📊 Bitcoin High Before Halving

First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.

Today we’re covering:

• VIDEO: I share my current Bitcoin market analysis,

• IRS releases new Bitcoin tax form,

• Hackers may be able to steal wallet keys,

• And everything else you need to know.

—Jordan

WHAT WE’RE WATCHING

📄 The IRS releases a simplified Form 1099-DA for reporting Bitcoin transactions. This new and updated form removes the need for revealing Bitcoin wallet addresses and transaction IDs. The public has 30 days to provide feedback before the form's 2025 implementation.

🎙️ During a two-hour interview between Donald Trump and Elon Musk on X, Bitcoin went unmentioned. Bettors had given over a 60% chance of Trump discussing Bitcoin, leading one bettor to win $336,918 by correctly wagering that "crypto" would not be mentioned.

💰 Marathon Digital raises $250M to expand its Bitcoin holdings, now totaling over 20,818 BTC worth $1.14B. The funds will also support corporate needs and potential acquisitions. Despite market challenges, Marathon maintains a "full HODL" strategy, reinforcing Bitcoin as a key reserve asset.

🔐 The 'Dark Skippy' method can steal Bitcoin wallet keys with just two transactions. This attack exploits firmware vulnerabilities, posing a serious threat even if seed words are generated separately. Researchers urge stronger firmware security and caution users to safeguard devices physically.

⚠️ Bitcoin faces increased weekend price volatility due to liquidity being concentrated on weekdays, largely driven by spot Bitcoin ETFs. Kaiko Research highlights that this shift raises the risk of sharp price swings during market stress, especially during sell-offs, with liquidity fragmentation exacerbating price discrepancies across exchanges.

🏗️ El Salvador secured a $1.6 billion investment from Turkey's Yilport Holdings to upgrade two ports. One of these ports is in La Unión, the proposed site for Bitcoin City.

💹 Metaplanet, dubbed "Asia's MicroStrategy," purchased ¥500 million ($3.4 million) in Bitcoin, bringing its total holdings to 303 BTC. This acquisition follows a ¥1 billion loan aimed at buying more Bitcoin. The firm uses Bitcoin to hedge against the weakening yen and Japan's high debt.

📉 The Bank of Japan is unlikely to raise rates again this year due to market instability, according to former board member Makoto Sakurai. The recent 0.25% rate hike led to a sharp sell-off in equities and crypto, highlighting the challenges of shifting from ultra-loose monetary policy.

IN THE LOOP

• Celsius sues Tether for $3.5 billion over Bitcoin collateral liquidation.

• Santa Monica launches a Bitcoin office to boost its economy.

• Vivek Ramaswamy predicts Kamala Harris will support Bitcoin.

• Marathon Digital now labels all U.S.-mined Bitcoin as "Made in USA."

• The SEC charged NovaTech with a $650 million crypto pyramid scheme.

POLL

THURSDAY’S POLL RESULTS

Do you support tax free Bitcoin zones?

👍 Yes - 77.5%

👎 No, they will centralize Bitcoin - 15.0%

Other - 7.5%

👍 Yes - “This ideal supports the design of a P2P system and removes double taxation that would apply to a local sales tax and a capital gains tax. We are already double tax if one considers the inflation sapping the purchasing power of our earned wages.” - Catherine

👍 Yes - "If governments want to survive the future, they will have to submit to the will of the people. It is the people putting governments and politicians on their knees. You will feel the heat of the mass." - Charlie

👍 Yes - “Advocate towns and states to hodl BTC vs the US gov“ - Chris

👍 Yes - “Taxes are theft.” - John

VIDEO

This is Jordan from The Bitcoin Minimalist & Bitbo.

Check out my latest analysis where I suggest that Bitcoin is in a consolidation phase, getting ready for the next move up. 

I highlight how 2024 is unique, marking the first time an all-time high occurred before a halving.

Indicators like the one-year HODL wave and Realized Price Momentum suggest the market might consolidate further before another significant price increase.

The information provided in this newsletter is for educational and informational purposes only and should not be considered financial advice. The opinions expressed herein are solely those of the author and do not constitute a recommendation or endorsement for any specific investment strategy or action. Cryptocurrency investments carry risks, and you should consult with a qualified financial advisor before making any investment decisions. The author is not responsible for any losses or damages arising from the use of this newsletter.

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