.

Dogecoin (DOGE) was another shining spot in the crypto market, gaining over 40% to near 41 cents as the market celebrated Dogecoin-supporter Elon Musk's proximity to President-elect Donald Trump.

BTC-tracked futures recorded over $200 million in short liquidations, followed by $40 million on bearish ether trades.

Futures of other majors and midcaps, from Solana’s SOL to Aptos (APT) saw over $25 million in losses each — with unusually large figures implying a swift return to riskier bets among crypto traders. These futures typically see liquidations under $5 million in general market conditions.

Annualized funding rates have spiked to over 30% across some altcoin-tracked futures, Coinglass data shows.

BTC zoomed more than 7% in the past 24 hours following an unusually bullish weekend, carrying over sentiment for higher prices after Republican Donald Trump's win at the U.S. presidential elections last week.

A Republican sweep could see total crypto market cap grow to $10 trillion by the end of 2026 from the current $3 trillion mark, bank analysts say, with price targets of $100,000 by the end of this year.

Traders warn of a price correction in the short term, however, with a risk of a leverage washout above the $90,000 level and predictions of a slower ascent from current levels to $100,000.

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Week 37 Newsletter: Boba Network Launch Roundup, Bullish dApp Spotlight and more

Physician on FIRE — Thu, 24 Oct 2024 23:31:22 GMT

TLDR:

- Thrive Boba ecosystem grants program launches

- Boba Liftoff Accelerator program is underway with 11 projects just announced as part of the cohort.

- Bullish Project Highlight: Dmail

Thrive Boba season is officially here, and it’s changing the game for builders looking to make their mark in Web3! If you’re working on something big- specifically in AI, RWA’s, DeFi, gaming, NFTs, or entirely new ground, this is what you’ve been waiting for. The Thrive Boba Ecosystem Grants Program is offering between $10,000 and $35,000 in BOBA tokens to help developers, creators, and entrepreneurs bring their projects to life. It’s open to teams and individuals who are building on Boba Network and have the potential to drive on-chain activity, grow TVL, increase wallet connections, and more. It’s designed to back projects that are building real utility in the Boba ecosystem.

Whether you’re just starting out or scaling an existing project, Thrive Boba is here to help you reach the next level. Grants will be awarded in phases based on your progress—hit your first two milestones, and you unlock 15% of your grant after each one. Complete your final milestone, and you get the remaining 70%. This structure ensures support throughout the development process, making it a great opportunity for those serious about their project’s growth.

Applications for Season 1 will be open through October 31, 2024, with winners being notified by November 19. Projects will need to submit proof of completion by February 25, 2025, to stay eligible for their full grant. With $200,000 in BOBA tokens set aside for this first round, Thrive Boba is positioned to power some of the most innovative projects in the Web3 space.

Thrive Boba is more than just funding, it’s about supporting projects that are shaping the future of decentralized applications on Boba Network. From hybrid compute to seamless scaling and innovation in DeFi, gaming, AI, and beyond, this program backs builders who are driving real change. Ready to apply? It’s straightforward, submit your application through the Thrive Boba platform linked below, outline your milestones, and get ready to level up. The future is here, and if you’re building on Boba, Thrive Boba wants to help you bring it to life. Apply here:

- Boba Liftoff Accelerator program is underway with 11 projects just announced as part of the cohort.

These teams are shaking things up across industries- using blockchain to make an impact. Here’s the lineup of the 11 projects that made the cut from the 273 applicants:

Get ready to see them lift off and accelerate as they scale through the program. Stay tuned for a weekly content series highlighting each project, their innovations, and the impact they're making.

Bullish Project Highlight: Dmail

What is Dmail?

Dmail Network is an AI-powered decentralized communication infrastructure built to provide encrypted emails, unified notifications, and targeted marketing across multiple chains and dApps for users, developers, and marketers.

Dmail has done a top to bottom co-marketing campaign in tandem with their Season 2 airdrop with Boba Network, continuing to help cross pollinate their 16M+ wallets/users with the Boba ecosystem to also engage with their ecosystem dApps like Metaverse HQ (questing), Icecreamswap (Defi), ZNS (ENS) and Epiko (NFT/gaming.) Their innate ability to aggregate users is why we are bullish on Dmail continuing to be a conduit of growth within Boba Network.

Their decentralized messaging will continue to only scale given their network effect and gas efficiency also utilizing Internet Computer Protocol’s cloud storage and infrastructure to make their dApp one of the most scalable projects that we have seen to date.

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Week 36 Newsletter: Bitcoin

Physician on FIRE — Thu, 17 Oct 2024 01:49:32 GMT

TL;DR

BTC is up
Bitcoin dominance is down
Dan Tapiero: Bitcoin's Path to $100K Unaffected by Election
Mt. Gox Delays Repayment to 2025
Supreme Court Clears Silk Road Bitcoin Sale
South Korean SEC Advances Bitcoin ETF Discussions
Peter Todd Refutes Satoshi Claims Amidst HBO Controversy
Bahrain Launches First Bitcoin Fund in GCC
IREN Faces Investor Lawsuit Over Misleading Claims
Mixed Performance Among Bitcoin Miners in September
Ethiopia Expands Bitcoin Mining Power to 600 MW

Bitcoin Price

Crypto is up this week, with BTC being up 0.9% and ETH up 0.7%:

Bitcoin dominance has decreased over the week, starting from 54.5% to a peak of 54.7% and ending at 54.4%. Investor sentiment, regulatory changes, technological advancements, and the overall growth of the cryptocurrency sector shape Bitcoin's market dominance. Its reputation as "digital gold" also enhances its position, making it a key player in the market.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

Bitcoin showed resilience following the release of the latest U.S. Producer Price Index (PPI) report, which revealed higher-than-expected inflationary pressures.

The PPI for September increased by 1.8%, surpassing the forecasted 1.6%, adding to concerns about rising inflation alongside the Consumer Price Index (CPI). Despite this, Bitcoin rebounded from a dip below $59,000, recovering by 4% and reaching as high as $61,500.

The Federal Reserve's recent 0.5% interest rate cut, criticized for being unnecessary by some market commentators, added complexity to the inflation outlook.

Traders remain divided on the Fed’s next move, with an 84% chance of a smaller 0.25% rate cut in November, according to CME Group’s FedWatch Tool.

Despite the inflation curveball, Bitcoin avoided further decline, holding the $60,600 support level, as analysts predict potential upward movements.

