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May 14, 2022


It is hard to believe that this All About Bitcoin newsletter is one-year old today! Each week we have brought you 2 news issues per week and to pay the bills, we also send solo advertisements twice a week. But we hope you have found value and signal, rather than noise with our All About Bitcoin newsletter. These are trying times to hold onto your BTC, but if you believe in the funamental Bitcoin proposition, you are not worried.

So, now for the news...

Joe Rogan Says Bitcoin Is 'Freaking Out' Government, the Latest on Inflation, and More

Famous podcaster Joe Rogan, the host of The Joe Rogan Experience, talked about bitcoin on his show, posted Tuesday. The show features an interview with UFC light heavyweight fighter Khalil Rountree Jr. The Joe Rogan Experience is one of the world's most popular podcasts with a back catalog of more than 1,800 episodes, each receiving millions of views regularly. In February, The New York Times reported that Spotify paid over $200 million for Rogan's podcast, which is now exclusively available on the platform.

I think about bitcoin the same way I think about the early internet, Rogan told Rountree. Noting that the government "didn't see it coming," he said.


Bitcoin's Slump To $35K Was Largely Driven By This

Technology stocks are sensitive to rising rates as it makes their future earnings appear less attractive. Their rally through 2021 was driven largely by low interest rates, which makes it easy to borrow money and invest them into stocks- something that also boosted BTC. As such, the token tends to behave more like a technology stock.


Bitcoin Extends Sell-Off Despite Luna Buying, Strong On-Chain Data

Bitcoin (BTC) and other major cryptoassets fell sharply over the past day, as stock markets around the world reversed earlier gains to losses after the US Federal Reserve (Fed) raised rates by 50 basis points. The sharp fall came despite massive bitcoin buying by Luna Foundation Guard (LFG).


Top Crypto Analyst Issues Warning to Bitcoin Traders, Says BTC Flush Below $30,000 Imminent

A closely followed crypto strategist who has remained long-term bullish on Bitcoin despite its weak price action says that another BTC sell-off event is in sight. Pseudonymous crypto analyst Credible tells his 329,600 Twitter followers that Bitcoin is likely gearing up for a fresh leg down after bulls failed to establish a higher-low setup.


The Scarcity Mindset Driving Crypto's Energy Critics

According to crypto's skeptics, even one joule is too much to spend on crypto. But this pessimism is mistaken, not least because it does not accurately reflect the overall consumption trends in crypto mining. At its heart, concern over crypto's energy consumption is wrong because it advances an outdated, practically Malthusian scarcity mindset about energy production and consumption overall.

Why are we haggling over who consumes this or that ever-so-scarce kilowatt of electricity, when the technology for energy abundance is already here? This isn't the 1970s; we don't have to ration.

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The Frustrating, Maddening, All-Consuming Bitcoin Energy Debate

he Bitcoin energy debate rumbles on, seemingly without end. Bitcoiners are rightfully frustrated at having to defend Bitcoin's share of global energy production, given the lack of equivalent scrutiny applied to other apparently wasteful applications which consume similar amounts of energy. In a sense, arguing over minutiae like the energy mix of bitcoin miners, as I have done in the past, is to miss the point. The question ultimately boils down not to the particulars of mining but rather the societal merit of non-state money.


WILL RUSSIA ACTUALLY TRADE OIL FOR BITCOIN?

Pressure may now be put on all exchanges to close down their Russian operations. And indeed, some of them have done so. The Ukrainian deputy prime minister called for cryptocurrency exchanges to block all Russian users. So far, Bitwell and Coinbase Global have both said they will not block ordinary Russian users. Having said that, Coinbase blocked those accounts belonging to people and corporations already on the sanctions list.

Binance has been accused of continuing to work with the Russian government. Recent trading volume on Binance's USDT/RUB pair supported the accusation as it had peaked from a norm of around $10 million to $34 million on February 28, 2022, and then to $37 million on March 6. However, the volume has since ebbed away, to an even lower level than it had been originally.


Terra (LUNA) Feels the Force of a Bitcoin's Slide to sub-$35,000

On Saturday, Terra (LUNA) slumped by 12.0%. Following a 6.1% slide from Friday and a 4.4% decline on Thursday, LUNA ended the day at $68.07.

Market sentiment towards inflation and Fed monetary policy hit riskier assets on Thursday and Friday. Bearish sentiment spilled over the crypto market, with bitcoin (BTC) sliding to sub-$35,000.


LUNA FOUNDATION SURPASSES TESLA AS SECOND LARGEST CORPORATE HOLDER OF BITCOIN

Luna Foundation Guard (LFG), a non-profit organization focused on developing the Terra ecosystem, has closed a $1.5 billion over-the-counter (OTC) purchase of 37,863 bitcoin, surpassing Tesla as the second largest corporate holder of BTC, according to a press release.

Prior to this purchase, LFG held 42,530 BTC currently valued over $1.6 billion in this wallet. Tesla currently holds 43,200 BTC, currently valued close to $1.7 billion. This purchase of 37,863 BTC positions LFG almost one-third of the way through its initial plans to acquire $10 billion worth of bitcoin to strengthen the UST Forex Reserve backing the Terra ecosystem stablecoin.


Over 110,000 Traders Rekt As Crypto Market Sees $120B Shaved Off

The crypto market has recorded one of the largest liquidation events of 2022. On Thursday, the price of bitcoin had fallen below $37,000 hot to the news of interest rates being increased by 50 basis points in the just concluded FOMC meeting. This would be the beginning of a long day for crypto traders who had seen their trades liquidated into the hundreds of millions of dollars.