SCOOP’S TL;DR

📈 MARKET SENTIMENT

• As hard as it may be, you have to breathe, take a minute, ignore the noise, and take a wider view of where we are in the market.

🔥 THE TRENDING NARRATIVE

• Understanding Bitcoin Dominance

🔥 BARBELLS WEEKLY PICK

• $BRETT to Billions?

🗞️ TOP STORIES

• Solana Rolls Out Update

• War Volatility

• UK Crypto Legislation Coming

🏆 WEEKLY WINNER

• BTC HODL

😡 REKT SECTION

• Shakeeb Ahmed

💎 PREMIUM SCOOP

• BULL MARKET CHEAT SHEET FOR WEALTH CREATION

  

  CRYPTO FEAR & GREED INDEX

• Crypto Total Market Cap $2.29T - 24/hour change 4.82%

• Crypto Market Cap Total Volume $116B - 24/hour Change - 1.3%

  Majors - 24/Hour change

  • BTC - $63,010 - 0.01%

  • ETH - $3041 - 0.01%

    WHERE ARE WE IN THE MARKET?

    Yep, the last week has been bloody, World War 3 is being shilled across Twitter combined with a pre-halving flush out. It is only natural that the market has got folks running scared in a big way.

    As hard as it may be, you have to breathe, take a minute, ignore the noise, and take a wider view of where we are in the market.

    It is much better than you think.

    Firstly, let’s note, that in the months leading up to the last Bitcoin halving, everything looked glorious, and then what happened? The world was struck with a pandemic that had the world believing the apocalypse was finally here.

    What happened thereafter? We had one of the craziest bull markets we have seen to date which finished up in May 2021. Just over a year after the halving. The 12 months following the halving was where the juiciest gains were made.

    If you think Alts are good now, you haven’t seen anything yet.

    Right now, we are transitioning from Crypto Spring to Crypto Summer, and no this isn’t just in line with the actual seasons. We are talking about the heat of the markets.

    Crypto Summer typically happens after the Bitcoin Halving. It is where things get silly, and is considered the ‘meat of the cycle’.

    

  • Bitcoin/dominance

  • Check out our deep dive below on Bitcoin Dominance.

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  🔮 NARRATIVES TO FOCUS ON IN 2024

• - AI Infrastructure / Autonomous agents

• - GPU / Cloud Computing

• - Gaming / Game-fi

• - DEPIN (Decentralised Infrastructure)

• - RWA - Real-World Asset tokens

• - Memes - (you’re not too good for them)

• - BTC Defi / BRC20

• - New Layer 1’s

• - Parallelization EVM / Modular Blockchains

• - Solana Killers

  

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🔥 UNDERSTANDING BITCOIN DOMINANCE

Crypto is a narrative & trend-driven game, where attention goes, the money flows. So what’s hot?

The market has been waiting for the TRUE Alt season to take hold.

We found an amazing article by @CryptoCaeser discussing Bitcoin dominance, and have summarised the key points for you below so you can be prepared.

• Bitcoin Dominance (BTC.D) Defined:

  • Bitcoin dominance, or BTC.D, quantifies Bitcoin's market capitalization relative to the total cryptocurrency market capitalization.

  • It acts as a crucial metric indicating Bitcoin's strength and influence within the broader cryptocurrency ecosystem.

• Historical Pattern:

  • Before the onset of an altcoin cycle, Bitcoin dominance typically experiences a rise followed by a gradual decline.

  • For instance, during the 2017 bull run, Bitcoin dominance dropped from an initial 93% to a mere 36% at the peak of the altcoin cycle, showcasing the inverse relationship between Bitcoin dominance and altcoin performance.

  • Similarly, in December 2020, Bitcoin dominance stood at 70.5%, declining as the altcoin market surged, illustrating a recurring pattern.

• Altseason Dynamics:

  • Altseason typically corresponds with Bitcoin dominance hitting the 40%-36% range, indicating a redistribution of liquidity from Bitcoin to altcoins.

  • This phase often prompts investors to consider profit-taking on altcoin positions as BTC.D enters this zone, known as the "death zone."

• Altseason Initiation:

  • High Bitcoin dominance serves as a prerequisite for the commencement of a fully-fledged altseason.

  • Currently, Bitcoin dominance hovers around 55%, suggesting potential for further increase.

  • Anticipated peak: Bitcoin dominance is expected to reach around 58%-60%, possibly after the halving event in 2024, signaling the onset of a significant altseason.

• Investment Implications:

  • Bitcoin dominance offers valuable insights for investors and traders navigating the cryptocurrency market.

  • Understanding Bitcoin's influence aids in assessing the potential trajectory of altcoins, guiding investment decisions and risk management strategies.

Solana Rolls Out Update - Something Had To Give

At a glance 🔎

• The Chain has had to release an update to tackle network congestion.

• Version 1.17.31 will be the first of many planned updates to tackle the recent network traffic

• Network demand has gone parabolic with the Meme coin frenzy.

• Transactional volumes hit $4bn in March

• The update will prioritize transactions from “good” validators or those with a sizeable stake.

🕵️ Scoops take: 

Meme coin frenzy has been hotter than the sun so it’s no wonder the network has been jammed.

Solana is staying one step ahead of the game with Version 1.18 being run on a test net.

Bots will continue to be a problem, they were a reason for a spike in failed transactions and with the meme coins only getting stronger, they won’t go away.

Despite the frustrations experienced by investors, it is a testament to how strong the network is.

War Volatility - Markets On Edge

At a glance 🔎

• Recent tensions in the Middle East saw the Crypto Market take a heavy hit.

• Bitcoin plunged $6000 minutes after reports of Iran launching drones.

• The plunging saw over $800m of longs liquidated in 24 hours.

• Bitcoin showed resistance at $60,000 and has since rebounded.

🕵️ Scoops take: 

We are already sweating enough over our bags and the upcoming halving…the last thing we need is a World War.

That being said, even the threat of any attack across the globe can cause a sudden frenzy in the markets.

The lesson is that longs and shorts are extremely volatile whilst tensions remain high, so it may be worth keeping the portfolio in Spot.

Expect more volatility.

UK Crypto Legislation Coming - Finally Some Clarity

At a glance 🔎

• The UK will issue fresh legislation for Stablecoins, Crypto staking, exchange, and custody by July.

• They passed a landmark bill back in 2023 that stated Crypto and Stablecoins would be treated as regulated financial activities.

• They still maintain the desire to be a global hub for Crypto.

  🕵️ Scoops take:

The ideas are good and there will certainly be a knock-on effect for the rest of the world.

With one of the largest Economies in the world, many other Countries will certainly follow the blueprint.

There remain many issues in the UK, especially in the form of mainstream banks limiting the deposit abilities of customers.

For a long-term successful Crypto world, the regulations need to be clear, concise and user-friendly so there is certainly pressure on the UK to get this right.

🏆 WEEKLY WINNER🏆

BTC HODL

There is playing the long game and then there is this.

An Investor has moved 50BTC ($31.5m) that was mined almost 14 years ago.

The owner of the wallet held from $0.20 to $66,000

With a profit of over $30m, this has certainly been a play for the ages.

😡 THE REKT SECTION 😡

Shakeeb Ahmed

The security engineer who stole over $12m from two decentralized exchanges has been sentenced to 3 years in prison.

Further punishment includes forfeiting the $12.3m and paying $5m in restitution.

The maximum sentence was 5 years, but Ahmed pled guilty to the crimes.

The guilty plea was the first-ever conviction for the hacking of a smart contract.

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