Dogecoin rose 8% on broader market momentum, as well as whale accumulation.

Why was Dogecoin up 8% on Wednesday?

Bitcoin surged past $110,000 on Wednesday evening, setting a new all-time high 
as crypto rallied hard. The previous peak for Bitcoin (BTC), reached during 
President Donald Trump’s inauguration in January, was surpassed in late 
morning trading, according to crypto.news data.…

Why did Bitcoin just hit an all-time high?

Japan’s government-bond complex, once the benchmark for low-yield stability, 
is cracking under the weight of its own arithmetic—and the fissures are 
sending tremors straight into the global debate about Bitcoin as a reserve 
asset. Thirty-year Japanese Government Bond (JGB) yields catapulted to 3.15% 
this week, eclipsing every prior high since the tenor’s 1999 debut. That print 
triggered an instant warning from the markets newsletter The Kobeissi Letter: 
“Japan’s bond market is imploding… Japan&#8217;s 30Y Government Bond Yield has 
officially surged to its highest level in history, at 3.15%. For decades, 
Japan was known for low long-term interest rates. Now they are dealing with 
high inflation, shifting policy outlook, and a whopping 260% Debt-to-GDP 
ratio.” Liquidity, always fragile at the long end of Tokyo’s curve, vanished 
just hours later. From New York, Zerohedge relayed traders’ disbelief: “This 
is unbelievable: for the second day in a row, Japan&#8217;s bond market is bidless, 
with both 30Y and 40Y JGB yields at record highs. Meanwhile, as the world&#8217;s 
2nd biggest bond market is imploding, the BOJ is pretending nothing is 
happening.” Related Reading: Bitcoin Macro Trend Oscillator Shows When To 
Expect The Price Top Inside the Diet, Prime Minister Shigeru Ishiba delivered 
a stark political gloss: Japan’s fiscal plight, he conceded, is now “worse 
than Greece,” a phrase that would have been unthinkable during the 
deflationary 2010s. That assessment lands just as gross public debt pushes 
toward 260% of GDP and as Japanese investors—who still hold roughly $1.1 
trillion of US Treasuries—contemplate selling overseas paper to shore up 
domestic books. Why This Is Ultra-Bullish For Bitcoin For Bitcoin analysts, 
the chain of causality is brutally clear. Pseudonymous macro voice Stack 
Hodler wrote to his followers: “Everyone expects Yield Curve Control. But 
Japan already tried YCC and look at what it got them—a spectacular bond-market 
implosion happening right in front of us. Now every Japanese bank, pension 
fund, and insurance company that trusted the Bank of Japan is holding a 
massive bag of flaming excrement… If this is the end result of YCC, why would 
any rational investor hold sovereign debt from severely indebted nations? 
Central-bank credibility is shattering in real time. Scarce neutral reserve 
assets—Bitcoin and gold—need to be repriced dramatically higher.” Dan Tapiero, 
founder of the $3.9 billion digital-asset vehicle 10T Holdings, reached much 
the same conclusion in fewer words: “Quietly…and off the radar…the Japanese 
long-bond yields are going parabolic. Time to watch Japan…Unsustainable 
deficits have been the norm for 30 yrs…Now a problem. Very bullish gold and 
Bitcoin.” The systemic-risk argument tightens further when one zooms out to 
the global balance sheet. Author Bruce Florian frames the macro math as 
musical chairs with a finite number of safe havens: “There are three times 
more debts than GDP, and interest rates are twice as high as economic growth… 
It’s like a game of musical chairs. Related Reading: Bitcoin’s Fate May Be 
Sealed On June 9, Analyst Warns Everyone knows there are fewer chairs than 
players.” Florian highlights the feedback loop linking Tokyo and Washington: 
“The biggest buyer of US debt has been Japan… But this customer is now in 
financial trouble… There’s a high chance Japan will sell some of these bonds 
to stabilize its own situation… In a year when the USA needs to refinance $8 
trillion, what happens if no buyers show up? The Fed will monetize the debt.” 
The punch line, he insists, is Bitcoin: “Bitcoin is shifting from a ‘nice-to- 
have’ asset to a must-have asset… In a world of unlimited debt, scarcity is 
the most radical form of reason.” Wall Street heavyweights are edging toward 
the same territory. JPMorgan’s Jamie Dimon told investors on Monday, “I’m not 
a buyer of bonds. The risks are too high.” Ray Dalio wrote that the greater 
default risk now lies in “currency debasement,” not in missed coupons. And 
Larry Fink, whose firm’s spot-Bitcoin ETF has absorbed more than $31 billion 
since January, said on Fox Business that Bitcoin is “an international asset” 
fit for times when “countries devalue their currencies.” BTC Price Responds 
Bitcoin’s price action is responding in real time. BTC rose to $107,322 at 
press time, less than 4% shy of its halving-cycle high. None of this proves 
that Bitcoin is destined to replace sovereign debt, but the directional shift 
in marginal flows is no longer hypothetical. When the second-largest bond 
market on earth shows two consecutive bidless sessions and its prime minister 
compares the country to Greece, capital chases the assets whose supply cannot 
be printed. Bitcoin, engineered for hard-cap scarcity, slots neatly into that 
vacuum. Whether this is the moment sovereign debt loses the mantle of “risk- 
free” remains to be seen. What is indisputable is that the implosion of 
Japan’s ultra-long JGBs has handed Bitcoin its clearest macro tail-wind since 
2020’s pandemic-era liquidity flood—except this time the narrative is not 
emergency stimulus but the dawning realization that even advanced nations are 
running out of balance-sheet room. For a growing cohort of investors, the word 
bond is beginning to rhyme less with safety and more with risk, while Bitcoin 
is rhyming—loudly—with insurance. Featured image created with DALL.E, chart 
from TradingView.com

