The Weekly News Roundup, ending 15 May 2022 – The Bear is Back


The bear is back

This week, the steep decline in prices that started on Friday the 6th continued. Bitcoin went below $30,000, ethereum went below $2,000, and pretty much the entire price market declined in double-digits. The coins that had the most speculative and hot money parked in them experienced some of the most precipitous falls. Out of all this the algorithmically asset-backed stablecoin Luna went from a previous decline to the $80s range down to less than a penny in just days.

(Luna imploded this week when it’s collateral assets dropped in value)

Given how quickly the supply expanded, that it should collapse just as quickly seems to fit, though there were very few people who would or could have predicted that it would collapse in so spectacular a manner.

If I’ve seen one thing emerge on Twitter, it’s the I-told-you-so’s who tout the strength of the bitcoin protocol. There’s nothing wrong with parking your financial wealth in the most conservative, steady, and decentralized network out there, but there’s no reason not to look at the coins and token of other protocols to invest in. Just do your due dilgence and manage your risk.

If there is not a quick recovery in prices, I guess it would be safe to say that we are in a bear market (which, if you wanted to gauge from past cycles would be rather on-time, given we just passed the halfway point to the next bitcoin halvening.)

That said, if you are new to the space, here are some of my thoughts and lessons learned from the 2018-2019 bear market. They might help:

-we’re going to see GPUs and ASIC miners go on sale as people with low margins, or unrealistic expectations jump ship

-if you are in this for the long haul, and/or you understand the fundamental nature of blockchain technology and how these protocols will be use to change our world, this is a great time to accumulate more tokens and coins. The best way to avoid having to time the market is to make weekly or monthly buys (dollar-cost-averaging)

-the lack of movement, especially upwards movement, will drive you to your limits and probably disgust you. It will move within a range and stay there longer than your sanity can hold on

-as the prices move sideways, now is a good time to channel that energy into education- learning about the technology, learning about the tech

-if you do not yet have a long time horizon, after this experience, you will

-all the weak hands, get-rich-quick types (and probably even some protocols built on the move-fast-and-break-things model will wither and close shop. Now that the tide has gone out, we’ll be seeing who wasn’t wearing any pants, so to speak. I refer you to an old video clip I came across back in early 2018:

So to close, hang tight, prices will recover, but it’ll take time.

Due to the nature of my work week, plus with main news being the decline, I’m short on articles worth sharing.



Comments and suggestions, reach out -> hello @ tinycryptoblog.com

Be well, Everyone.


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Articles on Medium this week

Have We Been In A Bear Market This Entire Time? (seems it was coming, though)


Podcasts
The Cost of Crypto Podcast


This Week In Twitter



Reports:
Coinbase Wallet For Beginners: The Complete Guide


Headlines


Adoption
Gate.io Introduces Institutional Services Arm


CBDC (are just Surveillance Tokens)
90% of surveyed central banks are exploring CBDCs — BIS


Company / Product / Project News


CRIMES AND SCAMS
OpenSea’s Discord Channel Compromised, Hackers Promote NFT Scam


DAO


DeFi and Lending
Over $80 Million Stolen From DeFi Lender Rari Capital [Another DeFi hack? Shocking I say. Shocking.]


Exchanges
Crypto Exchanges ‘Trading Against Their Customers,’ Says SEC Chair Gensler


Fundraising (keep an eye on these names)


Gossip
Hoskinson blasts VCs, ‘Wall Street types’ for downturn in crypto markets


Implementation and Infrastructure


Metaverse


Mining
Seven Companies Mining Bitcoin – Bitcoin Magazine


Nation States (and other political jurisdictions)


NFT
Chainsmokers Share New Album Royalties With Fans via NFT Drop in Music Industry First 


Regulation, Legislation & Legal Matters


Stablecoins
The United States turns its attention to stablecoin regulation
SEC Commissioner Calls for Accelerated Stablecoin Regulations After the UST Fiasco


Taxation
Germany Won’t Tax Bitcoin, Ethereum Sold After One Year of Possession


The Wall Street
KEEP AN EYE ON THIS –> https://bitcointreasuries.net/
…AND THIS –> https://www.buybitcoinworldwide.com/treasuries/
Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors


Time Capsule


Outside News


You Do Not Change Bitcoin. Bitcoin Changes You.
“Bitcoin will eat the world.” And it is.


Buy store gift cards, earn bitcoin. Use the debit card, earn bitcoin. Get .00005 bitcoin when you sign up


The app that let’s you buy/sell/trade cryptos, earn yields on crypto deposits and take out a crypto-backed loans


Get $10 when you sign up with Strike. Send cash instantly around the world at no cost, and buy bitcoin with only a 1.5% fee


coinbase

If you’re new to crypto, Coinbase is the easiest way to get started

res-binance

Binance is a great exchange to buy and sell cryptos

changelly

Changelly is a good option for exchanging coins without having to use an exchange


lolli logo

Earn bitcoin while you shop online using Lolli


teepublic logo

Get crypto-themed shirts, stickers, mugs and more at Teepublic


brave-logo

Download the Brave browser and block unwanted ads and earn rewards whileen you browse online 


Exodus-Logo side

Download the Exodus wallet for you PC and smartphone

coinami

Download the Coinami wallet for your PC and smartphone



Categories: Weekly Headlines

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