As we expected, Bitcoin is now hovering around the $21k mark, after briefly dipping below $18k on Saturday. The big question…
Is this the bottom?
It's likely there’s still potential for further downside as more leverage gets washed out of the system. The Three Arrows Capital situation, in particular, is not resolved yet.
That said, for long term buyers with any dry powder left, $15-22k represents a good buying range. Analyzing historical Bitcoin crashes teaches us that we might not be quite at the bottom, but if you can accumulate in this range, you will do very well in the long run.
I told you so
Unsurprisingly, we're starting to see the latest batch of "I told you so", smart-ass headlines.
This is the time when the bears briefly get to look smart and the naysayers have their day.
Bear markets can be scary, especially if this is your first.
It's important to zoom out and remember the big picture. We've been here before, and bear markets represent opportunity.
Weekly Projects to Watch
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- e-Radix ($EXRD) ⬆️ 0.5%
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Top small cap risers by overall rank
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- Scry.info ($DDD) ⬆️ 564%
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Top News This Week
Yuga Labs Discord Server Hack, Infinite Apes Code, Binance blasted for $2.35B money laundering issue.
Yuga Labs have confirmed that their Discord server was compromised. The company behind the Bored Apes Yacht Club (BAYC) NFT set and made the disclosure 11 hours after word of the exploit came out on Twitter. The hack took place after the project’s community manager, Boris Vanger, had his Discord account compromised. The attackers then used phishing links to steal 200 ETH ($360,000) worth of non-fungible tokens (NFT).
Furthermore, Yuga Labs also removed its ability to mint an infinite number of Bored Ape Yacht Club non-fungible tokens (NFTs). However, they did so more than a year after they said they would.
The Securities and Exchange Commission (SEC) targeted Binance’s BNB ICO for Potential Violations. Binance is also facing multiple investigations in Washington. Alongside that, a new report from Reuters also claims that Binance had allowed more than $2.35 billion worth of criminal funds to get processed through the exchange unchecked. Entities believed to have laundered money through the utilization of Binance include the North-Korean hacking syndicate and the former largest darknet drug marketplace in the world.
Binance Labs closed a $500M blockchain fund, Solana Committed $100M for Crypto Projects, Lightspark Backer Felix Capital Raised $600M, and VeChain signed $100M deal with UFC
Binance Labs, which is the venture capital and incubation arm of Binance, ended up closing a $500 million investment fund, supported by leading global institutional investors such as DST Global Partners, Breyer Capital, and Whampoa Group. This fund is aimed at investing in projects which can extend the use-cases of cryptocurrencies and drive the adoption of Web3 and blockchain.
Solana also announced that it would give $100 million towards funding South Korean crypto startups as it aims to find a new developer market. Lightspark Backer Felix Capital also raised $600 million to support crypto and Web3 projects.
It is targeting long-term investments in commerce and fintech funds, and with the new funding, it will double down on existing investments whilst also supporting emerging startups and hiring partners, investors and advisers.
The blockchain firm VeChain also made an announcement that they signed a multi-year sponsorship deal with The Ultimate Fighting Championship (UFC), which marked VeChain’s first step into sports.
English Premier League gets into NFTs, Alibaba Cloud launched 3 NFT market solutions, Mastercard gets into NFTs, and Warner Bros joins Nifty to launch Looney Tunes NFTs.
In the United States, the English Premier League (EPL) has filed two cryptocurrencies and NFT trademarks. They were filed at the United States Patent and Trademark Office (USPTO), according to licensed trademark attorney Michael Kondoudis.
Alibaba Cloud launched NFT market solutions, which are services aimed at enabling artists as well as creators to monetize their NFT projects easily.
Investors are given the opportunity to build a reliable NFT marketplace with high elasticity using Alibaba Cloud Elastic Compute Service (ECS) and Auto Scaling. Mastercard also opened up its network for more non-fungible tokens (NFTs). It has made deals with several NFT marketplaces, including The Sandbox (SAND), to make it a possibility for people to buy digital collectibles with the usage of its cards.
Furthermore, Warner Bros. made an announcement that they have collaborated with Nifty to release NFTs. These NFTs will celebrate the 80th anniversary of Looney Tunes and will be fresh additions to the NFT world. The NFT collection is titled: "Looney Tunes: What's Up Block?".
Blockware Reports That Bitcoin Adoption Can Exceed 1 Billion by 2030
Blockware Solutions is a blockchain infrastructure as well as a Bitcoin (BTC) mining firm that released a report analyzing the pace at which Bitcoin is getting adopted.
According to their analysis, there is a prediction that 10% of the world will use the network by 2030, or a minimum of 1 billion people.
According to the press release, the report applies the “S-curve” to plot Bitcoin’s future adoption. A Wells Fargo report from February also posted that cryptocurrency adoption is following a similar pattern.
Thanks for reading,
The Stack Team