"We all have ability. The difference is how we use it."
–Charlotte Whitton
Powered by Orange Pill App - Stack Friends Who Stack Sats
Note: If you find value in this brief leave me a comment
READ
Happy Saturday Folks! Last week was a flat and boring week for Bitcoin and the broader market! The news cycle overall is just bland right now and that means something is brewing. Price action was meh as it remained under $30K for most of the week. As I type Bitcoin is trading at $29,868.31 and for the week (M-F) Bitcoin dropped $271.83; week over week it's down $460.33. The best performing asset in the past 7 days continues to be was $XRP - up 6.29% and is has inched up to position #4 on Coinmarketcap.com. Last week the Fear and Greed Index was at 56 and today it's 52; fear is creeping in.
Most covered news this week was about the ETH Whale from the ICO days awakening 61,000 ETH and Tesla HODLing their Bitcoin Stash. Outside of price, Binance adding Lightning Network is a good thing but there is a lot of concern about Binance as an exchange and if it will thrive as they lay off workers; Travis Kling believes the walls are closing in on CZ. In addition, the couple that hacked Bitfinex have come to a plea deal; the end of that saga. Podcast were okay this week, none really stood out but Bitcoin Fundamentals is always a good podcast to check out. Well there ya have it folks a little different format and I hope you enjoy it. You can get into the weeds below.
Thanks for reading, watching, and listening with me each and every week!
THE WEEDS
Monday the price of Bitcoin closed at $30,145.89 and the most covered news of the day was Binance completes integration of Bitcoin Lightning Network.(4)
Podcast of the Day: Riding the Waves of Enlightenment: Surfer Jim's Quest for Bitcoin, Legacy & Inner Wisdom | Bitcoin Matrix
Tuesday the price of Bitcoin closed at $29,856.56 and the most covered news of the day was Binance Slashes Worker Benefits as Profit Falls and cuts benefits for workers.(3)
Podcast of the Day: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress | Unchained
By Wednesday (Humpday) the price of Bitcoin closed at $29,913.92 and the most covered news of the day was about a wallet that received over 61,000 ether (ETH) in the initial coin offering (ICO) eight years ago, transferred the entire amount to a wallet on Wednesday, blockchain data shows. The wallet is said to belong to crypto exchange Kraken.(5)
Podcast of the Day: BTC139: Educating the World On Bitcoin w/ John Dennehy (Bitcoin Podcast) | BF
Right over the hump on Thursday the price of Bitcoin closed at $29,792.02 and the most covered news of the day was after purchasing $1.5 billion worth of Bitcoin in 2021, Tesla sold 75% of it in 2022 and is now hanging onto its remaining $184 million Bitcoin stash.(5)
Podcast of the Day: BlackRock & the Bitcoin Signal with Preston Pysh & Matt Odell Live | WBD
As the week came to a close on Friday the price of Bitcoin closed at $29,874.06 and the most covered news of the day was about a couple that was accused of laundering funds drained from crypto exchange Bitfinex in a 2016 hack entering a plea agreement with U.S. authorities, court filings showed.(3)
Podcast of the Day: Why the SEC Doesn’t Want the Ripple Case to Go to the Supreme Court | Unchained
WEEKEND NEWS
A recent study conducted by CryptoVantage estimated that 23% of US residents expect bitcoin to climb to its all-time high price of almost $70,000 by the end of 2023. 47% think this would happen in the next five years. Widely followed on-chain analyst Willy Woo believes that Bitcoin (BTC) is almost ready for a burst to the upside. “The institutional pie is getting bigger,” Anchorage Digital co-founder and president Diogo Mónica said in an interview with The Block earlier this month. Ripple applied for a registration as a crypto asset firm with the United Kingdom's Financial Conduct Authority (FCA) after its partial win against the U.S. SEC. According to court documents, the SEC stated it is now “considering the various available avenues for further review” on the ruling. However, the founder of Crypto Law believes a potential appeal from the U.S. Securities and Exchange Commission in the Ripple Labs case is not a setback for XRP so, “don’t let anyone underestimate how significant this win is for XRP, XRP holders and Ripple,” John E. Deaton stated. Brad Garlinghouse responded to the ongoing battle between Ripple Labs and the U.S. Securities and Exchange Commission via a pair of tweets on Saturday, says “the SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction” and “It’s absurd to blame a Judge for faithfully applying the law,” he said. A decentralized finance (DeFi) protocol built on top of the smart contract platform Ethereum (ETH) has been hacked to the tune of about $3.2 million.
Sources:
Bitcoin ATH (CryptoPotato)
Bullish Bitcoin Move (TDH)
Institutions are coming (TB | Cryptoglobe)
Ripple UK License (Cointelegraph | Cryptoglobe)
SEC Appeal (Cointelegraph)
SEC Appeal won't be a setback (TB | Finbold | Cryptoglobe | Cointelegraph | UToday)
SEC Mess (TB)
DeFi Hack (TDH)
