Crypto Newsletter June 3rd '22
Bitcoin action, Monero party next week, new thought piece, DSW Application and Denver Crypto Club updates
This newsletter is focused on current events in the crypto space, sharing projects and people I find interesting, and serving as a resource for upcoming crypto events; locally here in Colorado and also larger events across the U.S.
Howdy crypto-heads! For June we’re talking about recent Bitcoin price action, the upcoming tail emission party for Monero, some self-promotion and updates for investors in the Denver Crypto Club.
Bitcoin Hanging On
Monero Party in Denver
Denver Startup Week &Willenrimer Crypto Predictions
Denver Crypto Club Announcements
1. Bitcoin Hangs by a Thread
It is no secret that most “crypto experts” believe we are in a bear market. Quantitative Tightening is also starting and likely to cause stock market losses soon. Unfortunately, with the close correlation between Wall St. the last year or so I expect cryptocurrency to also lose marketcap as stocks head lower.
How low will we go though? I’m still liking my January prediction of a $20k floor for Bitcoin in 2022 and looking at the daily chart we are really only one high volume red candle away from touching it and hopefully bottoming out there. I could see my prediction becoming invalidated if Bitcoin wicks down to near $20k and the stock market begins/continues crashing right after but I also have hope that if traditional investment markets take enough of a hit, capital will begin fleeing into crypto and de-correlate with Wall St.
As you can see on the chart, below $30k there is hardly any support. If we clear under this level it is a fast elevator ride down to the previous ATH from 2017 near $20k with only weak support near $27k and a then a slightly stronger support near $23k to slow the fall.
I see Bitcoin very likely heading lower with only a 1:3 chance of reversing and rallying up. If for some reason BTC does appreciate key resistances are $34k and $40k though.
Also worth noting are the cryptocurrencies that have been outperforming Bitcoin over the last 6 months (aka cryptos that haven’t fallen as hard). I have noticed that strong performers in a bear market usually do quite well when the market reverses and bulls take over so I’m focused on adding more of the following to my portfolio:
Monero (XMR), available on Kraken or Kucoin.
Near protocol (NEAR), available on Kucoin, Binance.us, Crypto.com and Pancakeswap.
Barely making the cut - FTX exchange’s token (FTT), available on Kucoin and Uniswap.
I’m not counting Tron (TRX) because their founder is a psycho who hits employees or Apecoin (APE) as it is very new and I have some serious doubts about their longevity.
Please remember that none of this is investment advice and you should always do your own research. Investing in cryptocurrency can be risky and it is best practice to never invest more than you are willing to lose.
2. Party Time with Monero
On June 8th at approximately 4pm Mountain time, the private-by-default cryptocurrency Monero is expected to enter it’s tail emission and we’re throwing a party to celebrate!
Allow me to explain for those (probably most) of you who have no idea what I’m talking about…
Most cryptocurrencies that are not pre-mined offer some sort of reward to the transaction “miners” on their network who keep everything running smoothly. Each time a new “block” of transactions is added to the blockchain a small reward in cryptocurrency is given to the miner adding (or “chaining”) the block onto the existing blocks.
This reward is known as the “block reward” and it provides an incentive for miners to keep their machines running. And, because more mining machines = better security for everyone using the blockchain network, the block reward is a critical component to ensuring a cryptocurrency provides reliable, trustworthy service over the course of its existence.
So what happens when the block reward stops? The answer is…we don’t know. Eventually Bitcoin will issue all 21 million coins and cease providing a block reward. Some have wondered if the fee’s for transactions will be enough to keep miner’s incentivized and running their mining rigs to keep things secure.
Monero is addressing the block reward controversy differently however, by providing a very small perpetual block reward called the “tail emission”. This tail emission makes sure a tiny bit of Monero is trickled out to keep miner’s happy and earning more crypto for helping secure the network.
On June 8th, 2022 the Monero cryptocurrency will begin issuing the tail emission. The perpetual block reward of 0.6 XMR will be paid out forever which means the supply of Monero is technically unlimited. The good news though is that just over 18 million Monero in circulation, the 0.6 XMR issued every 2 minutes only amounts to yearly inflation of 0.9% (and this reduces as more XMR enters circulation over time).
If this still isn’t making sense I recommend coming out to the park with us and I can explain it in person, you can also check out this weeks Monero News episode for an explainer (: Please RSVP through Meetup.com and I hope to see you there!
3. Denver Startup Week & Outrageous Crypto Predictions
Speaking to startups in Denver
Some of you may already know this but in addition to the Denver Crypto Group I also run another crypto consulting company aimed at businesses called Willenrimer. This year for Denver Startup Week we’ve created a presentation for Blockchain startups based on our experience helping early-stage companies find success.
It would be a huge favor to me and my other co-founder Csill Brimer if you could find the time to vote on our submitted talk so we can share our knowledge with the awesome folks at DSW!
Outrageous Trends in Crypto
Having been in the crypto space for more than 5 years at this point it’s nice to reflect on where we’ve come from and where the industry is going. Recently I put together some thoughts (and so did Csill) about the most likely outcomes for cryptocurrency in the next few years.
We cover decentralized exchanges, crypto user experience, data privacy, wallets, etc and give a fun, bite sized prediction for the future in these areas and others. Please do yourself a favor and check out our article, we put a ton of time and effort into and I think you’ll be thoroughly entertained!
We always appreciate retweets and sharing with others…
Direct Link -
4. Denver Crypto Club Anns
With only two months of meetings under our belt the DCC is already feeling like an established group that is ready for the crypto bear market!
For May’s meeting on the 26th we reviewed Layer 1 blockchain networks that are competitors to Ethereum. The 3 projects up for consideration this month are Solana (SOL), Binance coin (BNB) and Cosmos (ATOM).
To the members in good standing: You should have already received your email regarding voting, so if you still haven’t submitted your vote please do so ASAP!
If you are curious about the Denver Crypto Club or are already a paying member please join us for our June meeting. It is a hybrid event and free to attend in-person, however, attendance via zoom will only be possible for active members.
Next DCC Meeting…
June 30th, 2022 (Thursday) from 7pm-8:30pm at Smoky Hill Library (Arapahoe Libraries), 5430 S Biscay Cir, Centennial, CO 80015, USA.
That’s it for this edition, stay happy and healthy and I’ll catch you soon!