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June Swoon Or June Boom?

Green, green, and more green today before we set off into the weekend. ๐ŸŸฉ

In today’s Litepaper, we’re starting off with a look at the historical performance of Bitcoin during the month of June.

Following that, we dive into a surprising revelation – Peter Schiff’s NFT on the Bitcoin blockchain went on sale today. Yes, you heard it right, the same Peter Schiff who often denounces Bitcoin.

We will also be discussing Coinbase’s recent introduction of BTC and ETH futures for institutional investors and delve into the details of a new proposed legislation that was just introduced today.

Here’s how the market looked at the end of the trading day:

Filecoin (FIL) $4.97 4.92%
XRP (XRP) $0.525 3.74%
Solana (SOL) $21.36 3.35%
Litecoin (LTC)
Stellar (XLM)
Ethereum (ETH) $1,909 2.56%
Cardano (ADA) 0.379 2.55%
Bitcoin (BTC) $27,285 2.15%
Uniswap (UNI) $5.09 2.10%
Dogecoin (DOGE)
Altcoin Market Cap
$583 Billion
Total Market Cap $1.112 Trillion 1.91%

Technically Speaking – June 2, 2023 Featured Image

May is done, and now we’re into June.ย 

While May is historically the best-performing month for $BTC, that wasn’t the case for May 2023.ย 

How does June compare? Let’s look:

Months Of June from 2010 to 2022 – Click to enlarge.

Bitcoinโ€™s June Performance: A Year-by-Year Breakdown

  • June 2010: The Infancy
    Opening: $0.01
    Closing: $0.01
    Result: Neutral
  • June 2011: The First Rally
    ย Opening: $8.74
    Closing: $16.10
    Result: ๐Ÿ“ˆ Bullish (up +84.21%)
  • June 2012: The Steady Growth
    Opening: $5.20
    Closing: $6.69
    Result: ๐Ÿ“ˆ Bullish (up +28.65%)
  • June 2013: The Flash Crash
    * Opening: $128.83
    * Closing: $97.51
    * Result: ๐Ÿ“‰ Bearish (down -24.31%)
  • June 2014: A Small Climb
    * Opening: $627.01
    * Closing: $640.79
    * Result: ๐Ÿ“ˆ Slightly bullish (up +2.19%)
  • June 2015: The Stable Climb
    * Opening: $228.38
    * Closing: $262.89
    * Result: ๐Ÿ“ˆ Bullish (up +15.11%)
  • June 2016: The Slow Rise
    * Opening: $530.69
    * Closing: $671.91
    * Result: ๐Ÿ“ˆ Bullish (up +26.58%)
  • June 2017: A Remarkable Surge
    * Opening: $2,455.01
    * Closing: $2,865.02
    * Result: ๐Ÿ“ˆ Bullish (up +16.69%)
  • June 2018: The Steep Fall
    * Opening: $7,488.80
    * Closing: $6,386.45
    * Result: ๐Ÿ“‰ Bearish (down -14.71%)
  • June 2019: A Strong Rally
    * Opening: $8,544.76
    * Closing: $10,754.92
    * Result: ๐Ÿ“ˆ Bullish (up +25.83%)
  • June 2020: A Small Dip
    * Opening: $9,446.96
    * Closing: $9,134.02
    * Result: ๐Ÿ“‰ Slightly bearish (down -3.31%)
  • June 2021: Another Downturn
    * Opening: $37,279.86
    * Closing: $35,041.11
    * Result: ๐Ÿ“‰ Bearish (down -6.01%)
  • June 2022: A Significant Fall
    * Opening: $31,781.64
    * Closing: $19,949.77
  • Result: ๐Ÿ“‰ Uber bearishย (-37.23%)

Putting It All Together

In terms of how well Bitcoin performs, June ranks 5th out of all the months. Over the past 13 years, Bitcoin’s value has increased eight times by the end of June. However, the last time we saw an increase in Bitcoin’s value by the end of June was in 2019.

When we look at the average increase in Bitcoin’s value, June again ranks 5th with an average rise of 26.24%.

On the flip side, if Bitcoin’s value drops in a month, June sees the second-largest average decrease, at 17.12%, compared to the other months.

Wait. What? Peter Schiff Launched An NFT On Bitcoin?! Featured Image

What is this I don’t even. Words don’t explain what is happening. ๐Ÿ˜ฑ

Economist Peter Schiff, a vocal critic of cryptocurrencies and non-fungible tokens (NFTs), has announced the release of an NFT art collection on the Bitcoin network.

