Weekly Rundown - June 23, 2024

The ice we skate is gettin' pretty thin

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What a week!

Bitcoin’s price sits right at the “bull market support band.” Experts say we’ll go into a bear market if Bitcoin’s price goes below that line.

Mark, what’s the bull market support band?

I’ll dig into that more deeply in this week’s market update. While you wait for that, get last week’s update from June 18, 2024.

Also, catch the June monthly issue, What Will Save Crypto?

Premium subscribers, check your inbox for Buy/Sell/HODL alerts, too. I’ll have a new altcoin report or two later this summer and more goodies in the coming months.

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Crypto’s Regulatory Struggles

CNBC, a US financial TV channel, interviewed Kraken CEO Dave Ripley about crypto’s regulatory struggles in the US.

It’s light content, only six minutes long, and insightful because Ripley has the inside scoop on what’s going on at the top of the crypto ladder, at least in the US.

Watch the interview:

Bottom line: Tether launched a gold-backed dollar as its first synthetic asset under Alloy, a forthcoming platform to tokenize real-world assets.

My take: I didn’t have “Tether outcompetes Wall Street for centralized RWA implementation” on my bingo card, yet here we are. This is the new competitive landscape for legacy financial entities. With cryptocurrency, anybody can run a financial operation from anywhere. In Tether’s case, they have a head start from whatever revenue they earn and income from $100+ billion in financial reserves (more likely, $70 billion in actual assets and $30 billion in fake ones). Let’s hope those gold reserves are audited!

Why you should care: You recognize the scope of the financial opportunity for real businesses that produce viable products and services with crypto technology.

Relax and enjoy the ride!

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