Happy Tuesday!

Bitcoin has dipped below the $118,000 mark and that may be because it is simply too strong! With 99% of holders in profit, is a pullback inevitable?

Maxine Waters is no fan of the upcoming GENIUS and CLARITY crypto bills. Here’s why she warns that they may enable a financial crisis.

Plus, if you’re looking for a smarter way to navigate the market and spot exactly which stocks are impacted across different scenarios, check out today’s sponsor.

TOP STORY

99% Of Bitcoin Holders Are In Profit: Is BTC Dipping Because Some Are Cashing Out?

According to blockchain analytics firm Glassnode and technical research firm Fairlead Strategies, recent developments suggest Bitcoin’s uptrend remains intact, but not without warning signs.

Glassnode's latest weekly report reveals that nearly 99% of all Bitcoin supply is now in profit, a historically rare event.

"There are few precedents where this many holders are in profit, and in past cycles, this tends to coincide with a rising tendency for profit realization," the firm wrote.

Why could this spell trouble for Bitcoin?

Read the full scoop here.

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QUICK N DIRTY

Bitcoin, Ethereum, XRP, Dogecoin are trading bearish on Tuesday, even though inflation data came in as expected — what is going on? 

Bitcoin has its fair share of whales, but one specific whale has started to move 80,000 BTC and is spooking the market — could this be the start of a big dump?

Dogecoin’s 2021 run was one for the ages and Bitcoin could go on a similar one this year, one prominent advocate says — here’s what makes him think that.

FINTECH FOCUS

‘I Told You So’: Maxine Waters Predicts Massive Fraud If Crypto Bills Pass

Representative Maxine Waters has issued a forceful rebuke of two proposed cryptocurrency bills, known as the CLARITY Act and the GENIUS Act, warning that their passage would “open the floodgates to massive fraud” and repeat the deregulatory mistakes that led to past financial crises.

In an opinion piece published on Monday, Waters, who represents California’s 43rd congressional district, argued that the crypto bills represent a direct threat to consumer safety, financial stability and national security.

“What we’re witnessing isn’t just unethical,” she wrote. “It’s the largest fraud and abuse of power in modern history.”

Why is Maxine Waters so opposed to the legislation?

Read the full scoop here.

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