Some traders see the possibility of retesting the $62,000 and $65,000 resistance levels in the near term, while others warn that a breakdown below $60,200 could lead to another volatile dip before a potential recovery.

Overall, the market’s reaction indicates growing divergence between crypto assets and traditional stocks as inflation continues to weigh on the broader financial environment.

Bitcoin (BTCUSD) Analysis:

Bitcoin closed at $60,577 on October 11, 2024, showing a 17.09% drop from its yearly high. Short-term and medium-term analyses are negative, with key support at $53,769 and resistance at $66,845. Strong negative momentum and low RSI suggest further declines, though oversold conditions may trigger a rebound. Long-term trends remain neutral, with resistance at $70,000, indicating a hold recommendation for the long term.

Expected Trading Ranges: resistance level at $66,845 and support at $53,769.

Market Outlook

The market outlook for Bitcoin is cautious, with recent weakness below key support levels suggesting potential for further decline. Resistance at $66,845 may hinder upward movement, while oversold conditions could trigger a rebound. Long-term trends remain neutral, with critical resistance at $70,000. Investors should watch key levels for direction.

BTC/ETH ratio has seen an increase:

Over the past six days, the BTC to ETH conversion rate has experienced a net increase. Starting at 25.75 ETH on October 6, the rate dipped to a low of 25.32 ETH on October 10 before rising to 25.66 ETH on October 12. This represents an overall gain of 0.09 ETH during the period, indicating a positive trend despite some fluctuations in the rate.

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Week 35 Newsletter: Bitcoin Dip, Security Breaches and more

Physician on FIRE — Thu, 03 Oct 2024 00:28:49 GMT

Bitcoin Dip and the Iran Escalation

Geopolitical events are affecting the price action on Bitcoin and the altcoin market.

Was it a surprise that markets dumped because of this? Not really.

Markets dump with almost every geopolitical event.

However, the proverbial ‘glass of ice water, in hell’ at this moment is that, in situations like this, Bitcoin is always the fastest major asset to recover.

It has a habit of bouncing back 37.5% on average within a 60 day time frame, following each geopolitical event since 2020.

Check this out below:

Five out of six times, Bitcoin has outperformed Gold and the S&P 500 on a 60 day time frame, following each event.

The takeaway – things feel grim right now, but context is key here (so let’s set some):

$BTC crashed to prices we haven’t seen in checks calendar two weeks – and if history is anything to go by, Bitcoin’s recovery should be faster than most any other major asset.

Banana Gun Breach

On September 19th, Banana Gun, a Telegram trading bot, experienced a significant security breach leading to substantial financial losses.

Initially, $1.9 million was reported missing, affecting 36 users. However, the total losses soon escalated to $3 million, impacting 11 users.

The breach allowed unauthorized access to user wallets, resulting in widespread concern and panic among its user base.

The situation began with rumors of compromised wallets, which quickly intensified as more users reported unauthorized transactions. In response, Banana Gun has committed to reimbursing the affected users.

This incident highlights the inherent risks in decentralized finance (DeFi) platforms and raises questions about the true level of security they offer.

The event underscores the urgent need for enhanced security measures to protect users from such vulnerabilities.

“There is rumour that Banana Gun wallet's getting drained right now. But there is rumour that there are much more victims.”

While Yannick identified the initial issue, the situation quickly escalated beyond anyone's expectations.

Initial reports suggested that 36 users had lost $1.9 million. However, further investigation revealed the full extent of the breach: 11 users were ultimately affected, with total losses amounting to $3 million.

The attack exploited a novel vulnerability in the Telegram message oracle, impacting both Ethereum and Solana bots.

It seems cross-chain compatibility has become the ultimate enabler for exploiters. Who said innovation in crypto was dead?

In response to the chaos, the Banana Gun team swiftly shut down their Ethereum and Solana bots, attempting to halt the damage. While commendable, their efforts were too late to prevent substantial losses.

The attack was precise, targeting seasoned traders and crypto veterans—individuals expected to be more vigilant.

All victims were well-known in the crypto space, either through their social presence or trading expertise, highlighting the high cost of fame in this industry.

In a dramatic twist, reminiscent of a Christopher Nolan film, victims watched in real-time as the attacker manually transferred ETH from their wallets.

It added a painful, interactive dimension to an already distressing situation, akin to watching your portfolio plummet during a bear market.

Banana Gun's incident report highlights a series of security measures that, in hindsight, should have been in place from the start.

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Week 34 Newsletter: Ethereum, Bitcoin and more

Physician on FIRE — Tue, 24 Sep 2024 22:18:17 GMT

Ethereum Highlights of the Week

Ripple Adds Ethereum Smart Contracts to XRPL

Ripple is set to integrate Ethereum-compatible smart contracts on its XRP Ledger (XRPL) using an Ethereum Virtual Machine (EVM) sidechain. This move will allow Ethereum developers to deploy decentralized apps (DApps) on XRPL without learning new programming environments, aiming t…

Week 33 Newsletter: Crypto Dive, Dogecoin lawsuit and more

Physician on FIRE — Sat, 31 Aug 2024 14:25:41 GMT

Crypto markets took another hit Friday, but despite a notable drop in the industry's vibes this month, a handful of tokens still had a pretty stellar month.

Today's Issue

Need to Know: Dogecoin Suit
Elon Musk avoids giant lawsuit.
Market Vibes: Crypto's Vibe Dive
Nobody's happy / 1INCH rating.
Invest: Yield Opps
The yields we're watching this week.
Learn: Catch Up on Cosmos
Dogecoin Suit Dropped
1. $250+ Billion Dogecoin Lawsuit Against Elon Musk Dismissed. Musk and Tesla are no longer on the hook in the quarter-trillion-dollar DOGE lawsuit.
2. U.S. House Committee Planning Crypto Hearings Blitz in September. The U.S. House Financial Services Committee has a full slate of crypto-related hearings scheduled.
3. Russia Set to Trial Cross-Border Crypto Payments. Putin signs new law legalizing crypto payments for international trade.

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Week 32 Newsletter: XRP Run, Bitcoin and more

Physician on FIRE — Tue, 20 Aug 2024 14:18:37 GMT

XRP Stuns Crypto Market with Massive Gains

XRP, the controversial Ripple-affiliated cryptocurrency, is outperforming the broader market once again.

According to data provided by CoinMarketCap, XRP is up 6.16% over the past 24 hours. This makes it the second best-performing in the top 100 (behind only Aave's AAVE token). Neo (NEO), Tron (TRX), and Sui (SUI) have also recorded impressive gains over the past 24 hours.

