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FOLLOW DAT MONEY! $9B
Happy Saturday Folks! Another wild week. Last week Bitcoin was trading around $19,515.00 and as I type it's trading around $19,162.00; why have a Stablecoin when we have Bitcoin. Let's recap the week shall we?
Monday the price of Bitcoin closed at $19,141.48 and the sentiment was mixed as all eyes were looking toward the CPI report. Analyst, Traders, and Investors felt there would be a large move and while volatility did pick up, the moves was not as big as was projected. The most negative of all is Merten who continues to project negative sentiment about price direction. The most covered news of the day was Just Justin Sun denying the acquisition of Huobi. In addition, Bitcoin mining difficulty jumped and Paul Tudor Jones (PTJ) always keeps money in Bitcoin.
Podcast of the Day: Bitcoin Explained: Bitcoin, Explained 65: Bitcoin Core 24.0
Tuesday the price of Bitcoin closed at $19,051.42 and the sentiment leaned bearish but HODLers are still in the game as Whales accumulate more. Whales withdrew 15.7K $BTC from exchanges which tends to be quite bullish. The most covered news of the day was BNY Mellon providing Crypto custody. In addition, OFAC and FinCEN charged Bittrex for over $53MM - Portugal proposes 28% tax on Crypto profits.
Podcast of the Day: Bitcoin Audible: Read_661 - Five Examples of Bitcoin's Real World Utility [Trent Dudenhoeffer]
By Wednesday (Humpday) the price of Bitcoin closed at $19,157.45 on the eve of the CPI report and the sentiment was hyping a big move coming. Analysts, Traders, and Investors were holding their breath. The most covered news of the day was Hackers stealing over $100MM from Mango Markets. In addition, Grayscale sues SEC over Bitcoin Trust-ETF decision and meanwhile, 21Shares brings the first spot Bitcoin ETP to the Middle East.
Podcast of the Day: Bankless - Rejecting Bitcoin Fundamentalism | Dan Held
Right over the hump on Thursday the price of Bitcoin closed at $19,382.90 and the sentiment leaned more positive as the CPI report came in hot. The market initial dropped and then popped, so the expected volatility did come but not as large a move as was expected. The most covered news of the day was about October being the most Hacked month. In addition, $575MM worth of $BNB burnt and Tether eliminates commercial paper from reserves.
Podcast of the Day: SLP422 John Haar Choosing Bitcoin & Austrian Econ over 13 years in TradFi
As the week came to a close on Friday the price of Bitcoin closed at $19,185.66 and the sentiment was mixed. Opinions are still more bearish than bullish. The most covered news of the day was about the US judge removing Roche Feedman from the class action against Tether. In addition, NYDIG laid off a third of its staff and Mange Markets community is looking to approve a $47MM deal with the hacker.
Podcast of the Day: Bitcoin Audible: Guy's Take #60 - Digital Money
Now that the CPI number has been reported, the next FOMC meeting will be the next catalyst to spark more market movements or news of a big buy entering the markets. Uptober isn't looking so up and we have 15 more days left for Bitcoin to give us shock and awe. As I look at the 4hr chart, $18.7K is the first level of support, which I believe will hold. On the weekly chart, $16K isn't out of the question as support. On the monthly there isn't any support yet so this is where the uber bearish calls might be coming from.; at any rate as one of my readers have said, it's a moot point. Main focus should be on stacking sats and accumulating as much as you can while you can.
WEEKEND NEWS
- BTC Whales Create Genius Plan to Curb Losses, Analyst Says (UToday)
- Some of the Biggest Asset Managers Are Building Out Their Crypto Teams, Says Morgan Creek Digital Co-Founder (Cryptoglobe)
- Texas authorities object to Voyager's disclosure statement in its current form (Cointelegraph)
- Digital Dollar May Not Happen Soon, Here's Why (UToday)
