Morning Minute | The Bitcoin Final Boss Is Here

TylerD's Market Summary

🤯 Mt Gox Moves $6B in Bitcoin After 10 Years

We had just "defeated" the German Government boss, who sold 50,000 BTC in a two-week period.

The Trump Pump has pushed Bitcoin back over $64,000.

Near term prospects were looking as good as they have in months.

Then Mt Gox made their move.

What Happened?

Now defunct crypto exchange Mt. Gox officially began moving Bitcoin to impacted users overnight.

So far, to the tune of $5.8B worth of Bitcoin (so far).

Kraken is reporting they have received funds and that impacted users can expect to see them in 7-14 days.

As a reminder, Mt Gox has 140,000 Bitcoin to repay creditors ($8.8B in total).

Why It Matters

Well, the movement stopped the Bitcoin rally in its tracks.

Bitcoin tapped $65,000 twice on Monday but has since fallen to $63,500.

It's still green on the day, but an immediate rally back to $70k or even ATH, which looked doable yesterday, seems to be back on the shelf. At least until we're through the Mt Gox coins.

The good news?

Once we move past Mt Gox, there are no more big Bitcoin overhangs left. No more massive sell pressure.

And guess what - there are plenty of buyers at these prices.

📈 Larry Fink Shares Crypto Bull Case

He admits he was a skeptic (a proud one).

Then he studied crypto, and changed his mind.

Expect many more to follow.

What Happened?

Yesterday Larry Fink the CEO of BlackRock went on CNBC and shared his bull case for Bitcoin:

• Bitcoin is a legitimate financial instrument (albeit with misuses)
• Can provide uncorrelated returns to traditional markets
• Hedges against currency debasement
• An alternative to optimism ("Bitcoin is not an instrument for hope")

He goes on to call Bitcoin "digital gold" and says he believes there is a place for it in portfolios.

Larry is 72 years old, a billionaire and oversees BlackRock's $9T in assets under management.

Why It Matters

Can you not see it yet?

The institutions are making the sales pitch for crypto before our eyes.

And the bankers are coming next.

Every investment manager I've personally spoken to has been anti-crypto. Some aren't even allowed to have it in client portfolios.

That is all about to change. And very soon.

And Larry is laying out the sales pitch for them.

"Digital Gold" is catchy and easy to understand. Millenials and zoomers don't want to buy gold - that was for their parents and grandparents. But they are more open to digital gold.

"Uncorrelated" returns are great for those looking to diversify.

And "inflation hedge" is needed as much as ever (and not going away).

With leaders like Larry laying out these ideas and confirming crypto's role, it's all just a matter of time until Bitcoin is 1-5% of every major portfolio out there.

Soon - he'll be talking Ethereum.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $4.8M (+40%) on the day; BTC was next with $4.6M (+60%), and then SOL with $2.95M
• ETH NFT leaders were mixed on the day; Pudgy +1% at 10.6 ETH, Milady +5% to 5.1, MAYC -6% to 1.68 and BAYC -4% to 9.5
• MetaHeroes and Winds of Yawanawa were notable top movers on the day, jumping 60% and 40% respectively
• BTC NFT leaders were very green; NodeMonkes +11% at 0.186 BTC, Puppets +14% at 0.143 BTC, OMB -3% at 0.214 and Quantum Cats +8% at 0.297
• The Runes leaders were mostly green; DOG +1% at $488M mc, RSIC -1% at $89M mc, PUPS +25% at $63M, BILLY +44% to $44M
• CyberKongz' Decentralized announced its UNTITLED mint details, where only Promethean holders as of July 17 will be eligible to mint one of 222 pieces ($1,300 each)
• Solana NFTs were slightly red; Mad Lads -2% at 69 SOL, SMB Gen 2 -1% at 30, DeGods -1% at 18, Tensorians even at 12.5
• Snowfro announced the Squiggles Farewell contract, allowing users to "sign" the farewell relic as Squiggle #9999 is minted to LACMA by sending ETH to the contract (immediately refunded)
• Aku creator Micah Johnson showed off a new collab with the MLB featuring Aku vinyl figurines 

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are green this morning; BTC +1% at $63,500; ETH +2% at $3,420, SOL +3% at $156
• Memecoin majors had a huge day with DOGE +4%, PEPE +27%, WIF +22%, BONK +9%, MOG -6% (after reaching a new ATH)
• Bloomberg ETF analyst Eric Balchunas announced that the ETH ETFs should launch on July 23
• Kraken announced it has successfully received funds from Mt Gox and tell users to expect 7-14 days for accounts to be credited
• JD Vance tokens all fell significantly even after being announced as Trump's VP
• $1B worth of USDT was minted on Tron in a single transaction 
• Stripe has expanded its crypto offerings into the EU, allowing users to buy BTC, ETH, SOL and other coins using credit cards

🚀 Memecoin Movers 

• $ZYN (+32%, $50M market cap, ETH)
• $ANDY (+32%, $137M market cap, ETH) 
• $PEPE (+27%, $5B market cap, ETH)
• $WIF (+24%, $2.2B market cap, SOL)
• $POPCAT (+19%, $840M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• Delabs Adventure Pass (82%, 0.2 ETH Floor)
• MetaHero (60%, 0.2 ETH)
• The Llamas (48%, 0.9 ETH)
• Winds of Yawanawa (40%, 5.7 ETH)
• mfer (21%, 0.28 ETH)

🗓 Upcoming Mints and Events

Today is a busier day of mints mostly focused in the art sector.

ClownVamp, Rev Dan Catt and Daniel all have different art drops happening today.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Sert - Miners (11:00 a.m. ET)
• ClownVamp - The Studio Reels  (11:00 a.m. ET)
• Rev Dan Catt - PRESEED (11:00 a.m. ET)
• Daniel x Transient Labs - The Shadows (12:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.