"A champion is someone who gets up when he can't."
–Jack Dempsey
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Happy Saturday Folks! Last week believe it or not Bitcoin barely budged and same for this week. However, we did get some volatility. As I type Bitcoin is trading at $26,965.14 and for the week (M-F) Bitcoin was up $536.00; week over week it's up $385.65. The best performing asset in the past 7 days was $TRX - up 6.11% in position #10 (replacing $TON) on Coinmarketcap.com. Last week the Fear and Greed Index was at 47 and today it's 47; still neutral. A bit of a plug to Wubits the social platform that I consider better than X.com. If you use the link above it will help me out and introduce you to a better place to socialize on the web.
Thanks for reading, watching, and listening with me each and every week!
THE MONTH WRAP
Here is my hot take: As this month draws to a close we expected it to be a snoozer if not a down right loser; typically performs horribly for the price of Bitcoin. However, it started off at 26,082.40 and today it's up nearly $1k. For the past 6 years the month of September was a loser but it's appearing we might be repeating 2016 where Bitcoin was up 6% and 2015 it was up 2.35%. October on the other hand is normally called Uptober because we've seen 20-30% gains on average - as high as 60% back in 2013 followed by 47.81% in 2018.
We started off the month in FEAR (39) and we are now neutral (47) so that's good right? Heading in the right direction. This most covered news covered a range of topics from OnlyFans diversifying into ETH, the legal cases with the SEC, SBF, FTX, and Ripple, and the constant focus on when a Bitcoin Spot ETF would be approved and the approval of Ethereum Futures ETFs.
We saw BITGO providing custody services in Korea and the accounting regulation changed to allow corporations to report their Bitcoin in a way that doesn't mess up their financial reports. Could we see more corporations adopt Bitcoin as a treasury reserve? Fingers crossed if Michael Saylor can convince them. Speaking of Saylor he smashed the buy button once again, adding 5,445 to MicroStrategy coffers which puts them nearly at 160K $BTC; crazy or a genius there will be no in between for that guy.
Not only were legal cases a bit area of focus, Attacks/Hacks/Scams were also because it appears there is zero end to folks getting bamboozled by the bad guys. Target number 1 was both Vitalik and Mark Cuban, you would think these guys were better protected but you would be wrong. It's imperative that you check your security on a regular basis because you can never be too careful. Speaking of being careful, Paxos wasn't when they paid F2 Pool a whopping $500K for a $BTC transaction; good thing F2 Pool was feeling kind and gave it back.
Lastly, Ethereum's next update to Cancun-Deneb got some good press but their test net didn't launch as expected and that caused a little bit of drama. To cap off the drama, our good friend (just kidding) BitBoy decided to get himself arrested and that just created a shitstorm of coverage in the media and on X; folks just can't resist talking about him as I am right now. Okay I am done, are you ready for Uptober?! If not get ready because it's about to get LIT!
THE WEEK RECAP
the price of Bitcoin closed at $26,367.80 and the most covered news of the day was all about Mixin Network suspending it's services after a hack involving $200 million in funds and Mixin Network founder, Feng Xiaodong, saying just half of its users' assets were safe after the hack. Mixin's founder, immediately outlined a compensation plan but would only reimburse up to 50% of users' assets.
Podcast of the Day: Bitcoin Bull Market Is Coming | Haseeb Qureshi |
the price of Bitcoin closed at $26,270.30 and the most covered news of the day was about Crypto influencer Ben Armstrong (BitBoy) arrested trying to confront former business partner. X blew up over this nonsense and many felt that had to cover the story since BitBoy commands such attention. If you ask me, he accomplished his mission because once again we are talking about him.
Podcast of the day: Read_767 - Pay Me in Bitcoin Theory | Bitcoin Audible
Wednesday (Humpday) the price of Bitcoin closed at $26,364.00 and the most covered news of the day was Bitcoin mining news as Marathon reportedly mined invalid BTC block and Texas is home to nearly 30% of all Bitcoin hash rate — Foundry.
Podcast of the Day: BTC149: Parallels to the Roman Empire w/ Dr. Peter St. Onge | Bitcoin Fundamentals
Right over the hump on the price of Bitcoin closed at $26,950.70 and the most covered news of the day was about Ether futures exchange-traded funds (ETFs) starting to possibly trade for the first time in the United States as early as next week, according to Bloomberg analysts James Seyffart and Eric Balchunas.
Podcast of the Day: Fidelity's Bull Case For Ethereum | Bankless
As the week came to a close on the price of Bitcoin closed at $26,903.80 and the most covered news of the day continued from the previous day as ETH ETFs dominated the news. VanEck is getting ready for ETH Futures ETF, Valkyrie is offering exposure, and Bitwise plans to trade ETH Futures ETF on Monday; meanwhile the SEC continues to delay on the Bitcoin Spot ETF by shutting the door on BlackRock as well.
Podcast of the Day: Chat_85 - Bitcoin HyperDecentralization with Zack Bomsta | Bitcoin Audible
WEEKEND NEWS
Ethereum Traders Bet $450M as Bloomberg Analyst Hints ETF Approval – Can ETH Price Reclaim $2,500? Based on the key data points analyzed above, ETH price could reclaim $2,500 if ETF approval does trigger the anticipated spot market reaction. VanEck to donate 10% of Ethereum Strategy ETF profits to core protocol contributors. Meanwhile, SEC continues filing frenzy, delaying bitcoin ETFs from Fidelity, VanEck and WisdomTree.
BlockFi says it's taken major step toward emerging from bankruptcy. Terra's Do Kwon Admits to Faking Trading Volume in Leaked Chat: Court Docs
Roughly 2,500 ether ($4 million) connected to last year’s FTX exploit have been moved in multiple privacy-focused transactions. A resident of Westport, Connecticut, received advice to move funds from a retirement account to a crypto platform and the victim thought that the platform in question was affiliated with Kraken, and deposited more than $3 million.
THE WEEDS
- Ethereum (
Legal Cases
- BlockFi (
- Do Kwon (
Attacks/Hacks/Scams
Cointelegraph
- Connecticut (
