Bitcoin price spikes to $20K as whale bought BTC confirms support

Bitcoin bounces to five-day highs while Ethereum rises above the $1,100 mark.

Bitcoin price spikes to $20K as whale bought BTC confirms supportMARKET UPDATE

Bitcoin (BTC) rose to clip $20,000 for the first time in five days on July 4 as the Independence Day holiday brought some unexpected gains.

BTC/USD 1-hour candle chart. Source: Tradingview.com

$20,000 briefly reappears

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $20,085 on the day, its best performance since June 30.

The pair had spent most of the holiday weekend at around $19,000, but the absence of Wall Street trading ultimately proved no obstacle for bulls.

Thinner weekend order books likely exacerbated volatility compared to underlying volumes, but nonetheless, Bitcoin was up 3% on the day at the time of writing.

Prepare for War, Higher Energy Prices & Significant Civil Unrest -Martin Armstrong

Legendary financial and geopolitical cycle analyst Martin Armstrong says, “If my computer had legs, it would hide under my bed.”  That’s how bad things are looking for the rest of 2022 and 2023, according to Armstrong’s “Socrates” program that foresees future geopolitical and economic trends and events.  Let’s start with war that is already underway with Russia.  Armstrong says, “They wanted war.  It’s all been provoked, and it’s intentional. . .”

Armstrong points out, “Ukraine President Zelensky already has hundreds of millions of dollars stashed off-shore.  He’s been offered a golden parachute, and he’s willing to fight until the last Ukrainian dies on the battlefield.  This is nothing more than a proxy war between the United States and Russia, and they know that.  Russia knows Ukraine is not the enemy.  It is the United States.”

Despite Its Pullback, Bitcoin Is Still a Hedge Against Inflation

By Teeka Tiwari

Since the pandemic began in March 2020, the federal government has injected nearly $9 trillion into the economy.

The money helped prop up the economy. But it came at a cost: Sky-high inflation.

Today, inflation is at a record-high 8.6%. Everything from gas… to food… to furniture costs much more than it did two years ago.

To combat the economic fallout from the pandemic, the Federal Reserve pumped more new currency into the U.S. economy than it had issued in the previous 14 years combined.

And as the Fed printed more money, the rest of the dollars we held became worth far less.

It’s simple supply and demand… the more you have of something, the less it’s worth.

Imagine if Apple doubled its share count tomorrow without a corresponding rise in revenue and profits. What would happen to the price of the stock?

Its value would get cut in half.

It’s Not a Turndown, It’s a Takedown – Catherine Austin Fitts

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Catherine Austin Fitts (CAF), Publisher of The Solari Report and former Assistant Secretary of Housing (Bush 41 Admin.), contends this is what the so-called “reset” looks like. High food and fuel prices along with crushing interest rates are no accident. CAF explains, “To me, this is part of the ‘going direct reset.’ There is an official narrative, and the official narrative is they’ve got to stop inflation. . . . Let’s look very simply at what happened. They voted on the direct reset. Then they injected $5 trillion into the economy that went to the insiders. Then they used Covid to shut down the economy run by the outsiders. Now, the outsiders want to open another business, and they are going to radically raise the cost of capital to the outsiders. What’s going to happen is that $5 trillion is going to buy more assets more cheaply. To me, this is part of centralizing the control of the economy. They are asserting very significant central control. This is not a turndown–this is a takedown.”

These People Never Learn

By James Rickards

Here’s the good news: The stock market didn’t lose nearly as much today as it did yesterday. The Nasdaq even posted a 19-point gain.

Of course the Dow still lost another 151 points and the S&P lost another 14. The S&P slipped into bear market territory yesterday, which doesn’t bode well for the economy.

Since 1970, whenever the stock market fell 18% or more over a four-month time frame, the economy fell into recession every time. Well, that’s exactly what we’ve seen.

But after yesterday’s bloodbath, I heard a well-regarded business TV anchor ask her guest about “green shoots.”

I nearly fell out of my chair, laughing. These people never learn.

Crypto-Carnage Hits Every Asset Class Tied to Crypto

By Pam Martens and Russ Martens: June 14, 2022 ~

It wasn’t just cryptocurrencies that crashed yesterday, it was crypto exchanges, crypto mining stocks, publicly-traded companies holding large investments in crypto, and crypto ETFs.

By the time the closing bell rang yesterday, ProShares Bitcoin Strategy ETF had tanked by 20.22 percent on the day, bringing its year-to-date loss to 50.4 percent. Other crypto-related ETFs were similarly hammered. VanEck Bitcoin Strategy ETF gave up 19.86 percent, bringing its year-to-date loss to 53 percent.

Shares of crypto mining stocks, which were already battered and bruised, were further bloodied. Among the worst of the lot was BIT Mining Ltd. (ticker BTCM) which plunged 36.60 percent yesterday, bringing its year-to-date loss to 79.9 percent.

You Can't Trust the Numbers You Read on Wall Street

Few things make a stock go up or down more than its quarterly earnings announcement.

If a company beats Wall Street's expectations, the stock usually takes off. If it doesn't, the stock often plummets.

But I've discovered something controversial about these earnings announcements... something so eye-opening, I've been invited to lecture about it at Harvard, Wharton Business School, and the world's top chartered financial analyst ("CFA") societies.

Simply put: You can't trust any of the numbers you read on Wall Street.

But as I'll explain in today's essay, I've developed a way to correct for this using something called "forensic analysis."

Dark Market Secrets

Stock market bottoms are hard to spot.

You can run any number of analytical tools, add trendlines or your favorite indicators and try to confirm data.

But in the end…

The bottom comes when investors throw in the towel and have no more shares to sell.

And the next major up-move comes when a new firehose of capital comes rushing in.

This applies to tech, crypto, mining, energy, and every market sector.

It’s going to be a harsh reality and truth. Once you’re prepared, will see the markets as they truly are: Powerfully cyclical.

And the Dark Market Secret you’ll learn today is one you won’t find on stock screeners…

Or nearly any newsletter you pay for.

It’s Called Shareholder Turnover