"He who is brave is free."
–Lucius Annaeus Seneca
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Happy Saturday Folks! Last week was a good week for Bitcoin and this week even better! The best performing asset in the past 7 days was $XRP - up 54.12% and is at position #5 on Coinmarketcap.com. Last week the Fear and Greed Index was at 58 and today it's 56.
Most covered news this week was the prediction that $BTC could end the year around $50K and end 2024 at $120K from Standard Chartered on Monday. Price action was good as Bitcoin remained above $30K, performed a Burj Khalif midweek as a result of the CPI number coming in better than expected, and then later in the week spiked significantly on the news about Ripple somewhat winning it's case against the SEC; as a result all exchanges have restarted trading $XRP.
That being the case, I agree with Alessio Rastani that it's premature to even talk about $120K by the end of 2024, until we get above the 61.8% Golden Ratio at about $38.9K then all bets are off. As I type Bitcoin is trading at $30,328.64 and for the week (M-F) Bitcoin dropped $80.40; week over week it's up $134.53.
Outside of price, Alex Mashinsky getting arrested added to the great news this week; NLW breaks it down. CBDCs continue to be a major focal point for legislators around the globe. Some believe Stablecoins would be better, as Circle's Allaire mentioned on Tuesday for China. Speaking of legislators Senators Lummis and Gillibrand's bill was reintroduced and NLW provides great insight about it.
Podcast were good this week with the primary focus being on the mining industry and the BlackRock ETF. Well there ya have it folks a little different format and I hope you enjoy it. You can get into the weeds below.
Thanks for reading, watching, and listening with me each and every week!
THE WEEDS
Monday the price of Bitcoin closed at $30,414.47 and the most covered news of the day was the Prediction by Standard Chartered that Bitcoin May Hit $50,000 by Year’s End and $120,000 By 2025.(10)
Podcast of the Day: #246: Sue Ennis, VP at Hut 8, on Bitcoin, A.I Infrastructure, and Bitcoin Mining | Cryptonews
Tuesday the price of Bitcoin closed at $30,620.95 and the most covered news of the day was Stablecoins may be a better path than CBDC for China, Circle’s Allaire says: SCMP.(3)
Podcast of the Day: Texas Heatwave & Bitcoin Miners | Blake King | The Mining Pod
By Wednesday (Humpday) the price of Bitcoin closed at $30,391.65 and the most covered news of the day was Senators Lummis and Gillibrand to Unveil Updated Bill Classifying Crypto Assets as Commodities.(3)
Podcast of the Day: Expert's Take: Is a Bitcoin ETF Really Possible? with James Seyffart | Bankless
Right over the hump on Thursday the price of Bitcoin closed at $31,476.05 and the most covered news of the day was Ripple wins case against SEC as judge rules XRP is not a security; price explodes 28%.(9)
Podcast of the Day: SLP491 The Crossover Between Bitcoin and Nuclear Energy with Nuclear Bitcoiner | SLP
As the week came to a close on Friday the price of Bitcoin closed at $30,334.07 and the most covered news of the day was Rival exchanges Kraken, Crypto.com, and Gemini join Coinbase in reopening XRP trading after court ruling.(5)
Podcast of the Day: Read_748 - Bitcoin & the Rise of the Cypherpunks [Lopp] | Bitcoin Audible
WEEKEND NEWS
NYC Mayor Adams deems bitcoin not a security in disclosure mishap.
SEC accepts BlackRock’s Bitcoin ETF application, signaling regulatory review. BlackRock CEO Larry Fink Says Interest in Crypto Is Global, Predicts Spot Bitcoin ETF Will Lower Investing Costs.
Ethereum scaling protocols drive zero-knowledge proof use.
CCData Analysis: XRP’s Historic Lawsuit Victory Reshapes Crypto Industry. 'XRP Is on Shaky Ground,' Says SEC Official: Prepare for Appeal.
Cardano's Major Improvement Proposal Reaches Important Milestone. Litecoin Halving 2023: What to Expect.
Coinbase pauses staking services in four US states following regulators’ orders. Allowing Coinbase to go public was not a ‘blessing’ from regulators — SEC. Binance headcount reduction hits 1,000 employees: Report. SEC vs. Coinbase: A Legal Showdown Shaping Crypto’s Future.
BlockFi CEO ignored risks from FTX and Alameda exposure, contributing to collapse: Court filing.
