GM Brew Crew, Brewski woke up in an absolute blender this morning. Rumors are circulating that he was seen launching fireworks at people’s houses and screaming, “SUBSCRIBE TO CRYPTO BREW.” Everyone, please mix some waters in this morning for yourself and for Brewski. Let’s dive in ⬇️

On the menu today:

• 🥷🏿CRYPTO DEV BLAMES GAMBLING HABIT FOR $2M RUG PULL

• 📈 BTC CORRELATION TO U.S. STOCKS DROPS LOW

• 🤯 DIFFERENT USE CASES FOR BITCOIN MINERS

Today’s Charts:

🥷🏿CRYPTO DEV BLAMES GAMBLING HABIT FOR $2M RUG PULL

A developer's Reddit post reveals an unusual farewell note, apologizing for his role in the project's collapse and detailing his gambling addiction as the culprit.

After performing a rug pull during a liquidity migration event, the project’s (Encryption AI) valuation plummeted from $2 million to $20,000 within minutes.

“But Brew Crew - rug pulls and bad actors are common in crypto - why is this one making so much noise??”

The key difference is that this developer, unlike most blockchain bandits, chose to include an apology letter alongside their wrongdoing instead of immediately going off the grid.

Investors shared a screenshot of the dev’s social media post, where he confessed losing $300,000 in online casinos due to his gambling habit.

(to see his full apology - take a look below ⬇️)

📈 BTC CORRELATION TO U.S. STOCKS DROPS LOW

According to Block Scholes, the correlation between Bitcoin and U.S. stocks, specifically the Nasdaq and S&P 500, has reached its lowest level since July 2021. 

What does this mean? In simpler terms, Bitcoin's price changes are no longer closely tied to the sentiment of the U.S. stock markets.

This decline in correlation is a result of both Bitcoin and traditional stocks recovering from losses incurred during the previous year's market tightening.

Do we see a world where Bitcoin and the U.S. stock market do their own thing in the future? This would really throw traders for a doozy.

🤯 DIFFERENT USE CASES FOR BITCOIN MINERS

Bitcoin mining generates a lot of heat, which can be utilized in many different ways to make mining more accessible and eco-friendly. 

In the beginning days of Bitcoin, people would mine Bitcoin with normal computers and experience extreme overheating. Although new machines and technology have been developed to mine Bitcoin, heat is still an issue.

Bitcoin miners have found several ways to use the heat to their benefit. Some miners use the heat for various purposes such as warming swimming pools, dehydrating meat, and drying timber.

Alex Busarov, founder of Heatbit, mentioned that “Bitcoin mining is only genuinely green when combined with heating; this way, no extra energy is consumed by mining.

Imagine chilling on the back porch mining Bitcoin and cooking up some beef jerky at the same time… 🤣

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.