This Week In Bitcoin
This Week In Bitcoin is a new segment covering the events of the week that occurred in the Bitcoin industry, covering all the important news and analysis.
Although bitcoin saw relatively steady gains over the last week, climbing to nearly $40,000, it was only a matter of time before Elon Musk started his fear, uncertainty and doubt (FUD) campaign again, tweeting a breakup meme alongside the Bitcoin hashtag early Friday morning, which sent the bitcoin price tumbling as much as 7%. Of course, this was to be expected since Musk cannot seem to resist spreading FUD, as he previously had with Tesla stock before the Securities and Exchange Commission (SEC) came knocking.
As the market geared up for Bitcoin 2021 in Miami this weekend, it seemed like there would be few developments during the week outside of the announcements at this conference. Indeed, El Salvador’s president announced that he will introduce a bill that would implement bitcoin as legal tender, becoming the first to do so and paving the way for others to follow. While this was major news coming from the conference, there was further news outside of Bitcoin 2021: Google lifted its 2018 ban on cryptocurrency advertisements on its network; the Finance Minister of Norway suggested an imminent breakout for bitcoin; Coinbase integrated its debit card with Apple and Google’s mobile wallets allowing payments with bitcoin; and Paxful launched Paxful Pay, allowing merchants to accept bitcoin as a payment method.
Chart Of The Week
Bitcoin has been gearing up for a breakout this week, nearing $40,000 before Musk decided to rain on the parade. Along with the continuous FUD, the current dip is nothing new if you’re familiar with bitcoin’s movement over the last decade. The chart above, courtesy of Bloqport, analyses the 2017 bull run, and clearly shows there were several sizable dips on the run up to $20,000.. The current bull run is no different and…