BlackRock Can't Resist Bitcoin!

Welcome back to Bull Market Bytes, your weekly cryptocurrency insight where we forget about a balanced diet and spend all of our money on a healthy crypto portfolio!

…Unfortunately, the hunger is kicking in. 😅

Let’s take a look at our important topics for this week!

Select one if you would like to skip ahead!

📰🚀 Does 2024 Bring Promise?

🗳️📊 Community Poll

📈🔍 Tron Price Forecasting

📚✏️ Weekly Lesson: Crypto 102

🤓💡 Interesting Fact of the Week: The concept and development of “digital currencies” occurred much earlier than Bitcoin.

In 1983, David Chaum wrote a paper introducing the idea of digital cash. He later developed “ecash” which was implemented as an anonymous micropayment system.

There were others such as: B-money, Bit Gold, and Hashcash. However, there were struggles with double spending and other imperfections.

Bitcoin addressed many of the issues with blockchain technology!

Click here to read more!

Does 2024 Bring Promise?

We are all thinking it…2024 has been a wild ride so far!

😓 Yes, it is only January, but what is happening!? 

The spot Bitcoin ETF approval ended up with Bitcoin dropping after the first day of trading, yet the cryptocurrency market is consolidation and holding strong.

So, what exactly is being overlooked? 🤔

Important Milestones in 2024

There are many positives occurring right now, but they are being overlooked due to too much focus on the price. 🎯

Let’s not forget, the spot Bitcoin ETFs generated over $10 billion in the first 3 days of live trading!

BlackRock and Fidelity each hold more than $1 billion worth of Bitcoin in their respective ETFs! 🚀

Why is this significant?

BlackRock owns more than $10 trillion in total assets. Image the bull run if they continue advocating for Bitcoin! 🐂

The CEO of BlackRock, Larry Fink, stated that Bitcoin, “is an asset class that protects you”.

🌟 This is HUGE!

The overall cryptocurrency market generated over $137 billion in 24-hour volume the first day the Bitcoin ETFs traded publicly!

And we definitely cannot forget…

🥁 drum roll, please…

THE COMMERCIALS! 📺

Cryptocurrency overall is making amazing strides towards mass adoption!

As the saying goes,” first they ignore you, then they laugh at you, then they fight you, and then you win!” 🏆

🤔 Which step are we at? Submit your response here!

Highly Anticipated Milestones

2024 will be a very exciting year for cryptocurrency enthusiasts!

With the great success of the spot Bitcoin ETFs, be on the lookout for additional ETFs hitting the market. 👀

A lot of eyes are on Ethereum right now, but don’t forget about Litecoin!

There are “nearly 40% of all blockchain-based transactions now take place on the Litecoin blockchain, suggesting growing adoption from users and merchants…”

Read more about why Litecoin is turning heads here!

Also, the Bitcoin halving approaches! This is essential to the price of Bitcoin growing astronomically! 👩‍🚀

Historically, the Bitcoin halving has always been a step that takes place prior to Bitcoin reaching a new all-time high!

As shown above, the previous Bitcoin halving took place in May of 2020 and the all-time high was in November of 2021. 💰

The same has been true with the halving that took place in 2012 and 2016! 😮

Bitcoin reached over $1,000 in 2013 and upwards of $20,000 in 2017. Each time the year after the halving occurred! 🤯

The next Bitcoin halving is expected to take place in April 2024! Click here to watch the live countdown!

Did We Win the Battle?

📢 Welcome back! It’s that time of the week again! We want to hear your opinion!

🔮 Grab your crystal ball and channel your energy! Cryptocurrency has made great strides, but there will always be haters. 👎

As the saying goes,” they ignore you, then laugh at you, then fight you, and then you win”.

Which step is Bitcoin currently at? 🤔

Do you think they are still fighting with us, or do you think that we have won, and that mass adoption will 100% happen?

Tron Price Forecast

Please note: the circulating supply for Tron has risen by over 20 billion since its all-time high in 2018.

Because of this increase, for it to reach the same market cap when the all-time high last occurred, the price would only need to be at $0.22.

Understanding circulating supplies is very important! Click here to learn more!

🧠 Remember! This is only a projection, this is not the exact numbers that we saw in our crystal ball, I mean in the conducted analysis. 😅

⚠️ This is NOT a call to action! The potential high price stated above is subject to change based on outside variables.

Cryptocurrency 102

📚 Class is back in session!

Last week we covered how to research cryptocurrencies. Click here if you missed that edition!

This week we dive into centralized and decentralized exchanges! 😎

Make sure to strap on your helmet and seat belt, this is going to be a wild ride!

Centralized Exchanges

A centralized exchange, also known as a CEX, is regulated and has traders identify themselves before they are able to use the trading platform.

Examples of a centralized exchange include Binance and Coinbase. Click here to view a full list of centralized exchanges! 👍

For trading to take place on a CEX, traders will enter the amount they wish to buy or sell a cryptocurrency at. 📈

This is called the bid and ask.

Bid - The max someone is willing to buy at
Ask - The min someone is willing to sell at

Take a look at the chart below! 👀

On the left-hand side, the green rectangle is the bid, and the red rectangle is the ask. They are battling for the best price! ⚔️

On the right side with the gold rectangle, that is the current price along with the number at the top of the green rectangle.

Because it is a centralized exchange, we have active user (sometimes AI) placing buy and sell orders that we can see.

🧠 Remember! DO NOT leave your cryptocurrency on any exchange.

You do not own the private keys and if the exchange is hacked or “disappears” you will lose all of your cryptocurrency!

Decentralized Exchanges

A decentralized exchange, also known as DEX, uses an automated market maker “AMM” and we do not see buy or sell orders in the platform.

Click here to see a list of decentralized exchanges!

So, what exactly is an automated market maker? 🤷‍♂️

This increases or decreases the price of a cryptocurrency depending on the amount being bought or sold along with how much liquidity (money in the specific trading pair, such as BTC/LTC) is available.

Let’s take a look below! 🕵️‍♂️

As shown above, if we attempt to exchange 1 BNB for CAKE, then there is a slight impact to the price increasing it by .08%.

This is shown at the bottom right of the image.

Now, if we were to exchange 10,000 BNB for CAKE, then the price impact increases to 3.19%. 🚀

Overall, the less liquidity available for trading, the less money it will take to swing the cryptocurrency price one way or the other.

🧠 Remember! If there is no liquidity, no matter how valuable to cryptocurrency may be, you won’t be able to buy or sell it!

Ready for your lesson review?

📚 Make sure to review the lesson above before answering!

Question: In a centralized exchange, _______ is the minimum that someone is willing to sell their cryptocurrency at.