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The market declined. What do you think could be the reason 🤔 and when can it be time to rise again? 

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Russia received hundreds of millions of dollars from Bitcoin mining: Officially announced Russia, which was in a difficult situation due to the Western sanctions that started due to the Ukraine war, earned 556 million dollars in tax revenue from Bitcoin mining. According to the official statement, 54 thousand Bitcoins were produced in Russia in 2023. Russia, which was subjected to heavy economic sanctions by the USA and Europe due to the Ukraine war that started in 2022, earned a significant income from Bitcoin mining. In 2023, 50 billion rubles (about 556 million dollars) of tax revenue were provided from Bitcoin mining companies. Speaking at the Eastern Economic Forum, Sergey Bezdelov gave the information. Bezdelov, who is also the president of the Industrial Mining Association, also stated that 54 thousand BTCs were extracted within the borders of Russia last year. As it will be remembered, Russian President Vladimir Putin signed the mining law last month and officially put it into effect. By law, large mining companies have to register for the system prepared by the Russian state. Individual miners, on the other hand, do not have to make this registration if they do not exceed a certain electricity expenditure. The relevant law is expected to enter into force in November. Putin has praised Bitcoin many times in the past years, but has stated that it is still too early for trading.

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NEW: A new report from River, a Bitcoin fintech company, predicts that 10% of 🇺🇸 U.S.-based companies will convert 1.5% of their treasury reserves—equating to roughly $10.35 billion—into #Bitcoin over the next 18 months.

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Philadelphia Fed's crypto report reveals the contradiction in the market The Philadelphia branch of the Fed has published a study on whether changes in cryptocurrency prices affect the ownership rate. The study concluded that the ownership rate decreased significantly during the period when prices fell, but prices did not increase at the same rate during the period when they rose. A study conducted by the Fed's Philadelphia branch concluded that there was a disconnect between price movements in the cryptocurrency market and cryptocurrency ownership. “Do Price Changes Affect Crypto Ownership Rate?” In the study titled, while there was a significant decrease in cryptocurrency ownership and purchase interest, especially during the “crypto winter” in 2022, it was noted that the subsequent recovery was not reflected in ownership rates to the same extent. The research was conducted with information collected from six different surveys about cryptocurrency ownership. In the report, written by Tom Akana, who works as a senior research associate at the Fed, "When we compared the survey results with the performance of the cryptocurrency market, we observed a disconnect between prices and ownership in the last two years. Although we saw a clear decline in both ownership and acquisition interest during the 'crypto winter' in 2022, the recent growth in the market was not accompanied by an increase in ownership," he said. On the other hand, it was emphasized that despite this situation, the increases in prices increase the possibility of more people buying crypto in the future. The chart below shows ownership rates (yellow) at the price of Bitcoin (blue). As can be understood from this, despite the increase in Bitcoin since October 2023, the ownership rate is not increasing and even decreases from 17.1 percent to 14.7 percent.

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Hayes, which issued a 50 thousand dollar warning for Bitcoin, closed its short position Arthur Hayes, who recently warned that Bitcoin could fall below 50 thousand dollars, announced that he closed his short position. Arthur Hayes, wrote that he closed his short position in Bitcoin. Stating that he made a profit of 3 percent from his position, Hayes stated that Bitcoin may gain upward momentum due to expectations that dollar liquidity will increase. Hayes also drew attention to the statement made by US Treasury Secretary Janet Yellen yesterday that things are going well in the economy and a soft landing was carried out. “It was truly incredible to be able to significantly reduce inflation while maintaining strong growth,” Yellen said. This is a situation that most people call a soft landing," he said.

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Critical crossroads in Bitcoin: “It looks like a frighteningly 2019” Financial analyst Julien Bittel stated that Bitcoin's price action this year is largely similar to 2019 and said, "Next week, it will be extremely important." Bittel commented, "If this fractal continues, we can see a serious upward movement." Former asset manager and financial analyst Julien Bittel suggested that this year's price structure of Bitcoin is starting to look “freepy” like 2019. By sharing the chart below, Bittel emphasized that the movements of the number one cryptocurrency in 2024 are very close to 2019. The black chart shows the current state of Bitcoin, while the pink chart shows 2019. Source: Twitter/Julien Bittel “Bitcoin is stuck in a consolidation process, and interestingly, just like in 2019, this consolidation has lasted exactly 175 days so far,” the analyst said.

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