Bitcoin & Runes are Dead

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In the latest episode of Bitcoin Season 2, Charlie provides a comprehensive update on the Bitcoin and cryptocurrency markets crashing. He begins with a grim overview, noting significant declines in Bitcoin’s price and the perceived death of ordinals and runes. Bitcoin is teetering in the $60,000 range, with fears of it dipping back into the $50,000s.

Charlie highlights low Bitcoin transaction fees and a decline in overall activity. He points out that ordinals and runes are suffering, with cumulative inscriptions and BRC20 activity dropping sharply. Marketplace volumes, especially on Magic Eden, are down, but Magic Eden dominates with 69% of the volume.

The discussion moves to the Runes market cap, which has declined significantly since its launch. Charlie touches on the issue of loan liquidations within the Runes and Ordinals ecosystem, suggesting that many are struggling to repay loans against their digital assets.

A notable update is the announcement of Mt. Gox’s repayment plan, which could introduce sell pressure on Bitcoin. Charlie remains optimistic, advising listeners to stay calm and weather the downturn.

Finally, he teases upcoming content, including an interview with Leo Zhang of Alchemia about Bitcoin fee rates, promising a high-level discussion on block space and fees. Charlie signs off, reminding listeners to stay tuned for more updates.

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