@cryptocracy 4 May 2022 edited more from that month

Bitcoin: Is It In a Bull or Bear Market? 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.* https://johnwege.substack.com/p/bitcoin-a-time-to-panic?s=r https://coinmarketcap.com/currencies/bitcoin/ https://cointelegraph.com/news/3-reasons-why-bitcoin-price-is-clinging-to-38-000 https://fortune.com/2022/05/03/bitcoin-btc-price-jump-outlook-crypto/ https://www.coindesk.com/markets/2022/05/03/bitcoin-diverges-from-stocks-as-fed-meeting-starts-slips-toward-38k/ https://cointelegraph.com/news/afraid-to-buy-the-dip-bitcoin-options-provide-a-safer-way-to-go-long-from-38k https://www.gokhshteinmedia.com/article/bitcoin-as-legal-tender-two-countries-down

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.* https://cointelegraph.com/news/record-high-surge-in-ethereum-name-service-domains-triggers-90-rally-in-ens 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.* https://bitcoinist.com/1-billion-crypto-users-coinbase-ceo-predicts/ https://news.bitcoin.com/fintech-study-estimates-4-4-billion-global-users-will-adopt-mobile-wallets-by-2024/ Ripple CEO Brad Garlinghouse says its lawsuit with the SEC **could resolve this year**. https://u.today/ripple-ceo-says-sec-case-could-resolve-this-year 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.* https://voicebot.ai/2022/05/03/second-life-hires-its-first-cmo-to-market-the-metaverse/ https://www.gokhshteinmedia.com/article/otherside-nft-sales-crash-the-ethereum-network https://fortune.com/2022/05/02/apecoin-down-nft-bored-ape-yacht-club-metaverse-yuga/ https://www.fool.com/investing/2022/05/03/how-do-i-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. https://coingeek.com/craig-wright-accuses-coinbase-kraken-of-passing-off-fake-bitcoin-in-lawsuit-worth-hundreds-of-billions-of-pounds/ The Wall Street Journal says the **NFT market is collapsing**, but the **data says otherwise**. Even Kraken’s **getting in on the craze**. https://www.wsj.com/articles/nft-sales-are-flatlining-11651552616 https://cointelegraph.com/news/wsj-says-the-nft-market-is-collapsing-but-the-data-says-otherwise https://www.protocol.com/bulletins/kraken-nft-marketplace The SEC has nearly **doubled its crypto unit** to crack down on abuse. https://www.cnbc.com/2022/05/03/sec-adds-to-cryptocurrency-regulation-staff.html Riot Blockchain has **sold off half** of its April bitcoin production raising $10 million. https://www.coindesk.com/business/2022/05/03/riot-blockchain-sells-nearly-half-of-aprils-bitcoin-production/ In South Korea, a digital asset exchange executive has been accused of **spying for North Korea**. *As the plot thickens, the geopolitical uses for cryptocurrency just get broader by the day.* https://coingeek.com/south-korea-digital-currency-exchange-exec-accused-of-spying-for-north-korea/ Canadians are less likely than Americans to **use or invest in crypto**. https://globalnews.ca/news/8805158/cryptocurrency-canadian-american-poll-findings/ 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. https://www.coindesk.com/business/2022/05/03/opensea-and-circle-back-6m-raise-for-dao-platform-syndicate/ https://blockworks.co/hacked-dao-faces-lawsuit-as-users-try-to-recoup-stolen-funds/ https://cointelegraph.com/press-releases/let-the-dao-decide-a-new-take-on-launching-a-token Scroll down to the comments to read an **interesting discussion** on the identity of Satoshi Nakamoto and whether private money is legal. https://www.publish0x.com/cryptocracy/otherside-nft-creators-crash-ethereum-while-making-history-xglxmzn#comment-kEB84wvE7AbL0ZVP Is the metaverse the **future of social media**? https://www.entrepreneur.com/article/423293 The most popular NFT scams and **how to avoid them**. https://nftclub.com/nft-scams-and-how-to-avoid-them/ *As usual, snark and commentary are in italics.* 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.* https://cryptocracy.substack.com/p/is-bitcoin-in-a-bull-or-bear-market?s=w