So ends another week in Bitcoin, and what a doozy it’s been. If you’ve spent the past week in a crypto-proof booth, here’s the Sunday Digest; a collection of the salient, spellbinding, or just strange news from the past seven days.
BITCOIN PRICE BREAKS THROUGH $5000
It seems like only a week ago that I was writing about bitcoin price $5347.84 +0.13% breaking through $4000. Because it was only a week ago that I was writing about bitcoin price breaking through $4000.
After closing last week (and month) at a bullish $4100, bitcoin continued to charge through the past seven days. The $5000 mark quickly fell, leading to an abundance of increasingly implausible suggestions to explain the phenomenon.
When $5000 held (and continued to hold), the bullish sentiment started to awaken. Tom Lee suggested a fair value of $14,000 for BTC, and Peter Brandt called the potential start of a new parabolic move.
CRYPTO NEWS TIDBITS
You might be forgiven for thinking the only news that mattered this week was BTC price… but you’d be wrong. The week started with the shocking news that LA rapper and cryptocurrency advocate, Nipsey Hustle had been shot dead.
We then found out that US Congress introduced two new crypo-related bills (not the $5 and $10 USDTether), and Kiev was reportedly considering accepting bitcoin on public transport. And April Fools day wasn’t even over yet.
Certainly, no joke was analyst plan₿’s suggestion that Quantitive Easing will ‘print’ Bitcoin’s market cap up to $100 trillion. Nor was research suggesting that Bitcoin will be the world’s main payment system in 10 years time.
Mind you, all of these developments in bitcoin are happening as global debt reaches $3.3 trillion.
ELON MUSK ‘QUITS’ AS DOGECOIN CEO
After being voted in by the community, Elon Musk immediately quit as the ‘CEO’ of Dogecoin this week. They’d seemed like such a cute couple; but Dogecoin wasn’t bitter, having pumped 35% in the course of one day.
And because it seems everyone likes an Elon/Tesla story, we compared Tesla stock performance against Bitcoin in 2019.
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