Shanghai Man: Fiat on-ramps dry up in China, crypto topics censored on social media

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industrys most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

This week China is back to work after its week-long national day celebrations, an event that is always filled with flag-waving, military parades and enthusiastic nationalism. This years version was intensified by the recent homecoming of Huawei executive Meng Wanzhou after three years of detention in Canada, as well as heightened tensions in the Taiwan Strait. Government regulators have spent the better part of the last half-year wiping out the cryptocurrency industry in the mainland, a topic that has given the Shanghai Man plenty of topics to discuss in this weekly column.

Limited access to markets

On Wednesday, Binance took a step towards compliance by announcing it would be closing P2P for RMB markets. According to the announcement on Binances website, the change will happen on December 31, 2021. Meanwhile, it will check for users from the mainland of China and switch their accounts to a withdraw-only mode. At the same time, users will only be able to withdraw, close positions, and other essential functions. Binance will notify corresponding users by email 7 days before the account switch.

 

 

The closure of RMB P2P markets makes holding crypto a bit more risky in China

 

 

The news was not well-received by the remaining retail holders, who feel that fewer and fewer reliable off-ramps are available without resorting to more drastic measures such as offshore accounts. Binance had been one of the most popular P2P markets, due largely to the reputation of the exchange, its liquidity, and Binances geographic distance from Beijing. Binance has always maintained that its website was blocked in China and it doesnt have an exchange business presence here, therefore it was exempt from mainland regulatory policy.

Theres no denying that a lack of P2P fiat options will make investing in crypto a lot less comfortable for Chinese citizens living in mainland China. With the eCNY central bank digital currency right around the corner, tighter fiat regulations might make it hard to move large amounts of fiat in and out of the crypto markets. On the other hand, many people are less concerned, knowing that OTC markets will spring up whenever there is an opportunity to provide an in-demand service. Technology always has a way of developing where it is needed the most.

Reading between the lines

The move seems quite severe on paper, but there are still a few grey areas that need to be examined. Its no secret that going into this year, millions of Chinese users were registered on top exchanges and many of them were active traders and large holders. Some of them will likely be deterred by recent government policies and exchange rules, and reduce their exposure to the asset class. Others are actively being funneled into DeFi, as evident by the rising on-chain trading volumes coming from China.

Other users will simply elect to wait, especially considering the rapidly-changing nature of national policies. One common belief is that exchanges that elect to self-regulate may not actually enforce this policy very strictly at first. This is supported by the lack of clarity on how overseas Chinese users should be handled. Users may be able to circumvent rules altogether by supplying proof of international residency or alternative forms of ID. The silver lining here is that any sell pressure caused by uncertainty or fear from Chinese investors will be dampened by a long transition period of compliance.

For a company that operates completely outside of China, its very difficult for regulators to enforce policies, especially if the exchange is claiming to self-regulate, by banning IPs, and not accepting new Chinese registrations. This is the strategy that exchanges such as OKEx and Gate.io seem to be following, as both of these large platforms with Chinese roots announced that they were already fully compliant, didnt accept Chinese users, and as a result wouldnt be making any drastic changes.

 

 

A prominent social media Influencer on Weibo wrote:

“The content of this announcement is a bit strange. I think the exchange will conduct a self-check and try to discover the remaining Chinese users on the platform, but in the case after the self-check the exchange announces there are no Chinese users, the exchange will just leave them there.”

This post was later deleted on Weibo. Currently, all topics related to Binance and other exchanges are censored by social media apps like WeChat.

Waning impact

Perhaps the most surprising takeaway from all this was the market indifference to the news. Previous announcements of this magnitude have had very pronounced effects on the market price. On Wednesday, following the announcement by Binance, the BTC price dipped briefly before bouncing back to over $58,000 the following day.

What this shows it that the market is putting less weight on the impact of news coming out of China, instead focusing on narratives like the hoped-for upcoming ETF approvals in the US and Vladimir Putins surprise admission about cryptocurrencies. Investors can take solace in the fact that with more growth and decentralization, the market risk is more diversified.

The right to enforce

On October 11, the financial magazine Caijing put out a story discussing the enforcement of the recent crackdown on cryptocurrencies. The main points were that the recent announcements from the Central Bank were merely guidance and that actual judicial interpretation and enforcement needed to come from the public prosecution authorities in the court system. The article implied that judicial bodies were now conducting research into the legality of mining and cryptocurrency businesses, and that this could spell trouble for rule breakers. Those who had currently succeeded in skirting the rules might not be out of hot water, yet.

6 Questions for Olga Kupchevskaya of MyEtherWallet

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!


 

This week, our 6 Questions go to Olga Kupchevskaya, vice president of research and development for MyEtherWallet.

Olga is vice president of research and development for MyEtherWallet. She has a strong passion for learning, which brought her to blockchain technology and led her to complete a masters in computer science, with research emphasis on blockchain scalability solutions. In her role with MyEtherWallet, she oversees the research, development and production of software products ranging from the Ethereum Blockchain data tools (EthVM) to wallet management.

 


1 What kind of consolidation do you expect to see in the crypto industry in 2021?

As far as price is concerned, Ether (ETH) will go to the moon, of course. We already saw that staking increased interest in the chain and brought the price higher than it was in 2017. If the Ethereum Foundation executes its promise of merging to the Mainnet and Beacon chains by the end of 2021, the value of ETH will be even further secured.

In addition, we will see more consolidation in decentralized finance cross-chain functionality and bridging. Following the previous DeFi boom years, more and more users are interested in participating in different DeFi projects. Its the next step for the projects to create maximum value for their users and gain an even higher market share.

 

2 What are the top five Crypto Twitter feeds you cant do without, and why?

I do have a Twitter handle. However, I do not have a friendly relationship with Crypto Twitter. I will usually dedicate several minutes a week just to see if there is anything worthwhile. Most of the time, I am just checking our companys partners or other big DeFi projects for interesting news or some educational content. Often, I get overwhelmed by the amount of speculation and misinformation out there in other channels and how much manipulation goes on in the feeds.

We all have seen recent examples of Twitter activity where a big-time investor tweets some speculations or threats regarding their investments. Then, right after, we see people start vigorously buying or selling. As a result, we get significant price changes. Besides the fact that market manipulation is illegal in other industries and that it is absurd one tweet can significantly influence the crypto market and cause chaos in the community it does put a perspective on ethics standards in the Crypto Twitter community.

Instead, I get most of my news from some dedicated crypto media platforms like Cointelegraph, CoinDesk, etc. and random crypto podcasts, where content is higher quality and I dont have to absorb the information in micro blocks without context.