After adding 2.3% over the past hour alone, XRP managed to reclaim the much-coveted $0.6 level.

As reported by U.Today, XRP formed the golden cross pattern, meaning that the token's short-term moving average has now crossed a long-term one. This bullish pattern shows that the cryptocurrency is experiencing strong bullish momentum. However, it is worth mentioning that it tends to be a lagging indicator. In early August, XRP experienced a substantial price rally after a summary judgment was issued in the closely watched SEC v. Ripple case. The token experienced a price rally of roughly 27% on Aug. 7. Some analysts, however, correctly predicted that this rally would be short-lasting. By Aug. 11, the XRP price retraced back to the $0.54 level, losing as much as 15%.

Now, it remains to be seen whether XRP's renewed momentum can actually be sustained by the bulls. So far, XRP is up 41% after bottoming out on Aug. 5 at $0.43 on the Binance exchange during the all-out crypto crash. As reported by U.Today, Stuart Alderoty, Ripple's top lawyer, recently clarified that XRP's legal status would not be under threat even if the SEC were to appeal the case.

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Week 31 Newsletter: Bitcoin Bounces Back

Physician on FIRE — Sat, 10 Aug 2024 23:33:00 GMT

Crypto Markets Fight Back

Investors seemed to shrug off fears of an economic slowdown on Thursday, with crypto seeing gains across the board.

Today's Issue

Need to Know: Cases Closed
Ripple finds closure, FTX to pay up.
Market Vibes: Crypto Fights Back
Bitcoin roars back / AERO rating.
Tactic: Short Solana Memecoins
How to bet on memecoin downfalls.
Learn: What We're Reading
Our favorite reads of the week.

p.s. Discover Puffer UniFi: The pioneering based rollup with fast confirmations, native yield, and a unified Ethereum ecosystem. Learn more.

NEED TO KNOW

FTX Ordered to Pay $12.7B

FTX & Alameda Ordered to Pay $12.7B to Customers. The order bans both firms from further trading of digital assets.
XRP Pumps As Ripple Trial Ends with $125M Fine. The SEC's planned mega-fine was slashed considerably by a federal judge.
Blast's Top Memecoin Abandons the Chain for Solana. Pacmoon is migrating chains, upset with Blast's team over a lack of support.

. . .

MARKET VIBES

Crypto Fights Back

Daily Market Snapshot: Wall Street rebuked bears on Thursday, with indexes gaining big off of investor fervor over declining jobless claims. Crypto popped, with BTC reclaiming $60K and ETH pushing above $2,600. Both assets were still down on the week, yet are up considerably off of the week's brutal lows.

Prices as of 6pm ET24hr7d

Crypto $2.12T↗ 8.3%↘8.2%

BTC $60,835↗ 9.8%↘6.2%

ETH $2,627↗ 11.4%↘17.2%

AERO $0.72↗ 12.0%↘10.7%

TACTIC

How to Short Solana Memecoins

Bankless Author: William M. Peaster

It's been a volatile week for crypto, and traders have been busy – even memecoin traders.

Dumpy.fun lets you short memecoins to potentially profit from their price declines. In other words, users select a memecoin they believe will drop in value and can apply leverage to increase potential returns, though this also increases risk. Underneath the hood, the platform borrows assets via Save and swaps them using Jupiter, the popular Solana DEX aggregator.

Here's how to get started

Read the Tactic

LEARN

What We're Reading

Road to Mainnet #2 - Fuel Labs
EIC02 | Summer 2024 - ETH Investors Club
LRTs Beyond the Airdrop Meta - Madhav Goyal
Secure Multi-Party Computation - Brechy
Programmable Cryptography Part 1 - gubsheep
Museums of the Future: Dubai and Tokyo - Vitalik
On DeFi Superapps and Their Bottlenecks - Alana Levin
How Gitcoin Unlocks Alternative Funding Avenues - Gitcoin

. . .

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Week 30 Newsletter, Crypto.com surpasses Coinbase, Astroport Hack and more

Physician on FIRE — Thu, 01 Aug 2024 20:04:54 GMT

Crypto.com surpasses Coinbase in trading volume as institutional demand grows

Crypto.com has surpassed Coinbase exchange in trading volume, boosted by a growing list of institutional clients and the launch of the first spot Ether exchange-traded funds (ETFs) in the United States.

The centralized crypto exchange (CEX) Crypto.com saw a 23% increase in reported 24-hour trading volume, which rose to $3.16 billion on Aug. 1, surpassing Coinbase’s $2.12 billion, according to Messari data.

Giuliani attributes this growth to stronger market conditions along with an improved product offering. He told Cointelegraph:

“This growth has been primarily driven by the acquisition of new clients on the platform, both large institutions and advanced retail traders, and is being supported by stronger market conditions in 2024.”

Continued institutional adoption is crucial for cryptocurrencies like Bitcoin

BTC

$63,399

to reach new all-time highs. According to some analysts, Bitcoin’s “ultimate price”could surpass $700,000 if the current adoption curve can grow by fourfold.

US Ether ETF launch significantly contributed to trading volume boost

In a historic milestone for the industry, the first spot Ether ETFs launched for trading in the United States on July 23.

The launch of the spot Ether

$3,131

ETFs has significantly contributed to Crypto.com’s growing trading volume, according to Giuliani:

“In the week of July 21 during which Ether ETF was launched, we have seen double-digit growth in our exchange’s Ether spot and perpetual volume week-on-week, building on consecutive weeks of robust volume growth.”

The exchange has also seen an uptick of interest from companies in the traditional finance (TradFi) space, Giuliani told Cointelegraph.

Bitcoin and crypto open interest on the rise, but BTC’s price remains subdued

Showcasing the growing investor interest, Bitcoin’s open interest hit a record $39.46 billion on July 29, suggesting that a breakout may be imminent.

Open interest on Crypto.com has also seen a nearly fourfold increase since the beginning of 2024, mainly due to new institutional entrants, said Giuliani:

“We have seen a strong uptick in volume and open interest coming primarily from new clients, in particular large institutions both from TradFi and crypto-native backgrounds.”

However, the price of Bitcoin remains below the $65,000 mark, awaiting increased institutional interest to drive more inflows into the world’s first cryptocurrency.

