9th October 2023 > > Supply shock, IMF, & Gensler.

tl;dr

BTC supply shock heading our way. The IMF once again proves its danger to the world’s needy and poor. Gary Gensler and his flip-flops.

Market Snap

Market Wrap

Markets are mostly ignoring the large-scale attack by Hamas terrorists and its Iranian sponsors, though there is every indication that the situation will likely continue to escalate. If so, will BTC act as a safe harbour?

Curious Cryptos’ Commentary – Incoming supply shock

It has been reported that the short-term holders we discussed just a week or so ago – the breakeven price for whom was between $26k and $28k – have been furiously selling now they are in profit (as predicted) with long-term holders picking up their stock of BTC.

CryptoQuant Analyst Adam Mourad has this exciting news:

"Supply held by long-term holders stands at 15.6 million bitcoins. In stark contrast, short-term holder supply has dipped to a level not seen since November 2015, with a value of 3.8 million bitcoin."

Alongside this transfer of BTC into hodlers’ wallets, and therefore unlikely to be available for sale any time soon, 12,400 BTC have been removed from centralised exchanges in the last week alone.

We may be heading for the mother of supply side shocks, with one inevitable outcome for the price of BTC.

Curious Cryptos’ Commentary – The IMF (International Monetary Fund)

The IMF has caused so much pain for so many poor people for so long now it is remarkable that this organisation still exists. It certainly has zero credibility for anyone outside of the political and technocratic elite. The list of its draconian demands that embed the rich and powerful at the apex of their society, at the expense of the needy, is quite extraordinary.

…

Benzinga.com reports that:

“Kristalina Georgieva, the head of the International Monetary Fund, has called for reforms that would potentially grant Beijing more voting power within the organization.”

China is of course one of the least democratic, most authoritarian, countries in the world. Not happy with the murderous persecution of Uighur Muslims, the regime decided that unleashing a sometimes-deadly virus on the world might satisfy their own personal bloodlust.

The IMF is a strong supporter of CBDCs, natch.

Curious Cryptos’ Commentary – Gary Gensler

Soon after Gary Gensler was appointed Chair of the SEC, he made these comments to Patrick McHenry:

“This market could benefit from greater investor protection … the crypto exchanges do not have a regulatory framework either at the SEC or at our sister agencies … right now there is not a market regulator around these crypto exchanges … “

https://www.youtube.com/watch?v=vX2X8xxHEns&t=2328s

You might spot the glaring inconsistencies in those comments made under oath and his current stance.