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Top Stories of The Week

XRP price rockets 26% as Ripple execs hail $125M penalty a ‘victory’

Bitcoin price dips below $50K: Crypto market crashes 17%

Grayscale, Bitwise, NYSE American apply to list options on 3 Ether ETFs

Most Memorable Quotations

“This is a victory for Ripple, the industry and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone.”

Brad Garlinghouse, CEO of Ripple Labs

“I think people will be surprised by how quickly ‘cross-L2 interoperability problems’ stop being problems and we get a smooth user experience across the entire Ethereum-verse.”

Vitalik Buterin, co-founder of Ethereum

“If the SEC is going to engage in an unprecedented regulation by enforcement campaign, the least they owe to those they target – and the public – is transparency.”

Paul Grewal, chief legal officer at Coinbase

“To ideally time the next bull market entry, we aim for Bitcoin prices to fall into the low 40,000s.”

Markus Thielen, CEO of 10x Research

“Telegram is currently one of the hottest platforms in the crypto world. With one billion users and the lowest user acquisition cost, it can quickly and affordably onboard new users into crypto.”

Ruslan Fakhrutdinov, CEO and founder of X10

“Now, it’s possible to discuss nation-states holding Bitcoin on the balance sheet. And if nation-states are going to buy it, then it’s reasonable for institutions, corporations and individuals to buy it as well.”

Michael Saylor, co-founder of MicroStrategy.

Prediction of the Week

Bitcoin could fall below $50K if Magnificent 7 stocks stage another $500 billion loss

The “Magnificent Seven” stocks have seen a sharp decline, threatening to bring more downward pressure on Bitcoin price.

FUD of the Week

Bitcoin price must flip $62K to avoid worst ‘death cross’ consequences

Recent BTC price action has led BTC/USD to the door of another moving average crossover classically known as a “death cross.” This involves the downward-sloping 50-day simple moving average (SMA) crossing below its 200-day equivalent. Currently, the 50-day and 200-day SMAs stand at $61,998 and $61,882, respectively, per data from Cointelegraph Markets Pro and TradingView.

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The death cross gets its name from the assumption that the crossover acts as a pre-warning for the downside of the BTC price once it is complete.

As Cowen shows, however, the results are often mixed. The last daily death cross in 2023, in fact, precluded a bout of gains. “In 2023, BTC started its rally just after the death cross. It then got above its 50D SMA and subsequently held it as support before going higher,” he noted.