MicroStrategy just dropped their first Bitcoin product ❗️

Welcome back to the daily Coinsauce Newsletter, your go-to source for the latest crypto updates 🗞️

📈 Markets

• Overall bias - Negative 🔻 

• As mentioned in our earlier newsletters, Bitcoin was clearly looking weak. We called the potential breakdown when everyone else was super-bullish.

• The macro support of $60k has been broken, and the daily structure has flipped bearish.

• Bitcoin is now trading below the average Spot ETF entry levels.

• The breakdown is supported by good volumes, and there are no bearish divergences on the RSI, which is bearish.

• Till $61,000 is not convincingly reclaimed, the market bias will remain bearish. This level can also be a good intraday short trade opportunity.

• The next area of support is $52,700 & $50,300 respectively, which should hold at least for the mid-term. This is also in confluence with the 200 Day EMA.

• This is the most difficult part of the bull cycle, where weak hands get flushed out due to sideways & weak price action. Just hang in there, avoid high leverage, and DCA into strong projects!

📅 Today

Orange is the new black 😎 

After pitching itself as a "bitcoin development company" earlier this year, MicroStrategy is following through on it’s promise and has now unveiled plans to develop a decentralized identity service using Ordinals inscriptions called Orange.

The goal of Orange is to provide "trustless, tamper-proof and long-lived" decentralized identities using the Bitcoin blockchain. The service allows users to issue decentralized identifiers (DIDs), which enable pseudonymity. Just as bitcoin transactions are not linked to real-world identities, neither will DIDs.

It has already built one application using its service called "Orange For Outlook," which integrates digital signatures into emails to enable recipients to verify the identity of the sender.

BNB Paribas reports Bitcoin exposure ❗️ 

BNP Paribas, Europe's second-largest bank with over $600 billion in assets, has invested $40,000 in exposure to Bitcoin through BlackRock's iShares Bitcoin Trust ETFs.

Although the investment is small for such a sizable bank, it marks a significant step in European banking toward Bitcoin exposure via an ETF.

If other major banks and asset managers follow suit in disclosing Bitcoin allocations, it would provide further validation of Bitcoin as a legitimate investment option, and solidify it’s position as a proper asset class amongst legacy investors as well.

📊 Stats

Approximately $175B worth of Bitcoin are now held by ETFs, countries, public and private companies!

Educational 📔 

Analyzing the performance of the top airdrops from recent times 👇️ 

Out of 18 big airdrops lately, 11 are now worth less than when they started. Only one, Celestia, has done well, giving back three times what it started with. As for the others, the “efforts” for farming the tokens have outweighed the “rewards” so far.

This is because there are too many people farming the same tokens, and when more people try to get them, each one gets less. Then, they end up selling them, which pushes the price down even more

Adding to the woes is the heavy token dilution that happens with such tokens as well. Their constant unlocks lead to more selling pressure, consequently trapping retail.

More importantly, these projects have allocated an average of 5.87% of the supply to public airdrop at token launch ; you could use it as a benchmark for future token airdrops.

Note : None of the content here is financial advise. This is for educational purposes only.

Credits : Hitesh

Chart of the day 📈 

BTC/USDT

• $61,000 is the key level to re-claim to shift the bearish bias to bullish

• If we get rejected from these levels, and get a weekly close below $59,000 that will be bearish for BTC.

• If we re-claim $61,000 we can say that the breakdown was a potential fake-out, and re-evaluate the chart again.

🤣 Meme of the day

The only flag traders want to see right now 😂 

That concludes our update for today!

We appreciate you joining us for the latest news. We aim to provide insights and highlights that keep you well-informed and ready. Remember to follow us on Twitter and Instagram for regular updates, insights, and giveaways. Until next time, happy trading!

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