Welcome back to another jam-packed Trader Top 9! Last week, the excitement for Coinbase's direct listing could be felt by everyone and governments around the world continued to express enthusiasm for crypto. This week, crypto traders were treated to a flurry of exciting developments including Coinbase's direct listing, a big move for Ethereum, and Pantera's prediction that Bitcoincould hit $115k by August.
9. Although we normally start off with addressing some FUD, this week, the former Deputy Director of the CIA did that for us. He pointed out that there is likely less illicit activity in the Bitcoin ecosystem than there is in the traditional banking system. Perhaps he and Janet Yellen should have a sit down!
8. Although some politicians have embraced Bitcoin and Crypto, such as Senator Lummis from Wyoming and Mayor Suarez of Miami, there is still a lot of work left to do. House Minority Leader, Kevin McCarthy, pointed out that American policy makers need to start paying attention to Bitcoin and what it means for the future.
7. One person who may now have the power and influence to educate colleagues is the newly confirmed SEC Chair, Gary Gensler. Gensler, although no pushover, is considered to be at least somewhat pro-crypto.
6. While many regulators and policy makers may not yet be fully persuaded on Bitcoin's benefits, at least those in the private sector appear to be coming around.
5. Bitcoin is king, there is no denying that. However, after months of waiting patiently, Ethereum has finally a made big move. Just a few weeks ago, the ETH/BTC ratio was ranging between .03 and .032. But that has now risen to .039, a huge win for ETH bulls.
4. While it was nice to see Ethereum's big move against Bitcoin, the most notable event of the week was certainly Coinbase's direct listing on Wednesday. This listing is likely to bring in a lot of new market participants who may not know a lot about Bitcoin. Remember, we were all in their shoes at one point. As Travis says, be patient, be humble, be helpful. For those of you interested in learning more about where and how to trade Bitcoin, check out our blog detailing the differences between Coinbase and Coinbase Pro.
3. Fred Ehrsam, co-founder of Coinbase, had a great Twitter thread outlining Coinbase's journey over the years.
2. With Bitcoin now trading at roughly $62,600 and Ethereum trading at $2,450, new investors may wonder if they're too late. According to Mike Novogratz, the answer is no.
1. And, for those wondering how much higher Bitcoin could go, Pantera Capital's model should make all of us happy. Pantera's model suggests that Bitcoin could reach $115,000 by August. Please let it be so!