Attention turns to Bitcoin as America puts up a new all-time high for national debt.
MicroStrategy billionaire Michael Saylor claps back in a debate
about Bitcoin's Lightning Network.
And is Coinbase getting into the derivatives market?
Stick around till the end and find out.
My name is AJ.
And this is your nightly crypto news wrap-up.
Let's get it!
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Normally, when we talk about new all-time highs,
it's a good thing,
but, today, I'm sorry.
That's not the case.
As of yesterday,
America's national debt exceeded $31 trillion for the first time in history.
Also, as you know, the Fed has been hiking up the interest rates to battle the inflation issue.
This is a terrible combination.
And we're about to see how sharp this double-edged sword really is.
Because, now, it's going to cost that much more to pay it all back.
The Peterson Foundation estimates that the higher rates could add an additional $1 trillion
to what the federal government spends on interest this decade.
Oh, and that's on top of the $8 trillion we already racked up since 2020.
This is what I like to refer to as a slippery slope.
And it really shouldn't be a surprise to anyone that this is one of the many reasons
why so many people are bullish on Bitcoin.
As the value and meaning of the US dollar hangs in the balance,
Bitcoin accumulation just hit a 7-year high.
As you see in this chart,
these numbers line up with the same bottom signals we saw in 2015 and in 2019.
So given the macro,
I'm not going to stand here and say the bottom is in
because it very well might not be.
My point is this.
Over the years,
when politicians around the globe are faced with massive financial decisions,
greed seems to win like every time.
On the flip side,
whales are buying Bitcoin in droves and retail is catching on too.
In the last year alone,
the number of Bitcoin HODLers has grown by 4.5 million people.
In 70-some years when our grandkids read the history books,
will they learn that this is the point in time
where crypto began to completely replace the failed legacy system?
I sure hope so,
but, until then, let's enjoy the ride.
Let's pass it to our guy Frankie Candles for a market watch.
Thanks, AJ!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $20,163.
Down about 0.8% on the day
Ethereum coming in at $1,353
Down about 0.6%, or almost 0.7% on the day
Now, guys, I do want to bring you over to the Bitcoin chart here for just a minute.
We are hitting our heads against some pretty important resistance here.
Now, this level at about $20,100,
if we are able to hold this as support,
I think we could potentially get a continued move up to about $20,400.
And this remains the level that we need to break out of
to continue this move to the upside.
I know I gave you guys some levels yesterday,
but, if we are able to break out of this level,
I would be looking to come up to this level at about $20,525.
This would be the next target if we break out of $20,400.
And if we flip this POC right here at $20,525 to support,
we do have a volume gap right above this
that could give us a quick move up to about $20,800
or up to even this spider line coming in at almost $21,000 even.
Now, things do look pretty good.
However, if we do wind up getting a move down for some reason,
the main level of support that I am watching is going to be this point of control at $19,771.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
You know, in life, it's really important to pick your battles.
For example, MicroStrategy's Executive Chairman Michael Saylor,
aka the popular billionaire investor
who stepped down as CEO to focus on Bitcoin more,
well, he's not the guy you exactly want to call out.
Saylor is like the sprained ankle of crypto.
And Eric Wall, the CIO of Arcane Assets, thought it would be a good idea
to troll Saylor on Twitter for not using Bitcoin's Lightning Network more than three times.
What a frivolous thing to call someone out on.
Oh, and if you don't know,
the Lightning Network is basically a second layer for Bitcoin
that helps scale micro payments.
Anyway, Saylor clapped back and said,
yes, he has used the Lightning Network more than three times.
Also, in classic Saylor fashion, he held a meme contest on the matter.
And the top three participants that get the most likes on their memes
will receive 1 million Satoshis from Saylor sent via the Lightning Network.
Even though 1 million Satoshis is only, like, $200,
at least everyone got a kick out of it.
And I really hope this one wins.
Baaaaaah!
That's the SpongeBob laugh.
You know, I think Coinbase is a great place for new users to get their feet wet,
but once you're in the game for long enough,
you hit a wall because you can only do so much on their platform.
Being able to buy and hold is all good and well,
but if you only make money when the market goes up,
you're missing half the opportunity.
You need to be able to go long and short,
and add leverage once you know what you're doing.
Lucky for us,
it seems like Coinbase is making moves to get into the derivatives market.
Earlier this year,
Coinbase acquired FairX,
which is a CFTC-regulated derivatives exchange.
More recently, they hired a former Goldman Sachs derivative executive,
Usman Naeem.
He is now their new global head of derivative sales and agency trading at their office in London.
Fingers crossed that this becomes a part of a larger push
to get derivative trading completely legitimized.
And I hope Coinbase beats FTX to the punch.
That's all I got.
Be blessed.
AJ out.