The Wild, Wild West of Crypto May Be Over

Yet another week is behind us, and we’re all still waiting for Bitcoin (BTC, Tech/Adoption Grade “A-”) to make its parabolic move.

However, it’s not just Bitcoin maxis and mainstream investors who are waiting for the King of Crypto’s delayed launch into orbit. Ethereum (ETH, Tech/Adoption Grade “A”) investors are also primed and ready for the Queen of Altcoins’ next run.

In fact, the majority of our readers seem to fall into this second category, as evidenced by the attention generated by our most popular tweet in the past seven days:

Shortly before I sat down to write this piece, I read news about the lukewarm response to Elon Musk’s Dogecoin (DOGE, Tech/Adoption Grade “B-”) shilling, and I can’t help but wonder if Musk’s influence on markets has waned?

One can only hope, right?

Well, that certainly wasn’t the case last week, as the second place on our weekly hall of Twitter Inc. (NYSE: TWTR) fame was indeed taken by a Musk tweet:

The event Dorsey has in mind is called The “B” Word. In organizer’s own words, the event “will help demystify narratives about Bitcoin, explain how institutions can embrace it and raise awareness around areas of the network that need support.”

While I’m sure the event will bring Bitcoin and cryptocurrencies in general some of the much-needed exposure and destigmatization. I can’t help but wonder if, for the investors, the result will be a wave of volatility for the King of Crypto.

BTC could surge if some of Musk’s misconceptions about energy are publicly debunked — even more so if he admits he was wrong. But it could also go the opposite way: If he runs his mouth again and his mutterings get the undeserved spotlight, we could see weakness in BTC.

As you can probably tell, we’re not big fans of the “Technoking” when he’s out of his element. We also asked you: Who do you prefer as the debate winner, and the answer you gave was almost unanimous, with just under 90% voting for Dorsey.

Don’t worry — this week’s Cryptobuzz issue will not be hogged by the CEO of Tesla Inc. (Nasdaq: TSLA). There are other tweets that grabbed your attention that I’d like to discuss.

Just three days ago, the rug was pulled under the feet of those who invested in the stablecoin SafeDollar, pushing it down to zero following a decentralized finance (DeFi) exploit on Polygon (MATIC).

These kinds of situations are breeding grounds for FUDsters and no-coiners, so it was important for us to step in and put out any flames of paranoia, as well as explain the real risks at hand: 


As the industry grows and matures, it causes the red eye of regulators to inevitably focus on it, targeting those who have the potential do to the most harm to the uninitiated. This happened to Binance; here was our take on the situation:

As we said in the tweet, regulation is coming.

It’s already come to China. We’ve already discussed Chinese miners being forced to stop mining, leaving them with the choice of losing everything or relocating to a more crypto-friendly environment.

Since China held a large portion of Bitcoin miners, this has caused a dip in Bitcoin’s hashrate. This particular topic was the catalyst for various discussions, misinformation and general confusion, which more often than not resulted in increased fear, uncertainty and doubt (FUD) towards the BTC price action.

Truth of the matter is that things are a bit more complicated than that. If you haven’t already, do yourself a favor and check out the interesting and insightful piece by Marija Matic that shines light on the matter:

And keep an eye on your inbox for this week’s Weiss Crypto Sunday Special, where Juan Villaverde and Chris Coney break down Bitcoin’s mining economy and how the Chinese crackdown affects the rest of the ecosystem.

That’s it for this episode of Cryptobuzz!

What’s next for crypto? Whether it’s more bearish dips or reaffirmation of the bullish market, one thing is certain — we’re up for another exciting week in cryptoland, and we thank you for joining us for the ride.

Stay safe and trade well,

Jurica Dujmović

About the Contributor

A MarketWatch columnist since 2014, Jurica covers science, technology, privacy, security and futurism, earning him the title of top three contributors for three consecutive years. At Weiss since 2011, he manages social media content and contributes regularly to Weiss Crypto Alert.

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