Crypto

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• Token Unlocks Shape Market Dynamics: Stay ahead of market shifts by monitoring upcoming token unlocks.

• Unfortunately, it is not only Monday, but we have also found ourselves on the wrong side of the crypto market over the weekend.
• In Thursday’s Crypto Moves #26, we expressed a bearish outlook on the market for the short term.
• Contrary to our expectations, the overall industry did not adhere to our forecast.

• The crypto market has experienced a second-to-none year so far.
• Now, as summer begins, it may be a good time to unwind with a Gin & Tonic and enjoy the sunshine, given that the crypto market is unlikely to offer much excitement in the near future.
• According to the latest issue of ‘Crypto Crisp‘ published on Monday, we have adopted a bearish outlook for the short-term prospects of the crypto market.

• It is no surprise that we have maintained a bullish stance in crypto over the past month, given the uptick in US dollar liquidity and the easing tensions between Israel and Iran.
• Despite these factors, the market adopted a predominantly pessimistic view, highlighted by a negative futures funding rate.
• This suggested to us that the market was misaligned with the outside environment.

• Every day, 32.5 million Ether, valued at more than $100 billion, are used as collateral to verify transactions, propose blocks, and protect the Ethereum blockchain from external attacks by acting as validators.
• These Ethereum validators consequently hold substantial influence over the network.
• To manage this influence wielded by Ethereum stakers, the network has the capability to slash validators.

• Crypto bankruptcies are complicated as crypto currencies are extremely volatile and there are no regulatory frameworks existing for crypto currencies.
• The treatment of ownership of digital assets as property of the debtor or the depositor is one of the key debates in settling crypto bankruptcy cases.
• One of the key lessons is that crypto investors need to be focused on how they transact with crytpo exchanges in the future.

• Will Campion and the speaker met with Nick Carey from Blockchain.com in September 2021 to discuss blockchain and cryptocurrencies
• Despite initial skepticism, the conversation was rich and wide-ranging, spanning two episodes on the Moneymakers podcast
• Blockchain.com, founded in 2011 in York, serves both institutions and retail customers and has over 90 million wallet holders globally

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• Halving Dynamics: Bitcoin’s imminent halving reduces issuance, influencing short-term price movements amidst evolving market narratives.
• Liquidity Catalyst: Bitcoin thrives in liquidity upcycles, offering a hedge against currency debasement and driving sustained market growth. 
• Bitcoin’s Resilience: Engineered precision and apolitical nature underline Bitcoin’s strength as a censorship-resistant alternative amid global economic uncertainties.

• In recent weeks, the crypto market has responded markedly negatively to geopolitical tensions before rebounding almost fully, as seen again this past weekend.
• We believe the tensions between Israel and Iran are calming down, and we anticipate the market will soon agree.
• As the market adjusts, we simultaneously expect an end to tax season effects, improving USD liquidity, while other technicalities such as the repo market will arguably likewise improve liquidity.

• In issue #17 of Crypto Moves, we described MicroStrategy’s co-founder and Chairman, Michael Saylor, as today’s Satoshi Nakamoto when it comes to Bitcoin narratives.
• While Satoshi Nakamoto was the creator of Bitcoin and the miner of its genesis block, Michael Saylor has emerged as a key leader in the last few years, promoting and supporting the current narratives that have driven Bitcoin to new peaks.
• These narratives have primarily centered on Bitcoin being a store of value, especially as an inflation hedge and a safe haven during economic crises and geopolitical instability.

• The weekend did not go as expected.
• The attack on Israel by Iran, which occurred overnight between Saturday and Sunday, had a noticeable impact on the crypto market.
• This led to Bitcoin and Ethereum dropping by 8% and 12% respectively by Sunday.

• 2024 stands out as the landmark year for exchange-traded crypto products, especially those related to Bitcoin.
• After years of existing somewhat separately from traditional finance, the crypto market is finally being recognized as a legitimate part of the broader financial landscape.
• The United States set the stage in January by securing approval from the US Securities and Exchange Commission (SEC) for the first US-based Bitcoin spot ETFs. To any observer, it is unmistakably clear that the United States has triggered a wave of global approvals for exchange-traded crypto products.