“It has been my experience that folks who have no vices have very few virtues.”
- Abraham Lincoln
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Happy Saturday Folks! Another crazy week in the markets with Crypto Assets. Monday the price of Bitcoin was trading around $20,735.48 and the biggest news of the day was Deloitte partnering with NYDIG to provide banking for all with Bitcoin. There was a lot of positive news saying that we might be due for a relief rally, Bitcoin on exchanges reached a 3-year low, Bitcoin was getting heavily accumulated as the number of Bitcoin wallets with 10K BTC was soaring, market cap was nearing $1T, and the richest whale purchased about 856 BTC. Still Jeff Ross doesn't think the bottom is in.
On Tuesday, the sentiment turned really bearish. Coinbase received large inflows and when exchanges see this, it spells doom as folks will sell. This bear market is definitely different than the summer of 2021. $10K could be the bottom as institutional investors exit Crypto market at the fastest rate ever, but we've been here before. Big news of the day was Celsius denying that Alex Mashinsky was trying to flee the US and Bitcoin mining company Compass Mining losing their facility for not paying the electric bill.
By Wednesday, the market was feeling the struggle and it is real. Getting Bitcoin to remain above $21K proved to be too much of a challenge as Bitcoin dipped below $20K. CeFi contagion continued to rage on as we found out that Celsius' risk profile was close to double that of a US Bank, it appeared that Morgan Creek Digital was making a bid for BlockFI, however, BlockFi received a Money Services License in Iowa?? Whut? Virgin Islands court ordered liquidation of 3AC and CoinFlex CEO files default notice against Roger Ver; it's crazy y'all!
Right over the hump on Thursday, many were beginning to wonder if Bitcoin could in fact survive the Crypto bear market. Bitcoin trading volume sunk down almost 60%, it closed the month with its worst loss since 2011 with the price at $19K. Not looking good folks. Biggest news of the day and possibly week was that Basel Committee wants to limit banks' digital asset exposure to just 1% of equity - umm did you see that? Yes Basel is now saying central banks can HODL Bitcoin! Wow!
As the week closed on Friday, it was more of the same dull news Bitcoin is down, we are in a bear market, yadda yadda yadda, good grief Charlie Brown. Stop selling Bitcoin to the whales - they are gobbling up all the Bitcoin and now hold 45.6% of the supply - what do they get that people who are selling don't? It's digital scarcity - only 21M for 8 Billion people - what part of that didn't make sense? Biggest news of the day was El Salvador getting the memo as they SMASH the buy button once again!
Currently the price of Bitcoin is trading around $19,243.17 down 9% for the past 7 days. But remember price is a liar because once this bear market is over and Bitcoin is back above all-time highs - many will say and I hope you are not part of that many that they should have Bought the DIP!
PODCASTS OF THE WEEK
- The Pomp Podcast: #1022 Adam Back On How To Get Through A Bitcoin Bear Market
- Stephan Livera: SLP387 Tuur Demeester - How Does The Panic of 1907 Relate to Bitcoin?
- TFTC: #342: Dissecting the contagion with Parker Lewis
- Bitcoin Magazine: Is the World ready for Bitcoin? w/ Ben Prentice
- The Breakdown: Grayscale’s Legal Battle Against the SEC
