🚨BREAKING: US senator Elizabeth Warren has proposed a 1% WEALTH TAX on Bitcoin holdings that exceed $500,000.
Source: Simply Bitcoin (as we can not find any link to this document on Mrs Warren website, there is still some likelihood that this is a fake - currently checking in)
Welcome to a new paradigm... Bitcoin Electrical Cost is now a whopping $77.4K.
This is the raw electricity cost to power the network, per Bitcoin mined. Bitcoin Miner Price hit $244K on Saturday! This is the block reward + fees per Bitcoin mined. It boomed as transaction fees hit $230+ (about 4X the prior ATH of $68 set in 2021). This means Bitcoin is trading at a DEEP DISCOUNT. Price under Electrical Cost typically lasts just a couple days every 4 years. This means 1 of 3 things happens now: 1) Price skyrockets 2) ~15% of miners shut down 3) Transaction fees remain a lot higher on average Source: Charles Edwards
This week is a big one for earnings with Microsoft, Alphabet and Meta all reporting their Q1 numbers.
Note that ex-Nvidia, profit growth for the Mag7 narrows in Q1 and is expected to shrink in 2024 Source: Bloomberg
What a difference five months makes for the Fed rate cut outlook. 😉
Source: Bloomberg Intelligence, Markets & Mayhem
Nvidia drawdown in perspective...there might be more to come...
Nvidia has declined 20% from its peak in March, the largest pullback in over a year. Market cap has moved down to $1.9 trillion from a high of $2.4 trillion. Still up 173% over the last year. $NVDA Source: Charlie Bilello
Financial conditions in the US are tightening as rates rise, equities fall and we see liquidity diminishing.
This setup could be set to continue as long as we see: 1) Signs of inflation remaining sticky or re-accelerating 2) The Fed cautious about the timing of cutting 3) Large deficit spending amid rising rates causing interest rate spend to surge (could hit $1.6T by Dec y/y w/o a rate cut) Source: Markets & Mayhem
The first post-halving block generated 37.626 BTC (worth $2.4M) in fees 1 Bitcoin block gets mined about every 10 minutes.
On average, each of these blocks contains 2,000+ transactions. And whenever a Halving happens, everyone races to get their transactions in the first post-halving block. It’s the crypto equivalent of saying ‘I was there’. Well, check it out. The first block ended up generating $2.4M in fees - a new record. Source: Milk Road
Do you remember 4 years ago ???
Source: CNBC
