EOW closing BTC price: $68,794
Date range: May 20 - May 26, 2024
In this report:
- Caught in the Ether ETF Buzz
- Bitcoin Steps into the Election Spotlight
- Media's Reckoning with the Craig Wright Saga
Weekly Snapshot
Main Topics of the Week
Caught in the Ether ETF Buzz
Bitcoin took a bit of a backseat this week as the media buzzed about the approval of Ether ETFs. The excitement started early in the week and became official by week's end.
Media coverage was up 12.5% compared to the previous week, but unfortunately for ETH holders, this didn't lead to much price action.
The key takeaway?
- Ethereum only seems to get major media coverage when Bitcoin is mentioned alongside it.
- The response to the Ether ETF news was pretty underwhelming compared to the frenzy when Bitcoin ETFs first hit the market, which generated way more media interest and market movement (see chart below).
So, while the mainstream media shifted its focus to Ethereum for a bit, it's clear that Ethereum might need more than just ETF news to really grab headlines and make waves.
Bitcoin Steps into the Election Spotlight
No surprise here: Bitcoin is gearing up to play a major role in the upcoming US presidential election. We've seen a significant uptick in election coverage tied to Bitcoin, a trend we spotted two weeks ago.
Forbes' Sara Dorn, The Independent's Fatima Hussein and CNBC's Kevin Breuninger have all reported on the Trump campaign's acceptance of crypto donations.
Here's where it gets interesting:
Andrew R. Chow from Time noted that "supporting crypto now allows Trump to place himself in direct opposition to Elizabeth Warren."
Another Sara Dorn piece in Forbes also highlighted how Republicans and Democrats are drawing their lines in the sand, especially with the recent crypto-friendly Bill passing the House as Trump courts the industry while Biden seems to crack down on it.
This is the beginning of a major trend.
A trend where Bitcoin becomes central to political strategies.
Both sides are recognizing the growing influence of the Bitcoin ecosystem and positioning themselves accordingly.
Expect more political pandering like the one that happened on Saturday when Trump vowed to commute Ross Ulbricht's life sentence - something he had the chance to do during his last term and chose not to do.
So grab some 🍿 and watch the political drama unfold.
Media's Reckoning with the Craig Wright Saga
At last, the media’s strange fascination with Craig Wright seems to be waning.
Coverage from Thomas Barrabi of the New York Post, David Yaffe-Bellany of The New York Times, Sam Tobin of Reuters, and Callum Parke of The Independent indicates a significant shift after the judge that ruled in the COPA vs. Craig Wright lawsuit that Wright is not Satoshi Nakamoto gave reasons for his conclusions on Monday.
For years, the media entertained Wright’s claims, giving him a platform despite the lack of evidence.
Recent revelations from his trial, where he was shown to have extensively forged documents, have embarrassed his remaining supporters, including those in the mainstream media.
The press is now distancing itself from Wright, acknowledging the farcical nature of his claims.
Hopefully, this marks the end of the mainstream media giving any credibility to Wright's lies.
