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🥜 Bitcoin is nuts
PLUS: Huge win for miners
GM to all 47,516 of you. Crypto Nutshell #253 feelin’ groovy. 🕺 🥜
The crypto newsletter that's more inspiring than a story of an underdog boxer getting a shot at the world title... 🥊🏆
What we’ve cooked up for you today…
⛏️ Huge win for Bitcoin miners
🪝 This new demand is off the hook
⚖️ Ethereum exchange balance
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:00am ET
Only the top 20 coins measured by market cap feature in this section
HUGE WIN FOR BITCOIN MINERS ⛏️
BREAKING: Biden administration’s notorious Bitcoin mining survey halted after legal backlash
In January the US government decided to crack down on the mining industry.
The Energy Information Administration (EIA) issued a mandatory survey that many believed to be “invasive”.
Failure to submit the survey would result in fines of $10,633 per day.
Upon release, this survey was immediately met with backlash from the crypto community.
Well now the survey's over.
The EIA agreed to stop the survey as part of an agreement to end a lawsuit filed by several industry players
And all data collected so far will be destroyed.
“EIA has discontinued the emergency collection of data for Form EIA-862, Cryptocurrency Mining Operations Survey. Under the terms of our agreement, all data received as part of the emergency collection will be destroyed.”
However, the EIA plans to restart the survey.
But this time they have to follow the rules…
“If the EIA seeks to survey cryptocurrency miners in the future, the EIA must undergo the proper notice and comment procedure mandated by law, ensuring public input on the survey’s scope before any re-issuance,”
This marks a big win for the Bitcoin mining industry. 😎
TOGETHER WITH THE PHENOM CRYPTO ♟️
One reason we love crypto? The returns. 😍
In a bull market? No other asset can compete. It’s not uncommon to see 5x, 10x or even 100x plus returns.
With the Bitcoin Halving coming up, the next crypto bull-run is just around the corner.
That’s why we read The Phenom Crypto.
They share the best kept secrets on the latest DeFi & small-cap crypto trends. 🤫
The best part?
Just like us, they’re completely free.
Slam that big subscribe button and it’ll automatically add you to their list.
If you’re not a fan, you can always unsub. Nothin’ to lose. 🎉
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THIS NEW DEMAND IS OFF THE HOOK 🪝
Bitcoin could reach as high as $200,000 this year.
That’s the latest prediction out from Matt Hougan.
Matt Hougan is the Chief Investment Officer at Bitwise, the 4th largest Bitcoin ETF issuer.
When it comes to Bitcoin ETFs, Matt’s the man.
Appearing on CNBC, Matt broke down Bitcoin’s recent price action.
The launch of the ETFs unlocked a new level of Bitcoin adoption.
“It’s just new demand. If you think about Bitcoin pre-ETFs, there was only a small set of investors who could buy it. Now almost everyone can buy it. The supply demand dynamic is just off the hook… That’s what’s driving the price.”
But where does Matt & Bitwise see Bitcoin’s price at the end of 2024?
At the start of the year, Bitwise published their 2024 predictions.
One of those predictions was that Bitcoin would trade above $80,000, setting a new all-time high.
But Matt believes they may have undercooked that prediction…
“Based on what we’re seeing in our ETF and these other ETFs, I think we have to revise that upwards. It could be $100,000. It could be $200,000. It could be higher than that.”
The demand from the ETFs has been so insane it even caught the ETF issuers off guard.
Closing out the interview, Matt was asked his thoughts on the potential Ethereum ETFs.
“Bitcoin ETFs have proven that it’s a low cost secure way to access the market… So we’re looking aggressively at the Ethereum space, I think there’s a good chance we’ll see one by the end of this year.”
ETF analyst James Seyffart has approval odds for the Ethereum ETFs at 60-65%.
However we believe there’s a much higher chance they’ll be approved. 😎
ETHEREUM EXCHANGE BALANCE ⚖️
Two days ago we took a look at the amount of Bitcoin available for sale on exchanges.
So it’s only fair we check in on Ethereum’s exchange balance today.
As always, here’s how to interpret the chart:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is only 13,139,859 ETH available for sale on exchanges.
That’s ~10.97% of the entire circulating supply. (1% less than Bitcoin’s percentage)
And it marks a decrease of 193,058 ETH since we last checked in on this metric two weeks ago.
In other words, ~$1 billion in Ethereum has been taken out of exchanges in the last two weeks. (at today’s prices)
This effectively puts this metric at an all-time low.
And it just goes to show how good Ethereum’s supply dynamics are right now.🐂
Just what to you want to see heading into the eventual approval of the Ethereum ETFs.
CRACKING CRYPTO 🥜
Consensys CEO believes decentralization will lead to a 'generational paradigm shift'. Lubin believes that we are on the cusp of a generational paradigm shift that will lead to a supercycle for the crypto industry.
UK authorities will soon have less restrictions when seizing crypto. The United Kingdom's new legislation, allowing law enforcement agencies to seize crypto assets without a criminal conviction, is scheduled to take effect on April 26.
Trump MAGA Meme Coins Are the First Experiment in 'PoliFi'. One part community, one part prediction market, the meme coin that borrows the former president's likeness is a troll project that became serious.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What hash function does Bitcoin use? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) SHA-256 🥳
The SHA-256 function that Bitcoin uses is short for “Secure Hash Algorithm” and was designed by the United States National Security Agency.
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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