GM. This is Ponder Crypto.
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The newsletter that brings that perfect combination of weird + intense + silliness right to your inbox.
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📈 What Happened to 12k?
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🔨 ATM Destruction in Nigeria
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🎥 This Week on PonderTube
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📈 What Happened to 12k?
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...It never came, and likely never will AGAIN.
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In case you missed it, Bitcoin had one of its classic staircase rallies on Wednesday.
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Like many, I found myself refreshing my trading app watching the price climb. 👀
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Many have been asking, what the heck happened and does this mark the end of the bear market?
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Let me tap into my inner John Madden and give you the play by play in how to read this chart.
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BOOM! Let's break it down, folks! Early on in the day, we got nothin' goin' on in terms of price action. That means the traders are pooped out at this level and they're just waitin' for some resistance levels to be hit.
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BUT THEN, outta nowhere, we got some big-time investor swoopin' in and gobbling up all the available Bitcoin. Now, usually when you see a bunch of market buys like this, you'd expect the price to spike up and then fall back down as people sell off for a quick profit. But not in this case, no sir! We got the exact opposite happenin' here!
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NEXT UP, we got traders jumpin' in and out of Bitcoin like it's a hot potato, trying to get in on the action and make a quick buck. And you know what that means, folks? It means we're gonna see some wild swings in the price! But eventually, things start to settle down and we see the price stabilize at a new level.
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AND THEN, with a sudden burst of energy, the price breaks through the ceiling of the range and we got ourselves a TOUCHDOWN, folks! That's right, the Bitcoin price just scored big and there's no telling where it's gonna go next! So hold on to your hats, 'cause we're in for a wild ride! BOOM!
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Didn't even have to pay for that cameo!
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So, Is this the end of the bear cycle?
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1 / Bitcoin is not going to 12k. If you take that to mean the bear market is over, then you have your answer. I still think were going to see some volatility downward and could drop below 20k again, but if we do, it will be just under. 20k is the new 12k accumulation zone.
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2 / Non-believing Bitcoin holders have been shaken out. The only sellers we have now are 1. holders that HAVE to sell to pay for life. 2. Miners that HAVE to sell to pay for operating costs, and 3. Traders that sell into volatility waves but will buy back when new support is reached.
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3 / Bull markets typically lead with Bitcoin appreciation. Ethereum has become the second "Blue Chip" crypto so I suspect BOTH Ethereum and Bitcoin will lead the first bull market wave. Once they pass their all-time highs ($4,800 and $69,000 respectively), I expect the market will start to diversify into smaller cap altcoins looking for the next "big hitter".
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If you're just joining the space, get ready for a wild ride for the next 2 years! 🤘
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🔨 ATM Destruction in Nigeria
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Restrict someone's access to money, and they rebel. Go figure!
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Governments all over have started down the CBDC path, INCLUDING THE U.S.
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Do not write this off as "yeah, but that's Nigeria, that won't happen in MY country."
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WRONG. It can and likely will.
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Every country has the same desire. POWER over other countries and POWER over its citizens.
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You can look at these smaller, less dominant countries and see how this will play out for the larger countries down the road.
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Some will embrace technologies like Bitcoin (El Salvador) and make citizenship more desirable, whereas others will take a hard stance and TRY to restrict adoption (Nigeria).
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Countries that take an opposing stance are fighting an uphill battle.
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As the world becomes educated on the tyrannical monetary policies forced on citizens in every nation, we'll continue to see pushback from both sides.
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As the world becomes educated on the tyrannical monetary policies forced on citizens in every nation, we'll continue to see pushback from both sides.
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News stories this week were all over the place.
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Couldn't find a common thread to write about, so thought I would summarize the top five posts I saw.
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He used the VPN to access an NFL Game Pass subscription while living in the Bahamas, but prosecutors and attorneys have raised concerns that he may have been using it to access international cryptocurrency exchanges that are banned in the US.
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I wonder if he had a BIG BET on the game, hoping to pay back creditors...
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During an interview with Wired to promote his latest movie "John Wick 4", Keanu Reeves stated that he believes in the underlying principles and ideas of independent currencies. He also stated that criticism of cryptocurrency and its volatility will only lead to improvements in its safeguards.
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Not a groundbreaking perspective but anything coming out of Neo's mouth is worth spreading...
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u/reddito321 wrote a great post showing how unreliable cryptocurrency exchanges are in terms of longevity.
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From financial reasons, to meltdowns, to flat out disappearing overnight, crypto exchanges have constantly left investors hanging.
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Learn from the mistakes of those for you. DO NOT leave your crypto in the control of exchange, no matter how "SAFE" you think they are.
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In light of the SEC going after Kraken for their staking service offering, many people are panicking wondering what to do with their funds.
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First, GET THEM OFF THE EXCHANGE!
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Second, learn how to stake yourself.
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Staking on platforms like Coinbase and Kraken may be convenient but not only are you trusting them with your assets, you are giving up almost half of the profits you can earn.
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It's understandable for these exchanges to charge a fee because they are providing a service but you DON'T have to rely on them.
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Crypto is not going away.
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In fact, as wealth rolls down generations from inheritance and as millennials start taking over high-paying jobs when seniors retire, where do you think they are going to invest a major portion of their money?
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Younger generations are growing up with technology as part of their daily lives so "Digital Assets" is a no-brainer to them.
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Even if you don't believe, many do and the trend is clear.
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🎥 This Week on PonderTube
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The Worst Investment Mistake You Can Make Under Hyperinflation
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Asset prices like stocks, gold, and Bitcoin will almost certainly go up a lot (as denominated in that local currency), but the path that they take will be extremely volatile.
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If you are using any leverage, there is a higher chance that you get stopped out of your trade/investment before you end up being right about the endgame. Investing is always a path-dependent game when you are using margin or leverage.
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It's a much better idea to take an unleveraged position in Bitcoin by dollar cost averaging in and holding it in cold storage for the long-term.
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Imagine you can’t transfer your money where you want. Imagine the things you buy are tightly controlled and monitored. Imagine the money you’ve worked so hard to earn… can be taken from you at a moment's notice.
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Leaving you at the mercy of the thieves who took it… And your money trapped within a country, you now desperately want to escape. But can’t.
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This might sound like something out of a sci-fi nightmare… But it’s actually closer to home than you’d think. And it’s tied to the reason that countries all around the world are banning cryptocurrency.
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This is not financial advice. I am merely stating my own opinion on how I am perceiving the current market structure and conditions. Consult with a legal investment advisor and all the other good legal stuff that needs to be said.
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Disclosure: All content shared in the Ponder Crypto website, newsletters, video channels or any other medium are for entertainment purposes only and should not be received as legal or financial advice. We are not legal experts or financial planners so please, exercise proper due diligence and do your own research.
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