The ban came after Elon Musk refused to name a legal representative for the social media platform. On Aug. 30, Cointelegraph reported that Justice Alexandre de Moraes followed through with his intention to shut down X’s Brazilian operations if Musk failed to appoint a legal representative by Aug. 29. X’s Global Government Affairs team said the platform “would not comply with [Moraes’] illegal orders to censor his political opponents.” Moraes had been investigating X for allowing and promoting misinformation related to former Brazilian President Jair Bolsonaro.
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Bitcoin has disappointed on a macro level in recent months thanks to staying rangebound while other assets head higher. Prior to last week’s mass sell-off, both gold and United States stocks indices were hitting records — while Bitcoin failed to copy them. Now, Capriole’s Edwards says, there may not be long to wait. Uploading a chart comparing BTC price action to that of gold since late 2019, Edwards concluded that once gold begins a new trend, Bitcoin simply requires time before following suit. Overlaying XAU/USD onto BTC/USD, it becomes apparent that the latency period for Bitcoin is around three months. “As a rough rule of thumb, macro Bitcoin trends are often lagged behind gold by a few months,” he commented.
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Bitcoin ETF popularity is enjoying a renaissance this week, but the good times are far from guaranteed to stay, Skew said. After the largest US spot ETF — the BlackRock iShares Bitcoin Trust (IBIT) — saw $526 million in inflows alone on June 22, he cautioned that such large inflow days have historically preceded BTC price sell-offs. “As bullish as this is each other time IBIT reported mid-high 9 fig inflow days it occurred around market supply zones,” he summarized.
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