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We're 4 Months Into The Bull Market
Once again we see Bitcoin’s movements determine how the entire crypto market moves. Altcoins follow Bitcoin’s path upwards and downwards. And we certainly headed down this past week. But nothing to be alarmed about.
What’s interesting is the CME Bitcoin futures expiration could signal a breakout upwards and Bitcoin may finally breakout towards $75K - $80K. Take a look at the pattern on the chart which may repeat again. And of course the Altcoins will follow Bitcoins move.
PlanB’s Bitcoin Stock To Flow model shows we are still on track as Bitcoin builds support levels above the $50,000 price point. We’re only 4 months into this bull market cycle. Patience is the key.
Most bullish news from this week
Elon Musk lets folks know that Tesla now accepts Bitcoin as a payment. The Bitcoin earned from purchases will not be sold for fiat and Tesla is also running a Bitcoin node. This is a major green flag for other companies to both accept Bitcoin as a payment and have it on their balance sheet.(source)
Both Goldman Sachs and Fidelity filed for Bitcoin ETFs. Everyone is throwing their hat in the ring for a BTC ETF which indicates one or more could get approved this year by the SEC. Both Goldman Sachs and Fidelity are powerhouses with lots of political power and they have the best chance of getting an ETF approval. (source 1, source 2)
Microsoft’s Decentralized Identity team has launched the ION Decentralized Identifier (DID) network on the Bitcoin mainnet. This network is a layer 2 technology similar to Lightning except that instead of focusing on payments it uses Bitcoin’s blockchain to create digital IDs for authenticating identity online. I personally don’t care about ION but the fact that Microsoft built this on the Bitcoin mainnet is huge.(source)
Diogo Monica - Cofounder and President of Anchorage
Diogo and the folks at Anchorage are leading the Crypto banking charge and getting a lot of interests from institutional investors. This is truly ground breaking for the crypto market and shows the impact of Brian Brooks legacy when he was at the OCC.
Attorney Jeremy Hogan
Jeremy breaks gives his take on the whole SEC Ripple XRP lawsuit and what a potential ideal outcome maybe. We touch on the information he discovered in the hearing where the SEC lawyer states only Ripple can illegally sell XRP, meaning crypto exchanges can relist XRP immediately.
Pierce Crosby - General Manager at TradingView
Pierce talks about the growth TradingView has seen with the rise of cryptocurrencies. TradingView continues to build new features and integrate with crypto exchanges to meet the rising demand. He also explains the importance of technical analysis in understanding markets.
Interviews in the works
Ripple CEO Brad Garlinghouse. Scheduled for Mid April.
VeChain CEO Sunny Lu
Tax season is about to wrap up as we approach April. Have you prepared your crypto taxes yet for trades made in 2020? 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.