Bitcoin Price: “Just woke up. Who sold?" Monday Market Report | August 14th - 21st, 2023
📢 Weekly TL;DR
Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Having spent half the week IRL at Futurist Blockchain 2023, we can assure you that this community has never felt more vibrant and optimistic... So what happened to principate this price adjustment? Well for one--
- Several of the largest companies operating in the largest ‘asset class’ in the world (Chinese Real Estate worth roughly $43T) seem to be teetering on the brink of insolvency. Following an emergency meeting, the People’s Bank of China has lowered rates, casting wide gloom over the global economy,
- Musk’s Space X may be selling/sold or ‘marked-down their bitcoin?
- Grayscale’s bid to convert their product into an ETF has run into... The SEC.
- Genesis’ Chapter 11 woes continue...
- Overleveraged traders met the perfect quadruple punch. (See 1-4 above.)
Crypto Traders Suffer $1B in Liquidations in Sharp Sell-Off for Bitcoin, Ether
It appears that heavy selling exacerbated a cascade of bullish options liquidations, which alongside a spate of bad news, ‘explains’ the recent price correction—in CoinDesk’s words: “The liquidations occurred as prices fell during Thursday afternoon U.S. hours (…) amid financial markets jitters with crumbling foreign currencies, Chinese economic worries and bond yields ripping to multi-year highs." CoinDesk
Meanwhile, according to Bloomberg, the SEC may be set to approve the first Ethereum Futures ETFs as soon as this fall. Decrypt
And finally, Mastercard has ‘convened’ Ripple Labs and Consensys to build out a CBDC partner program... For whom, you ask? Why, for themselves! Mastercard provided little more than the announcement itself, noting that: “CBDCs shouldn’t be adopted in a vacuum, and the work of (Mastercard’s) CBDC Partner Program will “help central banks understand how to develop a CBDC that adds something new and valuable to the economy.” The Block
“Just woke up. Who Sold?” credit goes to https://twitter.com/ReetikaTrades
📰 Other Community News
In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:
- Argentina’s bitcoiner candidate Milei engages IMF in economic talks after shock primary win Toronto Star
- Why did Bitcoin drop? Analysts point to 5 potential reasons Cointelegraph
- Ethereum developers to debut new testnet 'Holesky' next month The Block
- SEC Wins Right to File Motion for Appeal in Ripple Case. Unchained
- No, Elon Musk's SpaceX Isn't the Cause of This Multi-Billion-Dollar Bitcoin Bloodbath CoinDesk
- US Lawmakers Press SEC and FINRA on Prometheum Approval Unchained
For more new stories, visit our LinkedIn
📈 Weekly Moves
- The global cryptocurrency market has reached a total market capitalization of CAD $1.43 Trillion.
- Bitcoin continues to lead the market with a dominance of 48.0%, followed by Ethereum at 19.1%.
- Bitcoin is currently the top trading pair on NDAX, followed XRP, Ether, Shiba Inu, Stellar and Dogecoin.
- Over the past 7 days, the value of Bitcoin (BTC) has decreased by 10.58% and is currently being traded at $35,299. Ethereum (ETH) is down 8.54% during the same period and is now being traded at $2,268.
As of 08/21/2023 2:00 AM EST, values in CAD.
Keep an eye on the market here 👉 Cryptocurrency Prices
📅 Upcoming Events
Mark your calendars!
- Aug 25 – CME expiry
- Sept 1 – 1st SEC Deadline for BlackRock iShares ETF
- TBD – SEC Eth Futures Deadlines
📖 Educational Resources
Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:
China has posted some troubling economic data of late, leading many macro commentators to call attention to the concerning developments. In today's episode, NLW provides a primer on the past few years of wobbles, issues in the real estate sector, and the CCP's lack of good options. – The Breakdown w/ NLW – A Primer on China's Current Economic Turmoil
Brian Roemmele is the founder, editor and CEO of Multiplex, a publication focusing on artificial intelligence and existing and emerging technologies. The scientist, researcher and analyst, has been exploring AI since he was a teenager in the 70's and 80's, and has built and run hundreds of payments and tech businesses. - Briam Roemmele: Where Bitcoin and Artificial Intelligence Intersect
Preston Pysh interviews the founder of Nashville’s Bitcoin Park, Mr. Rod Roudi. They discuss the importance of local gatherings and education to help teach not only the public, but also the policy makers. - Bitcoin Fundamentals w/ Preston Pysh - BTC143: LOCAL BITCOIN EDUCATION & MEET-UPS W/ ROD ROUDI
- Bitcoin Magazine Books adds a new author in its growing lineup. This title explores various forms of fiat debasement and how Bitcoin offers a glimmer of hope. - Bitcoin Magazine - BITCOIN MAGAZINE BOOKS ANNOUNCES NEW RELEASE: 'FIAT RUINS EVERYTHING' BY JIMMY SONG
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