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Jack Dorsey announces Web 5. Celsius hires lawyers. Bitcoin heading to $10k. All this in a few minutes, so let’s get into it.
Jack Dorsey, founder of Twitter announced a new crypto project called “Web 5” on Twitter during a Web 3 festival. The former CEO says it's a combination of Web 3 and Web 2 technologies built on the Bitcoin blockchain.
In a statement shared with CoinDesk, “Identity and personal data have become the property of third parties.” Web 5 brings decentralized identity and data storage to individual applications. That way developers can focus on creating a delightful user experience while returning ownership of data to individuals. Along with this concept comes decentralized identity and interaction with no intermediaries making it less prone to centralized attacks.
And while we are still grasping the issues of centralization, Celsius, a centralized platform hires restructuring lawyers after a “bank run type incident” a few days ago that forced them to halt withdrawals. These types of lawyers help their clients in areas of liquidations and paying off debt. With that said, there is still no news on when withdrawals will be back online leaving their customers puzzled. And if this case heads towards bankruptcy, it is not looking good hence why they say “not your keys, not your cryptos”.
And lastly, most indicators point to Bitcoin being oversold when compared to the past several years and there are a lot of youtubers pushing people to buy which leaves me surprised because they fail to understand the macro picture. Even though Bitcoin is down as it has been in the past, this time it's really actually different, and I mean that. We haven’t seen this type of inflation for several decades now and the CPI numbers reflect that. And it is not about retail being afraid to step back in as in 2018. This time retail can’t even afford to buy a gallon of gasoline compared to any points in Bitcoin’s history. So the folks that have enough to nimble here and there, which I call “micro-dca” and/or even Defi in safe platforms, well good for you.
However this market in my opinion is going much lower and with any rebound, you will see people selling into these rallies. So if your outlook is short-term, you might have to adjust that. But you may ask when is this market going to come back up? My answer is when the federal reserve stops increasing rates, but on top of that add one entire calendar year to that equation because so many people have been burnt and probably not coming back ever again just like some of us saw in 2018. Not financial advice, just my personal opinion.
And that is all I have for the crypto minute. If you want to find technical and fundamental data on crypto projects, you can sign up to my Token Metrics Affiliate link or go over to Trading Lab. If you technical analysis which is not my specialty, then visit Tim over on Twitter. And as always, liking, subscribing, and sharing this content goes a long way. Have a great day.
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Disclaimer
The information on this blog is not financial advice. Before you invest in cryptocurrencies, please speak to a financial advisor.
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