Reading time 4m30s
BTC has busted through its $20k ceiling and briefly soared above resistance at $21k, causing bears to curse it and bulls to sing its praises once again.
But are we looking at a return to the bull market, or is more meltdown all that’s in store?
Meanwhile, FTX US’s former President (and Sam’s former programming teacher) Brett Harrison wrote a 49-Tweet-long thread on how awful his relations with SBF were while he worked at FTX.
We’ll give you the breakdown on all of it, but first, let’s start the week off with some trivia:
Why is it called “blockchain” technology? Where does the name come from?
Tap your answer below to see if you’re right!
- BTC: $20k for First Time in Months
- FTX US’s President Flames SBF
- The SEC Sues Genesis and Gemini 💥
- AI Chatbot Sexually Harassing Users 🤢
- 4 Billionaire Deaths — Conspiracy? 🧐
Bitcoin is back above $20k for the first time in two months, and Crypto Twitter is absolutely euphoric 😁
And more power to ‘em! Whether we stay in the green for a long time or retrace and sink back down, it feels good to have bulls winning again.
In your FACE, SBF.
When it comes to where we go from here, the opinions of the market are anything but settled, though.
Crypto commentator Duo Nine and trader Blake Stonks capture the divide pretty well with the difference between their Tweets on the matter:
Couldn’t be more different. But that’s every stage in every market, right? My advice is to DYOR, don’t invest more than you can afford to lose in anything, and don’t make choices based only on one other trader’s analysis 👍
And Jim Cramer, who has a meme-filled reputation in crypto for always making the wrong call, has done it once again 😂
We got to ask Satoshi Talks (@Satoshi_Talks), a crypto commentator, some questions on BTC and the market at large, and they had some great thoughts.
Citing the fact that the FTX meltdown didn’t cause nearly as much selling as the LUNA crash did, they said that “This could mean that the market is now made up of those who are truly committed to the future of Bitcoin and are unlikely to sell their BTC. These individuals believe in the potential of Bitcoin and are holding onto their investments despite any short-term market fluctuations.”
I’d say we could be seeing that play out before our very eyes right now!
We can go back and forth on what all the experts and analysts think is going to happen, but no one knows where we’re going next.
Except maybe ChatGPT LARPing as Donald Trump 🤣
For a case that isn’t even in court yet, the FTX debacle sure is pumping out drama, headline after headline.
Brett Harrison, Sam Bankman-Fried’s old programming teacher and the former President of FTX US, unleashed a 49-Tweet thread of grievances about his working relationship with SBF.
For context, Brett stepped down from his position in September of last year, only weeks before the meltdown really began unfolding. He stated that Sam’s demeanor changed throughout his time at FTX US, ultimately ending in the crypto giant’s implosion.
Basically, Brett shared that he was one of the few who would openly disagree with Sam, and that got him on the billionaire’s bad side.
Brett would bring up issues like the clear (unhealthy) mixing of FTX’s legal, development, and executive teams, and be met with not only disagreement, but also isolation. Here’s how his last stand went:
He goes on to share that he doesn’t know what caused Sam’s change demeanor over his time with FTX, citing the possibility of addiction or mental health problems.
Interestingly, EZPR Founder and CEO Ed Zitron responded to Brett’s thread with a pressing question about lies that the former president had told on Twitter about FTX’s customer holdings. Brett then blocked him.
Not a good look, not one bit.
But you know what? Both can be true. Brett could be telling the truth about his experiences of SBF and he could have lied about the FTX accounts knowingly (or unknowingly). And in either case, it’s still a shitty situation 🤦
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Other Top Stories Today 📢
After announcing a technology cooperation agreement with Hungary for blockchain tech adoption and plans to tighten rules around crypto, Thailand now wants to become stronger economically through a digital banking system.
The banks will operate under a “restricted phase” for the first year to prevent systemic risks.
Owners of BAYC NFTs should prepare themselves for a new “skill-based minting experience,” according to Yuga Labs, the creators of the mega-popular project. Owners will be able to claim a free “Sewer Pass” mint to play the “Dookey Challenge” game 😂If you get a score higher than 0 there, your pass will be validated and enabled to transform into a “power source.” Details on all of these insane terms should be released in the coming days.
Congressman Patrick McHenry announced the new Subcommittee on Digital Assets, Financial Technology and Inclusion this Thursday. The aim of the committee is to establish the “rules of the road” for digital assets moving forward. Speaking further on its purpose, McHenry stated the following: “It’s imperative that Congress establish a framework that ensures Americans have adequate protections while also allowing innovation to thrive here in the U.S.”
Web3 Resource of the Day
Can Bitcoin Bridge the Political Divide? With Ted Cruz - Podcast Episode from What Bitcoin Did
Regardless of your political leanings, I believe this is an important conversation to listen to. Ted Cruz is a huge Bitcoin advocate with a large political platform — a combination that’s hard to find these days. In this podcast episode, Host Peter McCormack and Senator Ted Cruz discuss just how important Bitcoin is for the US, and they also touch on the danger of central bank digital currencies (CBDCs) and Bitcoin’s energy usage. If you want to know why Texas is big on BTC, give this podcast a listen!
Have an Amazing Monday
Well, here we are, at the start of another week in Web3.
See you tomorrow for another newsletter recap, and for now, here’s a look at the hottest commodities of the past four years…
…but seriously, you should check out unusual_whales’ Breakfast Index. Fascinating chart.
That’s all for today, frens!
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.