 

3 Which is sillier: $500,000 Bitcoin or $0 Bitcoin? Why?

I feel that a Bitcoin (BTC) price at $0 is much sillier than $500,000. At the end of the day, the primary Bitcoin purpose is value transfer; even though its decentralized, it still has some common ground with centralized digital systems. Traditionally in financial systems, you have a middle man who will help store, manage and secure your assets, like a bank. And as with any business, the middle man has expenses, so you eventually pay some fees to it when you want to use your assets.

With blockchain technology, you can do all of that yourself; however, there are still physical costs. Like any blockchain, Bitcoin is operated by nodes connected via a network. Bitcoin nodes perform computational work to verify transactions and make chain history accessible to other node peers. Each peer still has to be incentivized to perform the proof-of-work to cover equipment costs, electricity costs and so on. Even if Bitcoin started to implement proof-of-stake like Ethereum, there are still costs that one needs to cover, like ongoing node maintenance.

 

4 Which two superpowers would you most want to have, and how would you combine them for good… or evil?

My first ability would definitely be to clone myself while keeping the clones memory once we are joined back together. I feel that there are not enough hours during the day to do everything I want or even need to. For instance, there is so much innovation happening all around us in the industry, and I just dont have enough time to educate myself deeply on all of the new concepts. Instead, I have to pick only certain things.

The second would be flying being able to get somewhere without any constraints is very attractive. By combining these powers, I would have the unique ability to offer free multi-route air taxi services to those in need as an alternative to regional airlines and their outrageous luggage fees. Id have to work out the details to be able to show in-flight movies, but hey, the idea is there!

 

5 What talent do you lack and wish you had? How would you use it if you had it?

I definitely lack good public speaking skills. English is not my native language, and like most people, I tend to get very nervous. When I had to do frequent presentations in college, sometimes I would lose my train of thought in the middle of the sentence, and I forgot some words halfway while saying them out loud. Even though it has been a while since I experienced extreme nervousness, I still feel that I lack the qualities to give a speech to a large crowd I just met.

I am lucky, as I now work with great team members who respect and motivate each other. However, I did experience my share of sexism and discrimination, and I know other people in the crypto and STEM industries are experiencing that now. If I were a great public speaker, I would want to influence and motivate people to talk about what they are going through, call out gender biases and take action. Adding to the existing dialog will help create more awareness and empower more women and monitory cultures to enter and stay in the industry.

 

6 List your favorite sports teams, and choose the single most memorable moment from watching them.

I grew up in Russia, and of course, we always watched hockey over there. My friends were big-time SKA Saint Petersburg fans, and we would frequently go to games as hockey tickets are a magnitude cheaper over there. One of the most memorable moments was watching them get into the KHL Conference Finals for the first time and play their last game against HC Dynamo Moscow. I remember the last 30 seconds and how intense it was.

SKA was losing and had to score twice to win. They pulled the goalie off the ice to gain an additional skater, concentrating the rest of the game around the Dynamo net. SKA skaters kept attacking the net over and over again with all the skills they had to offer. Still, the Dynamo goalie kept producing amazing saves, and in between, you could feel the tension between the players and the stadium. SKA lost the Dynamo goalie proved to be unbeatable but it was a great hockey game all around.

 

A wish to the blockchain community:

Definitely dont be afraid to be a little crazy. Even though your idea might seem too out there, there is still a good chance that its not; you can be the first to bring it to life! Educate yourself, reach out to the people in the industry, and you can find someone who will share your passion and help you with execution.

CoinSwitch Kuber becomes crypto unicorn, Bitcoin returns to a $1T market cap, and a bullish 2017 Ethereum fractal resurfaces: Hodler’s Digest, Oct. 3-9

Coming every Saturday, Hodlers 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

Indian crypto exchange CoinSwitch Kuber raises $260M

Indian crypto exchange CoinSwitch Kuber closed a $260 million Series C funding round this week at a valuation of $1.91 billion, adding itself to the prestigious unicorn club.

The funding round was led by Coinbase Ventures and Andreessen Horowitz, the latter of which has emerged as a leading crypto venture capital firm. Following the $1.91 billion valuation, CoinSwitch Kuber is said to be Indias most valued crypto firm.

Speaking of funding, Sky Mavis, the developers of the immensely popular NFT game Axie Infinity, announced a $152 million Series B funding round on Tuesday. Unsurprisingly, Andreessen Horowitz backed the funding round along with participation from FTX.

 

Ethereum fractal from 2017 that resulted in 7,000% gains for ETH appears again in 2021

The same set of bullish indicators that sent Ether (ETH) surging 7,000% in 2017 has appeared again in 2021, suggesting that the asset is on track to reach the moon before Dogecoin (DOGE).

The fractal indicator from 2017 consists of at least four technical patterns that were instrumental in pushing the price up, including the relative strength index (RSI), stochastic RSI, bullish hammer, and a Fibonacci retracement level.

At the time of writing, Ether is worth $3,600, indicating that the price could hit $13,000 if history repeats itself.

 

Federal High Court of Nigeria approves eNaira CBDC rollout

The Nigerian Federal High Court has approved the rollout of the eNaira central bank digital currency (CBDC).

The CBDC was launched for beta testing on the nations 61st Independence Day celebration on Oct. 1 and has now been given the green light to circulate alongside its fiat counterpart. The CBDC is being touted as a faster, cheaper and more secure option for transactions. It will also be supported by an eNaira wallet.

The official eNaira website says that the digital version of the Nigerian naira will be made available universally, stating that anybody can hold it.

 

Judge rejects XRP hodlers’ bid to join SEC against Ripple case as defendants

The ongoing legal dispute between Ripple Labs and the United States Securities and Exchange Commission (SEC) has taken another turn as U.S. District Judge Analisa Torres ruled on Monday that individuals holding XRP tokens cannot act in Ripples ongoing lawsuit as defendants.

The ruling came after several ambitious XRP hodlers aimed to file friends of the court briefs which, if granted, would enable them to join the bloody battle as defendants, alongside Ripple, against SEC assertions of XRP being a security.

The judge said the ruling was for their own good, as it would compel the trigger-happy SEC to take action against the XRP hodlers as well. However, it was determined that they could participate as amicus curiae a party that is not involved in the litigation but is allowed by the court to advise or provide information.

 

Bitcoin returns to $1T asset as BTC price blasts to $55K

Bitcoin (BTC) returned to its $1 trillion asset status this week as the price surged past $55,000.

It appears that the damage caused by the China mining ban in May has been wiped clean, suggesting that there could be a run to new all-time highs in the coming weeks or months. At the time of writing, BTC is worth $54,900 and sits 14.9% below the all-time high.

Honestly, I think well be continuing to see strength on Bitcoin, Cointelegraph contributor Michal van de Poppe said, adding:

USDT pairs will be fine on altcoins, but perhaps well be having 6-8 weeks of some corrections on the $BTC pairs, before a new party starts. December/January is often the best period to buy alts.

