Why So Negative? — June 10

Chart of the Day

Despite last night’s pump that propelled the price of Bitcoin back to $36k, perpetual swap funding rates across major exchanges have dived deeper into the negative territory, indicating that bears are doubling down on short positions. Negative sentiment prevails after another pang of dismal news, including Bitcoin-related keyword censorship on major Chinese media platforms, mining bans in three Chinese provinces, and heavy regulation pressure stateside. 

Talk of the Town

If Sauron could harness the power of Mount Doom to forge the One Ring, it is only reasonable that El Presidente de El Salvador hopes to make the most out of more than 20 active volcanoes scattered across his home country to generate clean (the keyword here being clean) geothermal energy to power Bitcoin mining. The president’s recent tweet asserts that geothermal energy is 0 emission, except for the downside of emitting a teeny-weeny bit of carbon dioxide. Watch this space.