Today is a very special day for me. I hope you have a wonderful day, too.

I’m sensing some positive vibes after Bitcoin’s price rose 9% this week. The whole market’s up. Isn’t it amazing how higher prices make you feel better about your crypto?

With our most recent market movements, we’ve hit 3 out of my 4 altcoin targets. What does this mean for the future? Should you listen to those rumors of another 2019-style collapse? What’s going on with ETFs and miners? What do the metrics and charts have to say?

Get the scoop in my update from July 10, 2024.

Look for a new altcoin report in August, a poll next week, and more goodies in the coming months.

Scroll down for some content you may enjoy.

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Chart of the Week

Justin Sun-advised HTX plays games with its reserves

Bottom line: Protos reports HTX does not have enough assets to cover withdrawals and trading positions, and Sun-related stablecoins may not have their purported backing.

My take: I’ve heard similar accusations from many sources pointing out the same types of discrepancies that Protos identified. CryptoQuant’s CEO pointed out a separate discrepancy to question whether HTX has sufficient collateral for positions opened on its exchange.

I don’t have the expertise to know who’s right. With HTX as his exchange, TRON as his blockchain, JustLend as his DeFi platform, and several stablecoins under his banner, Sun can easily move funds around in dodgy ways.

As such, I treat Sun’s empire as a potentially huge risk. It’s big enough to crush the market and we don’t know what lurks behind it (if anything).

Why you should care: You need to know what you’ll do if we get another FTX or LUNA-style disaster, this time from some project related to Justin Sun.

The USA Economy Is COOLING While . . .

It's a long headline, so I cut it short.

About 10 minutes into a recent episode of the Milk Road podcast, they talked about the importance of stablecoins and the idea that the blockchains that capture the most activity related to stablecoins will have the stickiest users and the best chance to succeed over the long run.

If that’s true, you want to buy the tokens of those blockchains.

I haven’t heard many people talk about this. It’s all about developer activity, speed, capacity, network effects, and tokenomics.

Maybe that’s not as important as we think. What if we’re overthinking things? Should we look at stablecoins, instead?

Listen for yourself.

Relax and enjoy the ride!

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