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $54,176, Ether at $3,612 and XRP at $1.07. The total market cap is at $2.30 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are SHIBA INU (SHIB) at 244.87%, Fantom (FTM) at 74.68% and Axie Infinity (AXS) at 47.02%.

The top three altcoin losers of the week are eCash (XEC) at -10.20%, Huobi Token (HT) at -8.70% and Amp (AMP) at -6.85%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Policymakers should implement global standards for crypto assets and enhance their ability to monitor the crypto ecosystem by addressing data gaps. […] Emerging markets faced with cryptoization risks should strengthen macroeconomic policies and consider the benefits of issuing central bank digital currencies.

International Monetary Fund

 

For us, digital assets are not about payments per se. Theyre about a new computing paradigm a programmable computer that is accessible everywhere and to anyone and owned by millions of people globally.

Bank of America Securities

 

We did a survey of our membership, and it was very impressive: 110 countries are at some stage of looking into CBDCs.

Kristalina Georgieva, managing director of the International Monetary Fund

 

What a crazy concept this is, that we as a country embrace so many bright, young, talented people to come up with a replacement for our reserve currency. […] I wish all this passion and energy that went to crypto was directed towards making the United States stronger.

Ken Griffin, founder of Citadel LLC

 

The best way to look at it, if youre an investor, either you believe in decentralized finance and centralized finance, and you believe in Bitcoin and Ethereum and the blockchain, or you dont. If you dont, stay in gold as a hedge, and if you do, tip into it.

Kevin OLeary, Shark Tank Judge

 

Im not going to get into any one token, but I think the securities laws are quite clear if youre raising money […] and the investing public […] have a reasonable anticipation of profits based on the efforts of others, that fits within the securities law.

Gary Gensler, chairman of the U.S. Securities and Exchange Commission

 

My bill with Congresswoman Ross would set disclosure requirements when ransoms are paid and allow us to learn how much money cybercriminals are siphoning from American entities to finance criminal enterprises and help us go after them.

Elizabeth Warren, U.S. senator

 

Bitcoin’s $50,000 resistance point since May appears ripe to become the crypto’s support value in 4Q.

Mike McGlone, senior commodity strategist at Bloomberg

 

Prediction of the Week

 

BTC bull run has ‘at least 6 months to go’ 5 things to watch in Bitcoin this week

This week saw Bitcoin crack the $50,000 mark and continue upward past $55,000. Although upward price action accompanied the start of September, Bitcoin showed more of a downward trend for most of the month. Price action for BTC has posted upward pressure so far for October, but time will tell how the rest of the month plays out.

On a broader scale, in an Oct. 2 tweet, stock-to-flow model creator PlanB expressed the possibility that the current Bitcoin bull run still has several months of upward action ahead. My guess: this 2nd leg of the bull market will have at least 6 more months to go, PlanB said in the tweet, posting one of his BTC stock-to-flow models.

Several other factors are also relevant to determining Bitcoins outlook, including analyses of the assets hash rate estimates and technical indicators.

FUD of the Week

 

‘Evolved Apes’ NFT creator allegedly absconds with $2.7 million

Hodlers of the Evolved Apes NFT avatar project were left gobsmacked this week after one of the developers reportedly went rogue and swiped 798 ETH, worth around $2.9 million.

The anonymous developer who goes by the pseudonym Evil Ape is said to have dashed off with all the funds generated from the initial mint of the 10,000 tokenized apes, along with the gains from sales on the secondary market.

Apart from allegedly stealing 798 ETH, Evil Ape also took down the project’s website and Twitter account. There was also a blockchain-based fighting game that was promised by the project’s creators, and while the outlook is grim, the community is driving a recovery initiative dubbed Fight Back Apes.

 

Billionaire Ken Griffin slams crypto as ‘jihadist call’ against the greenback

Hedge fund manager Ken Griffin was the source of some mixed FUD this week as he slammed crypto as a jihadist call against the U.S. dollar.

Griffin, who is the founder of the $38 billion hedge fund Citadel LLC, and said that crypto is a Jihadist call that we dont believe in the dollar, as he took aim at the pesky youth for spending so much time working on digital assets.

I wish all this passion and energy that went to crypto was directed towards making the United States stronger, he added.

The Citadel founder, however, stated that his firm is yet to enter the crypto sector due to the lack of regulatory certainty, suggesting that hes more worried about compliance than a jihadist call against the precious greenback.

 

Gensler confirms SEC won’t ban crypto… but Congress could

SEC Chairman Gary Gensler said on Tuesday that his agency does not have the authority or intention to ban crypto, stating, That would be up to Congress.

However, Gensler highlighted that many crypto tokens fall under the enforcement power of the SEC. He singled out financial stability issues that arise from stablecoins as a key area of focus for the agency.

Its a matter of how we get this field within the investor consumer protection that we have and also working with bank regulators and others how do we ensure that the Treasury Department has it within Anti-Money Laundering, tax compliance? Gensler said.

 

Best Cointelegraph Features

Beyond Bitcoin: The future of digital assets is bigger than the first crypto

While Bitcoin is the most recognizable digital asset, its just one of many that are here to evolve financial services globally.

Money in 2030: A future where DeFi and CBDCs can work together

In coexistence with mutual benefits, decentralized finance and central bank digital currencies will finally make money universally available worldwide.

What it’s like when the banks collapse: Iceland 2008 firsthand

“Imagine if the money that you have in your bank account now would suddenly buy you 1/10th of what it had? That happened in a week.”

6 Questions for Lisa N. Edwards of Getting Started In Crypto

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!


 

This week, our 6 Questions go to Lisa N. Edwards, a cryptocurrency trading specialist who runs and co-owns Getting Started In Crypto.

Lisa is an Elliott Wave specialist trader with 20-plus years of experience in traditional stocks and commodities, now exclusively trading cryptocurrency. She runs and co-owns Getting Started In Crypto, Thousand To Millions and The Moon Mag with Josh Taylor. Lisa is widely experienced, with previous business ventures including Satoshi Sisters, Trading Places VIP, D4.Partners and CoinRunners. Outside of trading, Lisa has a flourishing career in the media and film industries, with a cryptocurrency-themed screenplay titled CoinRunners, which she anticipates will be filmed in late 2021.

 


1 When you tell people youre in the blockchain industry, how do they react?

Does anyone say they are in the blockchain industry? Crypto, baby, all the way! I have been telling everyone for years to buy Bitcoin (BTC) and various cryptocurrencies, and now that Bitcoin is around $45,000, all of a sudden it is interesting more interesting at $45,000 than it was at $200. That was the price when I started actually telling people to trade Bitcoin. I shake my head and laugh when those people ask me. The reactions, though, are polar opposites mostly, people respond with interest or they look at me blankly. There is no in between.

