‘Ancient’ Bitcoin Changes Wallets After 12 Years Dormant
Asleep for ages, more sats wake from years of slumber. Bitcoin bought in 2011 came back to life on Thursday, when 139 Bitcoin belonging to address 1H1Ab6 moved into a newly created Segwit address. The owner—who hodled for nearly twelve years–bought the coins in June 2011 for a bit over $2,250 dollars, only to see them grow into a staggering $3.5 million at bitcoin’s current price mark. These coins belong to what’s known as Ancient Supply, which refers to Bitcoin purchased at least 7 years ago, although some analysts use 5 years as their base date. So far this year, over 3,000 BTC from Ancient Supply has returned to life. Source: Decrypt
US MAY EMPIRE STATE FACTORY INDEX FALLS TO -31.8 (lowest since Jan.2023), EST. -3.9
The orders index also slid by the most since April 2020, hitting the lowest level since the start of the year. The shipments gauge plummeted more than 40 points. Source: Bloomberg
Is the next Commodity Super-Cycle right around the corner?
In recent years, commodity prices have reached a 50-year low relative to overall equity markets (S&P 500). Historically, lows in the ratio of commodities to equities have corresponded with the beginning of new commodity supercycles. As Visual Capitalist's Bruno Venditti shows in the infographic, using data from Incrementum AG and Crescat Capital LLC, the relationship between commodities and U.S. equities has varied greatly over the last five decades.
China is still the 2nd largest Bitcoin miner in the world
Source: Coinbeast
⏬ Time to consider a shift for the Central Bank of Brazil?
🇧🇷 Brazil's Consumer Price Index (CPI) is nearing the end of its normalization process, hitting a low of 4.18% in April, the lowest level since October 2020! 📊 The Banco Central do Brasil (Central Bank of Brazil) took proactive steps by raising its key rates (Selic rate) early on to address inflationary pressures. Their actions have yielded positive results, bringing inflation back in line with Brazil's historical patterns. ⚖️ The potential for rate cuts is now significant, particularly if Lula appoints his preferred candidates, like Gabriel Galípolo, to influential positions within the Brazilian central bank. President Campos Neto is widely respected as one of Latin America's top central bankers. However, his focus on controlling inflation rather than stimulating Brazilian growth, coupled with his association with former President Bolsonaro, may put his position at risk. 🛑 Is Brazil on a similar trajectory as Turkey, where concerns arise over the central bank's alignment with the government? Source: Bloomberg
Swisscom is retesting major support level.
Swisscom is retesting March breakout at 587 ! This is a major level that failed in 2014, 2019 and 2022. Keep an eye on it. Can it hold ? Source : Bloomberg
Bitcoin transaction costs climbes above $30 vs $2 a month ago
Congestion on the Bitcoin network in recent weeks has been driven by the minting and transfer of BRC-20 tokens. Transaction fees on Ethereum over the last four weeks are currently 0.84 standard deviations above the preceding 12m average, whereas transaction fees on Bitcoin are 10.49 standard deviations above the average. That fee discrepancy on a normalized basis could be contributing to the modest BTC outperformance over ETH in recent weeks. Source: Coinbase Research
EUR/USD resumes decline, approaches the 1.0900 level
EUR/USD has resumed its slide early in the American session and is on its way to challenging the 1.0900 figure. Risk aversion leads financial markets, with stocks in sell-off mode, hinting at further US Dollar gains.
Support levels: 1.0890 1.0830 1.0785
Resistance levels: 1.0955 1.1000 1.1050
Source: FxStreet
