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Proprietary Data Insights Financial Pros Top Crypto Searches This Week
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What’s Up with Bitcoin? Feels like Bitcoin (BTC) has been trading in the $19,000-to-$20,000 range forever. A few head fakes higher than $20,000. A few dips below $19,000, including a scary plunge on Thursday’s inflation numbers (which The Juice will have lots to say about next week!). But there’s support at these levels. Look at BTC intraday Thursday:
Bitcoin is consolidating. That is, trading in a range. Just like the stock market. Impressive. We’ll see whether Bitcoin breaks out from here. Based on data from IntoTheBlock, investors continue to hold Bitcoin, and not as many are underwater as you might think given this year’s carnage.
In the money means you have on-paper profits. Out of the money means you have on-paper losses. Even more encouraging? Despite the well-publicized price decline, the number of accounts with BTC balances continues to rise. Source: IntoTheBlock The number of investors holding BTC for one year or more also continues to increase, from about 17.6 million addresses in January 2020 to roughly 30 million addresses as of this Tuesday. Source: IntoTheBlock At the same time, sentiment on Twitter continues to turn positive amid the dips and current period of consolidation. Source: IntoTheBlock |
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Biden & Bill Gates Igniting $40 Trillion Heist? |
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Has President Biden’s new executive order… Alongside MIT, 77 global Governments, The Gates Foundation, UNICEF, and The Clinton Development Initiative… Ignited a historic $40 trillion transfer of wealth from the middle class, to the rich? One of the nation’s leading economists (Nomi Prins) has traveled to Delray Beach, Florida to uncover exactly what’s happening and what this means for your money. |
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Cryptocurrency |
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Cautiously Optimistic on Crypto? |
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Key Takeaways:
In yesterday’s Juice, we considered how Gen Z and millennials have been handling the stock market. Today we focus on crypto. For a while now, one of the biggest reasons relatively old investors gave for not investing in Meta (META), the artist formerly known as Facebook, is that younger people had moved on from the platform. If there’s some sense in this – and we think there is – it also makes sense to gauge how younger people, particularly Gen Z and millennials, are dealing with the crypto crash. Based on Apex Fintech Solutions data, which tracks trading and investing activity across generations, there’s an interesting dynamic here. As crypto-related stocks go, Gen Z is bailing.
However, younger investors aren’t directing nearly as much bearishness towards actual coins.
Apex data syncs with what we saw from IntoTheBlock. Source: Apex Fintech Solutions Despite BTC’s 50%-plus crash in Q2, investors opened about 1,050 new Bitcoin positions daily, with millennials (M on the pie chart above) making up about half of the accounts holding the crypto. (On the pie chart, X represents Gen X, B represents baby boomers, and Z represents Gen Z.) Same story for Ethereum (ETH). A 70% plunge in price in Q2. But still 780 new accounts daily, with millennials representing half.
The Bottom Line: The headlines scream carnage. And they’re partially correct. There’s no way to sugarcoat the crash we’ve seen in crypto, from Bitcoin to random meme coins. However, The Juice looks beyond the headlines and digs into the data. Today’s dive tells us there’s optimism towards Bitcoin, particularly among younger investors. This tells us now might be the time to buy the dip or open a position in Bitcoin if you haven’t already. If Bitcoin indeed drives the broader crypto market, it might also be time to spread some of your investing dollars around to other coins. |
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