I’m back from vacation (“holiday” for those who speak English). Thanks for letting me have some time to unplug!

Did you enjoy the third-biggest peak-to-bottom drop of 2023 (so far)? The biggest downswing in the crypto market since June? The biggest liquidation event since FTX?

I didn’t enjoy it either.

Fortunately, we expected this. It’s in line with the analysis I’ve shared for months.

If you’re on the premium plan, you know what to do and what prices to look out for. Make sure you got my alert from last week (check your inbox).

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Bull market champions, take hope! As long as Bitcoin’s price stays above $15,600, the bear market ended in November 2022.

Twitter says nobody’s buying and YouTube says the market’s going to collapse, but we know the only major sources of selling come from whales, miners, and insolvent exchanges.

Miners continue to sell aggressively and some whales sold in the $30k region (some bought, too). Binance may have sold a bunch of BTC to prop up BNB and rumors of Huobi’s insolvency continue to swirl among the conspiracy theorists.

Lovely business, this. I’ll have more in a market update this week, along with the monthly issue (not sure which will come first).

Scroll down for some content you may enjoy.

Coinbase cleared to offer regulated crypto futures to eligible US customers

Bottom line: US regulators greenlit crypto futures trading on Coinbase.

My take: the US government is happy to let people gamble on crypto prices. Not so happy to let people make money from creating tokens, building protocols, launching decentralized networks, or helping casual investors get staking rewards or participate in governance. Also, it’s interesting how Coinbase can now compete with Wall Street, but Wall Street still can’t compete with Coinbase . . . yet.

Why we care: more reasons not to get psyched out by the US government’s haphazard, somewhat effective enforcement actions against crypto (what others call a sophisticated, widespread crackdown). Savvy crypto players will either leave the US (which they did) or find the rules, rulings, and regulators that will approve what they want to do (which they’re working on).

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Relax and enjoy the ride!