Hello!
Bitcoin’s price is still lower than it was in June, July, August, and September, but people are finally getting excited again.
Its price is also higher than it was in June, July, August, September, and October, but now you hear people whispering about the bear market bottom.
The mind is an amazing thing!
If bitcoin’s price stays above $17,600, the bull market started months ago (specifically, on June 18, 2022). That would be cool and make a lot of sense, but we won’t know with any confidence until months or years from now.
While it’s nice to think about bull and bear markets, I’m just sticking to my plan.
Make sure you caught my market update and heads up from November 2, 2022.
In that update, I shared some interesting developments with the US dollar and some crypto metrics, talked about six altcoins, and walked through my expectations for how this market bottom will end.
Also, premium subscribers, look for a new altcoin report this week. I’m aiming to publish it on November 8 (from the US east coast).
Scroll down for some news, videos, and job listings.
In last week’s poll, I asked what’s the safest non-cash bet right now—your government's bonds, equities, crypto, real stuff (property, metals, etc), corporate debt (bonds/paper).
What option won?
“Real stuff (property, metals, etc).”
What do I think?
I chose crypto, specifically, bitcoin, and not just because I write a crypto newsletter. You’re getting more upside with less risk than ever before. But all options have their merits, as does cash.
Last week’s poll got only 85 votes. Not good. Should I stop running polls? Leave a comment with your thoughts.
For people concerned about governments overtightening and crushing crypto, my thoughts in this video.
Core Scientific reveals financial distress in SEC filing, says its end may be near
Bottom line: a big bitcoin miner may go out of business.
My take: while that would suck, it comes with a silver lining. Core’s demise will relieve selling pressure for the broad market. Core already sold 8,000 bitcoins from June 1 to October 26, 2022, which isn’t a lot, but it ain’t nothing. According to its filing, it has almost no more bitcoins left to sell. We just found out that Argo sold 1,500 bitcoins this summer and similarly has little inventory left and may go out of business. At the same time, Marathon and other mining companies continue to expand. Tough times for some miners, opportunity for others.
Why we care: because we don’t want to make a mountain out of a molehill.
Watch this BBC video from April 1994 and substitute “crypto” for “internet” and “legacy financial system” with “copper wires.” That will give you a sense of where the US is from a regulatory perspective.
Jobs Corner
Email me mark@markhelfman.com if you have a vacancy to announce.
CoinTracker | Data Analyst | Link to position
Ledger | Sales & Marketing Assistant | Link to position
dYdX | Senior Software Engineer | Link to position
Rarible | Partnerships Manager | Link to position
Safe | Developer Relations | Link to position
Gelato | Site Reliability Engineer | Link to position
Gate.io | Business Development Specialist | Link to position
ClubRare | Web3 Community Manager | Link to position
These opportunities come from the ToolsForCrypto newsletter.
Relax and enjoy the ride!
Weekly Rundown - November 6, 2022