Make Kitco Your Homepage

Crypto SWOT: Bitcoin is on track for its worst quarter in a decade

Commentaries & Views


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Canadian Intuit, rising 1,640.52%.

  • Sam Bankman-Fried's FTX crypto exchange is exploring whether it might be able to acquire Robinhood Markets, according to people with knowledge of the matter. FTX is deliberating internally on how to buy the app-based brokerage, however Robinhood hasn't received a formal takeover approach from FTX, writes Bloomberg. No final decision has been made and FTX could opt against pursuing a deal.

  • Michael Saylor's Bitcoin-backed tech firm MicroStrategy bought another 480 Bitcoins, worth about $10 million at the height of the current crypto market collapse. The firm purchased coins between May 3 and June 28 for about $20,817, according to paperwork filed with the U.S. Securities and Exchange Commission on Wednesday, reports Bloomberg.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Zenfi, down 99.77%.

  • Short sellers have been ramping up their bets against Tether, the world's largest stablecoin, amid a broad market selloff that has called into doubt the financial health of some crypto companies. In the past month, more traditional hedge funds have executed trades to short Tether through Genesis Global Trading, one of the largest crypto brokerages for professional investors. These trades are worth "hundreds of millions" of dollars in notional value, said Leon Marshal, Genesis' head of institutional sales, writes Bloomberg.

  • Troubled crypto hedge fund Three Arrows Capital was ordered into liquidation by a court in the British Virgin Islands. The court, which made the order on Monday, has appointed two partners at consulting and advisory firm Teneo to handle Three Arrow's liquidation, writes Bloomberg.


  • The wipeout in Bitcoin may have run its course, according to one momentum indicator. The relative strength index (RSI) suggests Bitcoin's selloff is due for a pause. The RSI, on a weekly basis, has fallen into "oversold" territory below 30 and is around the lowest level in data compiled by Bloomberg going back to 2010. The last time the gauge flashed "oversold" in 2018, the token went onto stage a strong rally, Bloomberg explains.

  • Coinbase Global is turning abroad to fuel growth in new users and revenue, reviving an international push after laying off more than 1,000 of its predominantly U.S.-based workforce. The cryptocurrency exchange is focused on building up its presence in Europe and is in the process of registering in markets including Italy, Spain, France, and the Netherlands, writes Bloomberg.  

  • Bitcoin is on track for its worst quarter in more than a decade as more hawkish central banks and a string of high-profile crypto blowups hammer sentiment. The 58% drawdown in the biggest cryptocurrency is the largest since the third quarter of 2011, when Bitcoin was still in its infancy, according to Bloomberg data. 


  • Embattled crypto lender Celsius Network is resisting a recommendation from its own lawyers to file for Chapter 11 bankruptcy and seeking a show of support from users to help win the internal argument against the suits. With the company's management prevented from making any public pronouncements due to legal advice, Celsius believes many of its retail clients would prefer the firm to avoid bankruptcy, writes Bloomberg.  

  • Yuga Labs Inc., creator of the popular Bored Ape Yacht Club NFTs, claims that conceptual artist Ryder Ripps scammed consumers into purchasing fake Bored Ape NFTs in a trademark infringement lawsuit filed in LA federal court. Ripps has made more than $5 million in pump-and-dump schemes involving the counterfeit NFTs called RR/BAYC which have been sold to more than 1,000 consumers, writes Bloomberg.  

  • The market for NFTs has been spiraling downward after sales sank sharply and the prices of popular NFTs plummeted over the last few weeks. The crypto niche is on course to record its first month with under $1 billion in sales since June 2021, according to data tracker DappRadar. On the world's biggest NFT marketplace, OpenSea, sales volume has fallen 75% since May, and looks set to scrape the lowest levels since July 2021, writes Bloomberg.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.