Trader Top 9: Bitcoin Stumbles

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Welcome back to the Trader Top 9! After hitting a new high of $68,700 a week ago, and despite a continued strong news cycle, Bitcoin has stumbled this week, falling 15%.

9. Last Friday night, as Bitcoin sat comfortably at $65,000, Will pointed out that BTC funding rates, often a leverage signal, had gone down.

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8. Then on Sunday, the long-anticipated Bitcoin upgrade went live. While there are no immediate tangible benefits, this upgrade gives developers the tools they need to continue building on top of Bitcoin and provides more scalability, security, and privacy.

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7. On Monday, a bi-partisan team of Senators introduced a bill to clean up the well-publicized and dangerous crypto language in the House infra bill that was passed the week prior. Super interesting comment from Lummis and the ability for Senators to more clearly understand crypto without media spin.

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6. It's no surprise that so much focus has remained on Bitcoin, as inflation concerns continue to dominate the headlines.

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5. While government might be slow to react, the smart money continues to pour into crypto. Paradigm, launched by Coinbase co-founder Fred Ehrsam, just raised the largest crypto fund ever!

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4. In more good news for Bitcoin traders, the Mt. Gox repayment plan received final approval and more than $8.5B could soon be returned to investors.

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3. By Tuesday night, we saw yet another giant crypto marketing push into everyday life. Is this a sign of the top or yet another bullish signal?

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2. Why is all this crypto marketing needed? Ryan points to the fact that CZ, founder of Binance and worth an estimated $200B, remains largely unknown to the mainstream. We're still early!

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1. Despite a continuation of strong headwinds for Bitcoin, every good run encounters obstacles. In the past week, Bitcoin has fallen $11,000, or 15%, from its ATH. Where it will go from here is anyone's guess.

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