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Everyone Is Getting Hilariously Rich and You’re Not, Week In Review
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This editorial is from this week’s edition of the newsletter Week in Review, sent to subscribers on Friday. to get this weekly editorial the second it’s finished.
Key facts
- After dipping below the $59,000 level, Bitcoin printed a modest bounce above $63,000 in an attempt to reclaim its 200-week moving average
- Tom Lee’s Bitmine somehow keeps finding money, adding another 126,971 ETH worth roughly $213 million and bringing holdings to 5.54 million tokens, about 4.59% of all ETH
- On-chain sleuths also revived an old story: analysis suggesting Charles Hoskinson sold 1.5 billion ADA near the 2021 top, close to $3 billion at peak prices, if true
- Real Vision’s James Easton sees bullish RSI divergence and a path to $180k by next year
Summary
After dipping below the $59,000 level, Bitcoin printed a modest bounce above $63,000 in an attempt to reclaim its 200-week moving average. Tradfi markets looked similar, with all the major stock indices down on the week, while precious metals resumed corrective moves. Aside from usual idiosyncratic bear market forces within crypto, there are exogenous factors weighing on digital assets. Then there’s oil and the crisis markets seemingly haven’t priced in because it hasn’t detonated yet.