Christmas has finally arrived and with it you have probably asked for Bitcoin to return to its ATH as a gift. But as Santa Claus himself said in response to this request, “he is not a miracle worker“. We’d better ask him for a Ferrari, which is easier.
For some time now, cryptocurrencies have been mired in mediocrity without being able to raise their heads. Mistrustful investors, unfavorable macroeconomic conditions and governments around the world trying to implement confusing regulations have been the perfect recipe for digital currencies to continue their downward trend.
Ripple was one of the cryptos that started the week with a significant drop and is now inside a bearish breakout formation, as explained by our trading expert. Cardano was in the news again (is this a news?), with a new drop last weekend, although it then made a small recovery, to the delight of the few who still have confidence in it. Meanwhile, filecoin plummeted 30% in a few days, while BTC did not want to be left behind in the list of coins in the red and has already accumulated a loss of 33% since the H2 highs.
Obviously cryptocurrencies are not the only ones to plummet, related companies are also falling in a domino effect after the bankruptcy of FTX, as we had predicted in previous Briefs. The latest to file for bankruptcy was Core Scientific, dedicated to cryptocurrency mining.
And while we’re on the subject of FTX, we can’t pass up an interesting week for Sam Bankman-Fried, who was jailed last week. And you would think that justice is being served for the thousands of investors who lost their money… well, no. During his stay in Bahamian prison, SBF had some luxuries such as his own cell, cable TV, air conditioning and more. Was it a prison or a hotel?
After a few “horrific” days behind bars, SBF was extradited to the U.S. To be incarcerated again, this time in a proper prison? Obviously not. Sam posted a $250 million bail and was released pending his trial. The curious thing here is that SBF himself had declared to have less than $100,000 in his accounts after the bankruptcy of FTX. Where did the money for his bail come from? From the funds stolen from Exchange users, surely.
But don´t worry, not all the news this week has been news to be outraged about. According to the renowned firm Accenture, most consumers still trust in cryptocurrencies. One more reason to be optimistic for 2023. Moreover, some of them are performing well. As is the case of Helium, which seeks to provide a decentralized alternative to mobile companies, had a spectacular rise in a few hours.
With Christmas just a few hours away, many families are already finalizing details to get together and spend time with their loved ones. Who are you going to spend it with: family, friends, partner… You don’t have a partner? No problem, we have the solution for you! There are more and more people willing to find love in the Metaverse.
See you in the next weekly news summary and Merry Christmas!
