Weekly Rundown - May 14, 2023

Up or down?

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Bitcoin’s price dropped 5% this week. It’s down 14% since its most recent peak in April. From the looks of the YouTube thumbnails in my feed, people are getting worried about a big crash.

Premium subscribers, you’re prepared for this. Whether the market goes up or down, you already know what to do.

If you’re not on the premium plan, look out for $24,000 and $32,000, for reasons I discussed in my most recent update.

Make sure you catch that update for some “technical analysis” and a look at some key behaviors and metrics that you might want to know about before YouTube makes up your mind for you.

In last week’s poll, I asked “which price will bitcoin reach first: $18,000 or $36,000?”

(If you’re in the trade I mentioned in the February 2, 2023 update, you know why I chose those prices.)

Of all respondents, 66% said $36,000 will come first. Should be interesting to see how it goes.

Scroll down for some news and other content you may enjoy.

Bittrex closed its US operations. That was one of the first exchanges I ever used! Its sister company, Bittrex Global, remains untouched.

Fun fact?

Bittrex’s top creditor is OFAC, a US government agency that enforces economic and trade sanctions. Three of the top 50 creditors are US agencies, for a total of more than $25 million in unpaid fines.

So the US government is out $25 million, US customers have one less place to trade crypto, Bittrex is still in business (just not in the US), frauds/scammers keep churning out new schemes, and US users keep buying into them.

“Sophisticated, widespread crackdown” indeed.

PS—if you feel comfortable managing your crypto on your own, get it off of the exchanges ASAP!

If you don’t feel comfortable taking custody of your crypto in your own private wallets, use the free tutorials from DAN Teaches Crypto as your starting point.

Bottom line: corporations, legacy financial institutions, and crypto companies will launch a new private blockchain, Canton Network. It took six years to build, can connect with any blockchain, and comes with its own infrastructure and digital asset modeling language.

My take: I know some people will say “that’s one more reason you don’t need altcoins” but let’s not get ahead of ourselves. Tokens incentivize people to contribute time, effort, and resources to financial networks willingly, for free, without restraint or permission. Private blockchains do not. As such, they require a lot of private money to develop, support, and grow. I think about it like the internet vs intranet. They both do good things and neither is “necessary,” but they each have a role to play in our modern life. The internet has created a lot more value and innovation than intranets have.

Why we care: Canton Network looks promising and we should probably celebrate anything that validates blockchain technology.

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Relax and enjoy the ride!

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