Tuesday, June 7
Side of WAGMI Chips with that Burrito ? 🌯
Crypto Fast Food 🍟
Ark Invest releases new Crypto Report
😂 Twitter Memes of the Week
Crypto Fast Fo🍟d
U.S. Senator Cynthia Lummis has officially introduced her 69-page Crypto Bill 🇺🇸. The bipartisan bill hopes to establish guardrails around the digital assets. Under the bill, any Bitcoin transactions under $200 will be tax-free. Seems like someone is Orange Pilling the US Gov. 💊
PayPal just enabled a new feature that allows you to transfers your crypto to external wallets! They now joined the ranks of Square in pushing mainstream adoption 🙌
Chipotle is now accepting Crypto! Your Doge Money can now buy you a burrito. Here hows. At check-out, ask your Burrito Barista to open up their Flexa QRS-code and scan it using your digital crypto wallet. Simply select your favorite Fake Internet Money of choice (Dogecoin anyone? 🤣) and and then click send. Voilá plus a 10% discount on your next purchase!
Apple's Worldwide Developer Conference sparks rumors of NFT trading cards. MacRumours recently discovered that by clicking on the Memoji characters, you can open up augmented reality mode, revealing three trading cards available to be claimed. The 2020 Dev-Con starts June 6. 🤑
Fidelity will soon add Ethereum onto is crypto services. They have had so much interest that Fidelity is doubling their crypto staff unit to help build out support services. 🚀
Solana Falls 16% Due to Another Major Network Outage 🔥. The Ethereum Killer has had 12 major outages this year which has seen its price puke 78%. Guessing we should all buy some of these… 🤣👇🏾🤣
Ark Invest releases new Crypto Report
Cathie Woods, CEO of Ark Invest, puts out a killer monthly crypto report with her team at Ark where they try to justify how putting globs of money into super risky assets is actually a smart play.
The report took us ~20 minutes to comb through, but we found some hidden gems. 💎
🍟 Grab a bag of WAGMI french fries and eat some of this Hopium.
Quick Hitters
Bitcoin closed May down 17.2% 🔻
Macro environment point to Global Recession 🌨
Terra-Luna meltdown was like a Nuclear disaster for Crypto ☢️
Bitcoin short-term HODLers have capitulated 💸
On-chain fundamentals remain Very Strong 🚀
1/ Bitcoin First Green Candle After Nine Consecutive Weekly Declines
Bitcoin set a new record for the worse losing streak in its decade long history, closed the month down 17.2% — $38,480 to $31,835.
Bitcoin’s NINE week losing streak revivals the 9-game losing streak of L.A. Chargers’ to Chiefs in 2018.
On a positive note, it suggesting 1. technical overselling and 2. locked in upside potential.
What Caused The Bitcoin’s Selloff ?
The collapse of the Terra blockchain
Fed hawkishness amidst higher-than-expected inflation prints.
2/ Terra’s Collapse Impact on Bitcoin Appears To Have Settled
During the Fukushima disaster that was Terra-Luna, The Luna Foundation Guard (LFG) dumped a *mega* pint of bitcoin onto the market, ~80,934 BTC 🍷
This mega dump caused Bitcoin’s price to experience turbulence as the price of BTC briefly puked to a low of ~27,000. 🤮
3/ Bitcoin Has Not Broken Technical Support Levels
🔍 Wall Street analyze charts like women read daily horoscopes. It’s not quite science but we all believe in it.
So… despite all the sell-off, bitcoin has not broken below any *major* trend-lines. 📉
Its 200- week moving average at ~$22,000. That is a key support level. 💃
Meaning?
We have hit Rock Bottom.
4/ Bitcoin Holders Never Have Been More Long-Term Focused
The best indication that we are at the bottom is perhaps the fact that most Bitcoins haven’t moved in over a year!
66% of bitcoin’s supply has not moved in over 12 months 🔥
A sign that HODLers are extremely Bullish 🚀
ATH of 848,000 wallets that now own 1 or more Bitcoin 🔥
☞ Read The Full Report HERE.
DISCLAIMER
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE. BLAH, BLAH, BLAH, BLAH…