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Week 29 Newsletter Bitcoin Nashville 2024, Oracle Exploits and more

Physician on FIRE — Wed, 24 Jul 2024 15:48:55 GMT

Bitcoin Conference to Bring Political Heavyweights to Nashville

Crypto enthusiasts will take over Music City Center on Thursday for Bitcoin2024, a three-day conference with international stature dedicated to the foundational blockchain currency. The event promises a keynote address by former president and current presidential candidate Donald Trump, who has sharply pivoted toward crypto in recent weeks. Landing the premiere event also certifies locals’ yearslong effort to build Nashville into a top American Bitcoin hub.

Presidential candidate Robert F. Kennedy Jr. also has a speaking slot, as do Tennessee's U.S. Sens. Marsha Blackburn and Bill Hagerty, failed GOP presidential candidate Vivek Ramaswamy, comedian Russell Brand and several executives and influencers prominent in the Bitcoin community. Conference programming mostly takes place downtown from Thursday, July 25, to Saturday, July 27. Prices for a single conference pass range from $700 to $21,000.

The value of a single Bitcoin has climbed to record highs over the past six months and currently sits just below $70,000, bestowing fresh spending power to its investors. The GOP, led by Trump, began aggressively courting votes and donations from the crypto community over the past few months. While the U.S. dollar remains the world’s leading reserve currency — conferring tremendous influence and power onto the United States — it has lost ground in recent years. Apparently comfortable with the geopolitical consequences, Republicans have begun fully leveraging the party’s reputation for small government and free-marketeering to attract Bitcoiners. The community describes its lucrative siege on the financial order with values like “personal sovereignty” and “freedom,” all part of an ongoing power struggle in which Bitcoin grows more valuable at the expense of government-backed currencies.

The addition of J.D. Vance — a freshman Ohio senator and Trump's VP pick, who has blue chip connections in Silicon Valley — infused the Trump ticket with techno-futurist bona fides. Billionaire Elon Musk immediately pledged $45 million to a Trump-aligned PAC; endorsements (and money) from Silicon Valley elites poured in. Fellow billionaire Mark Cuban called it a direct play to drive up Bitcoin value. Many expect concrete crypto commitments from Trump at Saturday’s keynote address, including policy planks like an official U.S. Bitcoin reserve.

Sen. Blackburn speaks with Ramaswamy on Saturday afternoon about “Mobilizing Bitcoin Voters.” Blackburn’s son Chad appears on a panel on Thursday; in his conference bio, Chad Blackburn says that he stores “all” of his personal liquidity in Bitcoin, owns investments in Bitcoin companies and describes himself as “orange-pilled,” jargon denoting a Bitcoin devotee. Sen. Hagerty appears Friday morning in a conversation titled “Freedom Tech: Bitcoin’s Policy Outlook in 2024 and Beyond” with local investor Rod Roudi. Roudi helped start Bitcoin Park, a members-only space in Hillsboro Village dedicated to the cryptocurrency.

Electric energy flowed through Bitcoin Park on Monday as conference week got underway. The site features two side-by-side bungalows housing a social club, private cafe, event space, art gallery, podcasting studio and patio. Bitcoin-related art hangs on the walls.

“Central Bank Digital Currencies Enslave,” reads one framed poster. “Choose Freedom. Choose Bitcoin.”

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Week 28 Newsletter: South Korea delays crypto tax, Bitcoin and more

Physician on FIRE — Mon, 15 Jul 2024 18:52:20 GMT

South Korea’s ruling party proposes delaying crypto tax to 2028

If the new proposal is approved, implementing the country’s crypto gains tax will be delayed by nearly seven years from its original schedule.

South Korea’s ruling party, the People’s Power Party, officially proposed delaying the implementation of the country’s tax on crypto trading profits.

On July 12, the party submitted the proposal and noted that current sentiment toward crypto assets was deteriorating. The description stated that rapidly imposing taxes on virtual assets is “not advisable at this time.”

Furthermore, the proposal argued that with crypto having higher risks than stocks, investors are expected to leave the market if income tax is also imposed.

The taxation on cryptocurrency gains was originally set to take effect on Jan. 1, 2025. However, if the proposal is approved, the implementation tax will be postponed until Jan. 1, 2028.

Making good on election promises

As part of its campaign leading up to South Korea’s general elections in April, the People’s Power Party promised to delay the implementation of crypto gains tax in the country by two years.

On Feb. 19, the party argued that before diving into taxation, the country must create a general crypto framework. The party underscored that taxing crypto should only happen once the base framework is fully established.

In addition, a representative highlighted that, unlike the stock exchange, no entities are mandated to oversee transactions in crypto assets. The party believes that spending two years developing this type of system is necessary.

A seven-year delay in crypto tax implementation

Local media outlet The Korea Economic Daily highlighted that the plan to tax crypto gains in South Korea was first scheduled to be implemented in 2021.

However, because of backlash from crypto industry leaders and stakeholders, the government decided to push back the implementation of the crypto gains tax to 2023. It was again postponed to Jan. 1, 2025, citing concerns over investor interests.

If the ruling party’s new proposal passes, the implementation of crypto gains tax in the country will be delayed by almost seven years from its originally scheduled start.

In South Korea, investors must pay a 20% capital gains tax if their annual gains exceed 2.5 million won (approximately $1,800). This threshold is significantly lower than that for stocks, where only gains exceeding 50 million won (about $36,000) are subject to taxation.

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Week 27 Newsletter: Mt Gox Bitcoin FUD, Bittensor Hack and more

Physician on FIRE — Mon, 08 Jul 2024 20:27:19 GMT

Bitcoin prices fell to a four month low on Monday, resuming a weeks-long downturn in the cryptocurrency that has seen prices for other major tokens tumble amid uncertainty over looming selloffs from the German government and creditors of bankrupt crypto exchange Mt. Gox.

Bitcoin prices dipped again on Monday. AFP VIA GETTY IMAGES

KEY FACTS

Bitcoin prices fell more than 6% early Monday morning before trimming losses to trade at around $55,500 as of 3:15 a.m. EST, still 4% down from the same time the day before.

It is the lowest price for the world’s leading digital asset in months and down around $18,000 from an all time high of just under $74,000 in March, a loss of about one fifth.

Ether, the world’s second largest cryptocurrency by market capitalization after Bitcoin, followed a similar trajectory, sliding by more than 7% before recovering to trade at around $2,900 at 3:15 a.m., down 4% on the day.

The path was also mirrored by Binance’s BNB, Solana, XRP Ripple, Dogecoin and Cardano’s Ada — the next biggest cryptocurrencies, excluding stablecoins pegged to traditional currencies like Tether and USDC — with falls of between 9% and 11% paring to losses of between 2.5% and 7% at 3:15 a.m.

