Welcome fren,

State of the Market

From Mt. Gox Dumps to Shrimp Cohorts - Is a Bullish Comeback on the Horizon? 🌤️

Bitcoin Nosedives But Recovers Again. Bitcoin’s price has taken a nosedive, influenced by payouts from the defunct Mt. Gox exchange and transfers made by the German government to cryptocurrency exchanges. These moves have dumped a hefty load of selling pressure into the market, making BTC’s value wobble like a dragon in a storm. 🏴‍☠️

Bullish Bitcoin Vibes Survive Amid Supply Storm. Despite the German Bitcoin sell-off and Mt. Gox reimbursements throwing shade, Bitcoin's bullish vibes are still in the game. Macro-economic elements and a persistent interest in risky investments within traditional markets hint at a bright horizon for Bitcoin once the current supply storm calms down. 🏦🌞

Shrimp Cohort Gobbles Up BTC, Showing Mighty Confidence. Retail Bitcoin holders, often called the "shrimp cohort," are gobbling up BTC amid the current price dip. This behavior shows a shrimp-sized but mighty confidence in Bitcoin's long-term value, regardless of market hiccups. 🦐💰

Bitcoin's 'Double Top' Dance: Dead Cat Bounce or Reversal? This week, Bitcoin's price could be flirting with danger, potentially forming a 'double top' pattern. This pattern could signal a reversal after recent gains. Traders are on edge, calling the recent price move a "dead cat bounce", meaning they're skeptical about the price's ability to hold steady and are bracing for new lows. 🐱‍👤📉

Bull Market Over? Bitcoin’s Two-Week Low Sparks Debate. Bitcoin recently plummeted to a notable two-week low, sparking speculation that the bull market might be over.This shift has rattled market sentiment, with some investors deciding to pull the plug and exit their positions. However, Bitcoin’s dip below the 200-day Simple Moving Average (SMA) at $58.7K might just be a silver lining. Historically, such dips have been harbingers of a bullish phase ahead. So, while the market feels like it's riding a wild dragon, there's a chance we might just see it soar again soon. 🚀🦄

Most Important News of the Day

Bitcoin's price took a dive as the German government decided to unload over $900M worth of BTC. This move continues their trend of selling off seized assets, causing ripples in the market. 🚀📉

Despite the market's roller-coaster vibes, institutions showed their crypto love, pumping $441M into crypto products last week. This indicates that the big players still have faith in the long-term prospects of digital assets. 💸🚀

Over in Japan, Metaplanet doubled down on its Bitcoin strategy, purchasing an additional ¥400 million worth of BTC. This solidifies their plan to use Bitcoin as a treasury reserve asset, showcasing strong confidence in crypto's future. 🇯🇵💰

Bloomberg's crystal ball (or maybe just good analysis) predicts July 18 as the likely launch date for an ETH ETF. Recent amendments and updates have sparked this optimism. 🔮📅

Meanwhile, Cboe BZX has been busy filing regulatory forms for Solana ETFs by 21Shares and VanEck. They're aiming to expand their offerings, similar to spot Ethereum and Bitcoin ETFs. 🌐📄

Crypto exploits are on the rise, with nearly $1.4B stolen this year alone. Centralized platforms have been particularly hard hit, highlighting ongoing security challenges in the space. 💀🔓

The US Armed Services are gearing up to dive deeper into blockchain technology. They recognize its potential to enhance cryptographic integrity and defense applications, signaling a significant shift towards tech-savvy military operations. 🇺🇸🔐