GM friends. 😀
If you’re troubled by Bitcoin’s performance issues (over $30K), don’t fret because Dr. Dave is here to explain why.
Then, we’ll look at the sad state of Gary Gensler. Poor guy just can’t catch a break as even his allies are turning against him. And finally, it’s altcoin news galore with big developments on Chainlink, Uniswap, and Mantle.
So brew a fresh pot and take that chair, because this is your mid-week update for all things crypto! ☕️📰
Here’s what’s in today’s issue:
- David & Sam share their thoughts on Bitcoin’s $30k resistance, the SEC losing bad, Chainlink’s CCIP launching, UniswapX & Mantle Mainnet, Larry Fink spreading the word, Synthetix’s solution to poor UX, Aave launching GHO stablecoin & BTC ETFs in Europe and Australia.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on what Ripple beating the SEC means.
- Defi Dad has a tutorial for you on how to set yourself up for a Mantle airdrop.
- Jesse has a ton of hot new airdrops for you.
For any crypto related questions please comment on the website.
For any support related issues please visit wealthmastery.io and click the bouncing blue circle in the bottom right corner.
The News Now
Bitcoin Isn’t Breaking $30K. Three Reasons Why.
In case you haven’t noticed, bitcoin isn’t getting a solid break above the $30K region. Instead, it’s been range-bound for the last month. Here’s the three primary reasons for why this is happening.
1. The $30K Gateway
$30K has become a serious support and resistance gateway for bitcoin. One does not just casually prance through!
For whatever reason, the market has historically respected this level. When $30K acted as support in early and mid-2021 (#1 and #2), bitcoin mooned into ATHs in relatively short order. Those were good times! But when bitcoin broke below in mid-2022 (#3), it was a one-way ticket to the underworld. Currently, $30K is that community pool bully (#4 and #5) that won’t let bitcoin come up for some air.
2. Miners Selling
Data from Glassnode suggests miners are taking some profits here.
By the end of June, just after bitcoin hit $30K, miners’ net bitcoin positions flipped from positive to negative. Meaning these no-good back-stabbers have been selling more than they’ve been hodling!!!
3. US Government Rumored to be Selling Silk Road BTC
All we really know is that in mid-July, 9.8K bitcoin ($300M) began moving in addresses believed to be controlled by the US Department of Justice. Meaning this is Silk Road bitcoin. When the Feds start moving their coins, it typically means they’re selling or gearing up for selling. Clearly they’re not faithful readers of Wealth Mastery. If they were, they’d know a solid HODL strategy into 2025 is the winning play.
SEC vs Coinbase: Judge Aligns With Coinbase?
The SEC is suing Coinbase for allegedly dealing–as broker, exchange, and clearing house–in unregistered securities, and the two met in court for the first time last week for a pre-motion hearing. This allowed us to assess how the judge is viewing the case, and there were some interesting takeaways.
While I enjoy a courtroom drama, I’m no lawyer, but…
