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Happy Saturday Folks! Last week I said I was calling a bottom and Bitcoin was trading at $21,659.00; price is now $20,709.11. So when I say bottom, I am talking a few thousand dollars from current price - why? Bitcoin has found support around the $19K area so as long as we stay above that I will say this is the bottom. No one will pick the exact price of the bottom. Ok now on with the show!
Monday the price of Bitcoin was trading around $19,970.56 and the most covered news was Celsius hiring restructuring lawyers as they were making debt repayments. In addition, CoinFLEX sued Roger Ver (Bitcoin Jesus) for the margin call repayment of around $84MM. Ruchir Sharma, Rockefeller International Chairman, expressed confidence in Bitcoin's comeback. The news was pretty mixed between positive and negative as Bitcoin had broken through important resistance and had the best weekly gains in the past 3 months. But, leveraged ratio was still very high, walls street believes it will drop to $10K rather than pop to $30K as reserve risk indicator falls to all-time low.
On Tuesday, Bitcoin seemed stuck once again trading around $19,323.91. On-chain analysis indicated that inactive supply reached new all-time high and price hit 7-day low as US warned of 'highly elevated' CPI data; which came in at 9.1%. More than 62,000 Crypto traders were liquidated as the price fell once again. Sentiment still indicates that the Bitcoin supply is still not underwater enough for historical bear bottom zone; seems we still have further to fall. The most covered news was 3AC's Zhu breaking his silence as they sought to sanctions over disappointing court filings. In addition, Hackers nabbed $8MM in ETH via Uniswap phishing attack.
By Wednesday, it was decision day, the CPI numbers came out and Bitcoin initially slid but then ended the day trading around $20,212.07. The news sentiment was pretty bearish as we say articles talking about a drop to $8K as Bitcoin struggled to reclaim $20K. The most covered news of the day was the CPI news but in addition, Celsius allegedly engaging in an unregistered security offering by the Vermont Financial regulator got a lot of attention from the media publications.
Right over the hump on Thursday, we got news that another one has bitten the dust as Celsius filed for Chapter 11 Bankruptcy; Bitcoin traded around $20,569.92. News sentiment again was very negative as the correlation with the stock market continues to be high. Derivatives data suggested bears would try to pin Bitcoin under $21K and they did for Friday's options expiry. Market cap fell below realized cap, analyst were thinking Bitcoin could dip below $17.5K and realized losses spiked as Bitcoin inflation hedge properties are now in question. The most covered news was the New York Yankees allowing workers to convert part of their paychecks into Bitcoin and CleanSpark doubling down on discounted Bitcoin mining rigs got a lot of press.
As the week came to a close on Friday, it felt like a short squeeze was coming as Bitcoin pushed nearly toward $21K to $20,812.37. News sentiment was mixed as the Mayer Multiple suggested that the bottom might be close. Bitcoin is a better investment than the S&P 500 despite it being so volatile. Ethereum jumped 12% as the merger is fast approaching; 19 Sep. Still folks believe $10K Bitcoin is coming and whales continue to hibernate. The most covered news of the day was the CEFI carnage stuff between Celsius and 3AC.
What will next week bring us? If you have any thoughts leave me a comment below and be sure to check out my LISTS for Crypto Jobs. Also check out the AMA with SmartFi.
PODCAST OF THE WEEK
- Bankless: 127 - Is this the End? | Lyn Alden
- The Wolf Of All Streets: Wall Street Will Fail | Mike Belshe On Bitcoin, Institutional Investors, Regulation & US Dollar
- Bitcoin Fundamentals: BTC086: The Macro Hurricane w/ Lawrence Lepard (Bitcoin Podcast)
- Stephan Livera Podcast: SLP394 Beautyon - Bitcoin is Not Money: EU Attack on Bitcoin
- On The Brink: Weekly Roundup 07/15/22 (Celsius files Chapter 11, 3AC not cooperating, Circle clarifies USDC reserves)
SATURDAY NEWS
- Arkansas Resident Launches Damning Class-Action Lawsuit Against Celsius (BIC)
- Celsius Network Reveals Plans To Compensate Depositors Despite Massive $1,190,000,000 Balance Sheet Deficit (TDH)
- Voyager asks bankruptcy court to honor withdrawals (TB)
- Bitcoin (BTC) on-Chain Analysis: Amount of UTXOs at Loss Surpasses 2019 Bear Market (BIC)
- Bitcoin ready to attack key trendline, says data as BTC price holds $20K (Cointelegraph)
- Derivatives Traders Was Behind Bitcoin’s Recovery To $22,000 According To Open Interest (Bitcoinist)
- Can Bitcoin reclaim $30,000 by September 2022? Potential scenarios (Finbold)
- Bitcoin Bearish Signal: Exchange Netflows Spike Up (NewsBTC)
- 'Merge' rally pushes Ethereum almost to $1,400 (TB | CryptoPotato | Cryptoglobe)
- Expert Panel Sees Cardano ($ADA) Surge to $2.93 by 2025 (Cryptoglobe | Bitcoinist)
- Ripple Co-Founder Jed McCaleb Made U-Turn on Selling His Last 5 Million XRP; Here's Why (UToday)
- Andorra green lights Bitcoin and Blockchain with Digital Assets Act (Cointelegraph)
- Nervous Crypto Investors Jump From BTC to USDT in June, Says Latest Exchange Report (Cryptoglobe)
- Charles Hoskinson: Responds to Michael Saylor Calling ADA Security (UToday)
- Celsius Bankruptcy Could Compound Bitcoin Mining Woes (BIC)
- Ki Young Ju: Massive Short Squeeze for Bitcoin in Sight? Top Quant Analyst Looks at the State of BTC (TDH)
- Michael van de Poppe: Ethereum ($ETH) Could See ‘Significant Run’ After Breaking Through Key Level, Crypto Analyst Says (Cryptoglobe)
- Altcoin Sherpa: Have Bitcoin and Ethereum Bottomed Out? Top Trader Examines Path Forward for the Two Largest Crypto Assets (TDH)
- Dogecoin Foundation Director Launches Survey About Potential DOGE Hackathon This Year: Details (UToday)
- Ripple has spent ‘over $100 million on legal fees fighting SEC’, the CEO says (Finbold)
- Coin Bureau Debates Algorand vs Cardano Following Departure of John Woods (Cryptoglobe)
- On-Chain Data Shows Bitcoin Miners May Be Preparing To Dump (Bitcoinist)
