In a punishing week for Bitcoiners, old and new, we look at some of the factors involved in the price decline and seek rays of hope for the future.
Bitcoin Market News
Bitcoin Bulls Under Pressure
Following several months of sideways price action, Bitcoin has experienced its deepest correction since late 2022. It is trading below the 200 daily moving average, putting many short-term holders into an unrealised loss. Despite this, the magnitude of losses locked in has remained relatively subdued in comparison to market size (Glassnode).
Stablecoins, Miners Outperform as $18B Gets Wiped Out From Crypto in June
JPMorgan said that the total cryptocurrency market cap fell 8% in June to around $2.25 trillion, reversing most of the gains from May. The move contrasts traditional markets as the S&P 500 index gained 4% for the month, and the technology-heavy Nasdaq climbed 6%. Stablecoins, primarily tether (USDT), outperformed the rest of the crypto ecosystem, and their market cap was flat to slightly higher (Coindesk).
Bitcoin Miners Show Signs of Recovery During Bitcoin Slump
Despite a rumoured bear market, US mining firms show multiple signs of recovery throughout June. Although Bitcoin’s price has remained in limbo throughout the beginning of July, a few positive signs for miner profitability suggest that the industry is on the rebound (Bitcoin Magazine Pro).
Bitcoin Trends
Inside a Violent Gang's Ruthless Crypto-Stealing Home Invasion Spree
More than a dozen men threatened, assaulted, tortured, or kidnapped 11 victims in likely the worst-ever crypto-focused serial extortion case of its kind in the US. Rarely do those thieves leave a trail of violence in their wake as disturbing as that of one recent, ruthless, and particularly prolific gang of crypto extortionists (Wired).
Republican National Committee Endorses Pro-Bitcoin Platform
The Republican National Committee panel overwhelmingly approved a party platform draft, pledging to “defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control.” It promises to end what it calls the Democrats’ "unlawful and unAmerican Crypto crackdown" and opposes the creation of a Central Bank Digital Currency (Bitcoin Magazine).
$11B Money Laundering Linked To Multi-Billion Dollar Marketplace Huione Guarantee
Blockchain sleuths at analytics firm Elliptic claim to have uncovered what they allege to be money laundering and other purported crimes enabled by Cambodia-based marketplace Huione Guarantee in a new report published. Since its founding in 2021, crypto wallets associated with Huione and its independent merchants have received at least $11 billion, according to Elliptic, which offered that number as a conservative estimate (The Block).
Bitcoin’s Sell-Off Could Put ETF Shares On The Discount Rack
Bitcoin’s dramatic sell-off could present buy-and-hold bulls with a rare opportunity to scoop up BTC ETF shares at bargain-bin prices. Spot Bitcoin prices tumbled to a four-month low on Friday of around $53,500 as markets braced for billions of dollars in impending BTC liquidations by Germany’s government and Mt. Gox, the defunct Japanese crypto exchange. Share prices of top BTC ETFs are already feeling the heat. If market volatility continues — which it likely will — they may soon sell at attractive discounts (Coin Telegraph).
Scott Galloway Describes the Tough Future Facing Gen Z
Rising costs of living and education have presented unique challenges for Gen Z. NYU Professor of Marketing Scott Galloway describes the inequities in opportunity and education young people face while offering possible solutions. Standout quote: “The average 70-year-old is 72% wealthier than they were 40 years ago. The average person under 40 is 24% less wealthy” (WSJ).
Bit of Bitcoin fun
Trump to Speak at Bitcoin 2024
If you’re heading to Bitcoin 2024 in Nashville from 25 July (we’ll be there too!), the speakers roster just got a little busier…
