Plus: The first US state to hold Bitcoin… or not
GM. Crypto’s throwing us all kinds of fruits today – some sweet, some… questionable. We’ve sorted the good bites from the compost pile.
😕 Utah isn’t ready for BTC yet.
🍋 News drops: CZ’s suggestion to Elon Musk, new crypto scam tactic + more
Before we start sipping on today’s juice tho’, quick heads-up: no newsletter tomorrow 😢
Yeah, I know, tragic. But don’t worry – we’ll return on Wednesday to deliver your daily dose of crypto updates.
Ok, now back to our regularly scheduled programming… 🍊
🍍 Market flavor today
… 😐
Yeah… it’s rough out here.
As 10xResearch pointed out (and your portfolio is prolly confirming), all major cryptos are trending downward:
Bitcoin’s trading below both the 7-day and 30-day moving averages → bearish;
Ethereum: copy-paste that → bearish;
Solana’s also going down with the ship → bearish;
Ripple? You guessed it → bearish.
Arthur Hayes, co-founder of BitMEX, says Bitcoin is headed for a $78K retest. If that doesn’t hold, $75K is next. And if that support breaks too… things might get ugly.
That’s cuz there’s a ton of options open interest (OI) between $70K and $75K. If Bitcoin falls into this zone, all those traders with options contracts at these prices will have to react. That could trigger massive volatility and unpredictable market behavior.
Now, hol’ up… ✋🤨🤚 wasn’t Friday’s White House Crypto Summit supposed to be bullish?
Yeah, it ended up being one of those “buy the rumor, sell the news” situations – hype built up before the event, but when the actual announcements dropped? Meh.
Here are some takeaways:
Trump reaffirmed his strategic Bitcoin reserve plan;
He promised to end banking restrictions on crypto custody;
Stablecoin regulation is now a priority;
FIFA’s president, Gianni Infantino, said he wants to partner with crypto firms to create “FIFA Coin.”
And reactions were all over the place.
Some called it historic, since it’s the first time crypto execs are getting this level of communication with the US government.
Others thought it was underwhelming, ’cause most of what was said wasn’t exactly news (except for the FIFA bombshell).
And some saw it as a bunch of crypto execs trying to stay on Trump’s good side.
Meanwhile, the bigger picture is still messy.
Right now, investors are playing it safe because the market’s still digesting Trump’s economic policies (especially his tariffs).
That’s why this week’s CPI (Consumer Price Index) and PPI (Producer Price Index) reports are a big deal – these numbers will show how inflation is moving, and more importantly, they’ll give us clues about what the Fed might do next with interest rates.
But hey, there might still be some hopium left. Bitwise analysts noted that the US dollar has been weakening, which usually leads to a global increase in money supply – a historically bullish signal for Bitcoin. If this trend holds, we could see a crypto comeback in the months ahead.
So yeah, short-term pain, but maybe long-term Ws. Buckle up.
🧃 Sip of gains
The BYDFi bonus stage is officially wrapped, but don’t get too comfy – Uphold has entered the ring! 🥊
On top of BitDegree’s $30K Season 7 Airdrop, Uphold is throwing in an extra 1,000 USDC.
How to get in? Easy:
Do Missions, drag your friends into it → earn Bits → climb the leaderboard → lock in your spot.
The money’s here, the competition’s on – you in? 😏
🥝 Memecoin harvest
These pumps make no sense, but neither does my life, so we ride 🎢
Data as of 07:50 AM EST.
Check out these memecoins and plenty more here.
Utah was this 🤏 close to becoming a certified crypto bro.
Lawmakers introduced this bill, HB230, aka Blockchain and Digital Innovation Amendments – and lemme tell ya, it was packed with pro-crypto ideas:
No government interference in crypto payments. The bill makes sure state and local governments can’t stop people from accepting digital assets as payment or using self-hosted and hardware wallets;
No unnecessary licenses for blockchain devs and stakers. If you want to run a node, build blockchain software, move crypto around, or stake, you can do it freely – no money transmitter license needed;
Protection for crypto miners. Local governments can’t randomly shut down mining businesses in industrial areas just because they were “too loud” (as long as they followed standard industrial rules);
And the biggest one: Utah’s state treasurer would’ve been allowed to invest up to 5% of public funds into Bitcoin and other digital assets.
And today, ladies and gents, this bill passed the state Senate.
Soooo… did Utah make history as the first US state with a Bitcoin reserve?
Before the vote, the Bitcoin reserve part got REMOVED.
Lawmakers basically said everyone felt it was too early for the government to jump into Bitcoin with public money.
So yeah, Utah fumbled the bag. But the race for the first US state with a strategic Bitcoin reserve is still very on.
Who’s gonna cross the finish line first?.. Well, Arizona and Texas – the ball’s in your court now.
Now you’re in the know. But think about your friends – they probably have no idea. I wonder who could fix that… 😃🫵
Spread the word and be the hero you know you are!
🍋 News drops
🚫 CZ wants Elon Musk to remove bots from X. He’s cool with AI-generated posts as long as humans hit the send button, but automated posting? Hard pass.
⚠️ An Ethereum dev says the Sepolia testnet’s Pectra upgrade ran into errors, made worse by an attacker mining empty blocks. The issue: the deposit contract sent a transfer event instead of a deposit.
🪶 Robinhood agreed to pay $29.75M to FINRA to settle some compliance issues. They didn’t admit to doing anything wrong – but they’re also not fighting it.
🚨 Crypto scammers are using fake news and government figures to prey on trade war fears. One scheme, CanCap, faked a Justin Trudeau endorsement with a fake CBC article.