 

2 What will happen to Bitcoin and Ether over the next 10 years?

Let me get my crystal ball it has been getting a workout during the bull runs. I dont ever like to look that far into the future, as a lot can happen in crypto in just two months. So, 10 years is like an eternity. Both may become dinosaurs, and we know what happened to them.

 

3 Does it matter if we ever figure out who Satoshi really is or was? Why, or why not?

Depends on who youre asking. Different things matter to different people.

Satoshi is defined by people in many ways, and thoughts and ideas about who or what something is bring about new ideas, changes and conversations. I have family ties with the name Satoshi and have yet to get through an interview without it being mentioned (yawn). But honestly, Im just interested in living my life, sharing my experiences in the world of crypto and letting others make up their own mind.

 

4 Which is sillier: $500,000 Bitcoin or $0 Bitcoin? Why?

Neither is silly, and there are arguments for both.

$500,000 Bitcoin is an easy argument from a trading perspective, with global adoption and an extremely outdated, archaic financial system. With only 21 million BTC mined and a projected 2021 global population of over 7.8 billion people, as of writing this there is currently 18,821,768.75 BTC in circulation. Then think that 30% to 50% of the total supply could be lost due to early paper wallets being destroyed or hard drives no longer being in existence, or just simply forgetting the password to access them. This is a closed market model that makes it scarcer by the day, so demand could definitely outweigh supply, making $500,000 Bitcoin a strong reality. Money is essentially a technology that reinvented the barter system, and Bitcoin is a technology that can reinvent how we transact globally.

As for the $0 Bitcoin, you guys are trying to get me to expose family ties and the BSV camps argument that when Craig Wright moves the genesis block, BSV is Bitcoin and BTC is obsolete. I personally dont think that BTC would go to zero even if he did that. My analogy is that if we look at blockchain as the roads we drive on and each cryptocurrency as the car we drive, I might like a Porsche 911 because it is faster, sleeker and looks better to me, but Bob down the road likes his Prius because it is reliable and saves energy. They can both successfully drive on the same road like crypto, with bridges and interoperability but more people like Porsches over Prius. So, dont be Bob be like Lisa!

 

5 From smart contracts to DApps, NFTs and DeFi, we have seen so many of cryptos next killer apps, but none have really taken off quite yet. What will stick?

The app that anyone can use without needing to understand the terminology or what it is, just what it does to change their life. Its the same with apps in the non-crypto world. A successful app needs to be simple, it needs to offer a solution to a real-world problem and it needs to do it efficiently, as attention spans are getting shorter and shorter.

The truth is that most people just want solutions, regardless of how things work, although I like to think that those in the crypto world take a stronger interest in the understanding of how something works. Its actually fascinating when you get into it! Think mainstream output with an underground build. Most apps would get away with not mentioning anything to do with crypto despite being built around the technology! It doesnt have to be the defining feature that grips the audience.

 

6 Have you ever bought a nonfungible token? What was it? And if not, what do you think will be your first?

I buy and sell NFTs all the time when trading. Do I own nonfungible art? Not currently. My issue with this right now is that art is meant to be displayed. I have issues with having to display art on an LCD screen. I suppose its no different to having a photo library on my iPhone, to pull out memories when feeling nostalgic, but having a big, ugly LCD screen on my wall to display a $69-million Beeple kind of defeats the purpose of art. I believe NFTs can transform the music and media industries, allowing artists to be automatically distributed royalties, and I would love to see my CoinRunners movie funded in this way as a way to showcase the cryptocurrency industry to the masses. So, to answer this, I would love CoinRunners to be my first NFT.

 

A wish to the blockchain community:

If you can dream it, you can achieve it, so dont stop trying until you find a way!

Morgan Stanley acquires more GBTC, Alibaba to halt crypto mining gear sales, and a possible scenario for $6 million BTC: Hodler’s Digest, Sept. 26-Oct. 2

Coming every Saturday, Hodlers 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

DOGE co-founder sets sights on Ethereum bridge and NFTs for mass adoption

Billy Markus, the co-founder of the beloved Dogecoin (DOGE), emphasized the importance of completing an Ethereum-to-Dogecoin bridge on Thursday, citing that the asset could be integrated for payments on Ethereum-based NFT marketplaces.

Markus stated that there is high demand to purchase NFTs within the crypto community and that enabling NFT purchases with DOGE greatly increases its utility.

The development of a DogecoinEthereum bridge would mark a significant milestone for the meme coin, as it would enable users to send DOGE from the Dogecoin blockchain to the Ethereum blockchain, and utilize the asset in the DeFi and NFT sectors via ERC-20 DOGE token contracts.

 

JPMorgan CEO says Bitcoin price could rise 10x but still won’t buy it

Jamie Dimon, the CEO of JPMorgan Chase and staunch crypto critic, has slammed Bitcoins appeal despite admitting that its price could multiply by 10 within five years, presumably because he doesnt like making good returns on his investments.

During an interview with The Times of India, the CEO was asked whether Bitcoin (BTC) or other crypto assets should be banned or regulated. Dimon answered by taking a swing at the hype surrounding the asset, stating:

I dont really care about Bitcoin. I think people waste too much time and breath on it. But it is going to be regulated. […] And that will constrain it to some extent. But whether it eliminates it, I have no idea and I dont personally care. I am not a buyer of Bitcoin. […] That does not mean it cant go 10 times in price in the next five years.

 

Morgan Stanley doubles exposure to Bitcoin through Grayscale shares

Speaking of large investment banks, it was reported on Monday that Morgan Stanley has more than doubled its exposure to the Grayscale Bitcoin Trust (GBTC) since April.

According to a recent SEC filing, the Morgan Stanley Europe Opportunity Fund owned a total of 58,116 GBTC shares as of July 31. The holdings are worth around $1.96 million at the time of writing, representing an 18.3% decrease on the $2.4 million Morgan Stanley said it has splurged on GBTC.

Previous filings show that Morgan Stanley has increased its shares of GBTC by more than 105% since April, suggesting that market volatility over recent months affected its appetite for Bitcoin via Grayscale.

 

Visa working on blockchain interoperability hub for crypto payments

On Thursday, payments giant Visa announced an ambitious project that aims to be a universal adapter of blockchains that can connect multiple crypto assets, stablecoins and spawn of satan central bank digital currencies (CBDCs).

The project, dubbed the Universal Payment Channel, is hoping to serve as an interoperable blockchain hub that can connect to multiple blockchain networks and enable transfers of different crypto from various protocols and wallets.

