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- ⏳T-2 To Bitcoin Halving
⏳T-2 To Bitcoin Halving
PLUS are you underwarter? Time to Smilee!
🗞 Market commentary.
GM, sophisticated magic internet money investors.
It seems like we’re reaching a tipping point. The TOTAL3 chart is hovering just above the 600-billion mark, a level Pentoshi himself pointed out as a retrace target. Of course, this is not financial advice, although it is potentially an area to load up—but, as Hunter S. Thompson would say, only for those with true grit.
Even though alts might become attractive again soon, overall, it’s undeniably Bitcoin-dominated market. Currently, Bitcoin's dominance has been at its highest since February 2019, with the potential to hit 60%. Compared to 2019, Bitcoin now has one extra trick under its sleeve – Ordinals and the soon-to-be-released Runes Protocol. The excitement around the brand-new Bitcoin NFT, memecoin and soon also DeFi market is pushing the network fees higher than ever. Who would have guessed the main use case of Bitcoin would be trading Windows paint puppets?
Nevertheless, we have to agree with Cold Blooded Shiller on this one – Ordinals and Runes are poised to be THE narrative. DeFi and memecoin summer on Bitcoin? Yes please. Stay tuned as we will be covering all of this closely.
📊 Luke’s Chart of the Day
NORMILIO/WETH BASE 4H
Both Retardio & Normilio on Base look super strong in this down market. Normilio is painting a big W bottom, worth accumulating if we get some consolidation here while majors chop around and consolidate. When liquidity comes back as it likely will (watch this for some good hopium), this thing could really fly. Still only a $15M market cap. Generally, at the moment, it’s probably worthwhile slowing your trades and buys down while we wait for money to come back into the market.
Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!
🔥 Degen corner.
Losing to volatility? Smilee!
In the Smilee land, it’s always a Bera Morning and there’s no such thing as impermanent loss.
„During the recent selloff, Smilee LPs performed better than Uniswap LPs AND even equal-weighted portfolios in most cases. This is what happens when you transform LPs into options sellers; generating yield directly correlated to their vol exposure.” Smilee Finance.
Once again, Smilee Finance proved itself as a protocol to park at if you want to avoid impermanent loss and, even better, enjoy the first ever impermanent gain.
We will be covering Smilee more as we go; there are a lot of upcoming updates brewing. All we can say for now is:
Ooga Booga.
👀 DeFi insights.
The important bits.
📰 DeFi news.
Even more important bits.
Parcl loses 40% TVL after airdrop - read
New Payment Stablecoin Act prohibits unbacked, algorithmic stablecoins - read
Korean won surpasses USD as the most-traded currency for crypto - read
Runes hype pushes transaction fees on Bitcoin higher - read
Germany's Largest Federal Bank to offer BTC and crypto custody - read
UK to Issue New Crypto, Stablecoin Legislation by July - read
JPMorgan expects Bitcoin's price to dip post-halving - read
🫠 ICYMI.
Life gets busy so here’s what you’ve missed.
Smilee: A Guide To Embracing Volatility With A Smile
Research
Stop refreshing your ports, my brothers. This price action is probably a perfect time to go back to SmileeFinance - it's literally built for these conditions...
🐥 Tweet of the day.
To save you doom scrolling.
Are you underwater? Meanwhile in the UK…
🦍 And finally…
A few days ago, I received advice from a multi-cycle trader, Madz, and it stuck in my mind: we are mid-cycle. If you have big profits already, it’s time to start thinking about what you’re willing to give back to the market. Mr. Operator is the most efficient of all; the market will take back what’s his. Statistically, 90% of traders lose. Will you be one of them, or will you take your piece of the pie?
This is a pre-emptive talk. We’re now somewhere mid-cycle. Think about it and strategize accordingly.
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