7th consecutive month of Bitcoin inactivity by Tesla 😅

Welcome back to the daily Coinsauce Newsletter, your go-to source for the latest crypto updates 🗞️. We've enriched our newsletter with more market updates and educational content available every Tuesday through Friday. If you enjoy these additions, let us know in the poll at the bottom of the newsletter.

📈 Markets

• Bitcoin is currently trading at $66,800 which is a crucial resistance

• This level is in confluence with a horizontal resistance, 4H equilibrium zone, 1H Premium zone, AVWAP resistance, the range midzone & a bearish order-block on the 1H & 4H timeframes.

• BTC can be rejected off this area, making it possible to take intraday shorts here.

• However, if BTC breaks $67,200, the short term bias turns bullish & it can then target the $70,000 FVG, making it a good intraday long opportunity.

• Bitcoin Dominance has successfully re-tested 55% & held it’s weekly breakout zone , indicating that BTC is set to outperform alts for the near future.

• On a macro level, as long as we hold $60,100 on the daily close, the mid term bias still remains bullish.

📅 Today

36 months for CZ ❓️ 

The U.S. Department of Justice is pushing CZ to serve a 3-year prison sentence following his guilty plea last year. Originally facing up to 18 months, he now faces a potential 36-month term if DOJ's recommendation is upheld

The DOJ is also seeking a $50 million fine for his involvement in enabling Binance to breach federal sanctions and money laundering laws.

Arguably, no defendant in a similar BSA case has ever received a prison sentence, which raises questions about the severity of the proposed punishment.

Tesla Holds Steady ❗️ 

Tesla continues to HODL it’s entire Bitcoin stack, and has not sold any BTC in Q1, 2024. This marks the 7th consecutive quarter without any Bitcoin transactions from the company.

Previously, in Q2 2022, Tesla had reduced its holdings by liquidating 75% of its Bitcoin, equivalent to around $936 million at the time. Since then, the company has refrained from purchasing or selling any Bitcoin.

As of the earnings report, Tesla still holds 9,720 BTC, worth ~$716 million at current prices, with an unrealized profit of $366.5 million (+105%).

📊 Stats

Educational 📔 

10 reasons why Bitcoin is superior to Gold 👇️ 

1. Portability: Bitcoin can be sent digitally anywhere, while gold requires physical transportation.

2. Divisibility: Bitcoin can be easily divided into smaller units, unlike gold.

3. Transparency: Bitcoin transactions are recorded publicly, offering more transparency compared to gold transactions.

4. Accessibility: Bitcoin is accessible with an internet connection, while gold may be inaccessible to many.

5. Security: Bitcoin's decentralized nature provides security, whereas gold can be vulnerable to theft or loss.

6. Lower Costs: Bitcoin transactions have much lower fees compared to transferring physical gold, especially for cross border transfers.

7. Programmability: Bitcoin's blockchain allows for programmable features like smart contracts and dapps to be built on top of the network. This adds additional utility and intrinsic value to Bitcoin.

8. Scarcity: Bitcoin has a fixed supply of 21 million BTC unlike gold, ensuring scarcity.

9. Borderless: Bitcoin operates globally without being tied to any specific country making it immune to geopolitical influences.

10. Innovation: Bitcoin's technology offers potential for various innovative applications beyond finance

🤣 Meme of the day

Amen 🙏🤣 

That concludes our update for today!

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