"To err is human; to forgive, divine."
–Alexander Pope
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Happy Saturday Folks! Last week Bitcoin was pushing toward $28K and had rose by $1,000. As I type Bitcoin is trading at $26,857.30 and for the week (M-F) Bitcoin was down $719.00; week over week it's down $1112.30. The best performing asset in the past 7 days was $DOGE - down 3.11% in position #9 on Coinmarketcap.com. Last week the Fear and Greed Index was at 49 and today it's 47; remaining in neutral.
Keep reading, watching, and listening with me each and every week!
MY HOT TAKE
So much for last week being a big deal, Bitcoin just reversed all of last weeks gains; losing over $1K this week. The price is remaining above the SMA on the 4hr chart which is right around $26,850 and the bands are getting narrow. I can foresee us trading sideways through the rest of this month and possibly moving higher into the end of the year.
The big news late last evening was that the SEC decided not to appeal the Grayscale case which pretty much makes the certainty of a Spot Bitcoin ETF at about 95%; of course they still will have to approve it and this makes that all the more likely. Q1 of 2024 would be a key time for that approval.
While the news is still incredibly sparse, money does continue to flow into Crypto which is good. Charles Edwards said that 44% of all of Bitcoin's returns have occurred in the 12 months after each halving and CZ said "people have short memories" because Bitcoin price hits multiple ATHs. Jamie Coutts says Bitcoin is flashing an unexpected bullish signal as US long bonds continue their collapse. Meanwhile Jim Cramer is bearish along with Mike McGlone. Edward Snowden things the ETFs will tame Bitcoin.
According to Coinmarketcap.com there are nearly 2M Crypto assets on the market. The top 2 are triple digit Billion dollar market cap while 3-6 are double digit Billion dollar market cap and 7-10 are single digit Billion dollar market cap and Tron is #10 at $7.5B. Of the top 10 do you realize 2 are stablecoins? #3 $USDT and #6 $USDC. This leaves #4 $BNB which is an exchange token, #5 $XRP, #7 $SOL, #8 $ADA, and #9 $DOGE. The news around these projects are far and few.
Both Bitcoin and Ethereum commands the most attention and rightly so. Ethereum supply has grown by $47M in 30 days and the Ethereum Foundation sold $2.76M in $ETH; not a big deal really. Binance Token is rarely talked about which is odd since it holds such a high position. XRP is covered but mainly due to the SEC case against Ripple but many miss that XRP is becoming a tool used by banks globally for transacts as well as launching stablecoins on it. Solana continues to be embroiled in controversy due to it being adopted, embraced, and possibly manipulated mainly by the Venture Capitalist community. Cardano continues to be the Blockchain with the most development but there is never significant news concerning it. Lastly Dogecoin and Tron both well developed Blockchains but only gets news coverage if Elon Musk says something and the other is only covered which Justin Sun is involved; but it too is a platform for launching Stablecoin projects.
Legislation news has been slow due to the drama on Capitol Hill and the lack of a Speaker in the House and as far as Regulation news goes the SEC keeps losing every case it has against Crypto organizations. Attacks/Hacks/Scam news have also died down this week so things are looking not so bad. Patience is the key and if you can remain vigilant you will be rewarded IMHO.
THE WEEDS
Monday the price of Bitcoin closed at $27,641.20 and the most covered news of the day was about the impact of the war in Israel as Bitcoin began to start experiencing a short term pull back.
Podcast of the Day: FEATURING AI Unchained #008 - Ecash and Ai with Obi Nwosu | Bitcoin Audible
Tuesday the price of Bitcoin closed at $27,019.20 and the most covered news of the day was the announcement of the BitVM paper which brings Ethereum-like contracts to Bitcoin.(10)
Podcast of the Day: Self Custodial Bitcoin Finance with Matthew Black of Atomic Finance | SLP519
By Wednesday (Humpday) the price of Bitcoin closed at $26,842.00 and the most covered news of the day was about JPMorgan's Tokenized Collateral Network (TCN) going live.(4)
Podcast of the Day: Guy's Take_071 - But Bitcoin Doesn't Innovate | Bitcoin Audible
Right over the hump on Thursday the price of Bitcoin closed at $26,779.10 and the most covered news of the day was former Voyager CEO Steve Ehrlich facing complaints from the CFTC and the FTC from his time at Voyager Digital.(5)
Podcast of the Day: Read_770 - The Big Deal with BitVM | Bitcoin Audible & Decrypting Money - A Comprehensive Introduction to Bitcoin | TCC
As the week came to a close on Friday the price of Bitcoin closed at $26,931.20 and the most covered news of the day was Tether's CTO becoming their CEO; Paolo Ardoino.(5)
Podcast of the Day: What is BitVM? with Robin Linus and Super Testnet | SLP520
WEEKEND NEWS
TRENDING: Ferrari to accept crypto for luxury car purchases: Reuters.(6)
OpenAI CEO Sam Altman recently appeared on an episode of “The Joe Rogan Experience” podcast, which was aired on 6 October 2023, where he expressed his enthusiasm for Bitcoin.
Following notable changes to the ARK 21Shares Spot Bitcoin ETF application, Bloomberg ETF analysts James Seyffart and Eric Balchunas have predicted that the US Securities and Exchange Commission (SEC) could approve a fund as early as next year.
ProShares prepares to launch unique Short Ether Strategy ETF.
Payments processing giant Mastercard and the Reserve Bank of Australia (RBA) have successfully tested the interoperability of a central bank digital asset (CBDC) and the ability to restrict the use of that currency to “authorized parties.”
Coinbase has intensified its efforts to elicit a response from the U.S. Securities and Exchange Commission (SEC) regarding its rulemaking petition and the crypto exchange seeks a clear approval or denial of its petition, arguing that the SEC may continue delay tactics otherwise.(2)
