Today’s Nuggets
Is $66.7K the New $42K of the Past?
Australia’s Largest Bank Adds BTC
Taiwan is in Bitcoin
Peter Schiff Predicts Bitcoin Crash
Open Interest Grows
Miner Selling Accelerates
Year-to-Date BTC & DXY Correlation
MSTR Raises $500M
Buffet has $200B to Spend
This story will determine if $66K will hold for Bitcoin. We will also look at a whole bunch of other stuff, including some miraculous whale activity that just popped onto my radar.
Crypto Market Update:
The crypto market cap is $2.41 trillion, down from $2.6 trillion;
The volume is quite high, nearly about $90 billion;
Bitcoin was [interestingly] $66,666 as of a minute ago; and
The Fear and Greed Index is at 70.
We are in June, and we are back at 0%!
We have gone nowhere but up and down and all around, back to square one. Today's theme is trying to understand why we have bounced around since March.
This is pretty remarkable from @CalebFranzen. I remember 42,000 was that level in the last cycle, and it just kept on being there for a long time. It served as support, it was resistance, it was all sorts of things. Maybe $66.7K is the new one.
Interestingly, the $66.7K is the level 7 for this bull run on the LILO model.
This shows you exactly how many times we have been through it, under it, under it again.
The question is, will it hold this time? (update: we have seen today that the level did not hold)
Australia's largest bank added the Bitcoin ETF and has access to 17 million customers.
For those Australians who are not putting all their money into real estate, they can now buy some Bitcoin.
The energy and utility firms are all beginning to understand the importance of Bitcoin mining.
Bitcoin is not the enemy.
It is something that needs to be embraced and that is a great thing to see.
Nayib Bukele and his team have mined 473 Bitcoin with volcanic clean energy resources.
Now, the nation's entire bag is 5,779 BTC.
If Bitcoin goes where some people think it could go, El Salvador could become a very wealthy nation.
It makes sense to have a little bit…
The Taiwan government has created its crypto industry association under government guidelines. This is all part of the whole: gradually, then suddenly, everybody is in.
Michael Saylor always talks about how those who bought city blocks in Manhattan would hold it forever by borrowing and living against it. This is where we are all over again.
Get some Bitcoin!
Woohoo!
After all the Fed ‘jawboning’ and everything else, I think that would be a good thing.
The FOMC is not solving the problems many people need - at least those in Congress. I have no idea if this guy is left or right - I do not care.
Interestingly, leaders within governments are beginning to understand the importance of Bitcoin more and more.
Peter, I have some news for you; wrong again, like you have been about Bitcoin for 14 years.
Ten years ago, Peter had the chance to spend a couple hundred thousand dollars on Bitcoin, but he did not do it. You said you would be a very rich man if you did back then, but you did not. That kind of regret can fester in the human body and cause people to be very bitter.
A little bit of advice: if you
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