Bitcoin Breakout Narrative Explodes As Japan’s Bond Market Collapses

Crypto influencer Anthony Pompliano&#8217;s fintech-focused blank-check company, 
ProCap Acquisition Corp (PCAPU), rose 7% on its debut Nasdaq listing after a 
last-minute upsizing of its initial public offering.
ProCap had boosted its IPO from $200 million to $220 million on May 20, a day 
before its public launch, pricing its 22 million shares on offer at $10 each.
ProCap shares closed the May 21 trading day up 7% at $10.70, which continued 
with a 1.6% bump after-hours to $10.87, Yahoo Finance data shows. 
_PCAPU &#8216;s share price closed up 7% on its debut trading day. Source: __Yahoo 
Finance_
The company has offered underwriters a 45-day option to buy up to 3.3 million 
additional shares at the IPO price to cover extra demand.
ProCap said in an April 30 regulatory filing that the firm will be a Special 
Purpose Acquisition Company (SPAC) that will look to invest in, and 
potentially take public, companies in the financial services, digital asset, 
asset management or healthcare sectors.
Pompliano is one of the crypto industry&#8217;s biggest cheerleaders, hosting a 
Bitcoin and finance-focused podcast and leading investment firm Professional 
Capital Management.
Pompliano told CNBC on May 21 that he had been itching to take a company 
public over the last five years but hadn&#8217;t seen enough demand in the private 
market until six months ago, citing recent changes to the US regulatory 
landscape affecting financial markets.
_**Related:**__**Texas House passes strategic Bitcoin reserve bill**_
He hinted that his blank-check firm would invest in crypto-native and 
traditional finance businesses as he expects the sectors to converge in the 
coming years.
&gt; &#8220;The reason why I use the term financial services is basically the new 
&gt; digital world and the old incumbent world are all merging.&#8221;
## SPACs haven&#8217;t been done right in the past, Pomp says
On CNBC, Pompliano was pressed on why he chose to make ProCap a SPAC, which 
have historically seen high failure rates due to sponsor conflicts, dilution, 
speculative valuations and regulatory scrutiny.
Pompliano said SPACs have gotten a bad reputation because companies often 
treat them like public venture capital, targeting high-growth companies that 
are losing a lot of money at high valuations.
Pompliano noted he has put &#8220;millions of dollars&#8221; of his own money on the line.
&#8220;We&#8217;ve got real skin in the game,&#8221; Pompliano said, adding: &#8220;I&#8217;m taking a huge 
reputation risk.&#8221;
Brent Saunders, CEO of health products firm Bausch + Lomb, also joined as a 
strategic adviser. Saunders completed over $300 billion worth of mergers and 
acquisitions over the last 17 years.
_**Magazine:**__**Danger signs for Bitcoin as retail abandons it to 
institutions: Sky Wee**_

Pompliano-led crypto-focused SPAC gains 7% on Nasdaq after upsized IPO

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On Wednesday, the leading crypto asset bitcoin, vaulted over another price 
barrier, reaching $110,730 per coin. Bitcoin Rockets to $110,730 — Is the Next 
Stop a Moonshot? Throughout the day, bitcoin tapped fresh highs multiple 
times, with the latest peak hitting $110,730 per unit. At that point, BTC 
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