Bitcoin nears ‘euphoria,’ Franklin Templeton goes ‘full degen’ and DOGE for Teslas?

Bitcoin clocks another all-time high as Analysts suggest we're entering the Euphoria Zone good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier I'll do you a deal you click that follow Button and I'll give you a daily debrief On the most important stories in crypto Grab yourself a coffee and let's get Into It we're covering a broad selection of Stories today but we are going to start With a Bitcoin rundown we'll then look At Elon Musk talking about Dogecoin Franklin Templeton goes full Deen the Founder of the crypto mixer bit fog is Convicted of moneya laundering but was The blockchain forensics flawed and the Dutch Central Bank reveals that it Slapped crypto.com with a fine over Registration Violations the Bitcoin updates are Starting to form a bit of a pattern Yesterday we saw another all-time high Posted which coin Telegraph markets Pro Captured as $ 73,74 on bitstamp it then fell down a Little bit before climbing back up again It's so familiar I'm having to Concentrate on not being complacent here Because it does feel as if we're due

Some sort of major shift especially with The harving only around 30 days away at This point and I've covered in the past Week that some analysts think that a Heavy correction is due but some are Arguing that the major change is going To be a positive one Charles Edwards the Founder of quantitative Bitcoin and Digital asset fund Caprio Investments Told his subscribers on X that bitcoin's Getting ready for a big move and with Regards to the spot Bitcoin etf's heavy Inflows he added a billion a day it Keeps the dip away in fact Edwards Recently claimed that the era of Bitcoin Dip buying has gone the ship has sailed He said you had two years to pick up Undervalued Bitcoin instead an exciting New chapter has begun this again plays Into that narrative I'm seeing regularly That suggests that the ETFs have br Broken the Bitcoin Cycles however when It comes to this particular Bull Run Analysts are sharing research that could Be interpreted in a few ways both glass Node and the analyst checkmates have Flagged that we're nearing the Euphoria Zone with investor sentiment toward Bitcoin and this is echoed by the crypto Fear and greed index that now has Bitcoin in extreme greed so look a lot Of this Bitcoin Bull Run feels different Not least the fact that these new All-time Highs are around a year before

Many predicted and they're the first Alltime highes to have been posted on The leadup to a Haring but ETFs or not This bull run isn't all different Nancy Labal covered an interesting commonality Between Bitcoin ball runs that we're Starting to see in this one the wealth Transfer from old to Young investers and Know that has nothing to do with age Glass node wrote this wealth transfer is Once again in play with the proportion Of wealth held by Young coins moved Within the last 3 months increasing by 138% since October 2023 so what this Shows is that while hodlers are selling More there's been a dramatic spike in The number of new possibly speculative Investors entering the wild world of Crypto with the number of new Bitcoin Wallets having grown by 54% in the past Month so you're going to have to make Your own mind up on whether we're in Dangerous levels of greed or whether Simply the investor floodgates have Opened Elon Musk whether intentional or Not is something of a puppet master in Crypto able to Spike tokens and Influence Trends with a single post Musk's involvement in crypto was once Profound but it waned during the bare Market although several of his companies Hold Bitcoin on their books musk is Perhaps best well known for the lord of The meme coins Dogecoin musk even made

It that you could buy Tesla merchandise With that Doge mcoin but yesterday it Musk caused a bit of a frenzy during his Visit to the Berlin gigafactory a Tesla Manufacturing plant while musk was on Stage an audience member asked whether They would be able to by Tesla's for Dogecoin and musk replied at some point I think we should enable that the video Of his answer immediately started doing The rounds on crypto Twitter and saw Dogecoin Spike over 9% musk once called Doge the people's crypto and his Affection for it has many wondering if The new X payments feature that is Coming will allow crypto payments which Would inevitably include Doge you would Think whatever the case Dogecoin is up Comfortably over 100% in the past month Meaning in the near future we might see A Doge wrapped Model S but Doge isn't The only mcoin posting Stellar gains in Fact the performance of mem coins has Got to the point where it cannot be Ignored even by enormous multinational Investment companies such as Franklin Templeton yesterday Franklin Templeton Released an investor note called the Value between mem coins and their native Networks to which Scott melker known as The Wolf of all streets on X said Franklin templon has gone full dgen so The short paper highlights Dogecoin as The first meme coin and the largest by

