Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Analysts say Bitcoin’s bounce at $36K means ‘it’s time to start thinking about a bottom’
Bitcoin had a turbulent week, its price dropping as low as $33,300 and surging as high as $38,000 before retracting back to the $36,000 region at the time of writing.
Many analysts have attributed the uninspiring performance of BTC, along with other assets such as stocks, to macro factors such as expectations that the United States Federal Reserve will embark on several interest rate hikes throughout 2022 to tame inflation.
While many people claim the Fed’s actions will put an end to the current bull market, other forward-looking individuals such as Bollinger Bands creator John Bollinger have questioned whether the market bottom is in and if it’s time to accumulate and hodl again.
“It’s time to start thinking about a bottom in cryptos,” Bollinger tweeted. “However, the ability to get outside the lower Bollinger Band repeatedly strongly suggests a retest of some sort will be needed. My plan is wait for a bottom and a bounce, then look for a retest as an entry.”
NFL star’s massive tax bill highlights problems with BTC salaries
Speaking of Bitcoin woes, someone who may be feeling the sting of the current state of the market is NFL star Odell “OBJ” Beckham Jr.
On Nov. 12 last year, OBJ signed a one-year deal with the Los Angeles Rams worth $750,000. A few weeks later, he announced a partnership with Cash App to receive 100% of that yearly salary in BTC.
At the time, Bitcoin was breaking new all-time highs around $69,044 but has since plummeted around 46% to $36,000. Sports business analyst and senior executive producer for The Action Network Darren Rovell said that OBJ’s salary is now worth significantly…