What Happened on May. 29th | Bitcoin Price and Global M2
Shared by Raoul Pal, the chart below shows the Bitcoin price YoY% vs Global M2 YOY rate.
The M2 money supply is a measure of the money supply that represents all of the liquid assets available to the economy at large that are held in banks and other financial institutions.
Long-term, there is a strong correlation between the pace of change in the world's money supply and the change in Bitcoin's price. Since its inception, Bitcoin has been seen as a safeguard against the fiat currency system, where the government will always want to utilize monetary policy—i.e., printing more money, to stimulate the economy.
In the short term, however, there are more factors need to be considered, such as market sentiment and government regulation changes.
Biggest Gainers & Losers
Headlines
Beijing Releases Web 3 White Paper, Focus will be on Metaverse and AI:In a move that has caught the attention of the industry, Beijing has released a white paper aimed at promoting the development of the web3 industry.
Hot projects on the market
Fantom's Gas Monetization Program Goes Live, to Reward 15% Gas Fees to dApps
MakerDAO to Vote Raising Dai Saving Rate to 3.33%
Other news in case you missed it:
Security Researcher Iczc Discovered Vulnerability in Polygon ZkEVM, Now Fixed
Bali to Crack Down on Foreign Tourists Using Crypto As a Form of Payment
Dormant Wallet with 8,000 $ETH Re-awaken After 8 Years Since Ethereum ICO
Fundraising
NFT Marketplace Tabi Raises $10M with Participation from Animoca Brands, Binance Labs and Others
Policy and Regulation
Web3
DeFi