Will Bitcoin keep it up?

It's Friday again, which means, ... time for market musings. Last week I actually didn't have that much time to muse about the state of the market. For now I can just say in short, I think it's fine the way it is. We seem to have found the way up, although it is of course never guaranteed that this will stay that way. In the last 7 days you can say that we have neatly stuck with Bitcoin in the $28K, although it seems to be a bit of a hang and strangle at the time of writing. Since the past 7 days, we have seen Bitcoin slowly but surely losing some ground. Whether this will continue and we will experience another dip? It could be possible. Although according to some experts, the second quarter is always the best quarter. And if I look back in time 2 years... there is certainly truth to that.

Do you remember April 2021? Jeez, we all thought it couldn't end. Bitcoin has been trading above the magical $50K mark for over 30 days. On April 5, 2021, Bitcoin was valued at $59,928. We don't have to beat around the bush, that felt a lot better when you looked at the numbers and your portfolio. However? We were still very much in the bull market and it would last until November 2021. God, do you also wish you had a crystal ball so you could tell exactly when that bull is going to peak and when the bear market has bottomed out, and can we start looking forward to the end of the bear market? To know that, that would be really unimaginable. What you can achieve then would be incredible. Unfortunately, we can only estimate it approximately, and no one knows exactly what the highest peak will be, or the deepest valley.

I don't make predictions, for the simple reason that I'm not versed in it. You will therefore not hear from me whether Bitcoin, and the rest of the market, is in an uptrend or downtrend. But I can tell you that I was happy to notice that there has been an upward movement lately. And that just felt right.

When wrapping becomes burning

Whether it felt so good for Brandon Riley last week, however, I dare to doubt. Brandon was the lucky man who managed to buy a rare crypto punk for a whopping 77 Ethereum. But he also wanted to be able to sell this crypto punk again, and to sell a crypto punk you have to wrap it first. It turns out that this is not easy for everyone. Brandon apparently had a hard time with it too, and instead of wrapping his expensive rare crypto punk, something else happened.

He accidentally sent his crypto punk to a burn address. Ouch, that must have hurt when he noticed this mistake. As you know, and it's always good to remind yourself, crypto transactions are irreversible! This means a very painful conclusion for Brandon. He has lost his crypto punk. No one will ever be able to buy this punk again. This crypto punk is lost forever, burned.

Important lessons to learn from this? Crypto transactions are and remain irreversible. Once sent is sent. If you get it wrong, no one else is responsible except you. If that mistake costs you more than $100K, it's still irreversible, and still only your mistake. Always check BEFORE you make a transaction, and always DOUBLE CHECK again before you go through with that transaction. A mistake is easily made, but can cost you very dearly.

Will the Doge woof again?

Then something else. You all heard about, or saw it with your very own eyes. The buzz about Elon Musk's recent Twitter activity. Now I'm of course talking about the change of the Twitter birdie logo to the well-known Shiba Inu, or better said, the Dogecoin logo. That this has sparked speculation among people about whether Elon has plans for Dogecoin on Twitter may be clear. Is this a hint for Twitter's future, or if he is just playing an April Fool's joke? There are also some people who suspect that Elon may be manipulating Dogecoin's price to pay off his Twitter debts. But who's fault is it that the Dogecoin price is pumping?

Despite the uncertainty, it is evident that Elon Musk still has a significant impact on the crypto community. Since the logo change, there has been a 2000% surge in searches for Dogecoin on Google, and the price of 1 Doge has increased to a neat 10 cents. For the last few days Doge also managed to hold the increase. I guess you can say that Elon still has a lot of influence. Lol.

I'm not sure what to make of this change yet, what is clear is that there are still many people within the crypto community who are influenced by Elon Musk. What is also clear is that since the logo change of Twitter, there were suddenly 2000% more searches via Google for Doge. And the rise of Dogecoin of course, which is now hovering around 10 cents, which is not surprising at all. What do you think? Should we all go buy Doge? Let us know in the comments!