Microsoft said no to Bitcoin

GM. The Daily Squeeze: slicing through crypto watermelons to find out if they’re sweet gains or just full of seeds.

👎 Microsoft said no to Bitcoin… but there are more players planning to join the game.

🍋 News drops: RLUSD got the final approval, Donald Trump bought another $5M worth of ETH + more

🍍 Market flavor today

The market feels like walking into a room where everyone’s staring at you with a weird smile. Is something exciting about to happen? Is there spinach in my teeth? What’s going on?? 🤨 Investors are cooling off a bit – the Fear and Greed Index dropped to 74 as Bitcoin took a step back to $95K yesterday.

Trader Skew believes buyers hesitate to rush in until BTC proves itself above the $97.7K – $98K range. Basically, confidence isn’t exactly overflowing right now.

That said, Daan Crypto Trades predicts Bitcoin could leap ahead by 30% – 50% once it moves out of this consolidation phase. If history repeats itself, we might see a bigger climb as early as Q1.

Meanwhile, institutions are taking full advantage of the dip. Spot BTC ETFs saw $438.5M in inflows yesterday, and ETH ETFs followed up with $305.7M.

Altcoins tho’? Not so sunshine and rainbows. Felix Hartmann says they’ll likely trend down or go sideways until January 2025. Sure, some might catch a second wind here or there, but the big runs seem to be over for now.

So yeah, that market smile is kinda throwing us off. The good news? You’re here with us, and we’ll keep making sense of it all together 🥰

🥝 Memecoin harvest

Some call it hype, others call it destiny – here are the memecoins that took home the W today:

• Zerebro Token Of Transformation (GAYCOIN) +358%

Straight from the brilliant mind of Zerebro, the AI Agent on X.

The Pepe we know and love… but on Base.

Born from the Rektguy NFT project.

Inspired by another unhinged AI Agent on X, Terminal of Truths.

Data as of 09:45 AM EST.

🤠 The Good, the Bad, and the Bitcoin

You know those movies where the plot is so good, you’re fully invested, and then it hits you with the “it was all just a dream”? 😐 Ah, I love it, thank you so much for wasting my precious time!!

Yesterday felt like the crypto version of that. For a whole month, we had hopes that Microsoft might end up hopping on the Bitcoin reserve train.

And the storyline was looking good – the National Center for Public Policy Research made some good arguments to convince them, Michael Saylor also had a cameo.

Well, the shareholder vote day arrived. Their verdict? No 🫶 Apparently, they already have strong financial strategies to protect shareholder interests. Translation: they can’t handle this heat.

Well, you win some you lose some. Take care!

…

Jk, we’re not giving you a disappointing ending here. Bitcoin’s still got a lot of potential brewing elsewhere, and we’re here to break it down.

1/ Corporate BTC MVPs

• Microstrategy – the absolute king, holding 423,650 BTC worth nearly $41.5B – over 2% of the total supply.
• MARA Holdings spent $1.1B on nearly 11,800 BTC just yesterday, bringing their total holdings to 40,435 BTC.
• Rumble plans to allocate as much as $20M of their surplus cash reserves to Bitcoin.

2/ State-level BTC ambitions

• Pennsylvania: Rep. Mike Cabell’s pushing for 10% of the state treasury to go to Bitcoin as a hedge against inflation.
• Texas: Lawmakers, with help from the Satoshi Action Fund, are cooking up a plan for a state Bitcoin reserve.
• Florida’s aiming for Q1 2025 to kick off their BTC reserve

3/ BTC going Mr. Worldwide mode

• United States: wants the Treasury and Federal Reserve to buy up to 1M BTC over five years.
• Russia’s thinking about a BTC reserve to deal with sanctions.
• China: Ex-Binance CEO CZ says it’s inevitable China will join the BTC reserve party, potentially following the US’ lead.
• Brazil: A $18.6B proposal to allocate 5% of their total international reserves to Bitcoin.

So yeah, maybe Microsoft isn’t feeling Bitcoin’s vibes just yet, but the bigger picture is clear: BTC is in big conversations. And as more players join the gang, the stronger the FOMO gets.

TL;DR: BTC is stepping into that main character energy it was born for – and the world is starting to take notice.

🍋 News drops

👏 Ripple got final approval from the NYDFS to launch RLUSD. Exchange and partner listings are coming soon.

🚀 Donald Trump bought another $5M worth of ETH. His total ETH bag now sits at $50M.

💸 Ray Dalio, founder of Bridgewater Associates, called out unsustainable debt in major economies. His advise? Move toward hard assets like Bitcoin and gold.

🚨 Scammers are posing as crypto influencers to trick people into joining fake Telegram groups for “exclusive” investment tips. Once inside, they launch a fake bot that installs malware, stealing sensitive info like crypto wallet keys.

🎬 The collapse of TerraUSD and LUNA is being turned into movie called Crypto Man. It apparently explores the lives of young people balancing stock trades by day and crypto speculation by night.

🏦 Goldman Sachs CEO David Solomon said they might consider crypto investment. That is, if US regulations ease up.

🍌 Juicy memes