Governor Gavin Newsom, a man who clearly woke up one day and thought, “Why *not* legislate the afterlife of Bitcoin?” has signed a law ensuring your forgotten crypto doesn’t get turned into state-owned monopoly money. 🚀
Ah, the great crypto circus! A wave of leveraged long liquidations has laid bare bitcoin’s equity sensitivity, or so says the august Citigroup. How very revealing, like a debutante’s first scandal. 💎
Thanks to Bloomberg, we’ve got the scoop – Metaplanet’s enterprise value recently dipped below its Bitcoin holdings on Tuesday. Its mNAV, that fancy metric comparing value to its crypto booty, now sits at 0.99. Yep, for the first time, it’s gone below 1.0. Basically, the market is saying, “You’re worth less than the Bitcoin you’re holding.” Great feedback for a company that started as “Japan’s Bitcoin darling.” 💸💔
Despite a sell-off that felt like a bad first date, ADA’s structure is clinging on like my ex to her yoga mat. Growk Finance’s chart says it’s in a 4-year symmetrical triangle-basically, it’s been in therapy for four years and still hasn’t figured itself out. The $0.70-$0.72 zone is acting like the bouncer at a club, keeping the bears out. For now. 🕵️♂️
These funding rates for crypto derivatives? They’re lower than a snake’s belly in the 2022 bear market flop. All this after billions in leveraged bets got flushed down the toilet like yesterday’s bad trade. 🚽
The race for the coveted spot XRP ETF approval is heating up like a summer day in Moscow, and some analysts are whispering (okay, loudly declaring) that this could ignite a supply shock of epic proportions. Hold on to your digital wallets, folks, this is about to get spicy.
According to the soothsayers at DefiLlama, open interest in perpetual futures on decentralized exchanges (DEXs) plummeted from $26 billion to a mere $14 billion. Crypto lending protocols, those modern-day usurers, raked in over $20 million in fees-a record, no less. Meanwhile, the total borrowed across platforms dipped below $60 billion, a figure not seen since the halcyon days of August. 🏦💸
Bitcoin, bless its soul, might just be ready to take a well-deserved nap, and guess who’s stepping in to steal the spotlight? The altcoins! Ethereum, Solana, and Cardano, those little darlings of the crypto world, are already preparing for a thrilling ride. As traders pull their money from the Bitcoin beast, the altcoins are there to catch it-like a hot potato on fire! 🔥 And with this, volume is increasing, and the market is whispering, “More to come!”
Investors, whether fresh-faced rookies or battle-hardened veterans, are nervously clutching their portfolios as the market’s mood swings from optimistic to downright apocalyptic. But while panic spreads like wildfire, long-term holders are still sipping their tea calmly, ignoring the madness. Oh, the joys of patience!