The market crash and ongoing recovery

Just as one topic captured the attention of the crypto industry last week (U.S. politics), another topic dominated the mindshare of everyone this week. I'm talking about the crash, of course. What started in traditional markets quickly spilled over into crypto, demonstrating that Bitcoin and crypto are still heavily correlated to equity markets . Perhaps the most interesting aspect of the crash is, despite the severity of the move down (the VIX hit its highest level since the 2020 COVID pandemic plunge), sentiment among the financial experts I follow remains positive. This is largely being written off as a mid-cycle drawdown. We are still in a bull market. The recovery off the lows has been swift, although I agree with those advocating caution until 65k is hit and held.

Meanwhile, with all the negative news, it was easy to miss or overlook the good news this week. Ripple's case with the SEC ended, Morgan Stanley began to allow its financial advisors to pitch spot bitcoin ETFs, and U.S. Democrats have reportedly engaged with cryptocurrency leaders. What a week!

-David Sencil

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In the news

Kiyosaki declares market crash has arrived — 'losses are substantial'

Rich Dad Poor Dad author Robert Kiyosaki has declared that the stock market crash has arrived and "losses are substantial."

He stressed that the crash presents a lucrative opportunity for investors to buy assets at lower prices.

Democrats launch 'crypto for Harris'

Senior White House officials have reportedly engaged with cryptocurrency leaders to discuss industry concerns, facilitated by Representative Ro Khanna.

This initiative continues the Biden-Harris administration's efforts to engage with the crypto sector.

Hamster Kombat releases whitepaper, reveals airdrop details
Hamster Kombat, the popular tap-to-earn game built on the TON network, has announced the release of its whitepaper and an updated development roadmap.

Through social media, the project revealed that, due to players' contributions to its success, it has allocated 60% of its upcoming airdrop for community distribution.

Ripple hails victory as judge cuts SEC's penalty request by 94%
District Judge Analisa Torres has cut the penalty requested by the U.S. Securities and Exchange Commission (SEC) in the case against Ripple Labs over XRP by 94%.

The court partially granted the SEC's motion for remedies against Ripple, imposing a $125 million civil penalty.

QCP Capital: BTC drop due to supply surge and macroeconomic woes
QCP Capital has reported a significant reversal in the crypto market, with bitcoin (BTC) prices retracing from recent highs.

This shift comes amid an influx of bitcoin supply and worsening macroeconomic conditions.