"Your overnight success story is always a result of everything you have done in your life until that moment."
–Bel Pesce
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It's Saturday Folks! Coming off a crazy week before this week was a bit more tame and lame. Still reeling from the FTX debacle but there was a variety of other things happening that you shouldn't miss. Bitcoin started the week trading around $17.7K and now it's about $16.6K heading south; I continue to believe $20K before $10K. Let's recap the week, shall we?
the price of Bitcoin closed at $17,206.44 and the sentiment was leaning hopeful before the FOMC meeting; some hints of bearishness due to the first yearly "bearish engulfing candle." The most covered news of the day was finding out Do Kwon is hiding in Serbia.
Podcast of the Day: Don't Fall For The Bear Market Rally | Weekly Roundup | On The Margin
the price of Bitcoin closed at $17,781.32 and the sentiment turned positive right before the Fed made it's announcement and reversed quite quickly; buy the rumor - sell the news event. The most covered news of the day was SBF being arrested in the Bahamas and the coverage of the Fed raising interest rates another 50 basis points.
Podcast of the Day: SBF ‘Loaned’ the CEO of The Block $43M | The Breakdown
Wednesday (Humpday) the price of Bitcoin closed at $17,815.65 and the sentiment was again bullish then bearish; still it's outperformed the financial markets in 7 out of the last 10 years. The most covered news of the day was Bitcoin's price action.
Podcast of the Day: BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew & Phil Geiger (Bitcoin Podcast) | Bitcoin Fundamentals
Right over the hump on the price of Bitcoin closed at $17,364.87 and the sentiment was turning bearish and fast. Bitcoin bearish divergence could spell doom for the rally and it did. The most covered news of the day was Crypto whales stockpiling and accumulating more Bitcoin.
Podcast of the Day: SLP442 Joe Burnett Bitcoin Long Term Security and why ETH is doomed | Stephan Livera
As the week came to a close on the price of Bitcoin closed at $16,647.48 and the sentiment was bearish with no Santa Claus rally in sight. The most covered news of the day was Stellar partnering with UNHCR to give Ukrainian refugees cash via USDC.
Podcast of the Day: The Bitcoin Philosophy ‘Ich bin ein Bitcoiner’ with Mark Jeffrey | The Charlie Shrem Show
Bottom line folks Bitcoin is not out of the woods yet but things are looking better. The spread and knock on effect of the FTX saga, has me wondering whose pockets FTX wasn't in. At the end of the day, this too shall pass and once it does, what will be the narrative then? How many will say... "I wished I_______?" Only you know what is best for you and your finance, read, watch, and listen with me and that should give you some idea. I had a great show on Thursday, revealing the top 5 Bitcoin Mayors so take a watch!
WEEKEND NEWS
