Disclaimer: If you take anything I post as financial advice that's on you boo! I curate news information daily (with the knowledge I've acquired since 2011) to provide you a view of what is happening around the Digital Asset space. If YOU decided to buy, hold, or trade Digital Assets as a result of reading what I've posted, that is YOUR decision and this isn't advice. You should discuss any investments with your financial advisor and if you don't have one, find one.
"Nothing is more difficult, and therefore more precious, than to be able to decide."
- Napoleon Bonaparte
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Happy Saturday Folks! Well, maybe not for Bitcoin which appears to be struggling to maintain above $20K; currently trading around $21,236.95. As I mentioned last week, based on the sentiment in the news, indications were that we would pull back to around $20K and some keep hinting much deeper toward $10K (which I highly doubt $BTC drops that low.) Let's recap shall we?
Monday the price of Bitcoin closed at $24,136.97 and the outlook was fairly neutral due Bitcoin not breaking through $25K. Scaramucci believes the market will recover soon but in the meantime Peter Schiff and Nicholas Merten were both bearish on the market and they were right. Maybe because as Coinshares pointed out, Crypto funds saw slight outflow and that broke a six-week inflow record. Despite the weakness, Lyn Alden still believes Bitcoin is long-term bullish. Greg Foss said Bitcoin is more scarce than gold.
News that received the most coverage was Crypto custody platform BitGo suing Galaxy Digital for terminating the merger agreement. In addition, Brazil’s largest brokerage, XP, launched Bitcoin and Ether trading, Monero rolled out enhanced privacy features with a hard fork, Celsius Network coin report shows a balance gap of $2.85 billion, and Federal Reserve opens up master account access to banks with 'novel charters,' in win for crypto and fintech. However, the biggest news was Thomas Farley (ex-President of NYSE) saying Bitcoin will have to be a part of any portfolio.
On Tuesday the price of Bitcoin closed at $23,883.29 and the outlook was again fairly neutral but leaning more bearish as the price lingered around $23K. Most Analyst were covering the upcoming ETH merge and other Altcoins. News that received the most coverage was about Coinbase pausing Ethereum transactions during “The Merge.” In addition, Latin America’s biggest investment bank Pactual launched Crypto trading platform, Crypto.com secures UK registration for ‘cryptoasset activities,’ troubled crypto lender Hodlnaut filed for creditor protection in Singapore, and Chainalysis reported that almost $2 Billion went to Crypto hacks this year.
By Wednesday the price of Bitcoin closed at $23,336.00 and the outlook was turning more bearish in anticipation of Bitcoin not maintaining $23.5K. One Analyst turned quite bearish (Kevin Wadsworth) saying Bitcoin could fall to $10K. But Jesse Powell remains very bullish saying he wouldn't bet against Bitcoin. News that received the most coverage was bankrupt Crypto lender Celsius getting cash-injection offers and the approval to sell mined Bitcoin. In addition, Coinbase faced new class suit over unauthorized asset transfers and Crypto broker Genesis cutting 20% of workforce as CEO Michael Moro exits.
Right over the hump on Thursday the price of Bitcoin closed at $23,212.74 and the outlook had a little ray of hope as Bitcoin got a little bounce; ETH news dominated. Jurrien Timmer said it's reasonable to view Bitcoin as cheap at these levels, but Peter Brandt said Bitcoin was forming a bearish pattern. News that received the most coverage was CME Group showing impeccable timing with the launch of its options on Ether futures. In addition, Bitcoin mining hardware firm Canaan is seeing 'prolonged headwinds' after challenging quarter and US lawmakers eye environmental impact of crypto mining.
As the week came to a close on Friday the price of Bitcoin closed at $20,877.55 and the outlook was down right bearish as $550MM in Crypto was liquidated with BTC and ETH plunging significantly. Capo and Lennix Lai were very bearish. News that received the most coverage was the market being liquidated and Hodlnaut cutting 80% of staff; applied for Singapore judicial management.
Follow Dat Money! $4B and counting
PODCASTS OF THE WEEK
- The Wolf Of All Streets: Tornado Cash: The Piece Of Code That Sparked A Worldwide Battle For Privacy And Freedom Of Speech
- What Bitcoin Did: Who Needs Bitcoin? With Junseth
- The Crypto Conversation: Bitcoin.com - Making crypto accessible to everyone
- The Wolf Of All Streets: Can The Ethereum Merge Spark A New Bull Market? Raoul Pal, Anthony Scaramucci and Mark Yusko
- Bitcoin Magazine: Navigating Government Control Of Bitcoin w/ Mathew Pines
WEEKEND NEWS
- Here are the three biggest crypto stories from last week (TB)
- TA- Bitcoin (BTC) Trades Above $20,800, Can Bulls Hold This Key Zone? (NewsBTC)
- 3 reasons why Bitcoin’s drop to $21K and the market-wide sell-off could be worse than you think (Cointelegraph | NewsBTC)
- Long Liquidations Hit $562M in 24 Hours (BIC | Bitcoinist | TB | Coindesk)
- Bitcoin Whale Suddenly Moves $107,000,000 in BTC – Here’s Where the Crypto Is Going (TDH)
- Investor Sentiment Falls As Crypto Market Sheds $100 Billion (NewsBTC)
- Capo: Crypto Trader Who Predicted Bitcoin Collapse This Year Issues New BTC Warning (TDH)
- Matt Hougan: Top Strategist at $1,300,000,000 Crypto Fund Says Bitcoin (BTC) Could Explode Over 2,200% – 5 years out (TDH)
- As $ETH Price Falls, Raoul Pal Says 2-Year Risk/Reward Is Getting ‘Really Attractive’ (Cryptoglobe)
- Bitcoin Price Drops Below Its 200-Week Moving Average, Peter Schiff Says ‘Still Time To Sell’ (Cryptoglobe)
- Voyager Customers Say No to Employee 'Retention' Bonus Bid (Coindesk | Blockworks | Cointelegraph)
- Bankrupt Lender Celsius CEO Owes Creditors Transparency, Crypto Lawyer Says (Coindesk)
- Canadian Regulator Issues New Rules on Exposure to Cryptocurrencies for Entities Under Its Supervision (BIC)
- Bitcoin donors fund and construct clean water well for 1,000 Nigerian villagers (Finbold)
- The Real Deal? Peter McCormack's Bedford Bitcoin Bet scores more than goals (Cointelegraph)
- Binance US Wins Money Transmitter License in Nevada (CryptoPotato)
- BIT Mining seeks to reassure investors as NYSE threatens to delist (TB)
- #FreeAlexPertsev: Protests Planned for Amsterdam Following Tornado Cash Developer’s Arrest (Coindesk)
- Canadian Bank Regulator Details Crypto Liquidity, Backing Rules (Coindesk)