Imagine splitting the check with your friends, when everyone at the table is using a different type of money some using a central bank digital currency […] like Swedens eKrona, and others preferring a private stablecoin like USDC, Visa wrote, as it emphasized the benefits to users without revealing how centralized the hub may be.

 

White hat hacker paid DeFi’s largest reported bounty fee

Automated market maker protocol Belt Finance said it paid a white hat hacker the largest bounty in DeFi history. The Binance Smart Chain (BSC)-based protocol, which operates a yield optimization strategy, said that white hat programmer Alexander Schlindwein discovered the vulnerability in Belt Finances protocol this week and reported the news to the team.

Schlindwein, who appears to have no intent on swindling, was paid $1.05 million for his work, which consisted of $1 million from Immunefi and $50,000 from BSCs Priority ONE program.

I went through the list of bug bounties on Immunefi and picked Belt Finance as the next one to work on, Schlindwein told Cointelegraph, adding:

While I was studying their smart contracts, I noticed a potential bug in the internal bookkeeping, which keeps track of each users deposited funds. Playing the attack through with pen and paper gave me more confidence in the existence of the bug. I continued by producing a proper proof-of-concept (PoC) which undoubtedly confirmed its validity and economic damage.

 

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $47,351, Ether at $3,226 and XRP at $1.02. The total market cap is at $2.05 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are dYdX (DYDX) at 86.90%, OMG Network (OMG) at 42.04% and Axie Infinity (AXS) at 39.19%.

The top three altcoin losers of the week are Celo (CELO) at -19.59%, Huobi Token (HT) at -13.58% and Avalanche (AVAX) at -8.27%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

I dont really care about Bitcoin. I think people waste too much time and breath on it. But it is going to be regulated. […] And that will constrain it to some extent. But whether it eliminates it, I have no idea and I dont personally care. I am not a buyer of Bitcoin. […] That does not mean it cant go 10 times in price in the next five years.

Jamie Dimon, CEO of JPMorgan Chase

 

The most difficult aspect of Bitcoin to grasp is that its completely unique nothing like it has ever existed. Theres nothing for the media to compare it to, and theyre unable to fully understand the magnitude of the coming paradigm shift that Bitcoin will bring.

Samson Mow, chief strategy officer of Blockstream

 

There is no doubt that the crypto assets market is becoming more mainstream in the institutional and wealth management sectors.

Henry Howell, head of business development for Nickel Digital Asset Management

 

Millennial gamers hold 55% of all crypto assets, compared to just 5% of all millenials, showing that gamers are far more likely to hold crypto than the average person. Eighty percent of gamers who own crypto are also interested in using cryptocurrency to purchase games and in-game items.

David Gan, founder of OP Crypto Capital Management Ltd.

 

Not only is Saule Omarova, Bidens pick to lead the OCC, a threat to our traditional economy, she also wants to regulate crypto into oblivion. Crypto faces future-defining government regulations. This nomination needs to be stopped.

Ted Cruz, U.S. senator

 

It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.

Elon Musk, CEO of Tesla

 

Sooner or later, ETH will outpace Bitcoin and become the global standard.

Sandeep Nailwal, co-founder of Polygon

 

Prediction of the Week

 

Former Bitcoin lead dev predicts demise of BTC network… with a major silver lining

Gavin Andresen, one of the earliest developers of the Bitcoin network, published a blog post recently about one of the potential outcomes for Bitcoin many years down the road. Andresen, however, included the caveat that the future he described is possible, yet unlikely.

Andresen’s forecast saw BTC in 2061 having a hefty price tag of $6 million per coin, complete with $7,500 transaction fees. Bitcoins price will not have risen to that valuation solely of its own accord, however, but largely as a result of inflation by a factor of six. He predicted that, by 2061, $6 million will have the purchasing power of $1 million at todays dollar value. Large holders of BTC will run the coins blockchain by then, with most transactions taking place on other blockchains via wrapped versions of BTC.

Fast-forward another 39 years to 2100, and Bitcoin will see very little activity on its main blockchain since, by that time, the mining reward will have been cut in half so many times that mining and maintaining the network are not worth the effort. At that point, the whales ruling Bitcoin would halt the network, and BTC would then simply live on other blockchains in wrapped form.

FUD of the Week

 

Second-largest Ethereum mining pool to suspend all operations

Following the latest crackdown from the Chinese government, Ethereum mining pool Sparkpool suspended access to new users in China and abroad on Thursday.

According to an announcement on Monday, the measures are being put in place to ensure the safety of users assets in response to China banning crypto yet again. Further details about the shutdown will be sent out through announcements, emails, and in-site messages, Sparkpool said.

Launched in China in early 2018, Sparkpool emerged as one of the largest Ether mining pools in the world. As of Wednesday, Sparkpools mining power represented around 22% of Ethereums global hash rate. However, following the suspension, it now accounts for 0%. According to PoolWatch, Ethermine leads the mining pool pack, making an estimated 25% of Ethereums global hashrate.

 

Alibaba to ban crypto miner sales amid Chinese crackdown

Alibaba also faced some crypto mining-related issues this week amid the crackdown in China, announcing on Monday that its platform will prohibit sales of cryptocurrency miners and suspend categories for blockchain miners and accessories from its website on Oct. 8.

The companys decision was tied to regulatory compliance issues with crypto. The e-commerce giant is also halting sales of crypto mining devices and imposing a ban on using its platforms to sell major cryptocurrencies, such as Bitcoin, Ether (ETH) and Litecoin (LTC).

Alibaba stated that any sellers who continue to list banned crypto-related products and services after Oct. 15 will face a range of penalties including blocking stores, and freezing and closing merchant accounts.

 

CFTC hits Kraken with $1.25M in fines over alleged illegal offering

The United States Commodity Futures Trading Commission (CFTC) announced Tuesday that it is ordering top crypto exchange Kraken to pay $1.25 million in civil penalties over allegations that the firm exchange is violating the Commodity Exchange Act.

The CFTC attests that Kraken has failed to register with the regulatory body as a futures commission merchant (FCM), and is therefore offering illegal margined retail commodity trading via crypto assets.

The CFTC said the action was a part of broader effort to protect U.S. customers and emphasized that exchanges that offer margined, leveraged or financed digital asset trading must register as an FCM or face the regulatory hammer.

 

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Cool green mayor giving a grand in Bitcoin to each resident

“I never thought so many people would care about this tiny little town in Missouri.”

Crypto recovers on positive Fed and Evergrande news, then drops amid China FUD; Sorare and Dapper Labs raised a combined $930M: Hodler’s Digest, Sept. 19-25

Coming every Saturday, Hodlers 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

Crypto markets soar after Fed commits to printing and Evergrande plans to pay its debt

The crypto markets were showing signs of recovery during the week as the U.S. Federal Reserve committed to carrying on its spending habits, while Chinese real estate giant Evergrande was able to strike deals with bondholders to avoid default on its hefty loan obligations.

