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Happy Saturday Folks! Last week Bitcoin was down nearly $2K and as I type Bitcoin is trading at $42,761.42 and for the week (M-F) Bitcoin was down $4,007.60; week over week it's down $1,003.59. The best performing asset in the past 7 days was $ETH - up 13.45% in position #2 on Coinmarketcap.com. Two weeks ago the Fear and Greed Index was at 70 and today it's 64.
Keep reading, watching, and listening with me each and every week!
MY HOT TAKE
Most covered news of the week was all about the Spot Bitcoin ETF that got approved on Wednesday. It was a despicable launch but it launched and now we wait to see the funds flow in. It broke all records of ETF launches and that's no surprise. The price of Bitcoin wicked all over the place, one minute it's up $2,000 and the next it's down $2,000. Net/net it was only down about $1K since last week but if you were watching this in real time it feels worse right? I mean from M-F it's down $4K.
Of course if you listen to all the talking heads you'd think it was heading to the moon! $150K by end of this year is what said and Cathie Wood is talking $1.5M by end of this decade. If you ask me, keep dollar cost averaging, buying the dips, and HODL. Bitcoin remains the best savings technology on the planet so share this with nocoiners and if they don't believe you ask them this: What was the price of Bitcoin 15 years ago? $0. How much is it today? $42K. Nuf said.
Well that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
THE WEEDS
the price of Bitcoin closed at $46,805.50 and the most covered news of the day was about the S-1s being filed by the ETF applicants and the fee fiasco.
Podcast of the Day: The Bitcoin ETF: Bitcoin's Bullish Catalyst |
the price of Bitcoin closed at $46,156.30 and the most covered news of the day was Jim Cramer saying the market is topped out and the SEC sending out a tweet saying the ETFs were approved and then saying nope we were hacked!
Podcast of the Day: 204 - What is Bitcoin? with Robert Breedlove | Bankless
Wednesday (Humpday) the price of Bitcoin closed at $46,415.10 and the most covered news of the day was all the news about the launch of the ETFs and the price going all over the place.
Podcast of the Day: #1292 Mitchell Askew | Will Bitcoin ETF or Bitcoin Halving Be More Impactful?
Right over the hump on the price of Bitcoin closed at $45,949.70 and the most covered news of the day was the fallout from the botched ETF launch and Circle (USDC issuer) deciding to IPO.(4)
Podcast of the Day: #1293 James Seyffart | Bitcoin ETF APPROVED: What You Need To Know |
As the week came to a close on the price of Bitcoin closed at $42,817.90 and the most covered news of the day was asking the court to delay his trial.(4)
Podcast of the Day: BITCOIN SPOT ETFS APPROVED! A New Era of Bitcoin Has Begun | The Breakdown
WEEKEND NEWS
As the SEC continues to grapple with the fallout from the hacking of it's X account and denying any involvement - Vanguard, Vanguard, Vanguard why so hypocritical? It appears that has retrieved public data on CNN Business from the leading Bitcoin mining companies in the United States, which feature The Vanguard Group, Inc. as a major shareholder in most of them. Interestingly, the mining sector profitability is highly dependent on Bitcoin’s price action and, thus, volatility.
Smart money is flowing into ETH and it was the best performing asset this week so that makes sense.
