"This is the precept by which I have lived: Prepare for the worst; expect the best; and take what comes."
–Hannah Arendt
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Happy Saturday Folks! Last week continued to be 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 the entire week. As I type Bitcoin is trading at $29,274.21 and for the week (M-F) Bitcoin rose $142.33; but week over week it's down $594.04. The best performing asset in the past 7 days was $DOGE - up 8.89% and remains in position #7 on Coinmarketcap.com. Last week the Fear and Greed Index was at 52 and today it's 52; nothing is going on with price.
Most covered news this week was about WorldCoin. Initially I thought this might be a good product, but at the week continued the worse the project sounded when you take into consider all the angles this could go bad. In addition, the U.S. House passing multiple bills might be good for Crypto but the fights within congress are brutal as always. At the end of the day it's just postering because for any bill to reach President Biden's desk would take an act of God. Lastly, it does appear the bull run is remaining intact supported by 3 key events upcoming: The approval of multiple Bitcoin ETFs, the Bitcoin halving in Apr 2024 (my birthday month!), and tick tock next block, as hash rate continues to rise - so will the price. Remember this equation:
21M Fixed Supply + Massive Demand = Number Go Up!
Podcasts were okay this week, I highly recommend the Bitcoin Fundamental Podcast as Scott Lindberg talks about Bitcoin's game theory. 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 $29,176.92 and the most covered news of the day was Crypto exchanges Binance, Huobi, Bybit and OKX have listed Worldcoin's WLD token.(15)
Podcast of the Day: 180 - Worldcoin’s Sam Altman & Alex Blania on Crypto's Most Ambitious Project | Bankless
Tuesday the price of Bitcoin closed at $29,227.39 and the most covered news of the day was The U.K.'s data watchdog, the Information Commissions Office (ICO), examined Worldcoin, a project by OpenAI CEO Sam Altman.(9)
Podcast of the Day: Two VCs on Why This Is the Perfect Time to Invest in Crypto | Unchained
By Wednesday (Humpday) the price of Bitcoin closed at $29,354.97 and the most covered news of the day was Binance, the largest crypto exchange by trading volume, planned to introduce its full service in Japan in August, according to CEO Changpeng "CZ" Zhao. (5)
Podcast of the Day: BTC140: Game Theory and Bitcoin w/ Scott Lindberg | BF
Right over the hump on Thursday the price of Bitcoin closed at $29,210.69 and the most covered news of the day was Two crypto regulatory bills (Financial Innovation and Technology for the 21st Century Act & Blockchain Regulatory Certainty Act) have been passed by the United States House Financial Services Committee United States in one day; huge win for Crypto.(11)
Podcast of the Day: Read_752 - Bitcoin Becomes the Flag of Technology [Balaji S. Srinivasan] | Bitcoin Audible
As the week came to a close on Friday the price of Bitcoin closed at $29,319.25 and the most covered news of the day was Grayscale’s ETF was previously knocked back by the Securities and Exchange Commission. Now the fund manager wants it and competing ETFs approved together so none have an advantage; arguing that so-called surveillance-sharing agreements with Coinbase would neither satisfy or be necessary under the current standard used by the regulator.(7)
Podcast of the Day: Read_753 - Bitcoin Timestamp Security [Jameson Lopp] | Bitcoin Audible
WEEKEND NEWS
CME Group’s bitcoin futures market saw monthly volumes hit their highest level of the year and with one day left in the monthly, the market’s volumes topped $53.3 billion.
Sanitment believes Bitcoin’s social dominance indicates “fear” and this could potentially trigger an upward move in its price. Lightning Network has faced criticism over its complexity and user reliance on custodial solutions but remains a promising scaling solution for Bitcoin, according to Casa CTO Jameson Lopp.
BitMEX co-founder Arthur Hayes says the price of Ethereum (ETH) stands to benefit immensely from artificial intelligence (AI) technology.
SBI VC Trade, the cryptocurrency exchange arm of Japan’s financial giant SBI Group, reportedly unveiled its plans for Ripple’s On-Demand Liquidity (ODL) product in Japan. The company intends to use XRP for cross-border payments.
Elizabeth Warren reintroduces the Digital Asset Anti-Money Laundering Act (DAMLA) with backing from banking policy group.
Sources:
CME Bitcoin Futures (TB)
Bitcoin Lightning (TB)
Bitcoin Indicators (TDH)
Ethereum Price (TDH)
Japan using ODL (Cryptoglobe)
Digital Asset Anti-Money Laundering Act (TB | Cointelegraph)