Evergrandes potential default on $305 billion worth of debt has essentially been a ticking time bomb that has loomed over the global financial market, with some asserting that this is Chinas Lehman Brothers moment. However, the firm is safe for the immediate term, and the news coincided with an 11.3% bump in Bitcoins (BTC) price on Tuesday.

The spike in price also followed comments from Fed Chairman Jerome Powell, who explained that the central bank plans to continue its ridiculous level of monthly bond purchases for the foreseeable future. Both reports suggest that FUD related to Evergrande and the Feds spending habits can now be shelved for a later date.

 

Old FUD, new BTC price dip Weeks-old China crypto ban sparks $42K Bitcoin price drop

Speaking of FUD, the crypto market recovery appears to be short-lived as old news regarding China was suddenly picked up on social media, sparking an instant price crash across the crypto market.

At the time of writing, Bitcoin is down 2.7%, Ether (ETH) is down 6.4%, and FUD is up 100%. This knee-jerk reaction was the result of a memo from the Peoples Bank of China, or PBOC, that criminalized practically all crypto activity except possession.

Chinese-language commentators noted, however, that the PBOC released the updated guidance on Sept. 15 but posted it online on Friday.

It seems odd that the market has responded to China banning crypto again, as it’s not like the local government has done anything to foster excitement about digital assets in the country of late. At this stage, they might as well get it over with and ban possession too.

 

Biden to nominate anti-crypto and anti-big bank law professor to run the OCC

On Thursday, reports surfaced that the Biden administration intended to nominate Kazakhstani-American attorney, academic, and former policy advisor Saule Omarova to head the Office of the Comptroller of the Currency, or OCC.

Omarova is a crypto critic who is also not so fond of the big banks, having previously vowed to end banking as we know it. Currently employed as a law professor at Cornell Law School, she is expected to clamp down on crypto with tighter regulation, as she thinks the industry threatens the stability of the economy.

If confirmed, bankers and crypto proponents alike may be in for some hairy moments as Omarova single-handedly works to tear down both sectors under the guise of protecting the economy.

 

Sports-themed NFTs spark gold rush as projects raise $930M in a week

To cleanse the palate, there was bullish news in the NFT sector this week as two firms known for tokenized sports collectible projects raised a combined $930 million in funding.

French-based soccer trading card NFT game developer Sorare closed a $680 million Series B funding round led by SoftBank at a valuation of $4.3 billion. Dapper Labs, the team behind the Flow blockchain and NBA Top Shot, also announced a $250 million funding round led by tech-focused hedge fund Coatue.

Sorare and Dapper Labs both outlined plans to expand their tokenized collectible model beyond soccer and basketball, respectively, along with scaling up their current widely popular NFT projects. The combined total of $930 million marks a significant bet on the tokenized sports sector at a time when the wider NFT market faces declining sales volume and floor prices.

 

John Cena calls his own NFT sales a ‘catastrophic failure’

John Cena, the WWE hall-of-famer known for his braggadocious you cant see me catchphrase, recently saw limited sales during his foray into nonfungibles.

The professional wrestler said that fans only purchased 7.4% of his WWE NFTs that were dropped last month, labelling the sale a catastrophic failure and citing the price point for the gold-tier NFT package as being too high at $1,000.

There were 500 gold tier NFTs offered in total, which were part of a package with physical collectibles, including a hat, shirt, wristbands, belt, towel, and autographed picture.

I talk a lot about failure this idea failed, said Cena. Myself and the folks in the WWE thought $1,000 was a fair price point. We were wrong. We were absolutely wrong.

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $42,223, Ether at $2,905 and XRP at $0.93. The total market cap is at $1.88 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celo (CELO) at 49.84%, Celer Network (CELR) at 34.97% and Cosmos (ATOM) at 17.34%.

The top three altcoin losers of the week are Huobi Token (HT) at -32.21%, SushiSwap (SUSHI) at -28% and EOS (EOS) at -26.22%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

We have absolutely no intention of embracing cryptocurrencies. […] On the contrary, we have a separate war, a separate fight against them. We would never lend support to [cryptocurrencies], because we will move forward with our own currency that has its own identity.

Tayyip Erdoan, president of Turkey

 

A Matisse painting can run $100 million because a small amount of people decide theyre worth $100 million. Over 150 million people around the world that have decided Bitcoin is worth something. Thats enough for me.

Mike Novogratz, CEO of Galaxy Digital

 

Stablecoins are almost acting like poker chips at the casino right now.

Gary Gensler, chairman of the U.S. Securities and Exchange Commission

 

Ninety-nine percent is about being in the right circle, having the right information at the right time. In the NFT space, you live with this constant frustration that you have missed a chance to make $1 billion.

Gauthier Zuppinger, chief operating officer of Nonfungible.com on NFT investing

 

I know the crypto lovers never want to hear me say sell, but if youve got a big gain as I did, well, Im begging you to. Dont let it become a loss; sell some. Stay long the rest, then lets wait and see if China changes its attitude toward an Evergrande bailout.

Jim Cramer, host of Mad Money on CNBC

 

I think we should always be open-minded and, as such, Im very interested in all new creations and expressions from the art world. Metaverses will emerge, but I still believe physical art will always reserve a very special place in everyones collection.

Elio DAnna, founder of HOFA

 

The ultimate test we will apply when assessing a central bank digital currency and other digital innovations is, Are there clear and tangible benefits that outweigh any cost and risks?

Jerome Powell, chairman of the U.S. Federal Reserve

 

I’m uncomfortable with any non-physical currency being the only currency.

LordPimpernel, Texan and Redditor

 

Prediction of the Week

 

Bitcoin heavy breakout fractal suggests BTC price can hit $250K$350K in 2021

A Bitcoin analyst by the name of Bit Harington on Twitter recently posted a chart suggesting a possible upcoming price rally for BTC, if history repeats itself.

Harington drew levels on top of a Bitcoin price chart from Buy Bitcoin Worldwide and Twitter user PlanB. Haringtons levels essentially showed Bitcoin price resistance levels following Bitcoins 2012 and 2016 halvings. On both occasions, price rejected off the resistance levels, gathered steam, and then broke through the levels later, leading to significant rallies.

Following those price rallies, Bitcoin then eventually returned to those breakout levels, finding them as support. Harington listed the new resistance level as $60,000 on their chart. So far, the chart shows Bitcoin rejecting off that level, subsequently finding support and looking upward back toward the resistance level.

