"Where there's a will, there's a way."
- old English proverb
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The Best Way To HODL Bitcoin
Happy Saturday Folks! While the storm isn't over, it does appears to be a silver lining in the clouds. Bitcoin has decided to change course for now and is currently trading $21,200.00; last week at this time it was around $20,237.26. Sentiment is that it could pull back to that region to find support and if it does things will look better - if not, it could revisit sub $19K once again. Let's recap the week shall we?
Monday the price of Bitcoin closed at $19,812.37 and the sentiment while mix, definitely had some bullish tones to it. In fact an article from UToday said Bitcoin was ready for a big move. 6,000 $BTC were moved off Binance, open interest climbed, on-chain indicators suggested $BTC had reached a bottom, and Coindesk said a parabolic $BTC bull run was likely after dormant coin supply peaked. Analyst's were overall focused on altcoins. The most covered news of the day was Binance pulling support of USDC and converting several Stablecoins to BUSD.
Podcast of the Day: The Wolf Of All Streets: The Future Of Crypto With Jeff Garzik
On Tuesday the price of Bitcoin closed at $18,837.67 and the sentiment was leaning more bullish for the second day despite the price continuing to drop. 5-year returns of $BTC dwarf major bank stocks' with ROI by over 500% despite Crypto winter. Long-term holder supply surges up to near ATH showing HODLers have diamond hands; investors continued BTFD as the price went below $19K. Mike McGlone said Bitcoin was still in a bull market, Capo said $BTC price bounce was overdue after a "massive" long position appeared. The most covered news of the day was Ethereum's "Bellatrix" upgrade going live.
Podcast of the Day: What Bitcoin Did: Has the Bitcoin Price Bottomed Out? With The Rational Root
By Wednesday the price of Bitcoin closed at $19,290.32 the sentiment lagged price as the news was overall bearish. Bitcoin fell 5% as the sell off continued and risks fall to June lows as percent of profit reached bottom territory, market cap dominance falls to levels last since in Jan 2018, ancient 15,000 BTC moved 10 days prior to the massive drop, and futures bets looked bearish. Analyst's were once again focused on Altcoins. The most covered news of the day was about Celsius "misleading" investors about their financial health according to Vermont regulator.
Podcast of the Day: The Scoop - How the multi-trillion dollar derivatives industry could be disrupted by decentralized technology
Right over the hump on Thursday the price of Bitcoin closed at $19,329.83 and the sentiment once again leans more bullish. Bitcoin bounced at $19K support, dormant Bitcoin supply hit new ATH, Whales sent $BTC to futures exchanges in "classic" bottom signal, and short-term bull run could be sparked by seasonality. Analyst's were bullish as Mike McGlone things $BTC is a "wild card" and set to outperform, Dave the Wave flipped bullish and said "now is the time" Rekt Capital said Bitcoin could spark massive 200% rally after it bottoms. Most covered news of the day was Republican lawmakers calling for answers on digital dollar from Fed Vice Chair.
Podcast of the Day: The Wolf Of All Streets: Daily Howl: Bitcoin To Crash After The Merge? Guest: Dave Weisberger, CoinRoutesETH
As we closed out the week on Friday the price of Bitcoin closed at $21,361.26 and the market was getting excited. Bullishness was in the air as short-term technicals indicate a "buy," 9% surge cause sharp increase in open interest, and price metrics suggest the pump marked the final cycle bottom. Analyst's believed the bottom is in and was quote bullish except Peter Schiff and Ben Cowen who thinks Bitcoin likely to face a "final capitulation" event by the end of 2022. The most covered news of the day was Bitcoin pushing past $20K.
Podcast of the Day: The Wolf Of All Streets - Trading The Ethereum Merge | Macro Vs. Fundamentals With Joshua Frank (The Tie) And Jeff Dorman (Arca)
WEEKEND NEWS
Trending
- MicroStrategy to reinvest $500M stock sales into Bitcoin: SEC filing (BIC | Cointelegraph | CryptoPotato | Bitcoinist | ZyCrypto)
- Nigel Green: deVere Group CEO Says Bitcoin ‘Whale Watching’ Is Telling Him to Buy the Dip (Cryptoglobe | TDH | Bitcoinist)
- BTC price nears $21.7K as whales boost Bitcoin 'almost perfectly' (Cointelegraph | CryptoPotato | BIC)
- Final Ethereum Shadow Fork Before Merge Goes Live (BIC | Cointelegraph | CryptoPotato)
Other News
- Three biggest crypto stories from the past week (TB)
- Bitcoin short squeeze ‘not over’ as BTC price eyes 17% weekly gains (Cointelegraph)
- White House Report Recommends Banning Bitcoin Mining to Slash GHG Emissions (CryptoPotato)
- Binance Coin Surpasses 1 Billion Trading Volume After BNB Network Upgrade (NewsBTC)
- $BTC: Cardano Founder Says White House Report Suggests Bitcoin Could be Banned in U.S. (Cryptoglobe | TDH)
- Ethereum Eyes $1.8K Days Before Merge, BTC Steady Above $21K (Market Watch) (CryptoPotato)
- $ETH: How Google Is Showing Respect for Ethereum’s Merge Upgrade (CryptoPotato)
- Why DeFi Speculators Are Borrowing Ethereum as Merge Looms (Decrypt)
- Coinbase’s Ethereum Staking Token Is Trading at a Discount—Here’s Why (Decrypt)
- Here's How Much Ethereum Validators Will Earn Post-Merge (UToday)
- Ethereum’s staking yield after The Merge will be lower than expected (TB)
- Is Cardano Expanding? Charles Hoskinson Is Working on “Something Really Cool” in Papua New Guinea (UToday)
- $BTC: Founder of Crypto Fund Manager Cyber Capital Goes Ballistic on Bitcoin (Cryptoglobe)
- Ben Cowen: Historically Accurate On-Chain Indicator Suggesting Bitcoin (BTC) Bottom Is In (TDH)
- Altcoin Sherpa: Top Crypto Trader Predicts Sizeable Gains for Bitcoin (BTC) and Ethereum (ETH) (TDH)
- Dennis Porter: Bitcoin Back Above $21,000, Here’s Why: Satoshi Action Fund Founder (UToday)
- Kaleo: Crypto Strategist Predicts Steep Rally for Ethereum (TDH)
- Anthony Pompliano: Bitcoin Veteran Anthony Pompliano Amits Crypto Price Predictions Was Incorrect; $100,000 BTC Forecast (TDH)
- David Rubenstein: Billionaire Failing Trust in Government Is Spurring Crypto Speculation (Cryptoglobe)
- CZ: Binance Has No Connection to the Chinese Government (Cryptoglobe)
- JPMorgan seeking hire to push banking products onto metaverse, crypto companies (TB)
- DBS Bank To Embrace Crypto For Its Premium Tier Clients Amidst Market Turmoil (Bitcoinist)
- Robinhood Working To Provide Transfers for Cardano (ADA) and All Other Crypto Assets on Its Platform (TDH)
- Bitcoin Miners’ Revenue Drops Below $1B Amid Bearish Market & Increasing Mining Difficulty (BIC)
- Dubai grants regulatory approval for Blockchain.com office: Report (Cointelegraph)
- XRP Lawsuit: Ripple Aims For Ultimate Win As Case With The SEC Finally Inches Towards ‘End Game’ (ZyCrypto)
- YouTuber with 13 million subscribers hacked by crypto scammers; Here’s how much they stole (Finbold)
- Florida govt warns against auto warranty scammers asking crypto payments (Cointelegraph)