Overall, the total cryptocurrency market had shed around $20 billion in value over the course of a day at 3 a.m. EST, a drop of around 2% from the day before.

WHY IS BITCOIN DOWN AND THE CRYPTO MARKET CRASHING?

The Bitcoin selloff on Monday threatens to continue a dismal, weeks-long streak of decline for the popular cryptocurrency as it slides from record highs in March. The fall comes amid diminishing interest in cryptocurrency exchange-traded funds (ETFs), uncertainty over monetary policy and fears that bankrupt Tokyo crypto exchange Mt. Gox could spark a crash as it follows through on its promise to repay creditors. The exchange was once one of the biggest crypto platforms in the world but filed for bankruptcy a decade ago after hackers stole most of its crypto assets between 2011 and 2014. Bitcoin is trading around 10 times higher Monday than the time the exchange declared bankruptcy and today the bitcoin haul would be worth north of around $58 billion, according to CNBC. The exchange managed to recover some funds after declaring bankruptcy, tokens worth around $9 billion today, and markets have responded to what is expected to be a massive Bitcoin selloff as creditors cash out at a much higher price than when they lost the crypto tokens. Bitcoin makes up over half the total value of the cryptocurrency market and its fortunes tend to be mirrored by the market as a whole and smaller crypto tokens.

TANGENT

Mt. Gox is not the only factor behind the falling crypto market and the German government is also making waves by hastily selling off hundreds of millions of dollars worth of Bitcoin for fiat currency. Berlin has been sending its cryptocurrency reserves to exchanges like Coinbase, Bitstamp and Kraken since June as the European government offloads and liquidates assets it has seized from various criminal groups. The transfers have added to concerns about significant selloffs in the market and, according to Arkham Intelligence, Germany reportedly still holds around $2.2 billion worth of Bitcoin.

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Week 26 Newsletter: Coinbase, Bitcoin, Kpop IP onchain and more

Physician on FIRE — Tue, 02 Jul 2024 12:55:38 GMT

TL;DR

Dormant Bitcoin Wallet Awakens After 14 Years
Coinbase Sues SEC and FDIC for Regulatory Overreach
PancakeSwap Launches AI Prediction Market on Arbitrum
Vitalik Buterin Backs MegaETH in $20M round
VanEck Files for Solana ETF in the US
Zeta Markets Launches $ZEX Token on Solana
Binance Supports Token Merge into ASI Alliance
Andromeda & Stargaze Forge NFT Innovation
Chainlink Data Streams Now Live on Avalanche
Ava Labs Empowers K-Pop IP Management with Blockchain
Bitcoin Brings Aid to Gaza Through Taxi Driver's Efforts
Crypto Ignored in Biden-Trump Debate

And much more!

Bitcoin Highlights of the Week

Dormant Bitcoin Wallet Awakens After 14 Years

A Bitcoin wallet from the Satoshi era, inactive since 2010, recently transferred 50 BTC to Binance. This wallet, belonging to a miner who earned the BTC as a reward in July 2010 when Bitcoin was valued at $0.05, signifies early mining activity when the reward per block was 50 BTC. The miner’s initial $25 in BTC is now worth approximately $3 million, reflecting Bitcoin's dramatic price increase over the years.

The transaction underscores the rarity of mining a single block in 2010, given today's high network hashrates and increased mining difficulty. The transfer of Bitcoin to centralized exchanges like Binance is often seen as a bearish signal, as it usually implies selling. Recently, several dormant wallets from the early Bitcoin days have become active, transferring or selling their holdings.

German Government Sells Bitcoin, Pressure on Prices

The German government has sold 900 Bitcoin, worth over $54 million, through transactions to Coinbase and Kraken, among others. This move, part of ongoing interactions with various wallets, including an unknown entity "139Po," has raised concerns about increased selling pressure on Bitcoin.

Despite these sales, the government still holds a substantial 46,359 BTC, potentially influencing market dynamics, particularly amid Bitcoin's current downtrend nearing the $60,000 mark. Analysts suggest these actions could further impact Bitcoin's price, which has already seen an 11% decline this month.

Coinbase Sues SEC and FDIC for Regulatory Overreach

Coinbase has sued the SEC and FDIC, accusing them of denying information requests and coordinating efforts to restrict the crypto industry's access to banking services. Filed on June 27th in Washington D.C., the lawsuits claim that the agencies failed to comply with Coinbase's Freedom of Information Act (FOIA) requests, which sought to reveal regulatory attempts to limit banking for crypto firms.

Coinbase asserts that regulators are deliberately trying to sever Bitcoin and crypto companies from vital financial lifelines, comparing this to the Obama-era "Operation Choke Point." The exchange contends that the SEC and FDIC are exceeding their mandates and violating transparency laws, aiming to expose this alleged regulatory overreach.

US Government Transfers Seized Bitcoin to Coinbase

The U.S. government transferred 3,940 Bitcoin to Coinbase Prime on June 26, according to Arkham Intelligence. These Bitcoin were seized from convicted drug dealer Banmeet Singh during his January 2024 trial. Singh, arrested in London in 2019 and extradited to the U.S. in 2023, ran a narcotics network from 2012 to 2017, leading to the surrender of over 8,100 Bitcoin, valued at $150 million.

The transfer has sparked fears of market sell-offs, compounded by similar actions from other governments and the Mt. Gox bankruptcy estate. The U.S. currently holds around 214,000 Bitcoin, worth about $13 billion.

Mt. Gox to Begin Repayments in July

Mt. Gox, the defunct cryptocurrency exchange that lost 850,000 Bitcoin in 2014, will start repaying users in Bitcoin and Bitcoin Cash in July 2024. The exchange’s rehabilitation trustee announced that repayments will be processed in collaboration with cryptocurrency exchanges, asking users for patience as the order of payments will depend on each exchange.

Approximately 127,000 creditors are owed over $9.4 billion in Bitcoin. This long-awaited restitution follows the transfer of 141,686 BTC worth $9.62 billion in May as part of the repayment process. Creditors have been waiting over a decade to recover their funds following Mt. Gox’s collapse.

