Hi crypto friends.
It's been a pretty eventful month here and I thought I'd recap some of the top news and sentiments that we've been reading about and discussing.
1) [News] A number of countries are entering the crypto arena, further legitimizing the usage of cryptocurrencies.
El Salvador made big moves, sidestepping USD and declaring BTC as a legal tender. Other countries are coming out and acknowledging that crypto has a future in their respective nations.
References:
- El Salvador has officially passed a law that makes Bitcoin a legal currency.
- Iran president said that he wants to legalize cryptocurrencies “as soon as possible”
- Ethereum chosen by Bank of Israel to trial their new digital Shekel
- Mexico is bullish on Bitcoin, and it's thinking about following the example of its neighbor, El Salvador
- Paraguay Follows El Salvador with Bitcoin Bill
- Cryptocurrency Will Be Allowed in Nigeria - Nigerians will be allowed to trade cryptocurrency according to the Central Bank of Nigeria governor Godwin Emefiele.
- President of Tanzania 🇹🇿 calls on the central bank to prepare for the "use of cryptocurrency"
2) [Sentiment] Take advice here with a grain of salt and make your own decisions.
Everyone has a different investing style, whether it's the full on YOLO or the noble DCA. Do your own research and come up with a plan that works for you.
References:
- Caution! This sub has some of the worst investing advice I've ever seen, and it's full of people who think they're Warren Buffet because they won a billion dollars in the lottery.
- Yesterday most people on here seemed sure we were in a bear market. Today looks green and people seem sure all of this is just a dip in this bull run. Nobody knows what is happening, don't come to this sub for advice.
- Pro tip: get off this sub during pullbacks
3) [News] China banned crypto mining, and miners are seeking refuge elsewhere.
FUD or not, China is making their position on crypto known and having big impact on the overall sentiment of the market by banning crypto mining. Some of our users offer that the removal of China's influence is bullish in the long term.
References:
- China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas
- After shutting down in Sichuan, a Chinese firm has successfully shipped 300 Bitcoin miners to Kazakhstan, more are on the way
- China continues its crackdown on Bitcoin, shutting down more miners - this might be bad for short term as prices may crash again - but in the long run this is good for Crypto to end China's influence
- China is anti-Crypto because they can't Censor or Control it, Pushing Digital Yuan instead with built in Surveillance and Censorship Features
4) [News] BTC hit the Death Cross and the price movement has become more bearish in comparison to previous months.
Often confused with a cool metal band name, Death Cross is a technical indicator where the 50-day Moving Average drops below the 200-day Moving Average, indicating a reduction in buying momentum. While the price action has gotten more bearish the past few months, there seem to be signs of resiliency at $30k - only time will tell if BTC bounces back or moves lower.
(not really any post references for this one but it was all the rage in the daily for a good while)
5) [Sentiment] Crypto veterans are coming out of the woodwork to offer their perspective to newer investors during these unpredictable times.
It's been a wild ride the past few months, and as a new crypto investor or not, we all have something to learn from the experiences of those who have been through the wringer once or twice.
References:
- The last crash showed me that people who said "I would have bought cheap during the March 2020 crash, and would be filthy rich now" would most likely not have bought then
- What it felt like buying the bottom in 2018 and 2020: a fool's errand
- You need at least 3 bull markets to get rich
- It’s my cake day so I will give you all some words of wisdom
6) [News] Whales and Smart money continue to BTFD.
Mighty Mike, Auntie Cathie, and the top BTC wallets are showing us what it means to have balls of steel and buy the f'ing dip - an exemplary demonstration of conviction and patience.
References:
- MicroStrategy to Buy Another $500 Million Worth of Bitcoin, Announces a BTC Holding Company
- ARK Invest Buys 20 Million Dollars Worth Bitcoin
- Top 5 Bitcoin Whale Buys an Additional 3,706 BTC @ $33,157.09
- Whales Now Hold 48.7% of Total Bitcoin Supply After Buying 90,000 BTC Recently
7) [News] Adoption continues to grow impressively at both a retail and institutional level
Whether it's your next-door neighbor or a big bank on Wall Street, crypto is penetrating the mainstream ethos and nobody wants to miss the boat.
References:
- More Than a Third of Millennial Millionaires Have at least 50% of their Wealth in Crypto
- Nearly 90% of cryptocurrency investors surveyed say they weren't scared away by May's brutal selloff and are planning to buy more
- Around 6% of the U.S. population now uses or owns crypto, and the trend is growing.
- Goldman Sachs becomes first major U.S. bank to begin trading Bitcoin
- Fidelity Says It Has Sold $102,000,000 in Bitcoin to Wealthy Investors
And that does it for the June roundup of the top 7 news and sentiments that we've been reading and discussing. I'll leave you with a Bonus #8, "when mainnet?"
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