The collection, titled “Golden Triumph,” includes an original painting, a series of prints, and Ordinals inscribed on the Bitcoin blockchain. Despite Schiff’s years of denigrating Bitcoin as a Ponzi scheme, and previously calling NFTs “fake assets,” he collaborated with an artist known as “Market Price” to launch the NFT collection. The art pieces will be auctioned from today to June 9.๐Ÿท๏ธ

Schiff’s turnabout on blockchain technology hasn’t completely changed his stance on Bitcoin, which he still criticizes for its perceived lack of inherent value.ย 

He did, however, acknowledge the value of blockchain in verifying ownership of assets like art via NFTs.

But the $BTC community hasn’t let Schiff off the hook:


New BTC And ETH Future From COIN For Institutions Featured Image

$COIN Derivatives Exchange is set to offer new $BTC and $ETH futures contracts next week, specifically targeting institutional clients. ๐Ÿš€

The new futures contracts are anticipated to provide lower fees, enhancing the cost efficiency for investors. Moreover, Coinbase is also planning to extend incentive programs to certain clients.

The futures contracts, named BTI and ETI and sized at 1 Bitcoin and 10 Ether per contract, respectively, are designed to give investors the ability to fine-tune their exposure to these digital assets.ย 

The upcoming futures contracts were announced a year after Coinbase launched its ‘nano’ Bitcoin and Ether contracts, during which the company observed a significant increase in institutional interest and demand for sophisticated derivatives products.

These new contracts are intended to integrate into various trading strategies seamlessly and will feature monthly expirations and USD settlements. Alongside reduced fees, Coinbase has indicated that institutions that become ‘early adopters’ of these contracts might be eligible for incentive programs. ๐Ÿฅ

COIN Daily Chart – Click to enlarge.

Coinbase has been on a tear since May 2023, trading up more the +27%.ย 

Unpacking Proposed Legislation for Crypto Regulation Featured Image

A collaborative effort between the Republican members of the US House Financial Services Committee and the House Agriculture Committee has resulted in developing a discussion draft for digital asset regulation. ๐Ÿ“œ

Named the Digital Asset Market Structure Discussion Draft, the proposed legislation is focused on clarifying the categorization and regulation of digital assets.

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Bullets From The Day:

๐Ÿ’ฆ Some clarity on Ripple’s XRPL AMM Automated Market Maker) came from CTO David Schwartz. The AMM utilizes a volatility harvesting method, buying during price drops and selling during increases to take advantage of market fluctuations. The system also employs an auction mechanism, selling arbitrage slots for tokens, which eventually leads to the tokens’ destruction. This process effectively increases the fraction of the pool’s assets represented by existing liquidity provider (LP) tokens and expands the pool, enhancing each token’s exchange value.ย 

๐Ÿƒโ€โ™€๏ธ Marathon Digital Holdings ($MARA), reported a 77% increase in Bitcoin production in May 2023 compared to April 2023, mining a record 1,245 BTC. This surge was primarily due to an increase in the firm’s hash rate and a significant rise in $BTC‘s transaction fees, driven by the emergence of Bitcoin Ordinals Inscriptions, similar to non-fungible tokens (NFTs). The heightened transaction fees, occasionally surpassing the 6.25 BTC block reward, contributed to about 11.8% of Marathon’s total Bitcoin yield for May. The company also noted a 9% month-over-month increase in its operational hash rate and a 13% increase in its installed hash rate.ย 

๐Ÿ‘€ Novogratz foresees bull run triggered by Federal Reserve. Galaxy Digital CEO, Michael Novogratz, described the current crypto market as “lackadaisical” due to low institutional interest but noted that retail investors continue to buy small amounts of crypto, creating a healthy market. He highlighted major developments like WeChat enabling Bitcoin trading and Hong Kong allowing retail crypto trading. Despite current stagnation, he anticipates a bull run triggered by a Federal Reserve policy shift by October.ย 

๐Ÿฆ„ The $UNI community turned down a proposal regarding LP fees. The Uniswap community recently rejected a proposal to implement fees for liquidity providers (LPs) on the protocol, with 45% voting against fees and only 42% supporting a fee amounting to one-fifth of the revenue generated by Uniswap version 3 (V3) pools. LPs, who are major market makers with substantial locked assets and earn a cut from each trade, currently don’t incur any charges for using the platform. This outcome suggests that a formal poll slated for later this year may need to consider community sentiment and adjust parameters accordingly.ย 

Here is some of what’s inside today’s curated NFT news collection:

Nike’s NFTs are to be integrated into EA Sports Games, H.R. Giger’s ‘Alien’ Sculpture is being fractionalized as NFTs, Sothebyโ€™s and Mercedes Benz are making moves with NFTs, Solana’s NFT sales are decreasing while Bitcoin Ordinals thrive, and Maniac Panda Games is boosting Web3 gaming by joining the Cointelegraph Accelerator.

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