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In our Friday articles, we take a deep dive into the current state of Bitcoin. Every Friday we will continue to publish brief State of Bitcoin newsletters to keep subscribers up to date on news from the Bitcoin industry. For full disclosure, Brandon is a strong believer in Bitcoin and has allocated portions of his portfolios to BTC (HODL baby).
Top stories from the week:
Binance in trouble?: Binance has suspended USDC and ETH withdrawals from their BNB chain. Rumors are swirling that Binance is insolvent and there is a growing attempt by the media to point the finger at Binance for the failure of FTX. Kevin O’Leary, who will be brought up again in this newsletter, is blaming CZ and Binance for the collapse and this narrative is growing in the “mainstream media”. Another exchange failing will not kill Bitcoin. Not even close. But this narrative will probably continue to grow as the FTX trial lives on. Now Binance’s Proof of Reserve Auditor has left and like I’ve said before, in this industry if there’s smoke, there’s fire.
SBF Arrested and FTX Trial Begins: The SBF/FTX saga continues and more juicy details come out by the day. SBF has now been arrested and charged with 8 different charges that add up to 165 total years in prison. He has been denied bail and is currently in a very large lawsuit. Kevin O’Leary, aka Mr. Wonderful, is in the middle of this scandal too. He claims that Binance caused the demise of FTX. There is no real end to this in sight other than potentially SBF serving jail time and essentially everyone losing money.
CPI at 7.1% and Fed raises interest rates by 50 bps: I wrote a little about this in my newsletter released Wednesday, but clown world continues to live on. The Fed and Central Bankers can pull strings at will that affect the market drastically. This will continue as long as we are in the current fiat system. The end of this system would most likely get bloody, but hey a change does need to be made.
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A quick look on chain:
Current price: $16,777
Market Cap: $322.7B
Spent Output Profit Ratio: 0.9940
Current block height: 768003
Mean block interval: 9min. 54sec.
Meme of the Week
What would the BTC community do without memes? Every week on State of Bitcoin, we feature our favorite meme of the previous week. If you create or see a meme that you like and want us to consider featuring it, tag us on Twitter or instagram (both @Greencandleit)! This week we’re featuring a meme I came across from my friend @BitcoinCameron:
Video Version!
For our complete rip, check us out on the pod:
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Happy Friday everyone - get after it this weekend!
Brandon
Disclosure: The authors of this writing hold positions in cryptocurrency mentioned in this article. That cryptocurrency is Bitcoin. The article was written by Brandon Keys and occasionally a guest writer; it expresses the author's own opinions. They are not receiving compensation for it. The information presented in this article is for informational purposes only and in no way should be construed as financial advice or recommendation to buy or sell any stock or cryptocurrency. None of the authors of this article are financial advisors. I encourage all readers to do further research and do your own due diligence before making any investments.