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GM. Crypto news can peel away your patience, but we’re here to add some zest back in. Let’s get straight to the juice: ? Mood is low; ? When the web stops working; ? Kraken expands, Bitfury shifts to tech investing + more |
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? Market flavor today |
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Bitcoin might as well get some Apple Bottom jeans and boots with the fur, because next thing you know, it got low, low, low, low, low, low, low, low.
(Below $90K, to be exact.)
Part of it was the vibe. We’ve had weeks of slow bleed, fading momentum, and traders derisking.
Then you had the ETF moment. BlackRock’s IBIT – the most respectable, khakis-and-a-pressed-shirt Bitcoin ETF – saw $523.2M in outflows. Its biggest ever.
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The macro backdrop didn’t help either.
Rate-cut expectations decreased again, which always puts a little pressure on risk assets.
Nothing dramatic, just enough uncertainty to make crypto traders lean back in their chairs instead of forward.
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And that’s really the story today. No villains, no disasters, no grand theories. Just a bunch of small factors nudging Bitcoin a little lower than usual.
Now the question is simple: was that an apple bottom… or are we about to go even lower, lower, lower, lower?
TBD.
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? Last call |
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? Memecoin harvest |
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Call your mom, your fave memecoin just did a 10x ? |
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Top 3 most annoying feelings:
And this week, the entire internet got a taste of that last feeling – dialed up to boss level – when Cloudflare went offline and took a giant chunk of the web down with it. Coinbase froze. X froze. Even ChatGPT tapped out. If your phone felt useless for a few minutes, it wasn’t you – it was the internet taking a sick day. So, what happened? Cloudflare’s “bot management” system (basically the digital bouncer that decides who gets in) broke. A database file got overloaded, the system choked, and then millions of sites were told “no entry.” Now here’s the part crypto actually needs to pay attention to: a bunch of “decentralized” apps and exchanges went down right along with everything else.
Turns out, many of these Web3 projects lean on Cloudflare’s tech to function. And as Vitalik Buterin pointed out, if crypto wants true resilience, it needs fewer single points of failure. But yesterday exposed the flaw: if one provider going offline freezes the whole sector… maybe we’re not as decentralized as we think. |
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