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Happy Saturday Folks! Last week, Bitcoin had a hiccup and paused its rally toward $25K but once again this week, it gave it another try. Bitcoin is currently trading around $24,429.49. The same as last week, the hint that Bitcoin could drop below $20K and even to $10K still lingers; so we continue to be cautiously optimistic. Well, let's recap the week, shall we?
Monday the price of Bitcoin surged above $24K and closed at $23,809.49 with mostly all positive news. We saw a significant amount of analysis from various Analyst. InvestAnswers, Mike McGlone, Nicholas Merten, Kaleo, Benjamin Cowen, The Crypto Dog, Guy were all quite bullish on the market, while Kevin Svenson was bearish. The most covered news was the US Treasury sanctioning Crypto mixing service Tornado Cash; which was covered all week and lending platform Hodlnaut halting withdrawals and working on a recovery plan. In addition, the news about Binance and WarizX was covered by 5 different publications.
On Tuesday, the price of Bitcoin was trading around $23,417.51 and closed at $23,164.32 with mostly all negative news; how fast sentiment changes. However, the Analyst were still providing bullish sentiment. TechDev, Benjamin Cowen, Ark Invest, Michael van de Poppe, JPMorgan, Dan Morehead, Tone Vays, and the strangest thing was Mike Novogratz was short term neutral saying the comfort zone is between $20-30K. The most covered news was Iran making the first-ever import of goods using cryptocurrency worth millions and BitMEX executive pleading guilty to violating bank secrecy act. In addition, German Crypto exchange Nuri filed for insolvency.
By Wednesday, the price of Bitcoin was trading around $23,138.93 and closed at $23,947.64 with most of the news being positive. Positive Analyst sentiment returned with Raoul Pal, Will Clemente, and Michael van de Poppe all bullish on the market. The most covered news was SEC/CFTC considering new crypto reporting rule for large hedge funds and Ripple being interested in buying up Celsius assets. In addition, Coinbase recorded $1B loss as Crypto trading volume plummeted.
Right over the hump on Thursday, the price of Bitcoin surged as high as $24.8K before closing at $23,957.53. With new CPI data, it appears that inflation has peaked and that was bullish for the market. Analyst were bullish as InvestsAnswers says Bitcoin is prepping for a parabolic move to $100K (he and others continue to be the boy that cried wolf) and Mike Novogratz says Ethereum's comeback is not yet over. The most covered news of the day was the announcement that BlackRock was launching a private trust offering direct Bitcoin exposure - this news set the market on fire. In addition, Ethereum’s third and final testnet Merge went live on Goerli. In addition, MakerDAO founder says it's 'almost inevitable' DAI will abandon USD peg.
As the week came to a close on Friday, the price of Bitcoin was trading around $23,699.79 and closed at $24,402.82. The news was a bit mixed as Whales with 1K-10K BTC begin depositing on exchanges. Nicholas Merten seemed a bit short term bearish in his analysis as well. Other Analyst like Justin Bennett and Mark Yusko remained bullish. The most covered news was about arrested Tornado Cash developer Alexey Pertsev; confirmed by his wife and Chinese Crypto tycoon wants $3 Billion for Huobi stake deal. In addition, Binance recovered the majority of funds stolen from Curve Finance.
PODCASTS OF THE WEEK
- What Bitcoin Did: The Current State of Bitcoin Mining with Harry Sudock
- The Breakdown: Are the US Sanctions on Tornado the Beginning of a War on Privacy?
