💥 Bitcoin is ready for a new All Time High!

Happy Monday dear subscribers! In today’s Newsletter, Bitcoins Makes it Happen!

In today’s bulletin, we are covering:

• Surfing the Market, with analysis about Bitcoin and AI Index
• Don’t miss the News about Lost Bitcoins and Bitcoin’s New ATH
• INITIA is under the spotlight.
• A short article about The Recipe for Failure in Markets

Bitcoin breaching the monthly downtrend resistance, amazing response. Next bullish confirmation is a close over the $65,500 range, that would trigger the full bullish reversal:

Great bounce for the AI Index too which also breached the local downtrend resistance and it’s looking for the bullish continuation. Incredible Risk/Reward here, primed setup:

IT Engineer Sues Newport Council for $647 Million Over Lost Bitcoin

James Howells, an IT engineer from Newport, is suing Newport City Council for £495 million after accidentally discarding a hard drive containing 8,000 Bitcoin.

Despite repeated requests to excavate the landfill where the drive was lost, the council has denied permission due to environmental concerns. Howells has been trying to recover the hard drive for over a decade.

• Howells’ hard drive, discarded in 2013, now holds Bitcoin worth nearly £500 million.
• Newport City Council rejected his offer of 10% of the recovered value due to environmental risks.
• Howells has filed a legal claim, set for a December hearing, after years of attempting recovery.
• Safety measures for cryptocurrency storage emphasize the importance of securely managing private keys and hardware wallets.

Bitcoin Rises Above $64K Amid Chinese Economic Stimulus Boost

Bitcoin surged to over $64,000 during Monday afternoon trading in Asia, with analysts attributing the rise to China’s recently announced fiscal stimulus.

The Shanghai Composite Index also saw gains, supporting positive market sentiment. Despite fluctuations earlier in the week, Bitcoin’s price stabilized around $63,800, boosted by broader market optimism.

• Bitcoin briefly hit $64,000, driven by China’s economic stimulus.
• The Shanghai Composite Index rose 2.12%, signaling a rebound in Chinese equities.
• U.S. inflation data initially caused market confusion but did not significantly dampen sentiment.
• Broader crypto market, including Ether and Solana, also saw price increases.
• Analysts warn of geopolitical risks and U.S. election uncertainties affecting market outlook.

However, analysts caution that ongoing geopolitical tensions and the upcoming U.S. election could impact future price movements.

Project: INITIA

The Origins:

Initia is a Layer 1 network and a system for “interwoven optimistic rollups” built on top of the Cosmos SDK.

The protocol aims to abstract complexities from traditional multichain systems and foster a more scalable environment of interconnected app-specific blockchains by fusing L1 technology with an app-specific L2 stack into a brand-new infrastructure.

Through its Omnitia Architecture and Interwoven Rollups, Initia leverages Celestia’s data availability infrastructure to reduce the complexities of managing multiple blockchains for developers and users.

The Operative:

With that approach the Initia ecosystem aims to benefit with more flexibility and composability creating an environment where developers would see their building job simplified. At the same time the ecosystem would have multiple tools for different usecases reunited in the same place to facilitate the creation of user-friendly rollups and apps.

• Other Initia peculiarities worthy to be mentioned are:
• Ability to reach 10,000 transactions per second (TPS) to sustain the workload generated by L2 appchains.
• USDC native integration, for augmented liquidity throughout the Initia ecosystem.
• Enshrined Liquidity: Initia will allow whitelisting and staking of some of the INIT — X LPs tokens from the InitiaDEX.

Summary & Competitors

Initia has raised $25M in different funding rounds since Q4 2023 and has Binance Labs, Delphi Ventures and Theory BC as lead investors. The TGE is scheduled for Q4 2024 and meanwhile the project has been doing an airdrop campaign where users had to complete tasks to qualify as recipients.

Alternatives and possible competitors to Initia Labs may include Uptycs, Neuchips and NewPhotonics.

A single state machine can’t scale to match the ambitions of crypto as industry. Scaling throughput while keeping the costs low for users and operators, all while rooting for an acceptable level of decentralization, is a battle that’s difficult to win with a monolithic approach. That brings up the modular vs. monolithic debate that usually leads towards the rollups integrations as a solution.

The Recipe for Failure in Markets

Most people see the market as a unique opportunity to make money and, for some, to get rich, but then they come across a statistic that causes panic: more than 90% of traders lose money. Is this true? Why does it happen?

Is it true?

The answer, as painful as it may be, is a big YES. Historically, those who engage in trading lose money in the mid-term, regardless of a good start or a stroke of luck. Some studies have revealed that more than 94% of short-term traders lose money, and in many cases, they end up with their accounts liquidated, leaving the market for good, with most never returning 💀

Why does this happen?

The explanation for this grim statistic has two key aspects:

• The complexity of the activity
• The lack of preparation

Trading in the markets may seem easy today since with a phone and internet, we can access any asset and market in the world through super intuitive and easy-to-use apps. This gives us a sense of confidence — “Hey, I can buy shares of a Wall Street company from my couch while watching football” 👀

However, the ease of access does not guarantee that trading is easy. Interpreting the markets and trading accordingly is one of the most complex activities in the world. There are several reasons for this:

• Globalization has made everything interconnected, with events happening almost simultaneously due to the internet and communication. I like to call it a “great butterfly effect,” where an event on the other side of the planet can cause a collapse in your stock position, even if it has no direct connection.
• It’s an activity that involves constant decision-making, often making us question decisions we made just minutes ago.
• We are analyzing human decisions — millions of human decisions reflected in the price of an asset — and these decisions are dynamic and constantly changing.
• Our emotions play a key role, and if we don’t learn to control them, they can lead us to make poor choices.
• We don’t know the future, and trading is partly about projecting and imagining what will happen in the future, which is inherently difficult.

As if that weren’t enough, the other issue is the lack of preparation from those entering the market. The ease of access leads many to skip the study phase, jumping straight into trading, leaving them with a very low survival rate in the market ⚰️

Being a trader or investor (depending on your style and investment horizon) should be viewed like aspiring to be a doctor, lawyer, or engineer. These professionals start working only after years of study and preparation. In the market, it should be the same — aiming to be profitable and risking our money only after several years of study and preparation (here it’s true that we can gain experience with a small account, but just that).

Conclusion

Therefore, the market can be our best friend or our worst enemy, depending on how we approach it. If we treat it with the seriousness it requires, it can be life-changing and even become our main activity, but that will require a lot of effort and commitment.

The market represents one of the most difficult activities in the world, and approaching it without preparation, thinking it’s easy, is the perfect recipe for disaster 🛬 💥

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