Bitcoin reaches new lows 📉 What's the narrative now?

This is Web3 Seems Legit, the newsletter that brings you the web3 heat without the astronomical energy bills. Too soon 🙊?

This week, we're giving you the doom and bloom outlook on these top web3 stories and answering the questions on everyone's mind:

• Has Bitcoin bottomed yet? The dip keeps dipping as BTC slips under $19k. Are we at the bottom or is there more pain ahead?

• Is Binance attacking competition or helping? This major crypto exchange announced their decision to delist certain stablecoin competitors and the market is confused about what it really means.

• Is the ETH Merge a 'buy the rumor, or sell the news' event? The hype around this big crypto event has been loud, but is it really all that or is it just another pump and dump event?

Has Bitcoin bottomed yet?

It's the million dollar question on everyone's mind - have we reached the bottom or are we headed to zero? With prices continuing to fall and Bitcoin slipping under its $19k support, investors are split on the market outlook.

The doom outlook: Bitcoin has had an inverse correlation to the DXY (US dollar index), meaning as the dollar goes up, Bitcoin goes down and vice versa. The US dollar has just reached its highest value in the past 20 years as people find safety in cash and view Bitcoin as a riskier asset. In layman's term, we may be in for more blood 🫠.

The bloom outlook: On the other hand, some are calling that DXY is approaching its top, meaning that we could be in for a correction soon and potentially see crypto climb back up.

Our outlook? Two-words: diamond hands 🙌💎

Is Binance attacking competition or helping?

Earlier this week, Binance exchange announced that they will be removing three competing stablecoins from their platform and converting them into their own stablecoin, BUSD. Among those coins are USDC.

The doom outlook: This raises questions about centralized control and whether Binance has the right and power to stifle competition 🤔.

The bloom outlook: Meanwhile, the bullish take on it is that it will actually improve liquidity and make the USDC experience more seamless. Now users can deposit USDC to Binance and continue to use the different products without having to convert it.

Our outlook? Despite the public PR statements made, there's always more to the story that we don't know about, so only time will tell 👀.

Is the ETH Merge a 'buy the rumor, or sell the news' event?

By now you're probably sick and tired of hearing us talk about this big, bad ETH Merge, so we'll just leave this here for you: crypto trades on narratives and macro influences. Act accordingly 🫡.

Here are some more light reads to get you through the week:

👉 Web2 brands taking the leap into Web3👉 The challenges with Web3 social👉 14 ways to learn crypto more efficiently

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