22 Jun: Recovery in Progress

“Hope is being able to see that there is light despite all of the darkness.”
- Desmond Tutu

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Happy Humpday Folks! We are NOT out of the woods but the sentiment seems to be tilting that the market is recovering a bit. Getting back above $25K on the daily and $35K on the weekly are the areas I am still watching to truly determine if this is a true recovery of just simply a relief rally. Gareth Soloway has established a HODL position and is currently buying at these levels. Cred and Smart Contracter have somewhat bullish outlooks on the market but Ian Harnett is quite bearish. Dan Tapiero indicates that Bitcoin can not die; I agree.

The Solend situation seems to be improving by the Whale moving $25M in USDC off the platform. The move reduces the utilization of USDC within the Solend platform and allows users to withdraw their assets once more. USDC is flipping USDT but only in volume and just like USDC, USDT has now launched a GBPT stablecoin pegged to the Pound.

Lots of mining news today as it appears miners are in trouble and are spending all of their Bitcoin. Meanwhile Iris is ramping up their hashrate and a miner in Wyoming is getting power from a publicly traded utility company. Definitely listen to the Bitcoin Fundamentals Podcast as Pysh talks with Dorsey.

BITCOIN

TA: Bitcoin Trims Gains, Why 100 SMA Could Trigger Fresh Increase (NewsBTC)
Over $2 billion Bitcoin outflows exchanges in a week; What it means for BTC price (Finbold)
ALTCOINS

Solana whale moves $25M of USDC debt from Solend to Mango Markets (Cointelegraph)
STABLECOINS

USDC’s ‘real volume’ flips Tether on Ethereum as total supply hits 55.9B (Cointelegraph | Bitcoinist)
Tether to launch GBPT stablecoin pegged to British pound sterling (Cointelegraph | CryptoPotato | Coindesk)
ANALYST'S CORNER

Bullish

Cred: Top Crypto Strategist Details Bullish Scenario for Bitcoin As BTC Surges Above $21,000 (TDH)
Smart Contracter: Trader Who Called 2018 Bear Market Bottom Says One Altcoin Already Gearing Up for Next Bull Market (TDH | Cryptoglobe)
Bearish

Ian Harnett: Bitcoin could plunge even further to a low of $13,000, one strategist warns (CNBC)