The news from Planet Ruby—Friday, June 7, 2024
- Signal: Buy Bitcoin
- Noise: Biden
The DXY now firmly appears to have topped and rolled over. A weakening dollar is positive for risk assets, and as the DXY tests support at 104, the S&P 500 has made fresh highs.
Nvidia has benefited from these conditions, rising further to hit a market cap of $3 trillion. The chip maker, whose hardware is so important to the AI industry, now rivals Microsoft for the title of the largest company on the planet.
In other news, China's sell-off of dollars and purchases of gold have hit a new peak.
China has been buying Gold and dumping US Treasuries like never before in history pic.twitter.com/Lky5WVQL02
— Michael Burry Stock Tracker ♟ (@burrytracker) June 4, 2024
Multiple stocks crashed over 99% on Monday due to a glitch on the New York Stock Exchange.
This is not a crypto rugpull this is Berkshire Hathaway. pic.twitter.com/Z1ggt4uB48
— wallstreetbets (@wallstreetbets) June 3, 2024
And the FDIC has reported that 63 banks are near insolvency, with half a trillion dollars of unrealized losses between them, thanks to high interest rates pushing down bond prices.
Bitcoin Heads For New Highs
The bull market continues, as bitcoin breaks out from its near three-month consolidation. Fueled by some massive ETF buys, BTC soared back over $70,000 on Tuesday.
Good morning fellow hodlers,
— WhalePanda (@WhalePanda) June 5, 2024
We had an absolute insane day of inflows yesterday with $886.6 million of inflows (that's ~12 500 BTC)
Fidelity did $378.7 million, Blackrock did $274.4 million, Ark did $138.7 million and Bitwise 61 million.
Even $GBTC had inflows worth of $28.2… pic.twitter.com/KaDdmTrq9p
There is little sign of retail coming anywhere near this rally, at least not yet. The setup is extremely bullish, with momentum indicators mostly reset by the correction, and very little in the way of hype. And yet, BTC is worth almost more than it has ever been worth before.
President Biden vetoed a House Joint Resolution that aimed to repeal the SEC's Staff Accounting Bulletin (SAB) 121. This requires banks to include customers' digital assets on their balance sheets and maintain sufficient capital reserves against them. However, a statement was also made by the White House committing to clear crypto policy. Progress is being made as the government realizes crypto is a serious election issue.
As of today, 1 million people have joined #StandWithCrypto as advocates for crypto. That's a lot of voters!
— Brian Armstrong (@brian_armstrong) June 5, 2024
600k of these advocates joined after a Whitehouse veto threat, and thousands mobilized around the back-to-back historic, bipartisan wins in the House and Senate.
Crypto… pic.twitter.com/IEotx8AXm9
As if to drive the point home, Wisconsin State Pension Fund disclosed it had bought shares in two bitcoin ETFs worth over $160 million as of March 31.
What's New In The SKALEVERSE?
SKALE has had a huge month, with 16 partner announcements and an incredible 55 million user transactions in May. AI and gaming again proved to be two of the most popular use cases.
Awesome to see a #SKALE game, Astro Assault, at the top of the trending list today in @DappRadar https://t.co/fdP6J6mhTc pic.twitter.com/AQo3Midlaz
— Jack O'Holleran (@jackoholleran) June 4, 2024
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