☕ Bitcoin’s Biggest Buy Signals 🤩 💫
💥 The crypto market’s been action-packed and Bitcoin’s on the rise, but is it too late to buy? 🤑
There are two American holidays bigger than Thanksgiving, Hanukkah, Christmas, and the Fourth of July put together.
Toyotathon and the Happy Honda-Days Clearance Event.
That’s because it’s the time of the season that tells you to purchase a discount automobile.
Who cares if your wife is screaming that won’t be able to afford braces for your kid? You’ve got to put a big red bow on that new car in your snow-covered driveway and give her the holiday surprise of her life.
Because that’s the true spirit of the year-end sales events. It’s not about what you’re buying, but when.
Because you may be feeling like you missed the boat with Bitcoin, but we’re going to show you how there’s another Toyotathon, right around the corner.
☕️ SBF’s Testimony
Sam Bankman-Fried finally took the stand on Thursday to testify in his ongoing trial.
SBF claimed that mistakes were made, but those stakes were made in good faith, according to reporting from The Washington Post.
The circumstances of the testimony were unique, as Judge Kaplan sent the jury home for this special hearing, ostensibly a warmup before SBF will testify with the jury present.
And SBF clearly needed a warmup, as many of his statements simply culminated with “I don’t recall.”
SBF faces a maximum sentence of 110 years for accusations of pilfering customer funds and his pivotal role in the collapse of FTX.
If prosecutors can determine that SBF does indeed “have that dog in him” the sentence may be increased to 770 years.
☕️ Bandai Namco Bullish on Blockchain
Bandai Namco, the videogame publisher behind titles such as Elden Ring, Tekken, and Pac-Man, is enthusiastic about expansion into the Asian market for blockchain gaming.
Particularly, Bandai Namco feels that Web3 gaming may be a good match for Asia’s mobile gaming community.
“Web3 is definitely something that doesn’t have the backlash that gamers feel in the West in Asia,” said Karim Farghaly, Bandai Namco’s SVP of Corporate Development, in an interview with Decrypt. “I think that most likely, the very first games that will be successful in Web3 and crypto that will start bringing big audiences are going to be in Asia—that’s my personal opinion.”
If a blockchain-based version of Elden Ring becomes available for mobile phones, you’ll now be able to disappoint and confuse your girlfriend, on-the-go.
☕️ Kraken Spills to the IRS
Kraken will disclose customer information to the IRS pertaining to any crypto transactions over $20,000 since 2016.
This decision was prompted by a federal court order last June.
Kraken will send the IRS account information, as well as birth dates, tax ID, addresses, and contact information.
This disclosure is set to affect 42,017 accounts.
Additionally, Kraken will send the IRS a series of selfies to try to figure out “if the new bangs were a bad idea.”
BTC already aggressively outperforming the SPX off our lows.
As trad equities remain sluggish and Bitcoin continues pumping like mad, where do you think trad market investors' attention will go?
That's a 45 TRILLION dollar market in the US alone and a portion of that will find… twitter.com/i/web/status/1…
— CrediBULL Crypto (@CredibleCrypto)
Oct 29, 2023
It's looking like we're in for an exciting week. But, will it take BTC to a new support level?
Spilling the Beans
Bitcoin’s Biggest Buy Signals 🤩 💫
It’s been a wildly exciting week not just for Bitcoin, but all of crypto.
Late on Monday night last week, Bitcoin peaked at $35,113.29 — its highest point since May of 2022.
There are a variety of factors compounding this rise, but we’ll get to that later.
Right now, we’re worried about you.
Maybe when Bitcoin skyrocketed, you felt nothing but pure adulation. But there’s a good chance you felt a little anxiety and FOMO that either you didn’t have BTC or you didn’t have enough.
But we’re here to tell you that it’s not that you missed the take-off. This rocket is just beginning to rumble.
Why? Because the crypto market is currently undergoing some massive inherent shifts that could send Bitcoin to new heights.
On one level, it’s the well-documented institutional enthusiasm surrounding the wave of Bitcoin Spot ETF applications.
We’re hoping to see approval on at least some of those funds within the year. Once those are approved, it’s going to be a brave new world for crypto, one with a much broader investor pool and possibly billions of new interest pouring into the space.
Additionally, the FTX implosion, the herald of crypto winter, an event that was once considered the possible demise of the entire industry… is turning out not quite as bad as we thought.
The FTX bankruptcy team has recovered 90% of the assets lost in the collapse and is currently working on a plan to distribute them fairly and expediently.
Meanwhile, the fates of Sam Bankman-Fried, Caroline Ellison, and the other top executives behind the calamity, are still being decided in court.
The market conditions couldn’t be more primed for a Bitcoin bull run. And clearly, we’re not the only ones who feel this way.
In addition to the growing enthusiasm and growing relief over FTX, the Bitcoin options market is showing record levels of open interest and volume.
That means that a lot of investors are expecting Bitcoin to keep going up. And we don’t have to take their word for it.
Bitcoin’s recent price surge has generated significant outflow from crypto exchanges. That means that investors are pulling the crypto into their own custody and hunkering down for a big hodl, with no intention of selling anytime soon.
But there’s still time to get involved and still time to score some massive gains on Bitcoin’s bright, shiny future.
So, no, you didn’t miss the boat. Not quite yet.
Because, like the Transformers action figures of your childhood, the Bitcoin boat has many forms.
Right now, as enthusiasm crescendos to a fever pitch, it’s a party boat.
And you’ve still got enough time to climb aboard this bad boy and have a margarita (topped with Bitcoin-treau) before it takes all the Hodlers to the moon.
Wei: Much like how a Satoshi is the smallest tradeable increment of Bitcoin, a Wei is the smallest increment of tradeable Ethereum.
A Wei is one quintillionth of an ETH, so a single ETH contains 1,000,000,000,000,000,000 Wei.
The Last Sip
The Last Sip: As the jury left Sam Bankman-Fried’s trial, Judge Kaplan unofficially stated that they were able to “take their ball and go home.”
Coffee & Crypto Team
That's all for today! If this email got you hooked on our unhinged crypto takes, be sure to get a full dose on Twitter @GetCoffeeCrypto.
Want cutting-edge market analysis delivered to your inbox three times a week? Sign up for Premium Roast! We'll cut through the BS floating around on Twitter and CNBC and help you finally understand the markets, all for the price of a single cup of coffee.
If you find yourself smiling at any of our dumb jokes, or even *learning* something - make sure to share this newsletter with your friends!
If you get 5 friends to sign up - or even enemies, we don't care - we'll send you our Bitcoin Bootcamp Ebook! This thing is packed with info and is the ultimate guide to the world’s ultimate currency.
Just hit the Click to Share button in the section below to get started!
What did you think of today's newsletter?
It's ok, you won't hurt our feelings.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.