"If we all did the things we are capable of, we would literally astound ourselves."
- Thomas Edison
Happy Saturday Folks! Last week, Bitcoin was pulling back but now is above not only last week but the week before numbers. Currently Bitcoin is trading at $22,297.86 and the daily chart appears that it could pull back all the way below $20K if the 20 day SMA doesn't hold around $21K. I continue to believe that the bottom is in. Let's look back to see what all has happened this week!
Monday the price of Bitcoin was trading around $22,163.59 and the most covered news was the Crypto market reclaiming the $1T cap, ETH increasing by 70% since the June lows, Jed McCaleb sell pretty much all of his $XRP (which took him 8 years to do,) Edward Dowd (Former Blackrock Exec) saying Bitcoin 'will be part of everyone's portfolio,' Gemini cutting staff, and Paraguay Senate passing a bill to regulate crypto mining and trading; lots of stuff going on.
The question continued this week about if the bottom was in or not and Raoul Pal believes the worst is behind us, Kraken's research projects Bitcoin going to $322,478 IF (and that's a BIG IF) it surges 15x; prolly not gonna happen anytime soon. Other Analyst continue to be quite bullish on the asset, seeing a huge rally in the coming months and being a safe bet. However, some like CryptoQuant see it dropping below $20K on miner capitulation and Grayscale which says we have 250 days left IF the cycle repeats.
On Tuesday, the price of Bitcoin was trading around $22,237.46 and the most covered news was Brad Sherman making stupid statements about XRP and Ripple's general counsel having to correct him that no country, including the US, has determined XRP to be a security. There was a lot of positive news as Bitcoin was holding $23.5K leading bulls to say 'it's different this time' but in reality umm it's not.
By Wednesday, the price of Bitcoin was trading around $23,567.34 and the most covered news was Tesla, Tesla, Tesla. Good old paper hands Elon Musk decided to sell Bitcoin. However, that was done in Q2 (April, May, or June) and not this week. In addition, it was announced that Polygon achieved a major breakthrough in their zkEVM technology. Stablecoin regulation is a big story developing since multiple countries are working in collaboration on it.
Right over the hump on Thursday, the price of Bitcoin was trading between $22K and closed at $23,164.63. The most covered news of the day continued to be news about Tesla and Vitalik Buterin saying that Ethereum's merge testing is 90% complete. Blockchain.com cuts staff, Coinbase petitions the SEC to begin rulemaking on Digital Assets, and a former Coinbase employee was arrested on insider trading charges which led the SEC to classify 9 assets at Securities which was a HUGE overreach; more developing on that.
As the week came to a close on Friday, the price of Bitcoin was trading around $23.534.83 and the most covered news was 3AC founders tell Bloomberg 'the whole situation was regrettable' and Crypto to reach 1B users in 2030. The analysts remained somewhat neutral and Michael van de Poppe believes Bitcoin must crush $23.8K in order to continue it's recent rise.
It is my hope that you make the time to reach through some of this news, watch the videos, and listen to the podcast. Lots of jewels in all this information that might inform you on decisions YOU need to make for your financial future. None of the information I put out should be construed as ADVICE because it's not. Just because I believe the bottom is in doesn't mean it is - I could be right or I could be wrong; that's on me. What you do as a result that's on you.
PODCASTS OF THE WEEK
- The Crypto Conversation: Is Bitcoin Oversold? Indicators suggest yes
- What Bitcoin Did: Everything You Know About the Economy is Wrong with Jeff Snider
- TFTC: #344: The dollar is strong and the economy is weak with Luke Gromen
- Bankless: Merge vs. Macro with Travis Kling
- The Breakdown: The Future of the Bitcoin Energy Debate, Feat. Troy Cross
Get Text Alerts on the Most Important News by Texting CRYPTO to +1 (214) 380-2013.
WEEKEND NEWS
- Here’s what key players are saying as crypto closes the week in the green (TB)
- Will Crypto Bounce at Last? Analytics Firm Hints at One Key Catalyst Behind Recent Marketwide Rally (TDH)
- Bitcoin Funding Rate Remains Positive, More Decline Soon? (NewsBTC)
- 236K BTC Sold by Large Institutions Since Terra’s Implosion in May (CryptoPotato)
- Expect the next Bitcoin bull run in a year, says finance professional F. Grummes (Finbold)
- Ethereum price 'cup and handle' pattern hints at potential breakout versus Bitcoin (Cointelegraph)
- Ether Technicals Hints At Ultra-Bullish Breakout As “The Merge” FOMO Kicks In (ZyCrypto)
- $ETH: Head of PoS at BitOoda Explains Why Ethereum Will Flip Bitcoin (Cryptoglobe)
- Ethereum to Hit $14K in Less Than a Decade (Survey) (CryptoPotato)
- XRP Remains Ahead of Other Altcoins, Reaching Big Milestones This Week: Santiment (UToday)
- Cardano's 25% Price Surge in One Week Mercilessly Liquidated ADA Bears (UToday)
- Cardano Reaches New Milestone: 1760 Days Without Outages (UToday)
- 10,000 DOGE Up for Grabs on Binance: Details (UToday)
- Bitcoin network difficulty drops to 27.693T as hash rate eyes recovery (Cointelegraph | Bitcoinist)
- Proof-of-time vs proof-of-stake: How the two algorithms compare (Cointelegraph)
- Not just Bitcoin price: Factors affecting BTC miner profitability (Cointelegraph)
- Tesla Dumping 75% of Its Bitcoin Doesn’t ‘Mean Much,’ Says the World’s Richest Crypto Billionaire (TDH | Cryptoglobe)
- Elon Musk’s Tesla ‘Certainly Open To Increasing Its Bitcoin Holdings’ As DOGE Gains Edge (ZyCrypto)
- Raoul Pal: Former Goldman Sachs Executive Raoul Pal Says Crypto Markets on Verge of Reversal Based on One Macro Metric (TDH)
- Nicholas Merten: Crypto Analyst Predicts Unexpected Bitcoin (BTC) Rally That Fakes Out Bears – Here’s His Target (TDH)
- Citi: Bitcoin ‘Back With A Vengeance’ – Crypto Liquidity Crisis Is Over, Citi Report Suggests (Bitcoinist)
- Guy: Coin Bureau on Two Major Pieces of Good News for XRP (Cryptoglobe)
- SkyBridge Founder Anthony Scaramucci Still Likes Bitcoin ‘Long Term’ Despite His Fund’s Current Difficulties (TDH)
- Crypto Giant FTX Reveals Proposal for Customers of Embattled Firm Voyager To Cash Out Early (TDH)
- DeFi Researcher Reveals Better Security, Higher Yields, not much reduction in fees From Ethereum After ‘The Merge’ (ZyCrypto)
- Central African States Bank Board Urges Adoption of Uniform Digital Currency (BIC)
- Crypto Donations To Boost California Politicians’ Chance Of Winning In Elections (Bitcoinist | Blockworks)
