The crypto market is FLYING right now — and next week is going to be historic.
Happy Sunday! Here’s a look back at the crypto stories you may have missed over the past seven days.
And we begin with cheery news — the crypto market is flying right now. Bitcoin raced to $50,982.27 as the weekend was getting started… that’s the highest price we’ve seen since May. A pullback soon followed, indicating that $51,000 is the new resistance level that bulls need to crack for further price growth.
Mind you, this pales into comparison with Ether’s extraordinary week. The world’s No. 2 cryptocurrency briefly broke $4,000 — capping off gains of 20% in just seven days. All of this cements what we’ve seen over the past 18 months: ETH continually managing to outperform BTC. Does this add fuel to the narrative that a “flippening” could one day happen?
The market mania has helped several altcoins surge in value. Blockchain-based review platform Revain has seen its token more than DOUBLE in value over this past week. It’s also been a great week for Fantom and IOTA, with Solana continuing to creep up the rankings after overtaking Dogecoin.
Five Things We Learned This Week 🤯
1. Twitter might be about to launch a crypto-focused Tip Jar that will accept Bitcoin and Ethereum…
2. White hat hackers seem to be the latest trend. This week, a hacker hijacked Banksy’s website to advertise a bogus NFT, got $340,000 for it, and then returned the funds…
3. Confidence is growing that the bull run is BACK. Raoul Pal now believes $400,000 is achievable for Bitcoin by March — while ETH could hit $20,000…
4. Alexander Lukashenko, the strongman leader of Belarus, wants his countrymen to mine cryptocurrencies at home instead of travelling to other European countries for low-paid farming positions…
5. Most people in El Salvador are against plans to introduce Bitcoin as legal tender in two days’ time. Protesters have been hitting the streets — with a poll suggesting 90% of the population don’t know how crypto works…
The Week Ahead 🗓
That last point brings us very nicely to the story that’s going to dominate the coming week: El Salvador making history by giving Bitcoin the same status as the dollar. Here are just a couple of burning questions:
— Will Salvadorans embrace the government’s official wallet and reap the $30 in Bitcoin rewards that are on offer?
— Is this milestone going to have any material impact on Bitcoin’s price?
— Will the markets react adversely if this historical milestone is marred by technical hiccups?
— Are there going to be any ramifications from the likes of the International Monetary Fund?
Three Essential Reads on CoinMarketCap Academy 🚨
— The Upcoming Bull Run Will Be Wilder Than the Previous One: Phoenix_Ahs3s has made his debut as an analyst for Academy… and says that while history doesn’t necessarily repeat itself, it often rhymes.
— The Pros and Cons of Accepting Bitcoin as Legal Tender: Andrey Sergeenkov looks at why the world’s biggest cryptocurrency offers powerful advantages over fiat… and breaks down some of the drawbacks.
— Is Bitcoin Halal? Decentralizing Islamic Finance: Crypto is touching every aspect of life right now… but is it compatible with Islam? Well-known scholars gave Hassan Shafiq a sharia perspective.
Listen to This! 🤩
— The CoinMarketRecap podcast comes out every Friday — this week, we’re talking to the 12-year-old boy who has made $400,000 by creating his own NFT collection.
— And over on YouTube, we’ve just launched Explain Like I’m 5… a show that breaks down crypto concepts for beginners. This week, Jessica Walker asks: What is Bitcoin in simple terms?
We’ll be back with your news as normal tomorrow… enjoy the rest of the day! 💪
