Technically Speaking – Bitcoin

The chart image above is Bitcoin’s monthly chart. The five largest drops in Bitcoin’s history are:

June 2011 – November 2011: -94%
November 2013 – February 2014: -93%
December 2017 – January 2018: -84%
June 2019 – March 2020: -71% (Covid Crash)
Oct 2021 – present (June 2022): -71%

A collection of time cycles and other indicators point to extreme oversold conditions and a highly probable bounce soon. If history repeats itself, then Bitcoin and the broader crypto market may experience a mean reversion higher or the beginning of a wider trend change. Either way, the move higher will likely be crazy.

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Tron (TRON) Flips Solana (SOL)

Solana ($SOL.X) is no longer a Top 10 market cap cryptocurrency – let that soak in for a minute. Instead, the once-touted Ethereum-killer Solana struggles to hold onto the $12 value area. At its peak, Solana was trading near $265. 

Solana’s position in the Top 10 was taken by Tron ($TRX.X). This is not surprising, considering how Solana and Tron have traded this year.

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Kraken The Whip

U.S.-based cryptocurrency exchange Kraken announced today via their corporate blog that they are cutting 1,100 jobs (roughly 30%) to weather the current crypto market storm. 

Kraken announced a very generous severance package for their departing employees (which they refer to as Krakenites):

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