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Week 25 Newsletter: Blast TGE, Bitcoin Price Drop and more

Physician on FIRE — Tue, 25 Jun 2024 00:03:48 GMT

TLDR:

Blast TGE is in 36 hours
District One questionable ethics in Blast Gold Distribution
Bitcoin Posts Biggest Drop in Two Months as Liquidations Pick Up

Friends - we are almost there. To be totally honest, we're not farming anything today other than the ending of the @Pacbotapp Gang Wars competition. This has been the most fun we've had in years of crypto experience and couldn't have been happier to share it with you all. A brief Today on Blast just to show what we're keeping our eyes on... 1) D1 There are very few projects we've ever disliked more than D1...and that's saying something given the number of ETH NFT rugs we experienced in 2021-2024. These guys consistently change the rules, shadow-update things and then gaslight users, and self-deal in borderline criminal, definitely unethical ways. The powers that be are investigating. We hope that all users receive their appropriate gold (we don't want any real users harmed) and then this steaming pile of dog shit can be sent to 0 forever. Any S2 incentives given to D1 are wasted incentives. Why juice a garbage team with a garbage product who has now a storied history of doing only what is best for themselves? District None.

2) BLAST TGE Speculation None of us have a clue what will happen on June 26. We have ideas and guesses based on on-chain activity and address splitting, but ultimately no one knows.

@pumpmarkets

pre-market pricing has gold sitting right around $3.8....which would imply near a 4bn FDV.

Feels very low to us, but again we know nothing. If you want to try your hand at a little pre-market trading, ico is a PumpMarkets ambassador and would love for you sign up through our ref for smaller fees on your trades using the code: ICOBEASTPUMP 3) Final gold distributions It'll be a race against the clock for some teams to get their gold out on time. As of the writing of this post, there are just under 24 hours left to get all the final distributions out or get slashed. We expect some teams to deliver...and others....well we've seen how they operate all season long. Hopefully you placed your chips on winners. BONUS: Great job to @TravisBickle0x and Fantasy team for getting all of the Tactics and Main 6 out, and dealing with a majority of the rampant botting that went nuts at the end of the competitions last night. We've spot checked a number of the results and while there is surely some that snuck through the cracks, by and large it appears they weeded out/heavily nerfed the obvious bot boosts. French devs keep surprising, but they will never beat the allegations. Short and sweet today - somewhat of a holding pattern as we wait to find out if rich or rekt. We'll be back tonight with a quick guide on how to hit all of your multipliers if you're still missing any - make sure to go all 24x before the cutoff. Don't leave any free money on the table friends.

Airdrop Alpha: Blast Crypto

What Makes Blast Crypto Airdrop Stand Out

Amidst the chatter about airdrops in the digital realm, Blast Crypto Airdrop emerges as a focal point. It offers more than just complimentary tokens; this airdrop distinguishes itself through distinctive features that elevate the crypto community's engagement.

Key Advantages of Blast Crypto

Exclusivity: Tailored for early adopters, extending an invitation to be part of a groundbreaking initiative from its inception.

Scarcity: Limited availability of airdropped tokens ensures heightened value and demand.

Community-Centric Approach: Emphasizes the importance of active community involvement, rewarding participation and dedication.

Innovative Enhancements for User Engagement

Effortless Claiming Process: Intuitive interface streamlines the token claiming process for users.

Interactive Engagement Platforms: Incorporates social media integration, gamifying community participation.

Robust Security Measures: Implements state-of-the-art protocols to safeguard users' assets and data.

Qualifying for Blast Crypto Airdrop

Prepare to immerse yourself in the Blast Crypto Airdrop—an exclusive opportunity for crypto enthusiasts to acquire complimentary tokens! Familiarize yourself with the eligibility criteria to ensure seamless participation.

Steps to Meet Airdrop Requirements

Set up a digital wallet if you haven't already.

Join the official Blast community on designated social platforms.

Stay updated with project developments and announcements.

Fulfill specified social tasks, which may involve joining Telegram groups or sharing Blast Crypto-related content on social media.

Provide your wallet address accurately to receive the airdropped tokens.

Maximizing Your Rewards

Unlocking the full potential of Blast Crypto Airdrop rewards doesn't have to be elusive. With strategic planning, you can significantly amplify your benefits. Explore the optimal strategies to maximize your gains and synchronize your participation for the ultimate payout.

Feel free to use our referral link for accessing these airdrop rewards.

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Week 24 Alpha: Blast Gold Farming and Token Generation Event

Physician on FIRE — Mon, 17 Jun 2024 02:50:30 GMT

Notable Numbers

Current Gold Estimate: $7.35

Remaining Gold Waves: 0

Jackpots Distributed: 22/28

Days Until TGE: 10 days

We’re 10 days away from Blast TGE and the sentiment on the timeline is…mild at best? Many seem exhausted from farming, and it feels like few are putting in that last ditch effort to make it across the line.

Which is ironic because Gold has never been more available than it is today. With dapps scrambling to get their last wave of gold out to users, we’re seeing a wild influx of new contests, platforms, and ideas where the Gold is plenty.

So stay focused, find that extra 10min in your day to try a new dapp, and lets cross the finish line in style.

In Today’s edition:

The Best App on Blast(r)
Earn Gold for Cancer Research
20k Gold on IKB today
800k Gold on District One (new platform!)
New Wolf Game Caves
Blastin’ Pepes Reveal Tease

BLASTR | The Best App on Blast

With just 10 days left until TGE (!!), many are wondering what comes after the launch. And more importantly, which of these hundreds of dapps will actually stick around.

Well one of the most obvious answers might just be BLASTR.

The platform’s hero arc is already one of legend:

Pioneered the refundable NFT.
Got downgraded in gold wave 4.
Came out with new exciting shit (Ticket Lottery).
Got upgraded in gold wave 5.
And helped launched hundreds of creators along the way while keeping their collectors safe from rugs and major price drops.

Many are calling Blastr a “solve” to the NFT dilemma, and a huge part of the future of trading NFTs.

Action: Buy a refundable lottery ticket for 0.05 ETH, stake it in your blast jackpot, and learn more about Blastr if you’re curious.

Bonus: Create an NFT collection yourself and earn a part of the 50,000 gold being offered to creators on there. Start by reading Ico’s guide to creating on Blastr.

Blastr is the under rated gem of the Blast ecosystem
Innovative ways of using NFTs as access to different content
- The creator nets the yield on the mint proceeds
- The collector gets free access to the content
- Redeemable lottery tickets
Huge potential to disrupt NFT use… x.com/i/web/status/1…
— s4mmy.moca (@S4mmyEth)
Jun 14, 2024

Feel free to use our referral code to get in on leveraging refundable NFTs on Blastr!

Earn Gold for Cancer Research

A great idea that I’m surprised we haven’t seen sooner on Blast.

With all the alpha and gen wealth chasing, we now have the opportunity to give back thanks to @icobeast and other community stalwarts.

