# Friday Market Musings
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# A busy day, but not with crypto
A little later than you are used to from me, here is this week's Friday Market Musing blog. You already understand. I haven't been very busy with crypto this week, and today I was busy with all kinds of things, except crypto.

But let's try to find some musings anyway. Because of course, despite the fact that I'm not working on it 24 hours a day, crypto is never very far from my mind.

# No Legion update from me! 
Today I am not going to write about Legion. Although, you might have expected that. Unfortunately for you, I'm currently enjoying the airdrop, and haven't been too concerned with how things went this week. I don't know if the success of the first day has carried over to the following days. In short, I'll leave it to @raymondspeaks to give you another Legion update soon. And it certainly won't be long in coming.

I'll just limit myself to what I've seen a bit over the past week. I'll write about things I've noticed in the few moments I've been online to see how things are going with crypto, whether the bulls hadn't sneaked back when I was offline. Hey, don't laugh! One can hope, right?

# Is it the silence before the storm? 
Over the past week, Bitcoin's price has remained fairly calm. No peaks upwards as we undoubtedly all hope, but no very deep valleys either. Good thing, too! With Ethereum, we actually see a bit of the same picture. But the big question that then arises in my mind is whether this will continue to be the case.

Why do I wonder? Of course, you want to know that now. Relax, I'll explain. It is about the following. In the United States they keep looking for how to regulate cryptocurrency now, and as long as two organizations both claim full responsibility for regulating the cryptocurrency sector, you also understand that there can never be clarity.

# Is Ethereum a security? 
Now recently there appears to have been a new development that could change the future of Ethereum. Bitcoin is a commodity, they agree. Ethereum would be, too, until last week. Then they suddenly came back from that, and now Ethereum is considered a security. And if Ethereum turns out to be a security, then suddenly the SEC is responsible for regulating Ethereum, and EVERYTHING developed on Ethereum. Oops! That is suddenly a lot… It is not yet known what this could mean for regulation. Whatever it will be, it is important that there will finally be clarity.

Because as long as that clarity is not there, the crypto market remains in limbo, and that certainly does not help to make the bear disappear. Uncertainty is one of the biggest characteristics of a bear market.

# "Mean Stream Media" 
Meanwhile, the "Mean Stream Media" is trying to do its best to bring down the crypto market even further. And the Wall Street Journal once again led the way by lashing out at Tether. According to an article, the newspaper had examined “the books” of Tether, and according to them, this company could also collapse in the event of the next major capitulation of the crypto market.

Tether doesn't let this go and hits back with a blog in which she confronts the Wall Street Journal with the hard facts. Tether would be completely covered, still… they also rub in that the major media had not predicted the fall of FTX either. So I actually don't think we need to worry too much about Tether just yet. (Although I have to be honest here that I never do anything with Tether).

# National Bitcoin Office
Then to El Salvador. While many people are now labeling the adoption of Bitcoin as legal tender a fiasco for the country, the president of El Salvador has a different idea. A national Bitcoin office is now even being launched. This office will deal with all Bitcoin projects in El Salvador. Well, it's a way to create employment. Let's hope that ordinary people will also benefit from this and that it will not be reserved for a select group of people there.

# The European Central Bank 
And what about the words of the European Central Bank? They argue that Bitcoin is on its way to irrelevance. The current price stabilization of Bitcoin, according to the ECB, is Bitcoin's "last gasp" and after that the price will irrevocably fall and will not recover. Why do these "scholars" think so?

I now quote what 2 of the wise men have said.

> “It does not generate cash flow (such as real estate) or dividends (such as stocks), it cannot be used productively (such as commodities) or provide special benefits (such as gold). The market valuation of bitcoin is therefore purely based on speculation.”

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Well, we will have to wait and see who will be right, the 2 wise men of the ECB, or the many millions of people who believe in Bitcoin (and cryptocurrency). Time will tell us.

# Time to relax my brains and enjoy the Friday evening
As you can see, even though I'm certainly not into crypto 24 hours a day, there's still plenty to rack my brains over. I have not described everything here by a long shot, if I did ... I would still be typing tomorrow morning. That's not the point, is it?

So I'm going to leave it at that, and wish you all a nice Friday evening. The evening I'm going to try not to think about anything, after all I can't change it that much anyway. So I'm going to try to enjoy a nice movie on TV.

Happy Friday!