Sirwin
Sirwin

18 Nov: Week Recap


"Voters don't decide issues, they decide who will decide issues."
 –George Will

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Happy Saturday Folks! Last week Bitcoin was up over $2K (following a week where it was up $4K) and this week it has taken a rest. As I type Bitcoin is trading at $36,431.35 and for the week (M-F) Bitcoin was down $116.60; week over week it's down $569.26. The best performing asset in the past 7 days was again $DOGE - up .26% in position #9 on Coinmarketcap.com; I've noticed one thing about DOGE - it's either very stable or it pops a little. Last week the Fear and Greed Index was at 70 and today it's 69; this is really good because getting to extreme greed will just force the pendulum the other direction - slow and steady wins the race.

Keep reading, watching, and listening with me each and every week!

MY HOT TAKE

Most covered news continues to be that which talks about any kind of ETF and this week we saw Fidelity toss it's hat in the ring for a Spot $ETH ETF. Bitcoin dominance on Coinmarketcap.com rose a bit to 51.7% and ETH dropped to 16.9%. $DOGE is stable with, Bitcoin and BNB being the next two best performing and they are both down.    

The Sentiment as far as strategist, analysts, and traders is short term bullish, longer term more bullish. $42K still appears to be the target with some revising that up to $48K or possible ATH by the end of the year. 

Peter Schiff thinks a big crash is coming and Crypto analytics firm Glassnode says that Bitcoin (BTC) needs to hold one key price range or a massive sell-off is likely as transaction data shows a key support level of $30,000. Crypto strategist Ali Martinez warns that Bitcoin’s Tom Demark (TD) Sequential indicator is pointing to a possible corrective move; Bitcoin found stable support at the $36,400 level and he thought BTC may fail to hold there and break downward.(2) - from Monday til today Bitcoin did pull back a tad. Bitcoin will reach $40,000 – if not even $45,000 – by the year’s end, DeFi Research’s Markus Thielen said. 

$48K is now 'reasonable' BTC price target — DecenTrader's Filbfilb. Bitcoin set for $180,000 ascent according to Crypto analyst Henrik Zeberg. $6.7 billion Ark's Cathie Wood says key metrics are confirming that Bitcoin (BTC) is in a true bull market; Bitcoin and crypto to be worth $25 trillion by 2030.(2) Bloomberg Intelligence analyst Jamie Coutts thinks the overall crypto market cap could jump by 6-7x this cycle; $10T. Macro guru Raoul Pal says that the top smart contract platform Ethereum (ETH) is set to outperform Bitcoin (BTC) as the crypto markets enter into a new “spring” phase; says it is not done rallying even after soaring in recent weeks. 

‘Shark Tank’ star Kevin O’Leary foresees an 18-month wait for a spot Bitcoin ETF approval in the U.S. Sergey Nazarov predicts financial ‘reckoning’ that could lead to rapid Crypto adoption.

Well that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL! 

THE WEEDS

Monday the price of Bitcoin closed at $36,520.20 and the most covered news of the day was $XRP scam ad uses deepfake of Ripple CEO and the incorrect announcement that BlackRock was listing $XRP ETF created a crap storm of volatility for the asset.(3)
Podcast of the Day: Solana strategy exec claims work done during the bear market is paying off | The Scoop

Tuesday the price of Bitcoin closed at $35,529.30 and the most covered news of the day was $6.7 billion Ark's Cathie Wood says Bitcoin and crypto to be worth $25 trillion by 2030(2) and Former FTX executives are teaming up to build a new Crypto exchange; former FTX general counsel Can Sun and ex-employees Armani Ferrante and Claire Zhang have unveiled the Backpack Exchange.(2)
Podcast of the Day: BTC Held By Institutional Products Hits ATH | The Breakdown

By Wednesday (Humpday) the price of Bitcoin closed at $37,459.30 and the most covered news of the day was the Securities and Exchange Commission announced that it will “designate a longer period within which to take action on the proposed rule change” for Grayscale’s Ethereum Futures Trust(2) and Solana’s SOL jumped nearly 20% in 24 hours to lead the charge among crypto majors in an otherwise range-bound market; Cathie Woods gave it props as well.(2)
Podcast of the Day: When Will $ETH Pump? | Bankless

Right over the hump on Thursday the price of Bitcoin closed at $36,421.40 and the most covered news of the day was Coinshares obtains right to purchase Valkyrie's ETF arm in bid to further US expansion.(3)
Podcast of the Day: Guy's Take_074 - Banks Without Bankers | Bitcoin Audible

As the week came to a close on Friday the price of Bitcoin closed at $36,403.60 and the most covered news of the day was Spot Ethereum ETF proposal delayed by SEC.(3)
Podcast of the Day: Delay Ends Mass BTC Spot ETF Approval Dream | The Breakdown

WEEKEND NEWS

Due to the technical failure, historical data suggests that in only a matter of a month BTCUSD could set a new all-time high and reach a target of $85K per coin. The head of research (James Butterfill) for a leading digital assets manager says if a spot BTC exchange-traded fund (ETF) is approved by the U.S. Securities and Exchange Commission (SEC) it could cause Bitcoin (BTC) to soar to more than $265,000. A 10-year historical trend has shifted for Bitcoin (BTC) exchange reserves. Bitcoin nears pre-halving 'target zone' toward $50K BTC price.

IntoTheBlock notes that the amount of Bitcoin held by addresses with over 1,000 BTC hit a new yearly high this week. The cohort of whales now holds 7.67 million BTC worth nearly $280 billion.

In the last three years, investors have been making more Bitcoin withdrawals than deposits on cryptocurrency exchanges. Can BTC price stay above $36,000 after SEC delays Bitcoin ETFs? Fidelity seeks green light for Ethereum ETF, following BlackRock's filing.(4) Bitcoin ETF approval nearing, but brace for more setbacks — BitGo CEO Mike Belshe.

Bitcoin (BTC) network fees are seeing a massive surge in November as demand for ordinals floods the leading blockchain.

XRP hits exceptionally strong support level, which might push cryptocurrency forward. Cardano, the eighth-largest cryptocurrency by market capitalization, is set to print a key pattern on its daily chart. This is because the moving averages on the daily chart are set to make a crossover in a day or two.

Old Crypto wallet bug puts $2.1 Billion at risk according to Unciphered.

What You Need to Know About Crypto Tax Loss Harvesting

Taiwanese trading firm Kronos Research hacked for estimated $25 million: ZachXBT.

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TheCryptoCurator
TheCryptoCurator

I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post.


The Crypto Curator
The Crypto Curator

I've been exposed to the world of crypto since 2011. Now I use my knowledge to curate the most relevant news articles, podcast, videos, blogs and social media information to help you be in the know in Crypto!

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