🌙 Bitcoin on the Edge: Late-Cycle Turbulence or Just Another Buying Opportunity?
Price volatility meets explosive adoption as institutions, miners, and lawmakers double down on Bitcoin.
Quote of the Day
Michael Saylor: “Companies are buying even more than the natural mining supply. Bitcoin will be 10X bigger than gold — that’s $12 million per coin.” 🚀
Evening Brief
Bitcoin continues to wrestle with the markets. Analysts warn of a possible dip to $99K, while others argue the $112K mark was a local bottom. Despite the uncertainty, the number of crypto millionaires has surged 40% to nearly 250,000, underscoring the wealth effect of this cycle. BTC trades around $113K, pressured by Fed rate-cut speculation, even as whales scooped up $840 million in one transaction. With profit-taking metrics flashing, some believe the bull run is entering its late phase, with risks of a pullback to $106K.
On the network side, the community is divided over Bitcoin Core v30, while adoption surges worldwide: Morgan Stanley will launch crypto trading, Fold and Stripe are teaming up for a Bitcoin rewards card, and Russia’s e-commerce giant Wildberries enabled crypto payments in Belarus.
Miners and treasuries are also moving big. CleanSpark secured $100M in Bitcoin-backed financing via Coinbase Prime. In corporate adoption, Anthony Scaramucci is backing a $550M AVAX treasury, and Brazil’s OranjeBTC will go public with $400M in BTC holdings this October.
Ethereum faces headwinds as futures turn bearish, though ETH ETFs now account for 15% of spot trading volume. Crypto ETFs shed $439M, but Bitcoin and gold saw renewed inflows. Meanwhile, Solana holders faced liquidation pressure, Kazakhstan plans a national Solana-based stablecoin, and Dogecoin flashed a bullish TD green signal.
Regulators and lawmakers are racing forward. The SEC is preparing an “innovation exemption” for crypto firms, lawmakers want to allow 401k allocations into Bitcoin (Americans hold $9T in retirement savings), and the White House is targeting year-end for a sweeping crypto market structure bill.
Legal drama persists as the FTX trust sues Genesis Digital for $1.15B, while industry leaders remain relentlessly bullish. From Arthur Hayes ($250K BTC this year) to Michael Saylor (Bitcoin 10X bigger than gold, or $12M per coin), the voices are clear: short-term pain, long-term conviction.
Question of the Day
Do you believe Bitcoin is entering the late phase of this bull cycle, or are these dips just another buying opportunity before the next leg higher?
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