"The reward for work well done is the opportunity to do more."
–Jonas Salk
Powered by Wubits - better than X because it's real people, real connections, and real conversations.
READ
Happy Saturday Folks! Last week Bitcoin was down about $1K, giving back the previous weeks gains but this week is a totally different story. As I type Bitcoin is trading at $29,800.87 and for the week (M-F) Bitcoin was up $1,329.60; week over week it's up $2,943.57. The best performing asset in the past 7 days was $SOL - up 33.30% in position #7 on Coinmarketcap.com. Last week the Fear and Greed Index was at 47 and today it's 63; Full blown Greed!
Keep reading, watching, and listening with me each and every week!
MY HOT TAKE
What a difference one week can make; remember we are still in "Uptober" and for those who haven't been around for long you see why we call it that right?
Nothing big really stood out this week as the big story of the week but the pricing melting up will become the story if we break and hold above $31K before the end of Uptober. That said, I did write up a curated piece on Wubits telling folks "It's Time" if you have time you will want to check out the sentiment surrounding the Bitcoin ETF.
Bitcoin dominance on Coinmarketcap.com is 51.5% and ETH is 17.1. Solana is crushing them both, not in dominance but in performance, up a HOT 33.30% this week. Not all Altcoins are getting shredded by Bitcoin. Speaking of Altcoins, I guess there was big news this week that the case against Brad Garlinghouse and Chris Larsen was dropped by the SEC; however the case against $XRP being a security is still in play.
Next week starting on Thursday the briefs might be a bit anemic as I will be focused on an IT project I have from the 26th - 7 Nov I will be on travel. 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 $28,275.60 and the most covered news of the day was Cathie Wood believing that SEC Chair Gary Gensler was standing in the way of Bitcoin ETFs getting approved.(3)
Podcast of the Day: What Jim Cramer Doesn't Get About Bitcoin | The Breakdown
Tuesday the price of Bitcoin closed at $28,493.30 and the most covered news of the day was Coinbase suspending 80 non-USD trading pairs to improve liquidity.(3)
Podcast of the Day: SEC Doesn't Appeal Grayscale Decision: What It Means | The Breakdown
By Wednesday (Humpday) the price of Bitcoin closed at $28,260.00 and the most covered news of the day was Bitcoin price continuing to show strength by hitting an intra-day high at $28,516 even as macroeconomic headwinds in the United States continue to weigh on investor sentiment; exchange reserves hit multi-year low.(3)
Podcast of the day: The Debt Event Horizon & Bitcoin w/ Jesse Myers | Bitcoin Fundamentals
Right over the hump on Thursday the price of Bitcoin closed at $29,168.20 and the most covered news of the day was Bitcoin price could rise to $56,000 if BlackRock ETF approved: Matrixport(3) and Finland works on instant payments system, embraces digital euro.(3)
Pocast of the Day: Basics_008 - How to Buy Bitcoin | Bitcoin Audible
As the week came to a close on Friday the price of Bitcoin closed at $29,605.20 and the most covered news of the day was LBRY Inc., a key player in the crypto space, has lost its legal battle with the SEC, facing massive debts and despite the company's closure, the survival of the LBRY network depends on its continued widespread use.(3)
Podcast of the Day: Here Comes Bitcoin with Steve Lee & Haley Berkoe | WBD
WEEKEND NEWS
Crypto spot volumes pick up amid bitcoin rally. Bitcoin's price rose by 10% in the past week, marking the strongest weekly performance since June due to Bitcoin ETF speculation and the top cryptocurrency's price reached the $30,000 mark multiple times, aligning with asset management firms' Bitcoin ETF applications. However, Tone Vays that despite BTC’s 10% surge this week, he does not believe the king crypto will hit the $32,000 level.
Investment banking giant Morgan Stanley published a report on Tuesday arguing that Bitcoin (BTC)’s upcoming halving event in six months may be the dawn of a new bull market.
BeInCrypto outlined the special features of this cycle and events that have never happened before:
- Hash rate breaks all-time highs (ATH) during bear market
- Supply in the hands of long-term hodlers (LTH) reaches an all-time high of 76.2%
- Governments in many countries are mining BTC
- Lightning Network reaches over $150 million
- BTC adoption reaches unprecedented levels, and more and more companies accept cryptocurrency payments
Bitcoin core developer Antoine Riard believes the Bitcoin community faces a "hard dilemma" as a new class of replacement cycling attacks threatens the Lightning Network.
Lawrence White, a prominent professor of economics at George Mason University, has highlighted a potential future security threat that faces Bitcoin (BTC). “At some date 100 years from now, there will be no more Bitcoin created, so it would be all transaction fees, and people worry that that might not be enough to get enough miners to keep the system secure,” he cautioned.
