"Doubt is a killer. You just have to know who you are and what you stand for."
– Jennifer Lopez
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FOLLOW DAT MONEY! $4.6B
It's Saturday Folks and how I wished it was happy. On my show tomorrow Bitcoin is Freedom (Produced by BitcoinLive,) I plan to discuss an aspect of the FTX dumpster fire from an angle most are not talking about so tune in. The following is unlike anything I've witnessed since I've been aware of Bitcoin in 2011. Last week I couldn't have fathomed that Bitcoin would go below the June low of $17.7K - well....
Monday the price of Bitcoin closed at $20,602.82 and the sentiment was neutral ahead of the 2022 mid-term election. There was a question about Bitcoin still being a hedge against inflation and about it being correlated to the market; at this point we all know the answer right? The most covered news of the day was about the U.S. Government seizing $3.4B worth of Bitcoin from Silk Road scammer.
Podcast of the Week: Kevin O'Leary & Ben Samaroo: How To Bring A Billion People Into Crypto (The Wolf of All Streets)
Tuesday the price of Bitcoin closed at $18,541.27 and the sentiment was non-existent due to the news breaking that FTX was in trouble and from this point forward that is all the news was about. The most covered news of the day was how Binance triggered a liquidity crisis and then was going to attempt an acquisition of FTX; again we all know how that went right?
Podcast of the Day: The Fundamentals of Bitcoin’s Value with Phil Geiger (What Bitcoin Did)
By Wednesday (Humpday) the price of Bitcoin closed at $15,880.78 and we can forget about the sentiment because the entire market was burning down. The most covered news of the day was ... you guessed it - FTX. In fact the brief shifted and had to create a top header of FTX with sub categories because nearly every news articles was about FTX. Folks this was far bigger than the CeFi explosion it was full blown dumpster fire as you seen above.
Podcast of the Day: BTC103: Bitcoin Policy Update w/ Jason Brett (Bitcoin Fundamentals)
Right over the hump on Thursday the price of Bitcoin closed at $17,586.77 and the media continued to deal with the aftermath of the FTX disaster. I equate the FTX collapse to that of a nuclear bomb going off - it will take years if not a full decade for the pain of this toxic radiation to disappear from the scene. Never mind the fact that the U.S. mid-term election is still undecided who will control congress. The red wave didn't appear the way most had forecasted so the future of the Crypto asset market hangs in limbo.
Podcast of the Day: What the US Midterm Elections’ Lack of a ‘Red Wave’ Means for Crypto (The Breakdown)
As the week came to a close on Friday the price of Bitcoin closed at $17,034.29 and there is zero need to talk about the sentiment of this market because well the breath of contagion is so wide, $14K? $12K? $10K? there is no bottom to this market as I type. On a monthly chart the bottom Bollinger band is pointing south and current is around $10K - so that is the speculation from many, let's see how this pans out.
Podcast of the Day: Crypto Is Destroyed | FTX Failure Will Be Catastrophic | Caitlin Long, Mike Alfred, David Duong (The Wolf Of All Streets)
Bottom line is this folks, who can you believe these days? Again I will discuss this on my show and the answer shouldn't shock you. I gave up by mid day on Friday on trying to curate any more news because to be honest, it was more of the same and at this point everyone is aware of it. What some might not be aware of is a lot of the chatter happening on Crypto Twitter and I look forward to talking about it tomorrow. I might put a few articles below this weekend but if it's more of the same this is it. Try to have a HAPPY Saturday folks!