Market cap and it does also highlight Elon musk's involvement in that growth But the interesting point this analysis Shows as the title implies is the Suggested relationship between the coin And its Network the example it gives is Probably the best example there is and That is Bonk Bonk was sana's first real Success story with meme coins and it Went parabolic last year which in turn Bolstered Solana's numbers the investor Note reads salana daily active user Address addresses were up 75% quarter Over quarter from Q3 to Q4 2023 this of Course isn't all Bonk but there is a Strong correlation now the note does Begin with the fact that Meme coins have No inherent value or utility as they put It and they add that their price Performance is akin to a meme going Viral on the internet nevertheless they Can't be ignored because of their unique Nature as Franklin templon writes Alongside their low requirement for Technical knowledge and for me this last One is is the real driving force I think The potential to provide opportunities For investors to make quick profits Though the note quite fairly caps the Paragraph off with a warning over Volatility which is even higher for Crypto now over the various crypto Cycles we have seen this feverish Rushing to anything that has the

Potential to spike in price I've watched It happen with icos art nfts metaverse Tokens and now it seems as if meme coins Are the latest entry to the list what do You make of them is it unfair to say They have have no inherent value or Utility to me although I don't dislike Them that does sound completely fair but I'm open to being proven wrong share Your thoughts on @ cointelegraph and to Me directly on Arc bags on X crypto.com one of the most famous Crypto exchanges in the world had a Legal situation in the Netherlands that For reasons unknown wasn't made public Until yesterday the Central Bank of the Netherlands the DNB finded crypto.com For operating for over 2 years without Registering from the 21st of May 2020 Those providing crypto services in the Netherlands were required to register And crypto.com did meaning that they Were operating illegally from the 21st Of May 2020 until at least the 8th of November 2022 the registration is part Of the Dutch anti-money laundering and Anti-terrorist financing act and by Crypto.com not registering the DNB say That crypto.com was unable to report Unusual transactions to the finance Intelligence unit Netherland During the Period of non-compliance the DNB also Suggested that crypto.com enjoyed a Competitive advantage over other

Exchanges by not paying supervisory fees And compliance costs and that the Exchange had a significant number of Customers during that period the base Fine for this breach is €2 million EUR But it was increased to $2.85 million EUR which is about $3 million at that Time due to the severity of the Violation all is well now for crypto.com And the Netherlands though binance was Fin 3.3 million EUR for the same issue And in June 2022 binance seized Operations in the country after a failed Registration Attempt crypto mixers have cropped up on This podcast a few times though usually It's tornado cash so for those who Aren't sure what they do a crypto mixer Or tumbler is a service that is designed To increase the privacy and anonymity of Crypto transactions the way this is Achieved is by pulling different coins From different users which obscures the Trail back to the original deposit Itor Essentially where the paper trail of Onchain transactions is highly traceable A mixer breaks that trail it's a bit Like if a helicopter was tracking Someone and they walked into a tunnel And came out the other side in a large Crowd but in all honesty even more Difficult to track than that so Naturally these Services don't just Attract the Privacy conscious but

Criminals looking to launder crypto as a Result the mixers attract a lot of Attention from law enforcement and the AFF forementioned tornado cache has seen Its co-founder Roman storm facing ing Three charges conspiracy to commit money Laundering conspiracy to operate an Unlicensed money transmitting business And conspiracy to violate the International emergency economic Powers Act well the founder of another crypto Mixer Bitcoin fog has been convicted This week of money laundering in a United States District Court as the US Government continues its Crackdown on These types of services Roman Sterling Off was found guilty of all three Charges that storm has been accused of But with the addition of violations of The DC money transmitters act according To evidence Sterling of ran Bitcoin fog From October 2011 to April 2021 and the Service moved a total of 1.2 million Bitcoin which is worth $400 million at The time of the transactions and Worryingly the bulk allegedly came from Darknet marketplaces the evidence Certainly paints an unsavory picture of The users of Bitcoin fog the assistant Director in charge at FBI Washington Said for a decade Sterling of managed a Cryptocurrency mixer that criminals used To launder millions of dollars linked to Cyber crimes narcotic sales and child

Exploitation his convictions Demonstrates the FBI's commitment to Working with our partners to disrupt the Cybercriminal ecosystem by targeting its Most technical and proficient enablers The problem is this conviction doesn't Seem to be straightforward there is a Different potentially troubling thread To this case JW verit a professional Witness in this case has argued for some Months that the onchain forensics used Against Sterling AR were flawed Following the conviction verit said the Verdict issued March 12th was guilty They say it four times as the four Counts of the indictment are read it Felt like I was punched in the stomach The only way my brain can process this Is to focus on strategies for appeal Okay so if you scroll down to the Description of this episode I'm going to Link an article in references that was Written for coin Telegraph by JW veret Just this week after the guilty verdict It's called bad blockchain forensics Convict the user of a Bitcoin mixer as Its operator it is a must read if you're Interested in crypto in any way a quick Heads up that tomorrow's episode and Monday's episodes are the return of the One and only Gareth jenkinson and his Last episode was brilliant so make sure You tune in for that however that is it For today so consider yourself informed

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