- The Wolf Of All Streets: Putting All Of Your Money Into Crypto | Jason Urban, Co-Head Of Trading, Galaxy Digital
- The Pomp Podcast: #1074 Frank Downing | Wall Street Analyst Compares Bitcoin & Ethereum
- Bitcoin Magazine: Bitcoin is a Game Changing Technology w/ Sam Callahan
- Fallout from crypto contagion subsides but no market reversal just yet (Cointelegraph)
- Countries where Bitcoin (BTC) is legal (Cointelegraph)
- Crypto Reacts: Arrest Of The Alleged Tornado Cash Developer, A Watershed Moment (Bitcoinist)
- Crackdown on Tornado Cash Was Just Round 1 (Decrypt)
- Bitcoin records a 2-month-old price uptrend as bulls have overall near-term advantage (Finbold)
- BTC On-Chain Analysis: Puell Multiple Confirms Bitcoin Has Reached Macro Bottom (BIC)
- This Bitcoin Indicator Gives $22,400 as Most Important Level To Hold, Here's Why (UToday)
- Aggregate open interest of ether options hits all-time high (TB)
- Bitcoin traders still favor new $20K lows as Ethereum hits $2K (Cointelegraph)
- Derivatives data hint Ethereum rally may abruptly end in a ‘sell-the-news’ event (Finbold)
- Ethereum hits 8-month highs in BTC as money heads for 'riskier' altcoins (Cointelegraph)
- Ethereum Flying off Exchanges While Bitcoin Moves in the Opposite Direction: Crypto Analytics Firm IntoTheBlock (TDH)
- Ethereum ($ETH) Surges Over $2,000 for First Time in Over 10 Weeks As Merge Nears (Cryptoglobe | CryptoPotato | Decrypt | BIC)
- The Merge: Top 5 misconceptions about the anticipated Ethereum upgrade (Cointelegraph)
- Coinbase Warns Polygon (MATIC) and Other Scaling Solutions Pose a Threat to Ethereum (ETH) Price – Here’s Why (TDH)
- Altcoin Season 2022: Is This the Beginning of Big Gains for Alts? (BIC)
- 270 Million XRP Moved with Ripple’s Direct Participation, Here's Where (UToday)
- $ADA: Crypto Analysts Point to Key Technical Level for Cardano’s Price to Overcome (Cryptoglobe)
- Cardano Flips XRP As ADA Hits 2-Month High, Outperforming Crypto Majors En Route to $1 (ZyCrypto)
- TA- Price Of Cardano Bounces From Support, Gears For A Bullish Run (NewsBTC)
- Ominous Solana technicals hint at SOL price crashing 35% by September (Cointelegraph)
- Raoul Pal: Former Goldman Sachs Executive Makes High Conviction Call for Crypto Bottom Amid Shifting Macro Backdrop (TDH)
- Justin Bennett: Here’s What’s Next for Bitcoin, Ethereum, Solana and One Gaming Altcoin, According to Top Crypto Trader (TDH)
- Michael Saylor: Bitcoin is going to ‘demonetize’ gold gradually, says MicroStrategy’s CEO (Finbold | Bitcoinist)
- Anthony Scaramucci: Warns Against Emotional Trading, Predicts Massive Gains for Bitcoin in Coming Years (TDH)
- Santiment: One Metric Will Dictate Ethereum (ETH) Price Action As Massive Upgrade Approaches (TDH)
- Brett Harrison: FTX US President Says Crypto Winter Is ‘Starting To Thaw’ (Cryptoglobe)
- Sebastien Guillemot: dcSpark CTO Explains Why Cardano Is ‘One of the Worst Blockchains for Storing Data’ (Cryptoglobe)
- Michael Saylor: Why Getting Into Bitcoin in Aug 2010 Was the Right Move for Our Firm (Cryptoglobe)
- Celsius Network is bankrupt, so why is CEL price up 4,000% in two months? (Cointelegraph)
- Vauld says it disagrees with asset freeze order by Indian authorities (TB)
- India: After WazirX, ED Attaches Assets Worth $46M From Crypto Exchange Vauld (BIC)
- Norwegian BTC Miner Moves Beyond the Arctic Circle to Cut Energy Costs (Report) (CryptoPotato)
- Bitcoin mining revenue jumps 68.6% from the lowest-earning day of 2022 (Cointelegraph)
- Talking with Eva Kaili, VP of the European Parliament, on MiCA regulation (Cointelegraph)
- New Legislation Calls for All Gold Mined in Brazil to Be Tokenized on a Blockchain (Cryptoglobe)
- A Doctor Paid $60K Worth of BTC to Hitmen to Kidnap His Wife (CryptoPotato)
- CFTC accuses Ohio man of operating $12 million ‘bitcoin Ponzi scheme’ (TB)