They’re launching a 10k fully refundable mint on Blastr tonight, where all yield profits will go to support research against cancer.

Action: Mint is 0.028 ETH. It goes live at 10pm EST. Do something good here.

🚨🖤The rumors were true! A special collection is launching tomorrow on @blastr_xyz 🖤🚨
This is a post you’ll want to read in full detail (mint details explained below):
Everything began with a message from @pasteltonesss (check her profile and read the story behind this mint;… x.com/i/web/status/1…
— Zora (@ZoraWeb3)
Jun 15, 2024

Airdrop Alpha: Blast Crypto

What Makes Blast Crypto Airdrop Stand Out

Key Advantages of Blast Crypto

Exclusivity: Tailored for early adopters, extending an invitation to be part of a groundbreaking initiative from its inception.

Scarcity: Limited availability of airdropped tokens ensures heightened value and demand.

Community-Centric Approach: Emphasizes the importance of active community involvement, rewarding participation and dedication.

Innovative Enhancements for User Engagement

Effortless Claiming Process: Intuitive interface streamlines the token claiming process for users.

Interactive Engagement Platforms: Incorporates social media integration, gamifying community participation.

Robust Security Measures: Implements state-of-the-art protocols to safeguard users' assets and data.

Qualifying for Blast Crypto Airdrop

Steps to Meet Airdrop Requirements

Set up a digital wallet if you haven't already.

Join the official Blast community on designated social platforms.

Stay updated with project developments and announcements.

Fulfill specified social tasks, which may involve joining Telegram groups or sharing Blast Crypto-related content on social media.

Provide your wallet address accurately to receive the airdropped tokens.

Maximizing Your Rewards

Feel free to use our referral link for accessing these airdrop rewards.

DID YOU KNOW?

You can up your crypto game and gain an upper hand RIGHT NOW by grabbing a 7-day FREE trial to Coin Club!

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Week 24 Newsletter: Bitcoin, Final Stretch Blast Alpha and more

Physician on FIRE — Sat, 15 Jun 2024 18:02:01 GMT

TL DR:

Whales gobble up $BTC like krill
Huge liquidation causes 25% drop in $CRV
Funding Friday bags
Bitcoin to hit $1M by 2033?

1/ MicroStrategy’s new $500M bet

MicroStrategy isn’t just dabbling in Bitcoin; they’re doubling down in a big way.

The company announced plans to offer $500 million in convertible senior notes to qualified institutional buyers.

That number just got a 40% bump today as well…

Source: @MilkRoadDaily

What’s all this cash being raised for? You guessed it—more Bitcoin!

A massive $700 million bet is no small change, signaling continued strong confidence in Bitcoin's future for Saylor’s army.

2/ DeFi Technologies adopts $BTC as treasury asset

Next up, DeFi Technologies, a public Canadian company, is taking a page from the Bitcoin playbook.

They’ve adopted Bitcoin as their primary treasury reserve asset and purchased 110 BTC to kickstart this strategy.

Here’s what their CEO had to say:

Source: @CSchlauf

More companies holding Bitcoin indicates increasing institutional trust in $BTC as a hedge against inflation.

3/ Semler's $17M Bitcoin buy and $150M more planned

Semler Scientific, a medical technology company, didn’t just get on the roster to sit on the sidelines.

They recently purchased an additional 247 Bitcoin for $17 million, bringing their total holdings to 828 $BTC, worth approximately $59 million.

But they’re not stopping there—they plan to invest up to $150 million more in Bitcoin as one of their 2 north stars (aka eyes on the prize focus).

Here’s what the CEO, Doug Murphy-Chutorian, had to say:

"Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding Bitcoin".

4/ Metaplanet’s $16M Bitcoin purchase

Last but definitely not least, we have Metaplanet.

This Japanese company disclosed another additional purchase of $16 million worth of Bitcoin, which sent their shares up by 10%.

This international interest shows that the Bitcoin buying spree isn’t just confined to the U.S., solidifying Bitcoin's status as a global store of value.

Milk Road Take: Seeing whales and major players like MicroStrategy, DeFi Technologies, Semler, and Metaplanet scoop up more Bitcoin during dips is like getting a nod from the cool kids.

These trailblazers are creating a playbook for others to follow, signaling long-term confidence in crypto despite price fluctuations. This is only the beginning.

P.S. There’s 1,678 Bitcoin whales right now and its growing fast (whales = wallets with 1k+ $BTC).

Airdrop Alpha: Blast Crypto

What Makes Blast Crypto Airdrop Stand Out

Key Advantages of Blast Crypto

Exclusivity: Tailored for early adopters, extending an invitation to be part of a groundbreaking initiative from its inception.

Scarcity: Limited availability of airdropped tokens ensures heightened value and demand.

Community-Centric Approach: Emphasizes the importance of active community involvement, rewarding participation and dedication.

Innovative Enhancements for User Engagement

Effortless Claiming Process: Intuitive interface streamlines the token claiming process for users.

Interactive Engagement Platforms: Incorporates social media integration, gamifying community participation.

Robust Security Measures: Implements state-of-the-art protocols to safeguard users' assets and data.

Qualifying for Blast Crypto Airdrop

Steps to Meet Airdrop Requirements

Set up a digital wallet if you haven't already.

Join the official Blast community on designated social platforms.

Stay updated with project developments and announcements.

Fulfill specified social tasks, which may involve joining Telegram groups or sharing Blast Crypto-related content on social media.

Provide your wallet address accurately to receive the airdropped tokens.

Maximizing Your Rewards

Feel free to use our referral link for accessing these airdrop rewards.

DID YOU KNOW?

You can up your crypto game and gain an upper hand RIGHT NOW by grabbing a 7-day FREE trial to Coin Club!

What do you get access to when subscribing?

Week 23 Newsletter: Bitcoin, Blast ecosystem and more

Physician on FIRE — Sun, 09 Jun 2024 15:28:57 GMT

TL;DR

BTC is up
Bitcoin dominance is up
Mt. Gox Transfers $9 Billion in Bitcoin
Bitcoin Records Best May Since 2019 Despite ‘Predatory’ 3% Price Dip
London Stock Exchange Approves Bitcoin and Ethereum ETP Listings
Argentina Looks to Emulate El Salvador’s Bitcoin Success
Tokyo-Listed Metaplanet to Expand Bitcoin Holdings
Luxor and Bitnomial Launch Bitcoin Mining Derivates
Bitcoin Miners Experience 46.15% Revenue Drop in May, Lowest Since October 2023
New Bitcoin Mining Company Establishes Headquarters in El Salvador

Bitcoin Price

Crypto is up this week, with BTC being up 1.3% and ETH down 1.4%:

Bitcoin dominance has increased over the week, rising from 50.3% to a peak of 50.91% and ending at 50.7%. The recent ETH rally has already impacted Bitcoin's market dominance. This shift causes Bitcoin's dominance to increase, a trend observed over the past few days.

