Q2 2022 has not been kind to Bitcoin, printing red after red candle across all 3 months. After 3 consecutive months of despair, we finally saw a sliver of green for July. Is the bottom in? Are we due for a stupendous rally to end 2022 in style? Will Nancy Pelosi’s Taiwan visit spark WWIII?
Well, don’t ask me. I’m just a blogger, hoping for the best.
We did see some good news, with Bitcoin finally finding some sort of short term bottom, with seller exhaustion setting in. A 17% bounce in July saw the King of crypto rise from $19,960 to close the month at $23,322.
Cathie Wood of ARK Invest seems to think the worst is over.
Michael Saylor, in his latest earnings call, has announced that he will relinquish his position as CEO of MicroStrategy, and takes on the Executive Chairman position so he can focus ALL his energy on buying more bitcoin.
In Ether News…
If you were impressed by Bitcoin’s gains in July, well, you ain’t seen much. Ethereum posted a jaw dropping 57% gain, rising from $1,070 to close out the month at $1,680. Even then, Vitalik says the merge is not priced in!
What is the merge?
The ETH merge describes the transition of Ethereum from a POW blockchain to a POS blockchain, in the process promising a much more efficient blockchain with a much smaller energy consumption rate. Speed, scalability and lower fees are also part of the package.
In fact, with the merge palpably close (sources have quoted 19 September 2022 as the date to watch), mmany proponents of ETH have again started sounding the flippening bell. The “flippening” is a term used when the market cap of a particular coin surpasses that of another.
Many ETH heads believe that Ethereum will eventually overtake Bitcoin in terms of market cap. With the merge coming up, anything can happen. And if the trajectory of gains keep to current trends, we might just see the start of another altcoin season, spearheaded by the rejuvenated ETH.
I’m definitely hanging on to my NFTs in the hopes of a new NFT season!