Blockstream Mining Note launches tranche 2, MicroStrategy reloads for more BTC buys, Spain’s BBVA opens BTC to private wealth, China crackdown continues, SEC kicks ETF decision back, Miami wants miners, Panama may follow El Salvador, 81% of fund managers say Bitcoin’s a bubble as holders turn net buyers, and Fidelity says the bottom is in

By Jesse Knutson

What’s happening in the markets?

Bitcoin ended the week modestly lower as consolidation between $30,000 and $40,000 stretched into the fourth consecutive week.

Bitcoin gave up a break above $41,000 earlier in the week as stonks tanked and the USD spiked on speculation that the Fed may hike interest rates sooner than expected. Tech stocks were a bit of an exception with NASDAQ constituents ending just off an all-time high.

Next Friday is Bitcoin futures/options expiry which may provide a bit of excitement after 30 days of sideways trading.

News flow was more of a mixed bag this week after a string…

El Salvador adopts BTC, India may formalize BTC as an asset class, Square & Blockstream team up on BTC solar farm, Senator Warren calls for a crypto crackdown, JPM says Tether is an investment giant, Invesco makes new ETF application and long term holders buy the dip

By Jesse Knutson

What’s happening in the markets?

Bitcoin is on track to squeak out its third weekly win in a row as consolidation continues and the strength of the recent downtrend begins to ebb.

Stonks pushed higher and gold was flat despite hotter than expected inflation data. The consumer price index came in +5% YoY, the biggest increase since 2008 while core inflation gained by the most in almost three decades.

The reaction by markets implies an acceptance of the Fed’s narrative that price increases are due primarily to a reopening of the economy and will likely be transitory. Meaning that tightening is still…

Bloomberg reiterates $100K 2021 price target, Guggenheim launches BTC fund, Standard Chartered & OSL team up on new trading platform, Marathon gives up on compliant mining, Blackrock warns on inflation and Bitcoin price prepares to run the gauntlet

By Jesse Knutson

What’s happening in the markets?

Bitcoin looks on pace to end the week little changed — though on the bottom end of the week’s range. Price this week saw a string of higher lows and looked set to take a crack at $40,000 resistance before getting pulled lower by more cryptic tweets from Elon Musk.

It’s not surprising, therefore, to see that Elon’s positive:negative mention ratio on Twitter fell to a record low this week. More downside there yet to come I would imagine.

The pullback this time was relatively muted, though, which is somewhat reminiscent of the decreasing impact ETF rejections…

Dalio likes Bitcoin over bonds, Goldman Sachs sees BTC as a new asset class, Cathie Wood thinks BTC can’t be stopped, Carl Ichan hints at a billion-dollar investment, and PayPal promises to loosen controls while Inner Mongolia and Iran crackdown on miners

By Jesse Knutson

What’s happening in the markets?

Bitcoin is tracking to end the week +7% bouncing after last week’s -25% drop.

Risk sentiment looked a bit better in markets as Covid infections slid to a near one-year low, unemployment claims fell the fourth week in a row and the Biden administration continued to firehose capital into the system with a newly proposed $6T 2022 budget.

The USD looked to regain its footing a bit as stocks inched towards previous highs. Gold had a bit of a wobble after breaking above the $1,900 mark for the first time in five months.

Overall, it looks like…

Doom and gloom galore this week…China bans, Elon fans environmental criticisms, Biden beefs up the IRS and record forced sells as Bitcoin posts the biggest price drop since last year’s liquidation cascade. Cheer up…It’s Bitcoin pizza day tomorrow!

By Jesse Knutson

What’s happening in the markets?

Bitcoin is on pace to end the week -12%, recovering off of an intraweek drop of -35%. Declines over the previous two weeks have now wiped out four and a half months of gains.

The sell-off looks to be largely technical though selling seems to have been exacerbated by a slew of negative headlines and the usual forced selling of overly leveraged positions.

