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More of the Same for Now
Accumulation Phase May End Soon
Despite bullish news from El Salvador, Texas, and State Street the crypto market continues to move sideways. Bitcoin has been moving in the range of $32K-$40K. In my opinion, we’re in an accumulation phase since the correction that took place in April. The macro level charts such as the Bitcoin Stock To Flow Model show we are still on track.See below what PlanB had to say about the current market volatility.
Patience is the key here and I believe this accumulation phase will be over soon.
Most bullish news from this week
El Salvador officially makes Bitcoin a legal tender and will be using Volcano energy to mine bitcoin. Expect other countries to follow suit. (source)
Texas Department of Banking gave state-chartered banks the go-ahead to custody crypto assets. I’ve said it for years - Banks, Stock Exchanges, and Corporates will hold crypto and some will offer crypto trading as well. (source)
State Street, which has $3.6 trillion assets under management and $40.3 trillion in assets under custody, is creating a dedicated cryptocurrency division. (source)
Fred Thiel, CEO of Marathon Digital Holdings, the largest Bitcoin miner in the United States. Fred talks about Marathon's history, services, and BTC mining operations in the United States. We also discuss ESG concerns, Taproot, Bitcoin ETF, Elon Musk, the Bitcoin Mining counsel, and El Salvador's adoption of Bitcoin.
Interviews scheduled for next week
Ripple CTO David Schwartz. We will discuss the new Federated Sidechains for the XRP Ledger.
Are you tracking your taxes for your Crypto trading? Be sure to do so, I personally use TaxBit to help me prepare my crypto taxes which I then share with my accountant. Visit TaxBit’s website to learn more.
Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This newsletter is for educational purposes and NOT investment or financial advice.