🚀 Bitcoin Rockets Twice! Third Time a Charm? 💫

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Welcome back to Bull Market Bytes, your weekly cryptocurrency insight where we have witnessed Bitcoin breaking the all-time high yet again!

Next stop: $100,000! 💰

Exciting topics for this newsletter!

📰 Bitcoin Breaks the High!

💪 Litecoin Dominates

📌 Bull Market “Bulletin” Bytes

📚 Weekly Lesson: Short Sellers

Fun Fact of the Day 🤓

The code for Bitcoin is a genius creation that many have reproduced…but did you know…

There is a secret message hidden within the Bitcoin code? 😮

In line #1630, the message reads,” The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

It also says the same message backwards in line #1616.

The line comes from an issue of The Times, possibly showing the overall purpose for Bitcoin…what do you think? 🤔

Click here to read more!

Bitcoin Breaks the High! 🏆

Congratulations to all of the fellow diamond hands and welcome to the newcomers! 🎉

This month alone, Bitcoin is up over 52%! 🤯 What a phenomenal thing to witness!

We are starting to see more cryptocurrencies spike gaining in the double digits and even triple digits!

So, is this the time to buy more or sell for profits? 🤷‍♂️

Let’s take a look at the chart below! 👀

With the 2017 Bull Run, we see an upward momentum followed by a drastic downward momentum.

The same occurred with the 2021 Bull Run. However, this was at a much higher price for Bitcoin.

Now, we have arrived at the 2024-2025 Bull Run, does this indicate a major pullback since we have seen upward momentum?

Looking at the chart, we are very overextended. We need some type of pullback to continue increasing in value in a healthy way.

However! Historically, the price has been much higher compared to the previous bull run.

We could see $100,000 in 2024-2025! 🤑

Litecoin Dominates 💪

The results are in for the month of February for the most used cryptocurrency!

And the winner is… (if the title wasn’t too obvious) … 😅

Drum roll please! 🥁

🌟 LITECOIN

And not only for the month of February, but Litecoin has been the top used cryptocurrency for the past 4 months! 🔥

Litecoin continues to turn heads and is gaining more traction! This month is a staggering 41.76%!

The exact breakdown for the top 3 are:

1 Litecoin - 41.76%
2 Bitcoin - 24.36%
3 Ethereum - 9.05%

So what exactly is Bitpay which is tracking the top cryptos? 🤷‍♂️

Bitpay is a cryptocurrency processor that facilitates transactions for customers and merchants.

They are supported by major businesses like Amazon and MasterCard…so they are a big deal. 😄

Now to the million-dollar question! 💰

If Litecoin is the top used cryptocurrency, why has the price not skyrocketed?

It is quite possibly that businesses and people are stacking up their bag of Litecoin so they can profit before it does.

Or maybe even be the ones to initiate the pump… 😮

Take a look below and see how Grayscale is sitting heavy with Litecoin! 👀

Could this mean that a spot Litecoin ETF is around the corner?

Only time will tell…or possibly a social media post. 😄

Check out Grayscale’s holding here!

Bull Market “Bulletin” Bytes

Bitcoin miner revenue sets second-best day in history! Miner revenue reached $75.9 million on March 6, just shy of the high at $77.3 million.

Decision delayed on Spot Bitcoin ETF options trading. The SEC will once again decide on approving the Spot Bitcoin ETF options trading on April 24.

El Salvador is becoming recognized for their Bitcoin holdings! As the first country to accept Bitcoin as legal tender, they may become the richest with their Bitcoin holdings.

Grayscale’s Litecoin Trust is up 439% in 12 months! Is a Litecoin ETF next up? Possibly even before the Ethereum ETF? 🤔

Is Ethereum likely to break $10,000 during this bull run? As the #2 cryptocurrency by market capitalization, a lot of people are waiting in anticipation for a possibly flip to #1.

Is Tesla buying Bitcoin again? It is quite possible that Tesla is buying up Bitcoin, and it may be revealed at their next earning’s call.

Pro-Bitcoin Senator Cynthia Lummis pushes for Stablecoin Regulation! She has made it clear that she does not support the Fed introducing the CBDC (Central Bank Digital Currency).

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Short Sellers 📚

Grab your thinking hats as we dive into today’s lesson…short sellers! 🤠

We briefly discussed this last week. Click here to review that lesson!

The chart below shows the drastic price increases and decreases. This shows where people are entering and exiting their trades.

Short sellers are traders that are making money with downward momentum.

As a traditional trader would make money with the upward momentum, short sellers make it with the downward momentum.

So, why exactly would someone want to do this? 🤔

Because you are able to make money not only when the asset goes up, but also when it is coming down.

The image below will shed some light. ☀️

Not being limited to only making money in one direction provides many more possibilities! 😎

How exactly do you initiate a “short sell”? 🤨

⭐ Short selling is done by first borrowing crypto from the exchange. You would then sell that crypto.

Lastly. buying it off the exchange to replace what was borrowed from the exchange.

It seems like a lot, but to begin the crypto has to come from somewhere.

Let’s use an example! 👍 

Let’s say you believe Dogecoin is going to go down in value and you want to make money off of it.

You borrow 1,000 $DOGE from the exchange and then sell them on the market at 15 cents each.

You now owe the exchange 1,000 $DOGE because that is the amount you borrowed.

Now, because short sellers make money when there is a decrease is value, the price goes down and you buy 1,000 $DOGE at 10 cents each.

Remember! We still owe the exchange 1,000 $DOGE…

Now, we return the 1,000 $DOGE back to the exchange but when we bought it back on the exchange, it only cost us $100!

And because we initially sold the 1,000 $DOGE for $150 and bought it back at $100, we keep the difference and we made $50!

🧠 Remember: When short selling, you must buy back the asset to give back to the exchange. That is how your exit the trade.

Ready for your lesson review?

📚 Make sure to review the lesson above before answering!

Question: When short selling, where do you get the cryptocurrency to sell which starts the trade?