The information and insights are based on my knowledge; donāt take it as financial advice.
News
Tesla disclosed that their $640,866,000 Bitcoin holdings remained untouched during Q2 2024.
The inaugural day of Spot Ethereum ETF trading saw volumes exceed $1 billion.
Ferrari announced it will start accepting Bitcoin and Ethereum for payments in Europe.
Jersey City plans to invest a portion of its pension fund in Bitcoin ETFs. Additionally, the Michigan State Pension Fund has invested $6.6 million in Bitcoin ETFs.
Presidential Candidate Robert F. Kennedy Jr. declared, "I have invested most of my wealth in Bitcoin. My commitment is unwavering."
US Senator Tim Scott emphasized, "Bitcoin's future must be secured within America."
Highlights from Trump's speech: On my first day, I will replace Gary Gensler and appoint a new SEC chairman. If elected, I will establish a US Government strategic national Bitcoin reserve and retain all Bitcoin it currently holds. Bitcoin is poised for significant growth, has the potential to surpass gold in market cap, and embodies freedom, sovereignty, and independence from governmental control. I will end anti-crypto policies, ensure no central bank digital currency (CBDC) is introduced, and commute Ross Ulbricht's sentence. The United States will become the leading crypto hub and a dominant Bitcoin superpower. Bitcoin and crypto will skyrocket under my presidency.
Tweet of the week ā> āMiners capitulation is over, it's one of the most reliable bullish indicators. Hash rate is recovering, the price and hash rate bottom coincided with upgrades to next gen hardware hitting the network. M66s went live last week. S21 Pros this week. Hash rate set to scream.ā
The chart below shows a Bitcoin top model and bottom model (lower and upper black lines). Each time when BTC bounced off the bottom model, it reached the top model.
The good thing about the top model is that when price moves up, the model increases too. Hence in order to hit it, price needs to quickly/parabolically rise.
In dashed lines Iāve drawn a trajectory in which I expect this chart to go.
