Bitcoin was booed?

OHIO STATE UNIVERSITY COMMENCEMENT SPEAKER WAS BOOED BY THE ENTIRE AUDIENCE

This goes to tell how early everyone is to the world of Bitcoin, where recent graduates still think of this asset as something that is made up.

Surprisingly this asset has now existed over 15 years and provides a payment, value transfer mechanism that is non sovereign. And recently just underwent a change in its policy that is super significant.

On April 19, the Bitcoin community celebrated Halving Day. At the beginning of April, the network produced 900 bitcoin on average per day, increasing supply at an annual rate of 1.8%. Post-halving, the network produces only ~450 bitcoin on average per day, increasing supply at an annual rate of ~0.9%. By the end of April, miners had minted 93.7% of all the bitcoin that ever will be produced, as shown below.

Since its inception, bitcoin has halved four times, each halving a precursor to upward price momentum. While historically its price performance in the first few months after halving has been negative-to-muted, as shown by the black square on the chart below, one year after the halving bitcoin’s price has increased 3x to 70x+, as shown by the purple rectangle.

While a 3x increase in the price of bitcoin a year after this halving could be optimistic, the chart above highlights that bitcoin limited supply growth should increase its scarcity value over time.

If someone was looking to invest in Bitcoin, this would be the right time to do it. Some of my friends recently bought Bitcoin and I can safely say that is the best financial call they will make this year.

Mi amigos comprar Bitcoin, y tu?

Till then, hold on to your dear assets

The global cryptocurrency market cap today: $2.41 Trillion

Daily change: 2.20% | Yearly change: 104.90% 

Bitcoin (BTC) is the largest cryptocurrency with a market cap of $1,230 Billion.

Weekly change: -1.33% | YTD change: 47.86%

Another important metric is Bitcoin dominance which can be used as a rough indicator of the relative strength of Bitcoin versus other cryptocurrencies.

Historically, Bitcoin leads the rest of the crypto market off the cycle lows and into the next bull market. BTC dominance increases early in cycles and decreases later as the wealth effect sets in and long-term holders rotate into altcoins for more upside.

Bitcoin dominance: Current Year: 53.21% | Last year (May 2023): 46.51%

The market sentiment has been down for few weeks but still on Greed levels now as there was a broader correction with Bitcoin sell off before the halving

Note: The data used is based on metrics like Volatility, Surveys, Bitcoin Dominance, Social and Google Trends. Source: Coinstats

Let's have a look at Ethereum supply changes post its merge to a PoS blockchain from PoW.

The significance of the chart - understand how the supply of Ethereum is decreasing post the merge, which means “deflationary economics” for the Blockchain. Long term gives a sense of where the supply is headed

Its almost half a million ETH that has been burned.

Supply change since merge POS -410,886 ETH

The graph highlights POS issuance since the merge. Impressive numbers, look super bullish for ETH long term given the supply of ETH is not growing as before

Why, for Some, Crypto Is the Defining Political Issue of Our Times “Voting for a candidate you would not otherwise support, simply because they favor the deregulation of a sector in which you hold a profit motive, is a compromise that you should not make,” editors Zuckerman and Albus wrote.

Gamestop and Memecoins Rally as RoaringKitty Returns GameStop stock is up 69% on the day as related memecoins soar

I enjoyed reading this one, quite informative

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research