Get Smarter About Crypto

₿itcoin reached $51,122. +0.27%

♢Ethereum reached $2,961. +0.99%

What we will talk about today...

🚫💰 Bitcoin and the $52,500 Level: What’s Happening?

🚀🤔 Bitcoin’s Early Days: The Emails Between Satoshi and Sirius

💼📄 Coinbase and the ETH Spot ETF: What’s Their Opinion?

Bitcoin and the $52,500 Level: What’s Happening?

Bitcoin (BTC) is the biggest cryptocurrency in the world. It is digital money that can be used online. Recently, Bitcoin’s price went down a bit, reaching its highest daily close in over two years on Feb. 20 at $51,130, but failing to break the $52,500 level and falling below $51,000.

📉 Funding Rate Changes: Bearish Movement Guess

On Feb. 22, Bitcoin’s futures contracts funding rate showed more demand for short positions, making people guess that there might be more bearish movement. Despite the 33.5% gain in 2024, some analysts think that the $1 trillion market size at $50,930 may be a local top, making people pay attention and maybe fear.

💼 Spot Bitcoin ETF Inflows: Important for Price Trends

Analysts and traders have different reasons for a possible Bitcoin correction, including RSI divergences, detachment from Bitcoin-related stocks, and a historical lack of bullish movement. But, attention is on the net inflow to spot Bitcoin ETFs, which changed the $36 million outflow with a big $251 million inflow on Feb. 22. The continuation of this inflow is important in understanding Bitcoin’s price trend.

⚖️ Leverage Preference and Trading Metrics: Negative 8-Hour Funding Rate

Looking at perpetual contracts, the 8-hour funding rate for Bitcoin briefly turned negative on Feb. 22, showing a preference for higher leverage by shorts (sellers). But, these changes are normal, and caution is needed in understanding them as final indicators. The lack of demand for leverage longs is suggested, but checking with other indicators is needed.

💱 Retail Indicators: Stablecoin Premium and Google Search Trends

Checking with retail indicators, the stablecoin premium (USD Coin vs. CNY) shows continued retail interest in cryptocurrencies. But, the negative 8-hour funding rate does not necessarily match with a bearish feeling, as shown by historical Google search trends for ‘buy Bitcoin.’ The data shows that retail interest does not always match with leverage activity.

🔍 Conclusion: Slightly Negative Futures Funding Rate Not a Big Worry

In conclusion, the slightly negative futures funding rate for Bitcoin futures should not worry bullish investors too much. Despite changes and guesses, a careful approach, considering different indicators and retail changes, is needed to understand the current market feeling. 📊📈

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Bitcoin’s Early Days: The Emails Between Satoshi and Sirius

In the early days of Bitcoin, we discover the emails between two important people, Satoshi Nakamoto and Martti Malmi. These emails show us the first talks that made the start of cryptocurrency.

💻 The Start of a Digital Revolution: Satoshi’s Talks With Sirius

This talk started in May 2009 and was a big moment in cryptocurrency history. Satoshi, the mysterious creator of Bitcoin, saw that Martti ‘Sirius’ Malmi understood the digital money world. The emails show the doubts that Bitcoin faced at the start, in a time when people only trusted traditional money and did not like non-physical assets.

🌐 Thinking Ahead: Energy, Conservation, and Economic Freedom

In an interesting email exchange, Satoshi thinks about Bitcoin’s energy needs and sees a possible choice between economic freedom and conservation. Even though proof-of-work (PoW) is needed for P2P e-cash to work without a trusted third party, Satoshi thinks Bitcoin is less wasteful than normal banking activities. The emails show the balance between innovation and environmental care.

🤝 Working Together and Tiredness: Growing Bitcoin

Satoshi asks Malmi for help with website writing and FAQ making, showing the teamwork that made Bitcoin’s early days. The need to teach potential users and developers is important, showing clear communication and community involvement in the tech revolution. Satoshi also shares personal tiredness after 18 months of work, showing the hard work needed to shape the future of money.

💡 Technical Ideas: Scaling, Security, and Social Contract

Learn from Satoshi’s deep technical ideas, from server-side scripting interfaces to the importance of running nodes. Talks on scaling, security, and the social contract of Bitcoin happen, giving a plan for its success. Satoshi praises Gavin Andresen’s work, showing the teamwork and vision of Bitcoin’s early community.

🔄 21 Million: A ‘Smart Guess’

The talk explores Satoshi’s reason for choosing 21 million coins and the distribution schedule. Called a ‘smart guess,’ Satoshi talks about the complex balance needed to match Bitcoin’s value with existing money, thinking about its role in both small markets and big trade.

🚀 Big Talk: Scaling, Adoption, and Changing Traditional Banking

The talks between Satoshi and Malmi go beyond the technical, and talk about big ideas on scaling, adoption rates, and Bitcoin’s potential to change traditional banking. Satoshi’s foresight is clear, thinking about the future impact and challenges of Bitcoin, even in unsure times.

By discovering the emails that made Bitcoin’s early days, we see not only technical skill but also the big vision that made the start of a global money revolution. 🌐💬

Coinbase and the ETH Spot ETF: What’s Their Opinion?

Coinbase, the biggest cryptocurrency exchange in the U.S., has answered the U.S. Securities and Exchange Commission (SEC) about the rule change to list the Ethereum Grayscale Fund as a spot exchange-traded fund (ETF). This is a fund that tracks the price of Ethereum (ETH) and makes it easier to invest in it. Coinbase strongly supports the change of the fund and gives reasons why the application should be approved.

💼 ETH Is a Commodity:

Coinbase says that Ethereum (ETH) is not just a digital asset but a commodity. This means that it is a good that can be traded. Coinbase says that this has been recognized by different U.S. agencies and courts, giving examples such as the Commodity Futures Trading Commission (CFTC) regulation of ether futures and statements from commission officials.

📄 Approval Reasons:

The exchange says that the proposed listing is similar to the approval criteria used for Bitcoin spot ETF products, giving “almost the same reasons” for consideration. Coinbase says that the Ethereum Grayscale Fund should be seen as a commodity-based trust share, because of the features of its underlying asset.

💡 ETH Is Strong:

Showing the strength of the Ethereum blockchain, Coinbase says that ETH is hard to cheat or manipulate. The exchange says that the technology and operations in the Ethereum protocol make it strong. Also, Coinbase says that ETH’s spot trading volumes are higher than most S&P500 stocks, showing its power in the market.

🔗 SEC’s Past Position:

Coinbase says that the SEC has never officially said that ETH is a security, allowing the Commodity Futures Trading Commission (CFTC) to approve ETH futures to be listed in markets like the Chicago Mercantile Exchange (CME).

🗣️ Commitment to Innovation:

Paul Grewal, Chief Legal Officer of Coinbase, says that the exchange is committed to supporting innovation and keeping a clear, safe, and open financial system. Grewal says that the exchange is dedicated to ongoing talk and research, showing the importance of informed regulatory decisions.

In the complicated regulatory world of cryptocurrencies, Coinbase’s opinion on ETH as a commodity adds more to the story, showing the need for a careful approach in the changing crypto landscape. 🚀💼

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