Bitcoin $BTC on track for its first Golden Cross since October.
Source: Barchart
Bitcoin just surpassed Taiwan Dollar to become the 8th largest currency in the world
Source: Vivek
Bitcoin is testing key resistance level
Will it break through the glass ceiling? $BTC Source: Trend Spider
#bitcoin
How it started... and how it is going
Weekly liquidity update (by our Chief Economist Adrien Pichoud)
➡️ Global M2 proxy flat again this week, still supportive for equities and bitcoin over the short-term ➡️ The S&P500 has been “catching up” our global M2 proxy. Our Global M2 proxy continues to point to supportive liquidity dynamics for risk assets in the weeks ahead. ➡️ The link between our Global M2 proxy and the Bitcoin continues to hold remarkably well and to point to more upside potential for the BTC. NB: These are NOT investment recommendations. A broad range of factors need to be taken into account before taking any investment decisions
Strategy $MSTR, a Bitcoin treasury company, is accumulating Bitcoin at a faster rate than total miner output, giving the supply-capped asset a -2.33% annual deflation rate
According to CryptoQuant CEO and market analyst Ki Young Ju. 🟩 “Their 555,000 BTC is illiquid with no plans to sell,” the analyst wrote in a May 10 X post. 🟩“Strategy's holdings alone mean a -2.23% annual deflation rate — likely higher with other stable institutional holders,” Ju continued. 🟩Additionally, Strategy acts as a bridge between Bitcoin and traditional financial (TradFi) markets by funneling funds from TradFi investors into Bitcoin through selling corporate debt and equity, which the company uses to finance more BTC purchases. According to Michael Saylor, over 13,000 institutions hold Strategy stock directly in their portfolios. ➡️ Bitcoin investors continue to watch the company and its effect on Bitcoin market dynamics. Strategy leads the charge toward institutional adoption of Bitcoin, further restricting the supply of available coins and raising BTC prices, while dampening volatility. Source: zerohedge, cryptoquant, cointelegraph.com
🔴 Some interesting perspectives on bitcoin by Blockware shared by Robert @reedlove on X.
▶️ Bitcoin is up 25% from its April 9th low and there’s a handful of indicators that show a major bull market around the corner. Starting with the Average Miner Cost of Production. ▶️ In a rational economy, assets rarely trade below their cost of production. Now, what it costs to “mine” a Bitcoin is different for every miner – machine type, electricity cost, and uptime all play a role — but the analysts @BlockwareTeam have aggregated data to create a metric called the “industry average”. ▶️ This metric has timed each of the past 6 Bitcoin bottoms: September 2024 November 2022 September 2020 March 2020 December 2018 April 2016 ▶️ This metric is signaling a bottom right now.
Michael Saylor said Strategy is doubling their fundraising to raise $84 billion to buy more Bitcoin
Source: Bitcoin Magazine
