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Is bitcoin in a bull or a bear market? Is it time to panic? It’s been over $40,000 a few times in the last few weeks, but has spent a lot of time under, even dipping below $38K. Yet, it has bounced back over $38,000 where it rides now. There are three reasons why bitcoin is moving between the short range it’s been walking around in. May is typically a good month for bitcoin, but some analysts are predicting a different kind of month. In fact, it’s so different that bitcoin’s price correlation to stocks has diverged. Despite the uncertainty, one analyst is suggesting traders use the Iron Condor options strategy, and I can’t help but wonder how long it will take before bitcoin becomes the global legal tender. I think it’s time to offer a gentle reminder to do your own research and develop your own investment strategy.
Interest in Ethereum Name Service reaches all-time high. ENS price surged 90 percent. As Web3 gains steam, I believe ENS, Unstoppable Domains, and other Web3 tools will become more popular. Now is the time to invest in Web3.
Coinbase CEO Brian Armstrong says there will be 1 billion crypto users in 10 years. I think that’s a plausible prediction. Merchant Machine, a British financial intelligence company, has its own prediction: There will be 4.4 billion mobile wallet users by 2024. Of course, mobile wallets should not be confused with crypto wallets. They aren’t the same thing.
Second Life, the original virtual world, has hired its first chief marketing officer to spread the word about its metaverse. Over the weekend, Otherside rolled out NFT land sales called Otherdeeds and made so much money they crashed the Ethereum blockchain. Now, ApeCoin, the primary currency in Otherside, is falling. If you’re hankering to know, you can make money selling real estate in the metaverse. Of course, selling real estate is not the only way to make money in the metaverse.
Craig Wright, an Australian businessman who has claimed to be Satoshi Nakamoto, is suing Coinbase and Kraken for allegedly passing off fake bitcoin.
Circle and OpenSea have backed DAO platform Syndicate in $6 million raise. A DAO called bZx has been hacked. Members are trying to get back stolen $55 million. One DeFi trading terminal has decided to let the DAO decide when, how, and where its token will be released.
Scroll down to the comments to read an interesting discussion on the identity of Satoshi Nakamoto and whether private money is legal.
Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.
First published at Cryptocracy. Not to be construed as financial advice.