Harington noted that BTC jumped above the two previous resistance levels by a factor of about six each time. Analyst Michal van de Poppe took a peek at the chart, crunched some numbers, and determined that BTC could reach up near $250,000 to $350,000, followed by a drop back down near $65,000 if BTC reacts similarly to the past.

This week, however, Bitcoin faced a number of downward price moves and comments indicating future bearish expectations for crypto surfaced.

FUD of the Week

 

We are at war with crypto, says Turkish President Erdoan

According to Turkish President Recep Tayyip Erdoan, the country is at war with cryptocurrency but quite fond of blockchain tech.

Erdoan hosted a Q&A event in Mersin, Turkey with naive youth from across the country who had no idea that crypto was posing a threat to their sovereignty. When asked for his opinions on cryptocurrencies, and whether the central bank would embrace crypto, Erdoan didnt mince his words when he said, We have absolutely no intention of embracing cryptocurrencies.

On the contrary, we have a separate war, a separate fight against them. We would never lend support to [cryptocurrencies], because we will move forward with our own currency that has its own identity, he added.

 

Binance to cease crypto futures and options in Australia

The worlds biggest crypto exchange Binance has yet again limited its services in another country after crypto investors in Australia were notified that they have 90 days to close their positions for futures, options and leveraged tokens.

As of Friday, Aussies are no longer able to increase or open new positions for derivatives products on Binance. However, they will still be able to top-up their margin balances to prevent liquidations and margin calls in the meantime.

According to the latest announcement, Binances crypto futures and options market will cease on Dec. 23 as the firm restructures itself in order to reach its regulatory compliance goals.

We are committed to our industry for the long term and we want to ensure our product offerings are welcomed by users and local regulators, a spokesperson for Binance told Cointelegraph.

 

Latest DeFi hack targeting BSC sees $12.7M in Bitcoin stolen from pNetwork

Cross-chain DeFi platform pNetwork became the latest protocol to be hacked on Binance Smart Chain after the team reported a loss of roughly $12.7 million worth of Bitcoin on Monday.

According to a Twitter thread published by pNetwork, the hackers swiped 277 pBTC from the exchange the majority of the networks collateral. The team noted the attack was executed by exploiting a bug in its codebase, adding that a fix was already in the works.

The pNetwork team was also kind enough to offer the hacker a $1.5 million bounty if the stolen funds were returned.

 

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Ukraine joins the comity of crypto-friendly nations with new regulation

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Cardano price dips after smart contract launch, Walmart working with Litecoin is fake news, Coinbase raises $2B from junk-bond sale: Hodler’s Digest, Sept. 12-18

Coming every Saturday, Hodlers 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.

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Cardano launches smart contracts after successful hard fork

After years of anticipation, Charles Hoskinsons brainchild, Cardano, finally launched its smart contract functionality via the Alonzo hard fork on Monday. Youd think the result of this would be some bullish price action for ADA but, alas, its price dropped 10% following the rollout.

While Cardano was keen to celebrate the milestone, it also emphasized in a blog post that its still in the early days of the project, adding that now is when the mission truly begins.

The team also urged its community to not be overzealous in boarding the hype train just yet, and to be patient with the smart contract functionality in its formative stages:

There are high expectations resting on this upgrade. Some unreasonably so. Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade. Expectations need to be managed here.

 

Fake news: Litecoin price surges 35% following Walmart adoption hoax

While real news made the price of ADA drop, fake news made the price of Litecoin (LTC) pump this week.

Numerous publications reported Monday that Walmart planned to have a pay with Litecoin option for its e-commerce websites starting on Oct. 1 as part of a partnership with the Litecoin Foundation. Following the spread of the fake report, the price of LTC surged 35% before sharply falling within hours.

A spokesperson from Walmart confirmed that the news was fake within an hour, while the Litecoin Foundation’s director of marketing, Jay Milla, also told Cointelegraph that the announcement did not come from Litcecoin’s side of things.

The Litecoin Foundation has yet to enter into a partnership with Walmart, said Milla.

 

Vitalik Buterin makes list of Time magazines 100 most influential people in 2021

Ethereum co-founder Vitalik Buterin was named by Time Magazine as one of the 100 most influential people of this year, joining the likes of Naomi Osaka, Britney Spears, Xi Jinping and Elon Musk.

Buterin was featured in the Innovators section of the Time 100 list, with Reddit co-founder Alexis Ohanian authoring his profile. Ohanian highlighted Buterins work in building the Ethereum network and encouraging the development of decentralized apps and NFTs.

No one person couldve possibly come up with all of the uses for Ethereum, but it did take one persons idea to get it started, Ohanian said. From there, a new world has opened up, and given rise to new ways of leveraging blockchain technology.

 

Coinbase increases junk-bond offering to $2B after investors swarm

After seeing enormous demand for its $1.5 billion junk-bond offering that was announced on Monday, Coinbase reportedly increased the size of the sale to $2 billion.

According to a report from The Economic Times, there was at least $7 billion worth of orders that were placed in competition for seven- and 10-year bonds offering interest rates of 3.375% and 3.625%, respectively.

Coinbase stated on Monday that the raised funds will be put towards continued investments in product developments and potential investments in or acquisitions of other companies, products, or technologies in the future.

The funds might also come in handy when the U.S. Securities and Exchange Commission, or SEC, comes knocking on the door with a lawsuit if the USD coin lending program is actually launched.

 

US lawmakers propose adding digital assets to wash sale rule and raising capital gains tax

Reports surfaced this week that Democrats in the U.S. House of Representatives proposed tax initiatives that could swipe some extra profits from the gains of certain high-income crypto users.

According to a document released by the House Committee on Ways and Means on Monday, the proposal would increase the tax rate on long-term capital gains from the existing 20% to 25%.

On the same day, President Joe Biden said he planned to nominate acting chairman of the Commodity Futures Trading Commission, Rostin Behnam, to assume the role permanently, while also naming Kristin Johnson and Christy Goldsmith Romero to fill two other vacant commissioner seats.

In a private meeting held on Sept. 8 between Fidelity Digital Assets President Tom Jessop, six of the firms executives and several SEC officials, the executives outlined a number of reasons why the enforcer should finally approve the Bitcoin (BTC) exchange-traded fund.

These examples included increased demand for digital assets, the prevalence of similar funds in other countries, and the rise of Bitcoin adoption all of which sound like reasons that would fall on deaf ears for the SEC.

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $46,951, Ether at $3,376 and XRP at $1.07. The total market cap is at $2.11 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Curve DAO Token (CRV) at 41.73%, Hedera Hashgraph (HBAR) at 41.16% and Avalanche (AVAX) at 33.23%.

