GM friends.
The bitcoin train is steam-rolling forward. And no fake news or misstep by a social media employee is going to stop it.
Get that fresh pot brewing because this is your mid-week crypto update. ☕️📰
Here’s what’s in today’s issue:
- David & Sam share their thoughts on Bitcoin’s pump from the fake ETF news, FTX maybe returning 90% of funds lost, Reddit killing community tokens, BitGo buying HeightZero, Stellar integrating smart contracts, the SEC not appealing Grayscale’s BTC ETF, KYC on Uniswap, Thorswap back in action, California crypto regulations incoming & Ferrari accepting BTC and crypto.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on Bitcoin Amsterdam 2023.
- Defi Dad has a tutorial for you on a Contango Airdrop Strategy: cPerps Built Through Looping on Arbitrum and Optimism.
- Jesse has a ton of hot new airdrops for you.
For any crypto related questions please comment on the website.
Thanks to Phemex for sponsoring today’s newsletter.
Trade on Phemex to participate in the xPT Pre-mining event. Mint your Phemex Soul Pass (PSP) today and when you start trading receive an airdrop of Phemex tokens based on your trading activity.
Bitcoin Pumps on Fake ETF News
Crypto is a wild place, and this is one of the more wild stories. On Monday morning, Cointelegraph posted this on X:
Next, pure chaos ensued. Bitcoin pumped $2,000 (just under $28K to $30K) within minutes of the tweet. About $72 million in short positions were liquidated.
Then, 30 minutes after publication, Cointelegraph deleted the post.
Multiple commentators took to X to declare it fake news, and BlackRock issued a public statement that the report was indeed false.
Bitcoin quickly retraced its gains, liquidating $31 million in longs in the process.
Talk about a fun start to the week. And that was all before Monday’s lunch break.
But the good times weren’t over yet. Because bitcoin is the honey badger (he doesn’t give a f*ck about fake news), he decided to pump again to $28.8K late Monday afternoon.
Currently, the price is fluctuating in the 28K range, so we’re still holding some very modest gains since the false report was issued.
An alternative explanation for the second pump were BlackRock CEO Larry Fink’s comments on Fox Business Monday afternoon:
“[Today’s rally is the result of] pent up interest in crypto. I think [it’s] about a flight to quality [ . . . ] whether that is in treasuries, gold or crypto, depending on how you think of it. And I believe crypto will play that type of role, as a flight to quality.”
To reiterate, these are the words of the world’s largest asset manager on Fox Business channel. We’ve come a long way, folks. And if bitcoin pumped like this in a 30 minute window on fake news, then I can’t wait to see what happens when the confirmed ETF approvals hit the wire.
And FYI, Cointelegraph has since issued an explanation for their mistake: one of their social media employees jumped the gun when they saw a post on X claiming that the SEC had approved BlackRock’s ETF application with a false citation to Bloomberg Terminal.
Someone give this employee a…
