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Trending from the past 24 hours 👇️ 

1. 📉 Germany's Recession: Energy Shock and Uncertain Outlook

2. 💼 Trezor's Sales Surge Amidst Ledger's Setback

3. 💰 Record BTC HODLing: A Growing Confidence in Bitcoin

   

Germany has entered a recession.

Germany has entered a recession primarily driven by a severe shock to energy prices, resulting in a decline in output. This economic downturn significantly affected consumer spending, leading to a 0.3% drop in output in Q1 2023 and a contraction at the end of 2022. A recession is defined as two consecutive quarters of declining output.

The high energy prices were partly triggered by Russia's invasion of Ukraine, causing European energy prices to reach record highs. In response, Moscow reduced gas supplies to European countries, leading Germany to declare an emergency. These events had a profound impact on the energy sector and subsequently affected the overall economy.

While natural gas prices have since fallen back to late 2021 levels, inflation remains high in Germany at 7.2%. However, as inflation eases, consumer spending is expected to rebound, although a strong recovery is not currently anticipated. These developments create an uncertain economic landscape in the coming months.

Despite the challenges, there are indications that Germany's recession might be short-lived. Business activity in the country expanded in May, despite a sharp downturn in manufacturing. The government's efforts to expand renewable energy production and attract foreign workers are also seen as positive factors for the economy. However, economists predict that higher interest rates necessary to curb inflation may lead to further shrinkage in German output, impacting consumption and investment. Additionally, weakness in other developed economies may curb demand for German exports, particularly to China.

Trezor reported a 900% sales increase.

Trezor, experienced a significant 900% week-on-week sales growth following the controversy surrounding Ledger's feature called Ledger Recover. This feature would have allowed users to send their seed phrase to third-party companies for recovery purposes, raising concerns among the crypto community. Trezor's CEO, Matěj Žák, firmly stated their commitment to user ownership and security, emphasizing that hardware wallets should never make the seed phrase accessible to anyone but the user.

Amidst the backlash, Ledger decided to postpone the release of Ledger Recover, addressing concerns about seed phrase security and the need for a know-your-customer process. The company's CEO expressed gratitude for user patience and feedback, promising to make Ledger Recover more transparent, open-source, and aligned with user expectations.

It will be interesting to observe how Ledger bounces back from this setback, as they have the opportunity to learn from user feedback and improve their offerings. However, we encourage our readers to stay proactive and ensure they conduct thorough research on multiple hardware wallets during this period. Being well-informed and ahead of the game in the crypto space is crucial for safeguarding one's assets.

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Record BTC HODLing

Bitcoin HODLing is witnessing a strong trend as a record number of individuals are holding onto their BTC for the long term. Recent statistics reveal that a remarkable 68% of BTC has been held for at least a year, with 55% held for two years and 40% for three. These figures indicate a growing conviction and confidence in Bitcoin's long-term potential.

The upcoming Bitcoin halving, serval months away, further fuels the enthusiasm surrounding HODLing. Historical patterns suggest that the halving event often precedes bullish market cycles, generating anticipation for another potential bull run in the near future.

With an increasing number of individuals opting to hold their Bitcoin and the prospect of reduced new supply through mining, scarcity becomes a significant factor influencing price dynamics. As more people choose to hold onto their BTC and the rate of new supply diminishes, the potential for price appreciation becomes even more intriguing.

The combination of strong HODLing statistics, the upcoming Bitcoin halving, and the impact of scarcity creates an environment of optimism and excitement. While the cryptocurrency market remains highly volatile and subject to various factors, the current conditions suggest that we may be on the verge of an exciting period for Bitcoin and its dedicated holders.

Meme of the day

_{How the German recession started}

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And that’s a wrap for today’s roundup! Thank you for subscribing to our newsletter. Stay tuned for tomorrow’s highlights and updates! Remember, every dip is an opportunity to scoop up some more Bitcoin! Until next time folks!

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.