Podcast: Bitcoin Misses Price Target — By a Long Way
Market Musings

Podcast: Bitcoin Misses Price Target — By a Long Way

1mo ago

We've got all of this week's crypto headlines — and some tasty details on how you can get free Bitcoin by ordering takeout.

Podcast: Bitcoin Misses Price Target — By a Long Way

Table of Contents

Listen to the CoinMarketRecap podcast on Apple PodcastsSpotify and Google Podcasts

CoinMarketRecap, hosted by Connor Sephton, aims to break down the week's crypto news in a fun and accessible way.

Research continually shows that consumers find cryptocurrencies difficult to understand — and we're determined to change that.

Bitcoin's Setback

Despite perpetual bullishness on Twitter, Bitcoin suffered a rather disappointing monthly close for November — barely hitting $57,000. That was well below what technical analysts had hoped for. It was also a long way off the "worst-case scenario" of $98,000 set out in PlanB's floor model.

Hopes of a sensational bull run for BTC in the final quarter of 2021 appear to have been derailed by the emergence of a new coronavirus strain. Markets have also reacted adversely to remarks by Federal Reserve chair Jerome Powell, who has suggested that measures taken to stimulate the U.S. economy might end earlier than expected. Details of the Fed's plans — and more information on how concerning the Omicron variant is — are only expected in a couple of weeks.

CoinMarketCap's Molly Jane Zuckerman pointed out that "Bitcoin tends to thrive on bad news for the world" — and reminded listeners that Satoshi Nakamoto's vision was to create a "separate economy that wouldn't be affected by centralized entities." 

But with BTC recently showing a correlation to the stock market, and the crypto industry increasingly maturing and forging closer ties to Wall Street, this might be easier said than done.

Twitter CEO Resigns

Jack Dorsey took the markets by surprise when he announced that he was stepping down as Twitter's CEO. Bitcoin rose on the news. Why? Because at the Bitcoin 2021 conference in Miami over the summer, he said: "If I were not at Square or Twitter, I'd be working on Bitcoin."

Molly Jane believes that Dorsey is definitely going to focus more of his attention on crypto going forward — but said his departure raises questions on how friendly Twitter will be to Bitcoin in the future.

Square's decision to rebrand to Block this week can also be taken as a clear signal that we'll get plenty more news on Dorsey's plans soon.

Omicron Token Surges

Netflix releases Squid Game, SQUID token surges. The World Health Organization calls a new coronavirus variant Omicron, OMIC goes through the roof.

In a particularly curious development, a DeFi token launched just last month has posted astronomical gains — rallying more than 1,000%.

The WHO began assigning coronavirus variants letters of the Greek alphabet back in June, meaning it's possible that some crypto opportunists may have decided to get clever in naming their crypto projects — anticipating that new strains could emerge in the months ahead.

New episodes of CoinMarketRecap are released every Friday — subscribe to us on Apple Podcasts and Spotify!