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The current situation on Greyscale's Bitcoin release:
Bitcoin has managed to hold between the $32,000 to $34,500 mark, precisely what it needs to be doing.
In the face of the release of the GBTC investments, Bitcoin is doing what needs to be done; the question is: Is it enough?
After last week's bearish trend, many are relieved to see Bitcoin seeking support above $33,000.
On the 18th of July, roughly 16,000 BTC is scheduled to be released from Greyscale. In theory, this should commence a heightened level of selling pressure for a brief period.
Bitcoin Historical Low on Stock To Flow Model:
In Bitcoin's 12-year life span, the price has never dipped so low against the stock-to-flow model's prediction.
Bitcoin sat at 59% below the stock-to-flow model prediction early this weekend, making it a fantastic buying opportunity (not financial advice).
Of course, that's if you believe in the most popular long-term Bitcoin prediction.
According to the stock-to-flow model, we should be trading around the $80,000 mark.
Is this an indication of a potential breakout of a bullish trend after we break the current channel? Perhaps after the short-term selling pressure from GBTC being released on the market, we may start seeing.
Almost 4,000 PS4 Consoles Used for Illegal Crypto Mining Were Seized in Ukraine:
The Ukrainian police seized 3,800 crypto mining PlayStation 4s in an empty power supply company warehouse. All this mining had the chance to cause power shortages in the city of Vinnytsia.
Along with the PS4 units, 50 processing units, 500 graphics cards, and up to 5000 other computing devices were included in the count during the raid. It has been reported as the 'largest underground mining operation that was discovered by the Ukrainian police.'
It's not every day you find illegal operations that use gaming consoles for cryptocurrency mining. The crew running the mining gaming consoles supposedly make an ineffective alternative for mining. It was also outlined that the amount of electricity stolen was in the ballpark of $200,000.
Scammers Will Keep Getting Better With New Technology:
It needs to be said that you should be keeping your eye out for any scamming activity as you make your rounds on the blockchain. Scammers don’t get left behind; they evolve along with the technology.
Scammers across the internet are deploying new tactics and ways of leveraging people’s ignorance within crypto. For example, scammers recently have been disguising themselves as individuals on social media with some level of fame within the crypto sphere.
Odds are, if these personalities are messaging you, know that you should have alarms going off in your head. Anyone asking you for your private keys should never be trusted in any scenario online.
Wendy’s Whitepaper Disclaimer: Please be advised that I own a diverse portfolio of cryptocurrency assets, and anything written or discussed in connection to cryptocurrencies– regardless of the subject matter’s content– may represent a potential conflict of interest. I wish to always remain transparent and impartial to the cryptocurrency community, and therefore, the content of my media is intended FOR GENERAL INFORMATION PURPOSES ONLY. Nothing that I write or discuss should be construed, or relied upon, as an investment, financial, legal, regulatory, accounting, tax, or similar advice. Nothing should be interpreted as a solicitation to invest in any cryptocurrency, and nothing herein should be construed as a recommendation to engage in any investment strategy or transaction. Please be advised that it is in your own best interests to consult with investment, legal, tax, or similar professionals regarding any specific situations and any prospective transaction decisions.
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