What’s Mined is Mine
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Chart of the Day
What’s mined is mine. The price of BTC has garnered a decent increase after establishing a strong foothold above the $53k support level. Meanwhile, miners are accumulating like never before in a bull cycle. The 2017 bull run saw massive dumping from miners, as they rushed to cash in on the rising price; the huge increase in miner position in the current bull run is unprecedented. Given that miners are considered the weaker hands under current market conditions, the stacking is no doubt a bullish signal.
Talk of the Town
Stars Align. Crypto exchange Gemini is joining hands with payments giant Mastercard in launching the first credit card that rewards purchases, as high as 3%, in cryptocurrency. Kudos to Mastercard for stepping up its engagement with the crypto space in recent months. Meanwhile, VISA CEO revealed that the company is “well-positioned” to move into crypto in a “very big way” during an earnings call on Tuesday.