[CryptoButthead.com , msc, mschro, March 31, 2024] Hey there, CryptoButthead Readers,
Wishing y’all a hoppy Easter.
Last week was as thrilling as finding a double-yolker but about as surprising as an Easter egg in a basket. Come Friday, the U.S. revealed its PCE Price Index numbers, and wouldn’t you know it, indexes are still sky-high, not just stateside but globally. Odd, considering the usual market movers – those small-time investors blindly hopping down the bunny trail – haven’t even jumped in yet. This cycle? They’re flat broke. Over in the U.S., it’s a merry-go-round of debt to pay off debt, while Europe’s stashing cash away, now that it’s growing interest again.
So, what’s got the smart money pushing prices to cloud nine, and how long do they plan to stay up there? And let’s not forget, it’s an election year. Plus, in the crypto burrow, Bitcoin’s facing down another halving, with both Bitcoin and Ethereum sitting pretty at $70,500 and $3,620, respectively. Ethereum’s got that spot ETF dream adding to the buzz.
Things are getting interesting, folks.
MicroStrategy’s now hoarding over 1% of all Bitcoins ever to exist, sending its stock through the roof – thanks to a wild surge, ’cause who can really say what roads MicroStrategy will travel with that Bitcoin bonanza? Imagine Bitcoin prices hitting six figures. We’ll be hearing a lot more about MicroStrategy, mark our words.
But with rising stars come the short sellers, saved this time by a short research newsletter, avoiding what could’ve been a cataclysmic short squeeze. They’re trying not to anger the Bitcoin community, making it look like they’re pro-Bitcoin but short on MicroStrategy – a total brain fart if there ever was one. Expect the Bitcoin community to clap back soon. What’s been done here is essentially painting a target on Bitcoin’s back. Backfire city. And it’s especially sketchy coming from a top short researcher who brings his own army of nearly 100,000 followers to the fray.
Neptune Digital Assets, a little crypto small cap gem we’ve been eyeing, snagged 26,964 Solana tokens at a 67% discount and announced a 10 million share buyback. No wonder small cap tech and crypto stocks are flying under the radar – another sign that the little guys aren’t playing this round, typically drawn to small caps for their seemingly sweeter price tags.
Coinbase and MicroStrategy are set to remain volatile players, with Coinbase riding the AltCoin trade wave and the Spot Bitcoin ETF hype. Their next earnings report might just give the stock another boost.
Let’s see what surprises are hidden in next week’s Easter eggs.
Happy Easter,
Ash and Booker, peace out to all.
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