Bitcoin – Week 37 – Cointribune

Bitcoin - Week 37 - Cointribune

There is no secret. A bull run claims millions of new bitcoiners. It will not be long given the risk of hyperinflation and the dangerous geopolitical context.

Bitcoin is coming

We are at the confluence of energy peaks and geopolitical upheavals. The EU has gathered around Ukraine, and it is probably a great opportunity for the “the end of plenty” behind Vladimir Putin.

There will be no difficulties in achieving our energy transfer by forced march. This sudden withdrawal of energy promises shortages and inflation. Even rationing since the Siberian gas no longer comes.

Specialists indicate that stocks will be empty from January. Many industries will close down. BlackRock is predicting a recession “very serious” for the old section.

A repeat of the 2008 crisis is underway. At the time, traditional peak oil was the trigger. The world had finally gone belly up thanks to the shale oil “revolution” (not long enough…).

Today, the shock should come from the G7 countries. The latter forced them to pay for Russian energy at the price they had set… A happy thought if we are to believe the Prime Minister of Norway, Jonas Gahr Stoere:

“We are skeptical about a maximum price for natural gas. A maximum price will not change the fact that there is too little gas in Europe. »

After cutting off the gas, Russia could stop its oil exports. That is 10% of the world’s exports (5 million barrels) that will not be found anywhere else. US Treasury Secretary Janet Yellen warned that even “the price of a barrel could rise sharply this winter”.

The US is certainly very happy with this EU which is ready to sacrifice itself to weaken Vladimir Putin and his ambition to de-dollarize the world!

Ambition shared by China, whose dollar reserves have been divided by four since 2014. They have fallen from 4,000 to less than 1,000 billion dollars. A survey by UBS last month of 30 major central banks found that 85% have invested in the yuan or intend to do so this year.

“We are seeing a gradual erosion of the dollar”said Massimiliano Castelli, head of global sovereign markets strategy at UBS. “We are moving towards a multipolar monetary system”.

And it is again in the name of the petrodollar that Iran is disconnected from the SWIFT network. It is unfortunate to see German Chancellor Olaf Scholz claim “Iran should never have nuclear weapons” so that the embargo is not lifted. The truth is that Uncle Sam denies that the Iranians can sell their oil in currencies other than the dollar.

In other words, don’t count on Persian oil to lower the price of a barrel this winter. It is about reviving the Iran nuclear deal “probably in the short term said US Secretary of State Antony Blinken on Tuesday.

As a result, Tehran has just announced that it is joining the Shanghai Cooperation Organization. Therefore, Iran’s oil production is expected to be partially purchased in yuan soon.

We could also talk about Taiwan. Drones crossed the unofficial demarcation line of the Taiwan Strait for the first time on Sunday and Washington reportedly began preparing for sanctions…

” United States start discussing sanctions against China to deter it from invading Taiwan” / Taiwan is the world’s largest producer of semiconductors. If the island was embargoed, the price of electronics would skyrocket

The United States has no intention of giving up its monetary imperialism. This is the real reason for the war in Ukraine, the torpedoing of the negotiations with Iran or the Taiwanese imbroglio.

Washington is trying to create a new “axis of evil” to discourage the rest of the world from abandoning the dollar as well. We are talking about 7,000 billion dollars of foreign exchange reserves, which would devalue the dollar by carbine.

Monetary and military wars, energy shortages, inflation, rising rates, real estate bursts and stock market bubbles, recessions… Things are tough and thousands of people will soon want to defend their rebellion.

Let’s finish by noting that the giant investment fund Fidelity will authorize its 34 million customers to buy bitcoins.

Glassnode Summary Weekly Report

The analysis firm on a chain notes that BTC has been moving in a consolidation channel for three months. “The number of BTC showing unrealized loss is 48.1%. »

“We recently hit $18,649, a 72.5% drawdown since ATH November”writes Glassnode, who points out that the pull down 2022 is only as important as those in 2015, 2018 and 2020 (over 77%).

This is the history of pull down of BTC per dollar:

bitcoin pulldown
Drawdown (percentage decline from previous ATH) of Bitcoin

For Glassnode, “The recent increase in demand has not been enough to absorb the sales pressure”. “It’s now a matter of defending the $20,000 threshold. A bear market often takes several months to bottom out. »

When do we leave the floor? This winter, given the global awareness of the hyperinflationary horizon? Bitcoin is coming…

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Nicolas Teterel avatar
Nicolas Teterel

Journalist reporting on the Bitcoin revolution. My papers deal with bitcoin through geopolitical, economic and libertarian prisms.

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