Keep Calm and Gary On
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Chart of the Day
Take a look at the supply change during major pullbacks of the current bulls with that of 2017 — supply shortage persists, no matter how volatile price fluctuations may be. Although the market has matured significantly since the 2017 cycle, the declining supply is indicative of the prevailing HODLing mentality. Not to mention the confidence boost from the continued entrance of big institutional investors.
Talk of the Town
Catalyst for Change: U.S. SEC chair nominee Gary Gensler recognized that Bitcoin and other cryptocurrencies have brought innovation to the payment systems and financial inclusion. However, he also expressed concerns over crypto fraud and market manipulation; he reaffirmed his commitment to investor protection. His hint towards better regulation clarity has brought the price of BTC to its daily low, striking the nerve of many crypto enthusiasts.