Honorable Bitcoin

Bitcoin Dominance Dips to 40%,
Top Ten Cryptos Siphon BTC's Market Supremacy

https://news.bitcoin.com/bitcoin -dominance-dips-to-40-top-ten-cryptos-siphon-btcs-market-supremacy

China bans financial, payment institutions from cryptocurrency business


China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.

Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.


https://www.reuters.com/technology/c...ss-2021-05-18/]

Microstrategy again Bought the Dip
This time worth $ 10 Million @ 43663 Price

Panic Sellers was Selling...
This Guy is Buying only

It certainly is the perfect combination!
Trading is not for everyone... thanks for your welcome!
Bedankt from AMS, ABBie

Bitcoin's Historical Corrections
From ALL Time Hights

Attached Image (click to enlarge)

Let's clarify two things!
- Institutionals haven't made bitcoin less volatile. Just disappointing expectations there.
- Bitcoin is clearly no hedge to inflation ...because it's just a crazy risky toy. Institutionals now have trouble with their porfolios and eventually jump ship to more "traditional" safe havens such as gold.

It's not about "early innings" ? Won't ever change, actually ! Bitcoin never changes fundamentally !

Biden IRS Plan Would Double Agency Staffing, Target Cryptocurrency

Treasury Department report details $80 billion IRS expansion, projects $700 billion in net revenue

https://www.wsj.com/articles

Scott Minerd is One Person who's made Bitcoin (BTC) Dominance Dips in the Market Supremacy

Hong Kong regulators set to ban retail Bitcoin trading

Only millionaires will be allowed to trade Bitcoin and cryptocurrencies in Hong Kong if the FSTB proposal is passed by the city’s legislature.

Hong Kong regulators have moved to ban retail trading in Hong Kong after months of intense speculation about a likely prohibition.

According to a report by Reuters on Friday, the Financial Services and the Treasury Bureau of Hong Kong has released the results of its consultation on a possible retail crypto trading ban, which began back in November 2020.


https://cointelegraph.com/news

Let's see... !

The Roadmap of Bitcoin (BTC)

Cryptocurrency Exchange Web Traffic

Actual Fear & Greed Index

Attached Image (click to enlarge)

Elon Musk and Bitcoin: No One Man Should Have All That Power

Musk's tweets move the whole crypto market. He thinks it's all a laugh—but the joke isn't very funny anymore.

https://decrypt.co/

The joke is not so funny anymore to Bitcoin believers.

The Fed this summer will take another step in developing a digital currency

KEY POINTS

The Federal Reserve will release a research paper this summer that explores a move to a central bank digital currency.

The moves of multiple countries, most prominently China, in the central bank digital currency space has intensified talk about how aggressively the Fed should move.


https://www.cnbc.com

Binance CZ on Panic Selling BTC and FOMO Back to Market


Why is everyone in crypto so obsessed with setting money on fire? Foundational technologies like crypto get caught in multiple narrative fallacies through their journey. Those are the best times to take a long-term view. Narratives are transitory; fundamentals are eternal.

CZ expressed, People who panic sold are more likely to FOMO back in. Markets tend to over swing in both directions. Bear or bull, stay calm, stay level-headed. Manage your risks. Don’t “invest” your next month’s rent. If you are not a pro trader, don’t day trade; invest for the longer term, only with money you won’t need for the next few years. I tweeted this when the markets were going up like crazy. Equally applicable now.


https://thecurrencyanalytics.com

The Digital Dollar is a Possibility According to the Fed


The rising popularity of cryptocurrencies is a clear sign that they will be the future of the global monetary systems. The benefits that they offer are far too good for governments to ignore, thus reports that some governments in multiple countries are exploring the idea of central bank-backed digital currencies.

Jan Hatzius, a Goldman Sachs analyst, is convinced that the U.S Federal Reserve will likely roll out its digital currency, although he expects it to be a slow rollout. Hatzius noted that although the idea of a Fed-backed digital currency is exiting, central banks around the world are not so keep on undermining the existing financial and payments systems.

Federal Reserve Chairman Jerome Powell recently revealed plans to release a paper this summer that will highlight the pros and cons of a CBDC. The Fed plans to use the paper to gather public opinions regarding digital currencies in the hopes that the information gathered will help to determine whether it is a smart move.


https://thecurrencyanalytics.com

Bitcoin Net Unrealized Profit and Loss (NUPL) is a Macro Cycle oscillator which tracks the magnitude of profit held in BTC

The market is currently testing a NUPL value of 0.5 which is typical for Deep Bull cycle corrections.

Biden to Propose $6 Trillion Budget to Boost Middle Class and Infrastructure

The president’s plans to invest in infrastructure, education, health care and more would push federal spending to its highest sustained levels since World War II.

https://www.nytimes.com

Analysts Set The Worst Price Target for Bitcoin Down to $15k


In a recent post on Biotech Valley insights, analysts predicted that Bitcoin will fall 50% from its 65K top in the last three weeks. During the upcoming weeks, their next target price for Bitcoin is 15K-20K.

The party is certainly over, and investors should consider selling or shorting Bitcoin-related assets. Bitcoin’s unusual triggers have run out, and it is now being targeted by governments all over the world. There is nothing that can keep it from crashing more at this time according to the analysts.

The analysts had previously highlighted Bitcoin’s weaknesses as a leading digital currency.

The reasons being :

1. Transaction cost.
2. Transaction speed
3. Energy intensive nature.
4. Extended volatility

https://coinpedia.org