PLUS: the state of Bitcoin - 4 things you need to know ð§ October 23, 2023 | [Read Online]( Todayâs edition is brought to you by [Horizen]( - a fast-growing blockchain network with EVM compatibility and a focus on zero-knowledge-powered dapps. [Join the Horizen ecosystem today!]( GM. This is Milk Road, the only crypto newsletter that can cure those Monday Blues. - $650B worth of crypto just got burned⦠ð¥ - The state of Bitcoin ð - MicroStrategy is back in the green ðª
[Prices as of 10 AM ET. Click here for our Fear & Greed Index]( $650B OF CRYPTO. BURNED FOREVER. Over $650B of crypto was burned over the weekend⦠I repeat⦠650 BILLION DOLLARS... poof... gone, forever. Hereâs what happened: - 5 years ago, Hayden Adams (the founder of [Uniswap]() created a token called HayCoin. - Last week, the price of HayCoin skyrocketed. - The token was launched for testing purposes only but people have been buying it as a joke. - Hayden still owned 99.99% of the supply, so the âvalueâ of his holdings jumped (teleported?) to $650B. Hayden had a decision to make⦠OPTION A: Keep $650B and lose your dignity.  (You get rich, but get called a âgrifterâ and earn the title of âthe biggest scam since Samâ). OPTION B: Forget the money and keep your dignity. Now, some people might blackout after hearing $650B and not even wait to hear Option B⦠But not Hayden. He chose a different option⦠OPTION C: Permanently remove the tokens from circulation and call it a day. He did this by [sending]( his HayCoins to a âburn addressâ (i.e. a wallet that isnât controlled by anyone). The craziest part? The remaining HayCoins that werenât owned by Hayden (and therefore werenât burned) shot up in price. Now⦠1 [HayCoin]( = $3M. Holy sh*t. Only in crypto... [A MAJOR STEP IS ON THE HORIZEN]( Thereâs no shortage of blockchains to choose from. The problem? Most blockchains donât attract any users and canât survive in the wild world of crypto. Well, [one blockchain ecosystem]( has proved to be a diamond in the rough. Theyâve built a vibrant ecosystem dating back to 2017. And the team hasnât stopped building. Iâm talking about [Horizen](: - They launched in 2017 with a focus on zk-powered blockchain dapps and protocols, and still remain as one of the fastest growing EVM ecosystems - The team consists of research and cryptography veterans with a proven track record of successful development, such as their cross-chain communication protocol, [Zendoo]( - Their latest initiative is [Horizen EON](, the ecosystemâs first EVM compatible smart contracting platform. This allows developers to efficiently build and deploy dapps on Horizen, while benefiting from all of the positives of Ethereumâs ecosystem And when you add all of this to Horizenâs existing community, there is a lot of excitement about the future. [Dive into the Horizen Eon ecosystem!]( THE STATE OF BITCOIN Letâs talk about [Bitcoin](. Itâs the LeBron James of Crypto - old, slow, and full of gray hairs⦠but still dominant as hell. So, today weâre giving you a rundown of whatâs going on with the OG cryptocurrency. Here are the 4 big narratives, all in under 60 seconds⦠1/ INSTITUTIONAL INVESTORS ARE LOVINâ BITCOIN CoinShares is a European asset manager that specializes in digital assets. - Launched the first regulated Bitcoin hedge fund - Launched the first exchanged-traded Bitcoin product - Holds $2B+ across its two crypto-exchange-traded products And each week, Coinshares drops a report on how much money institutional investors put into crypto-related products. Itâs a good way to gauge institutional interest in crypto. Well, the [latest results]( are inâ¦$66M was invested into crypto-related products last week. 84% of that money ($55.3M) went into [Bitcoin]( investment products, bringing the yearly total to $315M. (4x more than any other asset this year)
[Source: CoinShares]( Why this matters: CoinShares believes the most recent inflows are likely linked to excitement over a potential spot Bitcoin ETF. Which makes sense because⦠2/ âSPOT BITCOIN ETFâ GOOGLE SEARCHES ARE TRENDING POP QUIZ: What do people do when they donât know something? Google It. (after calling Mom of course, because Moms know everything.) This is why some people track Google Searches to see what trends might be happening. Well, check it out - the number of searches for âspot bitcoin etfâ is on the rise.
[Source: GoogleTrends]( Why this matters: Many think this is a good sign that interest in [Bitcoin ETFs]( is growing⦠but Iâm not 100% convinced yet. This is just step 1. Step 2: Get a random call from Aunt Mary about this âBitcoin thing she keeps hearing aboutâ. Thatâs when weâll know weâre back. (and as soon as I get that call, youâll be the first to know.) 3/ All DAILY BITCOIN DCAâers ARE IN PROFIT [Dollar-cost averaging (DCA)]( is a popular investment strategy. Itâs when you invest the same amount of money at regular intervals. It could be every day, every month, or every time someone talks about Taylor Swift/Travis Kelce. (which nowadays, is a lot). Your total holdings increase, while (hopefully) your average entry price decreases. Well, I got a crazy stat for you⦠every daily Bitcoin DCA investor is now in the profit.
[Source: w_s_bitcoin]( Why this matters: Some people arenât fans of DCAâing, but now thereâs data showing that it actually works. (at least for daily DCAâing) Profitable strategy = more DCAâers = more $$ being invested into BTC. 4/ SHORT-TERM HOLDERS VS. LONG-TERM HOLDERS âThe stock market is a device for transferring money from the impatient to the patient.â This is a famous quote from one of the greatest investors of all time, Warren Buffett. (aka El Money Maestro and The Profits Prophet.) Turns out, the quote also holds true for Bitcoin. And weâre seeing it happen in real-time...
[Source: @milesdeutscher]( Why this matters: This is a positive sign for Bitcoin's future price action since long-term holders are, well, in it for the long haul. Making them less likely to sell in the near term. More long-term believers = fewer price drops. BITE-SIZED COOKIES ðª [Constellation Network is allowing developers to build application-specific blockchains with unlimited scalability.]( Accompanied by a focus on interoperability, a vibrant community, and NO gas fees. [Microstrategy's Bitcoin investment re-entered the green this weekend](. They are currently holding ~158K Bitcoin with an average cost of $29,582. [Binance is halting services for its Visa debit card in Europe](. Debit cardholders will be able to continue using them until December 20. [Chainlinkâs native token (LINK) is up about 10% over the last 24 hours and up about 40% over the last week](. The LINK token looks a lot like the Super Smash Bro character - full of green. [Ready Player Me is partnering with a handful of major brands to launch branded character skins using their IP](. Some brands include Angry Birds, âThe Voiceâ, and Warner Music Group. MILKY MEMES 𤣠HIT THE INBOX OF 250K+ CRYPTO INVESTORS Advertise with Milk Road to get your brand in front of the Who's Who of crypto. The Roaders are high-income crypto investors who are always looking for their next interesting product or tool. [Get in touch today](. What'd you think of today's edition? - [ð¥ð¥ð¥ð¥ð¥ F**king great](
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