{"id":901751,"date":"2026-04-27T03:17:43","date_gmt":"2026-04-27T08:17:43","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/04\/27\/the-whole-world-is-a-casino-bitcoin-rallies-again-and-so-does-belief-week-in-review\/"},"modified":"2026-04-27T03:17:43","modified_gmt":"2026-04-27T08:17:43","slug":"the-whole-world-is-a-casino-bitcoin-rallies-again-and-so-does-belief-week-in-review","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/04\/27\/the-whole-world-is-a-casino-bitcoin-rallies-again-and-so-does-belief-week-in-review\/","title":{"rendered":"\u2018The Whole World Is a Casino\u2019 \u2013 Bitcoin Rallies Again, and so Does Belief \u2013 Week in Review"},"content":{"rendered":"<p><strong>This editorial is from last week\u2019s edition of the newsletter Week in Review. Subscribe to the newsletter to get this weekly editorial the second it\u2019s finished. The newsletter also includes the biggest stories of the week with a comment on each story.<\/strong><\/p>\n<div>\n<p data-start=\"0\" data-end=\"14\"><strong>Key Takeaways:<\/strong><\/p>\n<ul data-start=\"16\" data-end=\"402\" data-is-last-node data-is-only-node>\n<li data-section-id=\"1bsuchy\" data-start=\"16\" data-end=\"144\"> <span>Bitcoin<\/span> neared $80K as Ki Young Ju flagged a 30% rebound, reviving <span>crypto<\/span> risk appetite.<\/li>\n<li data-section-id=\"1ul83f6\" data-start=\"145\" data-end=\"270\">Tether minted $3B and froze record <span>USDT<\/span>, sharpening the <span>Bitcoin<\/span> vs. <span>stablecoin<\/span> split.<\/li>\n<li data-section-id=\"k0mvxr\" data-start=\"271\" data-end=\"402\" data-is-last-node>THORChain moved 75,700 <span>ETH<\/span> in 1.5 days, with <span>DeFi<\/span> security and privacy debates set to grow.<\/li>\n<\/ul>\n<h2>Week in Review<\/h2>\n<p><span> <span>Bitcoin<\/span> knocked on the door o<\/span>f $80,000 this week, while Ethereum and the <span>altcoin<\/span> space bled away again. The S&#038;P 500 retouched all-time highs again, while the Russell 2000 broke record levels in an apparent comeback for risk appetite.<\/p>\n<p> <span>Gold<\/span> and silver both printed red weekly candles while the dollar index (DXY) traded up slightly at 98.8, but still well below the psychological 100 level.<\/p>\n<p>With the extension of a ceasefire in the Middle East, and a cooling of war and oil-related headlines, an almost foreign-feeling level of calm touched the markets.<\/p>\n<p><span>And this week, <span>crypto<\/span> started to feel like <span>crypto<\/span> again.<\/span><\/p>\n<p><span>Not because everything was clean or healthy. It wasn\u2019t. Hacks kept coming, <span>stablecoins<\/span> were frozen in size, <\/span><a href=\"https:\/\/x.com\/HiPiair\/status\/2046880209287135234?s=20\" target=\"_blank\" rel=\"noopener noreferrer\"><span>wrench attacks<\/span><\/a><span> in France continued, Ethereum took another round of psychological abuse, and \u201ccrime tokens\u201d reappeared. And yet, despite all of that, the dominant mood shifted on the back of <span>Bitcoin<\/span>\u2019s rally. <\/span><\/p>\n<p><span>One of the most compelling stats floating around was the idea that every time <span>Bitcoin<\/span> has rallied 30% off a low, it has<\/span><a href=\"https:\/\/x.com\/IDFinancial\/status\/2046957233502564721\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>never revisited<\/span><\/a><span> that low. This cycle\u2019s 30% threshold sits at $79,694, which gives the market a clean psychological line to organize around. Whether or not it holds with mathematical perfection is beside the point. Traders want a reason to believe the floor is in, and now they have one.<\/span><\/p>\n<p><span>At the same time,<\/span><a href=\"https:\/\/x.com\/BitcoinArchive\/status\/2044758618810044653\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>funding rates<\/span><\/a><span> turned extremely negative, which historically has often looked more like a bottom signal than the start of a collapse. That\u2019s one of the classic features of a recovering market: positioning gets too <span>bearish<\/span> just as the underlying asset starts stabilizing. <span>BTC<\/span> loves catching everyone offside. Cryptoquant CEO Ki Young Ju <\/span><a href=\"https:\/\/x.com\/ki_young_ju\/status\/2047169620818509840\" target=\"_blank\" rel=\"noopener noreferrer\"><span>pointed out<\/span><\/a><span> that \u201c <span>Bitcoin<\/span> tends to be closer to a bottom when it looks least attractive.