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What happened today?

Despite news of Microsoft’s board voting against the proposal to accumulate Bitcoin for the company’s balance sheet, BTC recovered back over $100k today pulling the rest of the market up with it. Whenever we see big liquidation cascades such as what happened earlier this week, things tend to recover pretty quickly — since there isn’t some external catalyst causing the price to drop, buyers step in to revert the price to closer to where it was trading before.

With the incredible performance of HyperLiquid’s token since the airdrop, people are once again getting hyped about upcoming tokens. Magic Eden’s token launched this week which saw hundreds of millions given to users based on their activity, however right now it seems everyone’s eyes are on the coming Pudgy Penguins token. While everyone thought NFTs were dead, Pudgies have defied the status quo reaching a price floor of $100,000 today in anticipation of the drop — over 25% of the supply is allocated for Pudgy NFTs, which could result in a payday of 6 figures per NFT if prices reach the current pre-market valuations.

Biggest Headlines

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Billionaire investor Ray Dalio recommends bitcoin as ‘hard money’ amid national debt increases

Alt Coins and Stocks

• MicroStrategy’s $42bn Bitcoin buying spree is spurring copycats. These 10 firms are piling in

Regulatory

• Pastor charged in $6 million crypto fraud scheme that targeted Church members

New Launches

• New York Red Bulls announce blockchain integration for all live event ticketing

• Pudgy Penguins NFTs surge above $100k on Solana airdrop hype

Trading Talk

As we mentioned in Monday’s edition and many editions previously, the events of the last 48 hours in crypto are a perfect illustration of why leverage is so dangerous: many of the long positions blown out on Monday would now be in profit today, if only they hadn’t been liquidated. Our Beluga Trading Wallet balance definitely took a hit however we’re now back up to almost $190k, and all we had to do was wait — that’s the beauty of holding spot coins instead of levered positions.

Right now we have an outsized position in Ethereum as we wait for its price to catch up with its contemporaries, and generally speaking in bull markets I like to take profits back into the majors (Bitcoin and Ethereum) rather than holding it in stablecoins. I do however plan to use some of our ETH to bridge to the Sonic chain once it goes live, as I’m anticipating a lot of fun DeFi protocols there to gain some attention. This is expected to happen this week, so definitely keep an eye on the Sonic X account if you’re interested in getting on the chain early.

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The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.

Will McKinnon is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR