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It's Saturday Folks! The last week in Jan of 2023 and Bitcoin seems to be topping out with many still asking the all important question, was this a bull run or a bull trap? Let's recap the week, shall we?
Monday the price of Bitcoin closed at $22,934.43 and the sentiment was extremely positive to kick off the week. The most covered news of the day was Vitalik Buterin names one of Ethereum’s ‘biggest challenges,’ says improvement can be implemented fairly quickly.(6)
Podcast of the Day: When Main Street Banks Dabble in Crypto | Bloomberg Crypto
Tuesday the price of Bitcoin closed at $22,636.47 and the sentiment remained about the same as the day before. The most covered news of the day was Binance holding token collateral and user funds on same wallet by ‘mistake.’(6)
Podcast of the Day: Bitcoin Security + the Future of AI with Jameson Lopp | What Bitcoin Did
By Wednesday (Humpday) the price of Bitcoin closed at $23,117.86 and the sentiment still rocking positive. The most covered news of the day was BlockFi uncensored financials reportedly shows $1.2B FTX exposure; nope.(5)
Podcast of the Day: BTC114: Bitcoin is Banking & Electrifying the Developing World w/ Lyn Alden and Alyse Killeen | Bitcoin Fundamentals
Right over the hump on Thursday the price of Bitcoin closed at $23,032.78 and the sentiment was still going positive. The most covered news of the day was Coinbase gettting fined $3.6M in the Netherlands.(6)
Podcast of the Day: Bull Trap, or Bull Market? with Vance Spencer | Bankless
As the week came to a close on Friday the price of Bitcoin closed at $23,078.73 and the sentiment was hella positive. The most covered news of the day was Polygon flipping Ethereum for daily active addresses as $MATIC price surged 10% ahead of zkEVM network upgrade and spike in transactions.(4)
Podcast of the Day: Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF | Unchained
Bottom line: As I type Bitcoin is trading at $22,985.00; gained $144.40 for the week (M-F); however, it's right back to where it started on Monday. It's been performing well given the current state of affairs: Issues with Binance, Coinbase, FTX drama, the disaster CeFi continues to be, etc. Where to from here? On the weekly chart it appears to be running out of steam and a pull back would do it well. On the 4 hour chart, the bands are constricting once again and I anticipate a breakout sometimes next week if not on Monday; which way I don't know.
Well that is a wrap folks, if you'd like to be in the know throughout the day, join me on Wubits where I am constantly sharing my thoughts about the Crypto market and personal development type topics. It's a community where you can meet REAL people, make REAL connections, and have REAL conversations. Thanks again for reading, watching, and listening with me.
WEEKEND NEWS
Galaxy Digital’s Mike Novogratz says Institutions waiting for retail traders to jump in before eyeing Crypto. Crypto market resurgence produces over 44,000 new Bitcoin millionaires. Crypto market sentiment returns to Pre-LUNA crash levels as CZ predicts ‘existential implications’ for anti-crypto traditional finance. However, US gov’t $1.5T debt interest will be equal 3X Bitcoin market cap in 2023. Ripple CTO hints at Satoshi Nakamoto's identity and reason for enormous wealth untouched. UK denies Crypto companies the US lets operate.
Bitcoin eyes $25K as $BTC price nears best weekly close in 5 months. Data shows 50% of Bitcoin hashrate controlled by two mining pools: USA and Antpool. Loud North Carolina Crypto Miner PrimeBlock forces residents to relocate.
Bitcoin and Ethereum adoption rose 27% in 2022 despite poor market performance. 55% of Ethereum ($ETH) Holdings Now on These Two Exchanges. Ethereum ($ETH) has ‘most compelling growth outlook’ in 2023, says CoinShares survey.
Tether’s $USDT market dominance touches new high, $BUSD supply drops $2B. Ripple announces new President as $XRP lawsuit conclusion looms. Ripple leads the way in creating first Digital Currency for Montenegro.(4) Cardano records 50,000 new wallets and Charles Hoskinson indicates things are moving quickly, tons of DApps coming online. Can Cardano hit $1 in February? ADA price catalysts to look out. Dogecoin community stunned by McDonald's refusal to go viral with $DOGE. Polygon ($MATIC) at $1.15 as strong on-chain developments continue. Whales Are Pouncing on Litecoin, Polygon and Two Ethereum-Based Altcoins, Says Analytics Firm Santiment. Justin Sun wants Tron’s $TRX to be adopted as legal tender in 5 countries.
Galaxy Digital CEO Mike Novogratz: ‘We Need To Cheer for Binance.’ WazirX says Binance lied about ownership as dispute about India’s largest exchange escalates.
White House cryptocurrency ‘roadmap’ recommends against pension funds. IRS reminds taxpayers of crypto income reporting ahead of 2022 filing. SEC Chair Gary Gensler says there are three ways to tell if a Crypto project is a scam.(2) Panama’s Supreme Court to rule on cryptocurrency legislation.
Genesis Capital’s fall might transform crypto lending — not bury it.
Prosecutor seeks to restrict Bankman-Fried's bail terms after apparent attempts to influence witnesses.(9) Sam Bankman-Fried seeks right to transfer FTX's Crypto.(2) What the FTX creditor matrix does — and doesn’t — tell us about the exchange’s bankruptcy.