\u201d<\/span><\/p>\n<p><span>Fidelity\u2019s Jurrien Timmer added to the mood by saying <span>Bitcoin<\/span> is<\/span><a href=\"https:\/\/x.com\/TimmerFidelity\/status\/2047315611357708491\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>building a base<\/span><\/a><span> for its next major wave up. Peter Brandt, a staunch proponent of classical charting, argued that while the low may not come until September or October, the next <span>bull market<\/span> could still target<\/span><a href=\"https:\/\/x.com\/PeterLBrandt\/status\/2047396252112028135?s=20\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>$300k to $500k<\/span><\/a><span>.<\/span><\/p>\n<p><span>Jordi Visser appeared on CNBC<\/span><a href=\"https:\/\/x.com\/pete_rizzo_\/status\/2045540122376933826?s=46&#038;t=4Yu3wvaLPzQD5rGOeliWGw\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>pumping Bitcoin<\/span><\/a><span>, noting the decoupling between <span>BTC<\/span> and software stocks. <\/span><\/p>\n<p><span>The <span>bullish<\/span> turn in <span>Bitcoin<\/span> happened against a backdrop of unusual macro signals.<\/span><\/p>\n<p><span>The Treasury just did the<\/span><a href=\"https:\/\/x.com\/ki_young_ju\/status\/2047169620818509840\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>biggest buyback<\/span><\/a><span> of debt on record. Kevin Warsh, likely the next Fed Chair, decided to publicly denounce the negative effects of <\/span><a href=\"https:\/\/x.com\/vandell33\/status\/2047137127012450529\" target=\"_blank\" rel=\"noopener noreferrer\"><span>QE and inflation<\/span><\/a><span>, though not everyone seems convinced by his positioning. Tom Lee warned that new Fed chairs have often preceded<\/span><a href=\"https:\/\/x.com\/TomLeeTracker\/status\/2046960836703338625\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>market corrections<\/span><\/a><span>, and also predicted a rally for the ages after the drawdown completes. <\/span><\/p>\n<p><span>Economist Steve Hanke added another layer by calling for a<\/span><a href=\"https:\/\/x.com\/steve_hanke\/status\/2047083022839910473\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>commodities supercycle<\/span><\/a><span>, telling investors to pivot away from tech and toward hard assets.<\/span><\/p>\n<p><span>Meanwhile, AI-related stocks now make up a record<\/span><a href=\"https:\/\/x.com\/KobeissiLetter\/status\/2047492227035742429\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>45% of the S&#038;P 500<\/span><\/a><span>, highlighting just how concentrated traditional equity exposure has become. That sort of crowding often makes investors more willing to look elsewhere for asymmetric upside, and <span>Bitcoin<\/span> remains one of the clearest liquid, scarce alternatives.<\/span><\/p>\n<p><span>One reason <span>bullish<\/span> sentiment is flowing back into <span>Bitcoin<\/span> could be that so much of the rest of the <span>crypto<\/span> ecosystem still looks fragile and risky.<\/span><\/p>\n<p><span>The North Korean KelpDAO exploit has been a major reminder that <span>DeFi<\/span> remains structurally vulnerable. Aave responded to the hack by<\/span><a href=\"https:\/\/x.com\/i\/status\/2045683809665024438\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>freezing markets<\/span><\/a><span> tied to affected assets, and Arbitrum reportedly managed to<\/span><a href=\"https:\/\/x.com\/i\/status\/2046445425524359258\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>claw back<\/span><\/a><span> tens of millions of dollars, reigniting the age-old decentralization debate. <\/span><\/p>\n<p><span>The Ethereum ecosystem deserves some credit for trying to respond collectively. Stani Kulechov said he is personally contributing 5,000 <span>ETH<\/span> to<\/span><a