TLDR đ
- Bitcoin now has its own memecoins thanks to the new BRC-20 token standard. And some of them are 500% gainers.
- Miners are making bank from this memecoin craze, but it's messing with the Bitcoin network, causing slow transactions and high fees.
- Binance had to stop Bitcoin withdrawals for a bit because of network congestion.
- Lightning Network is picking up the slack, helping people make faster, cheaper transactions.
Disclaimer: Not financial or investment advice. Any capital-related decision you make is your full responsibility.
Binance suspends BTC withdrawals đ¸
Did you catch the news about Binance yesterday? They had to stop Bitcoin withdrawals for two hours.Our team is currently working on a fix until the network is stabilized and will reopen $BTC withdrawals as soon as possible.Rest assured, funds are SAFU.
â Binance (@binance) May 7, 2023
Whereâs that congestion coming from? Memecoins on Bitcoin.
Bitcoin memecoins & 100x returns đś
Wait up, Cryptonary â did you just mention âmemecoinsâ and âBitcoinâ in the same sentence?!
Yes, thanks to PEPEâs meteoric 3,000% rise in two weeks, memecoins are buzzing again. And now theyâve arrived on Bitcoin.
Until March 8th, you couldnât have tokens on Bitcoin, but Twitter user @domodata figured it out. He combined elements of Ordinals, inscriptions, and JSON data to launch a new token standard called BRC-20. Since that day, 14,000+ tokens have been created, generating more than half a billion dollars of value from thin air.
BRC-20 tokens have their own version of CoinGecko that you can access here.
Our only advice to anyone adamant on gambling is to remember that buying any of these memecoins is indeed a âgambleâ â so size accordingly.
Miners are making bank âď¸
Degen gamblers try to nail the perfect memecoin. They try to buy the bottom and sell the top. Miners donât care about any of that. They are the house and they make money as long as gamblers are gambling.
The problem is that all the transactions are causing congestion on the Bitcoin network, making it slow and expensive.
Thatâs nothing but good news for Lightning Network.
Lightning Network on the rise âĄ
Lightning Network is like express checkout for your digital wallet. It speeds up Bitcoin transactions and slashes fees, making daily tasks like grabbing a coffee or reimbursing a friend a breeze.
We recently saw a surge of 2,470 nodes in just 48 hours. This tells us there is demand for fast, affordable transactions. Time will tell if this growth persists once the BRC-20 memecoin frenzy subsides.
Bitcoin memecoins or digital gold? A dilemma đŻď¸
Oh boy, even the Bitcoin maxis can't agree on this one: Should we cheer for the memecoin frenzy on Bitcoin or push back, worried it'll ruin everything?Bitcoin has been in the spotlight thanks to Ordinals and BRC-20. They say that all marketing is good marketing, but that might not be true in this case.
Look around â we're in the middle of a financial revolution, with the world reserve currency possibly changing and the dollar's reign on the line after 100+ years. This is exactly why Bitcoin was created. Itâs a rock-solid asset to safeguard your wealth in these wild times. That's what we should be focusing on!
Itâs a terrible time for memecoins to blow up and distract us. Memecoins might actually hurt Bitcoin's reputation as digital gold and a super-valuable asset.
As long as these playful experiments stay out of the mainstream, we should be in the clear.
Price analysis đ
If we look to history, memecoins pumping this hard is never a good thing.
When did SHIB pump in the 2021 cycle? October. When did the market top? Early November. So for now, weâll continue to tread carefully. We already de-risked our portfolio (read more here).
Bitcoinâs price chart is simple to decode:
- Break in market structure from bullish to bearish with the setting of a lower low and now potentially a lower high.
- Bearish engulfing candle on the weekly timeframe three weeks ago.
Liechtenstein says "Ja" to Bitcoin đď¸
Liechtenstein Prime Minister Daniel Risch has announced the country plans to accept Bitcoin payments for state services! Looks like they're following in the footsteps of Swiss towns Zug and Lugano.In a chat with German business newspaper Handelsblatt, Risch said Liechtenstein would take Bitcoin deposits and swap them for Swiss francs.
Thereâs no word on when this policy will go into effect, but itâs another sign that cryptocurrencies are gaining ground worldwide.
Soon đđź
Cryptonaryâs take đ§
As we navigate the Bitcoin memecoin frenzy, it's crucial to keep an eye on potential risks to Bitcoin's reputation as digital gold. We encourage investors to stay cautious and remember that investing in memecoins is a gamble.Keep a close watch on Bitcoin's price action too; our analysis points towards a potential drop to $24,250 unless the $30,000 level is reclaimed.
On a brighter note, the adoption of cryptocurrencies by governments like Liechtenstein signals promising growth in the crypto space.
Stay informed and remain vigilant. Focus on the long-term potential of digital assets and be prepared for market fluctuations. With a balanced approach, you can make the most of the opportunities presented.
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