🐻 Is a major crypto pump ahead of us? 🚀

A bullish update on the state of Bitcoin

AuthorAuthor

Rahul & Oleena
January 30, 2023

GM friends, wherever you are. Where the heck has the time gone? January is coming to an end and Bitcoin is up roughly 43% since the start of the month. We’re anticipating a big week that could forecast February’s performance. Will Bitcoin continue to pump or will FUD keep the market stable? Let’s find out!

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In this issue:

📣The big story of the week. Crypto market sentiment slowly recovers.


🚀The good. Elon HODLs his Bitcoin and Nike launches web3 co-creation studio.


🐻The big, bad FUD. Azuki and Robinhood Twitter hack scams innocent investors.

📣The big story of the week

Crypto market sentiment slowly recovers

Crypto is back baby 😎. After a bloody year of crypto scams, frauds and bankruptcies, burned and fearful investors are starting to ease their way back into the market again. We’re now in the fourth consecutive week of seeing green and Coinshare’s weekly report shows the largest inflow into digital asset investment platforms since June 2022.

​​Meanwhile, total AUM has risen 43% since the November low with Bitcoin as the clear leader of this rush of liquidity.

This is all good news, but something we’re keeping an eye on is Bitcoin’s hash rate. It is now more difficult than ever to mine Bitcoin with its hash rate (computing power required) up 41% since a year ago, reaching its all-time high.

What does this mean? Well, for one, it shows how resilient Bitcoin miners are. Despite a challenging year of mining bankruptcies and debt restructuring, the increased hash rate shows that the network is stronger and more secure than ever. But at the same time, the fierce competition places more pressure on mining firms.

The good news is that historically, the price of Bitcoin has followed its hash rate. Will it continue to follow previous market trends and pump Bitcoin to the moon? Let’s hope for the best. One thing that seems to be true is that the overall market sentiment is slowly recovering post-FTX fallout.

🚀The good

After selling off 75% of their Bitcoin holdings in Q2 for liquidity, Tesla’s latest financial reports show that Musk is HODLing what he has left.

Nike continues to take the lead as the web2 brand with a web3 strategy done right. This week, the fitness and lifestyle giant launched their web3 platform, .Swoosh with a contest calling for their most loyal and creative community members to co-create with them. It will be interesting to see what comes out of it!

🐻The big, bad FUD

A hostile takeover of the Azuki Twitter drains over $750 million in less than 30 minutes from an unsuspecting user that falls for a malicious link to a fake NFT mint.

But Azuki isn’t the only victim. Robinhood Twitter was also hacked to promote a scam token on the Binance Smart Chain. Though it looks like only about $8,000 was made off of the attack, it certainly doesn’t make investors feel safe. What’s going on Chief Twit Musk?

📚️ What we're reading

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