href=\"https:\/\/x.com\/WuBlockchain\/status\/2047414954320605519\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>relief efforts<\/span><\/a><span> for rsETH losses, and others are working to formalize additional commitments. <\/span><\/p>\n<p><span>Amid the continued chaos in <span>DeFi<\/span>, harsher takes are finding traction. Pentoshi declared that the<\/span><a href=\"https:\/\/x.com\/Pentosh1\/status\/2045865410126598163\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>DeFi dream<\/span><\/a><span> is effectively dead, arguing that users can now get similar yields through traditional brokers without the same existential security risks. You don\u2019t have to fully agree to see why the argument resonates. <span>Crypto<\/span> promised open finance, but currently, it\u2019s just constant comedic levels of risk, stress, and doubt. <\/span><\/p>\n<p><span>Ansem has been<\/span><a href=\"https:\/\/x.com\/blknoiz06\/status\/2045888925449777159\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>bear posting<\/span><\/a><span> Ethereum, arguing that holding <span>ETH<\/span> until 2030 could be one of the worst investment decisions imaginable. That may be a bit extreme, but it captures the current emotional split in the market: <span>Bitcoin<\/span> is regaining belief, while much of the rest of <span>crypto<\/span> is still defending itself against disappointment.<\/span><\/p>\n<p><span>Haseeb Qureshi declared<\/span><a href=\"https:\/\/x.com\/hosseeb\/status\/2046450856707699084?s=20\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>North Korea<\/span><\/a><span> to be <span>crypto<\/span>\u2019s enemy. He\u2019s not wrong. Lazarus may be the best <span>crypto<\/span> hackers the world has ever seen. Security expert Taylor Monahan said to pull off the KelpDAO hack, the exploiters ran 1,610 transactions in 11 hours, or 146 transactions in an hour, or 2.4 transactions per minute. <\/span><\/p>\n<p><i><span>\u201cYeah. They are unmatched.\u201d<\/span><\/i><\/p>\n<p><span>THORChain remained central to that conversation. After being used by the KelpDAO hackers, it was reportedly also being used by the Balancer hacker to move funds from Ethereum into <span>Bitcoin<\/span> through<\/span><a href=\"https:\/\/x.com\/lookonchain\/status\/2047507529329246583\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>THORChain rails<\/span><\/a><span>. The exploiters swapped nearly all of its 75,700 <span>ETH<\/span> holdings, worth about $175 million, into <span>BTC<\/span> in just a day and a half. <\/span><\/p>\n<p><span>Mert Mumtaz is hinting at some kind of<\/span><a href=\"https:\/\/x.com\/mert\/status\/2047408920017383493\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>privacy project<\/span><\/a><span>, which felt timely. In a week full of cyberattacks, tracking, freezes, and coercion, the privacy narrative looks more legitimate.<\/span><\/p>\n<p><span>Tether had one of the week\u2019s most revealing stretches. On one side of the ledger, Tether minted<\/span><a href=\"https:\/\/x.com\/lookonchain\/status\/2047561069456187640\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>$3 billion<\/span><\/a><span> in a single week, with Abraxas Capital receiving almost as much from the Treasury. On the other side, the company is also in the middle of what appears to be the largest-ever<\/span><a href=\"https:\/\/x.com\/andyyy\/status\/2047293492230070399?s=20\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>USDT freeze<\/span><\/a><span>. <\/span><\/p>\n<p><span> <span>Bitcoin<\/span>\u2019s appeal rises when neutrality matters. <span>Stablecoins<\/span> win when usability and state compatibility matter. This week, both dynamics strengthened at once.<\/span><\/p>\n<p><span>The alt market is still weird. Aside from <span>Bitcoin<\/span>, the rest of <span>crypto<\/span> continued doing what it does best: mixing serious capital, tribal loyalty, absurd behavior, and unresolved conversations about value.