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Happy Thursday. What a week so far! Big market moves and tons of awesome and interesting stories. Let’s jump right into it.
Market Weekly Snapshot:
Well, that was fun. Here’s the rundown, a short squeeze propelled Bitcoin from $29,500 to over $40,000 within a week. Over $1 billion dollars in shorts were liquidated within a day. Other bullish news pushed the market higher as well, rumors swirled that Amazon may soon start accepting cryptocurrencies and bullish remarks from Elon Musk during the B-Word conference helped fuel a remarkable rally in the crypto market.
Altcoins were not left behind and pumped alongside Bitcoin. Here’s what needs to happen for the good times to continue. Like it or not, altcoin investors need to track the performance of the big orange coin as well. Bitcoin continues to get rejected at the $41K level, a confirmed, sustained breakout above that level may very well lead to additional moves to the upside for the entire market.
The demarcation line seems to be set at $35K, a break below this level may invalidate the current bullish trend and lead to further downside.
It’s incredibly difficult to predict short-term movements in the crypto world. As always, dollar cost average, HODL, and don’t invest more than you can afford to lose.
This week’s best news:
Elizabeth Warren is about to get a lot of hate on Twitter. Senator Warren urges ‘Coordinated and Holisitc’ response to ‘Dangers’ of crypto
Mining difficulty increase is on the way ⛏️ Bitcoin mining difficulty to increase for the first time since the China mining crackdown
Is your coin part of the magnificent seven? 💳 Mastercard chooses 7 crypto startups for Start Path accelerator
Ethereum and Cats 🐈, a match made in heaven. Cats cause chaos on Ethereum again as Mila Kunis’ project sells out in 35 minutes
Robinhood doesn’t get crypto. Robinhood reportedly testing features to protect crypto investors from volatility. “To protect your orders against price volatility, we may sometimes skip your recurring orders or buy less than your chosen amount.”
Please do not leave crypto on exchanges. ✂️ Binance cuts withdrawal limits, rolls out tax reporting tool
Have you applied to Binance’s open CEO role? Binance CEO CZ is looking for his replacement as exchange gets regulatory house in order
Surprise. Surprise. The internal monetary fund doesn’t like crypto. Cryptoassets as national currency? A step too far
Does your dog like Burger King? Burger King Brazil will accept Dogecoin for ‘Dogpper’ dog food. Each tasty treat will cost 3 DOGE or roughly 60 cents
Any Blockfolio fans here? Well it’s got a new name and managing company. Blockfolio rides off into the sunset, but it’s a new dawn for FTX App
Spoiler alert, in since deleted video, Uniswap says it’s talking with PayPal, Robinhood, and more
Ethereum’s big day is almost here, the London hard fork is coming and Ethereum devs grapple with worst-case scenarios
Crypto is dead for the 485th time. ‘Tulip Bulb’ Crypto Has ‘No Inherent Worth,’ Man Group CEO Says
What a wild week for crypto! 🚀 Bitcoin’s short squeeze from $29.5K to over $40K was insane, wiping out $1B in shorts—talk about a power move! The altcoin pump, fueled by Amazon crypto rumors and Musk’s B-Word hype, kept the party going. Your point about watching Bitcoin’s $41K resistance and $35K support is spot-on; those levels are make-or-break for the market’s next leg. The news roundup is 🔥—from Ethereum’s chaotic cat NFTs to Burger King’s Dogecoin “Dogpper” treats (3 DOGE for 60 cents? My pup’s in!). Elizabeth Warren’s crypto jab and the IMF’s shade aren’t surprising, but the market’s resilience is. For more on Bitcoin, Ethereum, and altcoin price action, check out Coinography. Which of these stories has you most excited—or skeptical—this week? 😎