Liquidations saw price crash deep into oversold territory with the RSI cratering to a low of 23, price falling to -3.4 …

Elon flips, inflation smashes expectations, retail pukes, Druckenmiller says USD may lose reserve status, Bain Capital likes Bitcoin over gold, GBTC drops to 20% discount, Tether details backing…and MicroStrategy BTFD

By Jesse Knutson

What’s happening in the markets?

Bitcoin on pace to snap a two-week win streak and end towards the bottom of the biggest weekly drop in 11 weeks.

A suspension of Tesla’s Bitcoin vehicle purchasing program triggered an aggressive retail sell-off and sent the Bitcoin fear and greed sentiment index to its lowest level since April of last year.

Global equities had a rough go as well, but look to be bouncing into the end of the week with hints of better US labor market data offsetting a much worse-than-expected inflation print and Asian equities narrowing losses for the week by about 1%.

Dual-funded channels can send Bitcoin payments in either direction from the get-go.

By Lisa Neigut

Well, they’ve done it, Charlie. c-lightning, the C-first Lightning implementation largely shepherded under Blockstream’s engineers, has successfully opened the first dual-funded Lightning channel on Bitcoin mainnet.

What is a “Dual-Funded” Channel?

Normally, when a Lightning node opens a channel, only the node that initiates the channel open can add funds.

This can create unbalanced channels, with the entire channel’s balance belonging to the node that opened the channel.

A dual-funded channel is one that both nodes contribute funds to in the funding transaction that opens the channel. …

Square & PayPal crush analyst expectations, NYDIG says BTC will come to hundreds of banks this year, Galaxy to acquire BitGo for $1.2B, Tether hits $55B AUM, Bitcoin fund flows hit 10-week high, VanEck applies for a Bitcoin ETF down under and Norway’s Climate Minister pushes back on BTC critics

By Jesse Knutson

What’s happening in the markets?

Bitcoin is on pace to end the week little changed after spending most of the week hovering around the 50-day moving average of $56,000.

Global equities also look to be losing some momentum. Valuations remain new record highs and I think, increasingly, there’s a feeling that the economic rebound from the pandemic is probably already priced in.

Comments from the Fed earlier in the week suggested that the U.S. might need to lift rates to offset economic overheating out of the pandemic.

Yellen and Powell can’t seem to make up their mind on this. Last week it…

Bitcoin bounces, Roubini warns of stagflation, JPM launches BTC fund, Nexon buys $100M BTC, SEC pushes VanEck ETF decision back to June, China’s top 3 telcos have been mining Bitcoin, Tesla tests liquidity, Fed signals more upside for BTC and stonks, and Facebook & Apple struggle to get off Zero

By Jesse Knutson

What’s happening in the markets?

Bitcoin is on pace to snap a two-week losing streak with a ~ 10% rebound off of last week’s low.

Bitcoin’s bounce this week was supported by continued gains in US equities following strong 1Q21 GDP growth, the Fed signaling low rates for a long time to come, Apple, Facebook, and Samsung all beating analyst estimates, and President Biden announcing another $1.8T in spending — bringing Biden administration spending in the first 100 days to a grand total of $6T.

With tapering plans shelved, it looks like rates will likely remain low for the foreseeable future. Goldman…

Biden eyes tax hike, Morgan Stanley and China’s PBOC say BTC is an investable asset, Square / Ark say Bitcoin is good for green energy, Rothschild Investment reveals Kraken stake, Venmo opens BTC to 70M users…and a bit of volatility to close the week out

By Jesse Knutson

What’s happening in the markets?

Bitcoin is tracking a -12% drop this week, on pace for one of the worst weeks of the year and its first significant drop below the 50-day moving average this cycle.

Bitcoin declines followed a sharp sell-off in equities on reports that the Biden administration was considering a sharp tax increase on capital gains. Wealthy individuals could possibly see their capital gains taxes nearly doubled. Lots of rumors also of aggressive capital gains taxes in the works for Bitcoin and digital assets.

Given record equity valuations and Bitcoin’s seven-month win streak, the news was a reason for…


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