<\/span><\/p>\n<p><span>The Bittensor crowd kept up its momentum. Algod said he bought<\/span><a href=\"https:\/\/x.com\/AlgodTrading\/status\/2045154478752399544\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>more TAO<\/span><\/a><span>, Barry Silbert was seen<\/span><a href=\"https:\/\/x.com\/BarrySilbert\/status\/2047298579337764947\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>with the community<\/span><\/a><span> at an event, and Jason Calacanis\u2019 podcast featured the<\/span><a href=\"https:\/\/x.com\/twistartups\/status\/2046973858138185867\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>co-founder<\/span><\/a><span> in an interview. <\/span><\/p>\n<p><span>Sam Bankman-Fried emerged on the timeline once again as it becomes increasingly clear that the FTX estate selling his investments near the bottom may have been the<\/span><a href=\"https:\/\/x.com\/BullTheoryio\/status\/2047041226105553320\" target=\"_blank\" rel=\"noopener noreferrer\"> <span>greatest fumble<\/span><\/a><span> of all time, with the portfolio now hypothetically worth $114 billion. Whether that number is right, it is the kind of retrospective that only gains traction when people are already feeling <a href=\"http:\/\/www.bitcoin.com\/get-started\/bull-market-vs-bear-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">bullish<\/a> again.<\/span><\/p>\n<p><span> <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" target=\"_blank\" rel=\"noopener noreferrer\">Crypto<\/a> keeps fi<\/span>nancializing everything, including nonsense. This week\u2019s best example was the Polymarket incident in Paris, where a trader allegedly went long on hotter weather and then used a hairdryer on an airport thermometer to tilt the result, banking<a href=\"https:\/\/x.com\/WuBlockchain\/status\/2047271542887977046\" target=\"_blank\" rel=\"noopener noreferrer\"> $34,000 in profits<\/a>. The use case of turning completely innocuous events into financial instruments has emerged as one of <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a>\u2019s top use cases.<\/p>\n<p>The CFTC charged a US military service member with<a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9217-26\" target=\"_blank\" rel=\"noopener noreferrer\"> insider trading<\/a> in a Nicolas Maduro-related Polymarket event and profiting $404,000. Bloomberg then reported the<a href=\"https:\/\/x.com\/business\/status\/2047440401942859937\" target=\"_blank\" rel=\"noopener noreferrer\"> White House is watching<\/a> these sorts of markets for insider trading more closely going forward.<\/p>\n<p>Addressing the rise of <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-prediction-markets\/\" target=\"_blank\" rel=\"noopener noreferrer\">prediction markets<\/a> and the issue of insider trading, President Trump <a href=\"https:\/\/x.com\/Worldsource24\/status\/2047443544701284844\" target=\"_blank\" rel=\"noopener noreferrer\">reminded us<\/a> that \u201cthe whole world, unfortunate<span>ly, has become somewhat of a casino.\u201d<\/span><\/p>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/the-whole-world-is-a-casino-bitcoin-rallies-again-and-so-does-belief-week-in-review\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Alex Richardson<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This editorial is from last week\u2019s edition of the newsletter Week in Review. Subscribe to the newsletter to get this weekly editorial the second it\u2019s finished. The newsletter also includes the biggest stories of the week with a comment on each story. Key Takeaways: Bitcoin neared $80K as Ki Young Ju flagged a 30% rebound<\/p>\n","protected":false},"author":1,"featured_media":901752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4948,643],"tags":[],"class_list":{"0":"post-901751","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-the","8":"category-whole"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/901751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=901751"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/901751\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/901752"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=901751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=901751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=901751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}