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- 🥜 Elon Musk Impressed With Bitcoin
🥜 Elon Musk Impressed With Bitcoin
PLUS: A Sell-Off?
Today’s edition is brought to you by RAREMINTS - discover your next 10x crypto opportunity!
GM to all 39,117 of you. Crypto Nutshell #213 climbin’ in. 🐨 🥜
We’re the crypto newsletter that's more inspiring than a group of misfit kids forming a football team under the guidance of a caring coach... 🏈🌟
What we’ve cooked up for you today…
🥊 Binance takes on the SEC
💡 Elon Musk impressed with Bitcoin
🤔 Was there a sell-off?
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:40am ET
Only the top 20 coins measured by market cap feature in this section
BINANCE TAKES ON THE SEC 🥊
BREAKING: Binance to face off against US SEC in court
Binance is set to face off against the SEC in a high-profile hearing similar to Coinbase’s from last week.
The worlds largest exchange will be presenting it’s arguments to federal Judge Amy Berman Jackson today.
As a quick recap, the SEC has accused Binance of:
Artificially inflating trading volumes
Diverting customer funds
Failing to restrict US customers from its platform
Misleading investors about its market surveillance controls
Operating as an unregistered securities exchange (Coinbase is also fighting this accusation)
Although Binance recently settled (agreed to pay $4.3 billion) with the Department of Justice and Commodity Futures Trading Commission, they refuse to settle with the SEC. 🙅
Doing so would mean conceding that some digital assets are in fact securities.
It’s been reported that Binance are confident in their case over the SEC, as Coinbase were.
A Binance & Coinbase victory would rein in the SEC's authority over the crypto industry.
(no more random law suits forcing innovative crypto businesses to shutdown)
Stay tuned for more, we'll keep you posted with any major updates. 🫡
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ELON MUSK IMPRESSED WITH BITCOIN 💡
Bitcoin has started off 2024 by breaking another record.
The response by Elon Musk?
“Wow”
Over the weekend, ARK Invest analyst, Yassine Elmandjra, pointed out Bitcoin has broken a record.
The Bitcoin hash rate broke a new all-time high, reaching over 500 exahashes per second in January.
Safe to say - Bitcoin is backed by the world’s most powerful digital network.
The enormity of the power of the Bitcoin Network clearly impressed Elon Musk.
He responded to the tweet with just a single word:
This follows X (formerly Twitter) creating a dedicated account for its upcoming payments platform.
Will XPayments incorporate crypto?
Will Elon come back to crypto?
Only time will tell.
But this does add to the long list of clues that Elon is coming back to the space.
Check out our write-up from last week on why we believe Elon will be making his return to crypto. 💡
WAS THERE A SELL-OFF? 🤔
Today we’ll be taking a look at the Long / Short-Term Holder Threshold.
Here’s how this metric works:
🔴 Short-Term Holders (STHs): coins that have been held for less than 155 days
🔵 Long-Term Holders (LTHs): coins that have been held for more than 155 days
🟥 Short-Term Holder Cost Basis: all coins purchased in this price range are STHs
🟦 Long-Term Holder Cost Basis: all coins purchased in this price range are LTHs
The amount of coins held by LTHs continues to sit around its all-time high.
As of today, 14,836,510 Bitcoin are in the hands of LTHs. 😱
Whereas the amount of coins held by STHs is only 2,424,010.
That is an insane gap.
However…
With the recent sell-offs, the amount of LTHs has started to decrease and the amount of STHs has started to increase.
(When LTH coins are sold they re-join the STH supply)
In fact, since the launch of the ETFs, the amount of STH coins has increased by 100,574 Bitcoin.
Indicating that some LTHs did in fact treat the ETFs as a “sell the news” event. 📰
Sell-offs like these are perfectly normal during sustained price run ups.
This sell-side pressure has been absorbed by new demand as the price of Bitcoin has now stabilised.
Regardless, long-term conviction in Bitcoin remains extremely high.
CRACKING CRYPTO 🥜
China's underground crypto market thrives despite harsh trading ban. Chinese crypto traders flout ban through VPNs, social media, and clandestine meetups, maintaining an $86 billion underground market.
X launches dedicated payments account, crypto community speculates. Elon Musk’s X app has piqued the interest of the crypto community by launching a dedicated account for its payments feature, which is set to launch later in 2024.
If you care about crypto adoption, 'not your keys, not your coins' is a disaster. We should do more to make "not your keys, not your coins" a description of the bad days rather than a prescription for the future.
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”)
When was the first Bitcoin Halving event? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) November 2012 🥳
The first bitcoin halving occurred in November 2012. The following halving was in July 2016, and the most recent halving was in May 2020.
The next halving will occur in April 2024.
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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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