The cryptocurrency market is currently experiencing mixed sentiments as major digital assets such as Bitcoin (BTCUSD) navigate through various levels of support and resistance.

Bitcoin (BTCUSD) Analysis:

Bitcoin remains in a consolidation phase, exhibiting sideways movement between the $67080.00 support and the intraday resistance formed by the EMA50. There's a prevailing anticipation for a resumption of the bearish bias, with the potential to breach the support at $67080.00 and target $65485.00. However, a decisive move above $69880.00 is required to invalidate the current bearish trend scenario.

Expected Trading Range:

Bitcoin (BTCUSD): $66000.00 (support) - $69200.00 (resistance)

Market Outlook:

Investors and traders are advised to closely monitor the critical support and resistance levels outlined for Bitcoin. Sustained movements above or below these levels could dictate the short-term market direction. Caution is warranted, particularly in light of the potential for increased volatility and the need for confirmation of trend reversals before establishing significant positions.

With BTC dominance increasing and the ETH price decreasing less than BTC, the BTC/ETH ratio is trending downwards to 18.25 ETH per BTC.

Airdrop Alpha: Blast Crypto

What Makes Blast Crypto Airdrop Stand Out

Key Advantages of Blast Crypto

Exclusivity: Tailored for early adopters, extending an invitation to be part of a groundbreaking initiative from its inception.

Scarcity: Limited availability of airdropped tokens ensures heightened value and demand.

Community-Centric Approach: Emphasizes the importance of active community involvement, rewarding participation and dedication.

Innovative Enhancements for User Engagement

Effortless Claiming Process: Intuitive interface streamlines the token claiming process for users.

Interactive Engagement Platforms: Incorporates social media integration, gamifying community participation.

Robust Security Measures: Implements state-of-the-art protocols to safeguard users' assets and data.

Qualifying for Blast Crypto Airdrop

Steps to Meet Airdrop Requirements

Set up a digital wallet if you haven't already.

Join the official Blast community on designated social platforms.

Stay updated with project developments and announcements.

Fulfill specified social tasks, which may involve joining Telegram groups or sharing Blast Crypto-related content on social media.

Provide your wallet address accurately to receive the airdropped tokens.

Maximizing Your Rewards

Feel free to use our referral link for accessing these airdrop rewards.

DID YOU KNOW?

You can up your crypto game and gain an upper hand RIGHT NOW by grabbing a 7-day FREE trial to Coin Club!

What do you get access to when subscribing?

Week 22 Alpha, Consensus, Ripple Blast and more

Physician on FIRE — Sun, 02 Jun 2024 01:12:13 GMT

Consensus 2024: Industry leaders discuss digital asset ETF evolution

James Seyffart, Bloomberg’s ETF Research Analyst, discussed the integration, challenges, and future prospects of digital asset ETFs with experts and institutions at Consensus 2024.

“Despite being 240 years old, we’ve continuously innovated, and digital assets are just part of that journey,” said Caroline Butler, Global Head of Digital Assets at BNY Mellon, emphasizing the importance of disciplined scalability in managing $47 trillion in assets.

Institutional adoption also emerged as a key theme.

“It’s about providing the necessary research for advisors to make informed decisions,” stated Katherine Dowling, Executive Management at Bitwise Asset Management.

Dowling noted the ongoing due diligence process and the importance of educating regulators on operational aspects.

The panel also touched on the rapid developments within the digital asset space.

“Developments happen quickly, and we see interesting ways to deploy this technology,” said Cynthia Lo Bessette, Head of Digital Asset Management at Fidelity Investments.

“The success is a win for ETFs as a wrapper, offering superior convenience and safety,” noted Joseph Chalom, Managing Director at BlackRock, addressing the Bitcoin ETF craze.

He talked about the growing client interest and readiness of market infrastructure.

“Success is reflected in trading efficiency and client engagement. Institutional and retail demand is strong,” added Lo Bessette.

Ripple CEO says XRP ETF 'inevitable' — Consensus 2024

Brad Garlinghouse said he believes the market is headed toward a $5 trillion valuation and that the advent of XRP, SOL, and other crypto ETFs is a matter of time.

During his interview at Consensus 2024, Ripple CEO Brad Garlinghouse claimed that an

XRP

$0.52

exchange-traded fund (ETF) was inevitable and that it was only a matter of time before many other crypto assets would be approved for similar fund offerings.

Garlinghouse also expressed optimism that the crypto market was headed toward a $5 trillion valuation due to the recent approvals of spot Bitcoin ETFs in the United States.

The Ripple CEO also reiterated his belief that there can be many different project initiatives and winners in the crypto space, each choosing to focus on different aspects of the rapidly expanding decentralized finance and digital asset industries.

Airdrop Alpha: Blast Crypto

What Makes Blast Crypto Airdrop Stand Out

Key Advantages of Blast Crypto

Exclusivity: Tailored for early adopters, extending an invitation to be part of a groundbreaking initiative from its inception.

Scarcity: Limited availability of airdropped tokens ensures heightened value and demand.

Community-Centric Approach: Emphasizes the importance of active community involvement, rewarding participation and dedication.

Innovative Enhancements for User Engagement

Effortless Claiming Process: Intuitive interface streamlines the token claiming process for users.

Interactive Engagement Platforms: Incorporates social media integration, gamifying community participation.

Robust Security Measures: Implements state-of-the-art protocols to safeguard users' assets and data.

Qualifying for Blast Crypto Airdrop

Steps to Meet Airdrop Requirements

Set up a digital wallet if you haven't already.

Join the official Blast community on designated social platforms.

Stay updated with project developments and announcements.

Fulfill specified social tasks, which may involve joining Telegram groups or sharing Blast Crypto-related content on social media.

Provide your wallet address accurately to receive the airdropped tokens.

Maximizing Your Rewards

Feel free to use our referral link for accessing these airdrop rewards.

DID YOU KNOW?

You can up your crypto game and gain an upper hand RIGHT NOW by grabbing a 7-day FREE trial to Coin Club!

What do you get access to when subscribing?