Crypto

• 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.

• Greetings from a sunny Copenhagen, where it feels like summer is just around the corner, and the warm weather seems to be spreading to the crypto market as well.
• Bitcoin has risen by approximately 4.5%, reaching $72,250, and Ethereum has seen an increase of nearly 4%, up to $3,620 during the same timeframe.
• We would like to reiterate our optimistic outlook from last week, as highlighted in both Crypto Crisp and Crypto Moves #22.

• Crypto market is driven by narrative in the short term, and capital favors new narratives. Ethereum restaking is the brand new narrative and biggest investment opportunity in this cycle.
• Restaking and Liquid Restaking will bring upward pressure to ETH, and tokens of Liquid Restaking protocols will benefit from the growing restaking market.
• DeFi use cases related to Liquid Restaked Tokens introduce increased financial leverage to the Ethereum DeFi ecosystem, which also entails heightened risks.

• We are swiftly approaching the fourth Bitcoin halving, which is expected to take place at block number 840,000.
• Currently, the network has reached a block height of approximately 837,700.
• Bitcoin experiences a halving event every 210,000 blocks.

• As we predicted in the last few weeks’ Crypto Crisp, the crypto market has been relatively stable in recent weeks.
• However, things are beginning to shift.
• During a speech in San Francisco on Friday, Federal Reserve Chairman Jerome Powell mentioned that robust economic growth in the US allows Federal Reserve officials to take their time with interest rate cuts.

• We are witnessing an unexpected showdown in the crypto world.
• On one side stands Larry Fink, co-founder and CEO of BlackRock, the world’s largest asset manager.
• On the opposite side is Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC).