Chart of the Day
Onwards with on-chain. Decreases in long-term supply due to profit taking is a pattern repeatedly seen in previous cycles. Similarly, supply goes up during the re-accumulation phase when there is a price dip. BTC’s recent failed attempt to establish a strong foothold above $50k as treasury yield soars may signal the arrival of another re-accumulation phase. However, at the end of the day, what we know for sure is that illiquid supply keeps rolling, while the long-term trend remains bullish.
Talk of the Town
Bull-doge. Mark Cuban, the owner of Dallas Mavericks, is a known crypto advocate who often goes public on trending issues such as Ethereum, NFT, and the disruptive forces of smart contracts. His latest advocacy involves accepting Dogecoin as payment for Mavericks’ tickets and merchandise, simply because ‘they can’. The Mavs started to accept Bitcoin several years ago — only nobody bought anything in Bitcoin, said Cuban during an interview. If the largest cryptocurrency can’t follow through on its promise, will the acceptance of Dogecoin be anything more than a publicity stunt?