Sweet, Delicious, Bitcoin Wedge

Wedges Are Nice

I’ll keep it short and simple.

The above is Bitcoin’s daily chart. Here’s the three things to look at:

1. The falling wedge is a pattern overwhelmingly known as a bullish continuation pattern.

2. The Composite Index has a higher low right after hitting one of its primary support zones.

3. The Detrended Price Oscillator (DPO) is just coming off levels it hasn’t seen since early November 2022.

In other words, conditions are highly favorable for a violent push higher and a return to the prior expansion phase.

But this is crypto, so misery might linger a little longer. Who the hell knows?

Ripple to SEC: Time's Up on Document Fishing Expedition

The SEC, in its insatiable appetite for more documents, wants to peek at Ripple’s recent financial statements and XRP-related contracts post-December 2020. 

Ripple, however, isn’t having any of it, calling this a sneaky play to widen the case and snag an unfair edge.

Ripple’s defense is standing firm on the “you’re too late” argument. They’re pointing out that the SEC had its chance to gather these docs during the fact-discovery phase, which wrapped up way back in August 2021. Ripple’s basically saying, “Too bad, so sad, you missed your shot.”

A Locked Tackle Box Can Still Smell Like Dead Fish

Trezor recently disclosed a security breach that compromised the contact information of nearly 66,000 users. 

The breach, announced on January 20, occurred due to unauthorized access to a third-party support portal on January 17. Users who interacted with Trezor's support team since December 2021 might have had their data accessed.

At least 41 users received direct emails from the attacker asking for sensitive information about their recovery seeds. Additionally, eight individuals who created accounts on the third-party vendor's trial discussion platform also had their contact details compromised.

El Salvador's Bitcoin Experiment: Not Winning Hearts Yet

In El Salvador, the adoption of Bitcoin as legal tender has been a groundbreaking move, but it seems the jury is still out on its impact on the lives of its citizens. 

A recent study by José Simeón Cañas Central American University reveals that while 6.8% of Salvadorans see an improvement in their lives with Bitcoin, a whopping 93.2% aren't feeling the love.

In 2023, only 12% of locals used Bitcoin for transactions, a sharp drop from 24.4% in 2022. This decline raises eyebrows about Bitcoin's sustainability and acceptance in daily life. Among those who did use Bitcoin, nearly half used it only one to three times, while 20% used it for ten transactions or more, showing a stark contrast in usage frequency.

Groceries and supermarkets are where Bitcoin seems to be making some headway, with 22.9% and 20.9% of respondents using it in these areas, respectively. Even veterinary clinics are getting in on the action, with 15% of respondents using Bitcoin there.

Despite this, the majority don't attribute any life improvements to Bitcoin. Only 0.5% believe it has helped El Salvador's economy, with many attributing economic improvements to a decline in crime rates instead.

Shots Of The Day

🔔 Colorado Pastor and Wife Accused of Cryptocurrency Fraud: Colorado's Victorious Grace Church leaders, Eligio “Eli” Regalado and wife Kaitlyn, face legal heat for allegedly misappropriating $3.2 million through a cryptocurrency token, INDXcoin. Aimed at the Christian community, this token, according to Colorado's Securities Commissioner, was more divine assurance than solid investment. The state has frozen the church's assets, and the Regalados are now in the legal spotlight for not only blurring the lines between faith and finance but also for some rather lavish spending of the funds.

📰 Journalist Gambles on His Own Investigative Scoop: Chris Brunet, an independent journalist, decided to add a twist to his investigative work by betting on the outcome of his own stories. After exposing former Harvard President Claudine Gay's plagiarism, he placed a bet on Polymarket, a prediction market platform, predicting her resignation. However, timing is everything, and Gay resigned just a bit too late for Brunet to cash in. While this raises questions about the ethics of journalists betting on their own stories, Brunet’s approach offers a unique, albeit controversial, take on monetizing investigative journalism.

💸 FTX, Alameda, and Celsius in Crypto Selling Spree: Bankruptcy isn't stopping FTX, Alameda, and Celsius from staying active in the crypto market. These financially troubled giants are busy liquidating large quantities of Bitcoin and altcoins. Onchain data reveals significant transfers, including Celsius moving 34.08 million MATIC to Binance. Although these sales have affected MATIC prices, Celsius still sits on a hefty stash of ETH and BTC. This ongoing sell-off highlights the turbulent state of some major players in the crypto world.

🛒 Cathie Wood’s ARK Invest Goes Big on Bitcoin ETF: Cathie Wood’s ARK Invest has been on a shopping spree, buying up $44 million worth of its own ARK 21Shares Bitcoin ETF while simultaneously offloading ProShares Bitcoin Strategy ETF (BITO) shares. This move demonstrates a strategic shift towards direct Bitcoin investments, as ARK 21Shares Bitcoin ETF invests directly in Bitcoin, unlike BITO, which focuses on Bitcoin futures contracts. Wood's bullish stance on Bitcoin, with a prediction of $1.5 million by 2030, reflects her confidence in the cryptocurrency's future.