The top three altcoin losers of the week are Arweave (AR) at -19.24%, Solana (SOL) at -21.27% and Revain (REV) at -17.11%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Many platforms have dozens or hundreds of tokens on them. While each tokens legal status depends on its own facts and circumstances, the probability is quite remote that, with 50, 100, or 1,000 tokens, any given platform has zero securities.

Gary Gensler, U.S. Securities and Exchange Commission chairman

 

One can even see an inscription about the regulators obligations on the banknotes, while cryptocurrency is not backed by anything.

Behzod Khamraev, Central Bank of Uzbekistan deputy chairman

 

Advocates say crypto markets are all about financial inclusion, but the people who are most economically vulnerable are the ones who are most likely to have to withdraw their money the fastest when the market drops. […] High, unpredictable fees can make crypto trading really dangerous for people who arent rich.

Elizabeth Warren, U.S. senator

 

Rising valuations across asset classes, massive price swings in cryptoassets and event-driven risks observed in 1H21 amid elevated trading volumes raise questions about increased risk-taking behaviour and possible market exuberance.

The European Securities and Markets Authority

 

Its a no-brainer that your crypto earnings are taxable like other income and should be declared in the Income Tax Returns. As of now, it is not clear whether the GST would be applied on the amount of cryptocurrency bought or on the transaction fees paid by the user.

Nischal Shetty, WazirX CEO

 

If a person has assets in Bitcoin and makes high profits, there will be no tax. This is done obviously to encourage foreign investment.

Javier Argueta, legal adviser to El Salvadors president, Nayib Bukele

 

While it might be helpful for the SEC to provide advisory guidance to companies, it has no obligation to do so.

Marc Powers, former SEC Division of Enforcement officer

 

In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an option, but an inevitable situation.

Noh Woong-rae, South Korea National Assembly member

 

Prediction of the Week

 

New Bitcoin price model suggests BTC won’t go below $39K again

Analyst William Clemente came up with a new metric for Bitcoin price boundary forecasts, posting the tool on Twitter this week. Called the Illiquid Supply Floor, the chart merges PlanBs stock-to-flow metric and on-chain Bitcoin supply data from Glassnode. The result? A chart showing Bitcoins current price against the backdrop of possible upper and lower price range boundaries.

Bitcoins price rallied this week, showing recovery after the asset took a sizable dive down to the $43,000 range during the week of Sept. 7.

According to Clementes chart, the $39,000 price range could be the current bottom limit for Bitcoins price should it drop once again, given a price floor based on Bitcoins real-time scarcity Clementes description of the lower limit on the chart.

FUD of the Week

 

Solana and Arbitrum knocked offline, while Ethereum evades attack

The recent Solana-rama was temporarily brought to a halt this week after the supposed ETH killer suffered a denial-of-service disruption for around 45 minutes.

Twitter account Solana Status explained that a large increase in transaction load to 400,000 per second overwhelmed the network, creating the denial-of-service and causing the network to start forking. The incident appears to have slightly damped enthusiasm in SOL, as the price is down 26% over the past seven days.

Ethereum layer-two rollup network Arbitrum One also reported its sequencer had gone offline for roughly 45 minutes this week, while Ethereum was also the subject of an unsuccessful node attack from an unknown identity.

 

OpenSea exec used the platforms influence to pump his own NFTs

Earlier this week, OpenSea head of product Nathan Chastain was named and shamed after he was outed for hyping NFTs he purchased and then featuring them on the homepage of the popular marketplace.

While being bullish on NFTs is nothing new, getting caught for tokenized insider trading is and Nathan Chastain is estimated to have earned at least 18.875 Ether (ETH), $65,700 at time of writing, from his antics.

OpenSea officially confirmed the accusations on Wednesday, noting that it was incredibly disappointing, and emphasized that the behavior did not represent the firms values. Chastain then proceeded to hand in his resignation the following day with his tail between his legs.

 

Protesters burn Bitcoin ATM as part of demonstration against El Salvador president

Anti-Bitcoiners and protesters of El Savador President Nayib Bukeles policies destroyed a BTC ATM in the nations capital city on Wednesday.

Local news outlets shared images of the ATM burning in San Salvador within a crowd of journalists and protesters. The booth hosting the BTC ATM was defaced with anti-BTC graffiti and a sign saying democracy is not for sale.

Despite maintaining a strong approval rating, Bukele appears to have caused a stir with his forceful approach to politics. There have now been multiple protests in El Salvador regarding adoption of BTC, with activists taking the streets as early as July to voice their concerns.

 

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Fidenza: Tyler Hobbs wrote software that generates art worth millions

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El Salvador buys the dip as Bitcoin Law goes live, 101 Bored Ape NFTs sold for $24M, Ukraine passes crypto legislation: Hodler’s Digest, Sept. 5-11

Coming every Saturday, Hodlers 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.

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Ukraine passes legislation to recognize and regulate crypto

The Ukrainian parliament adopted the draft law On Virtual Assets Wednesday, which legally recognizes crypto in the country for the first time.

Anastasia Bratko of the Ministry of Digital Transformation said the law allows companies to launch digital asset markets in Ukraine and enables banks to open accounts for crypto companies.

Earlier this week, Panama also introduced a bill that aims to recognize Bitcoin (BTC) as an alternative payment option and enable the freedom to use crypto assets.

Russia also got in on the action, with Anatoly Aksakov the chairman of the Russian State Duma Committee on Financial Market claiming that lawmakers are now weighing up the idea of recognizing the crypto mining industry as a form of entrepreneurship under local business laws.

 

101 Bored Apes NFT auction at Sotheby’s closes at more than $24M

Yuga Labs, the creators of the immensely popular NFT project Bored Ape Yacht Club, auctioned off a collection of 101 tokenized apes for $24 million this week.

The auction closed on Sept. 10 and was hosted by Sothebys, which estimated that the collection would fetch between $12 million and $18 million. Given that the winning bid was $24 million, each Bored Ape in the collection was valued at an average price of roughly $241,000, or 71.24 Ether (ETH), at the time of publication. The figure tallies in well above the floor price on OpenSeas secondary market of 34 ETH ($115,000 at time of writing).

In some rare nonfungible-based FUD, however, reports surfaced earlier this week that the NFL had barred all teams and members from crypto-related sponsorships, advertisements and NFT sales. The league appears to be putting a pause on crypto hype until it establishes a strategy for sports digital trading cards and art.

 

Insiders sold MicroStrategy stock after Bitcoins bull run

While MicroStrategy continues to snap up and hodl outrageous amounts of Bitcoin under the guidance of CEO Michael Saylor, strategists have posited that top executives at the firm might not be so fond of the current business model.

Recent filings with the SEC revealed that the companys top-level execs, such as chief financial officer Phong Le and chief technology officer Timothy Lang, both sold off stock in August of this year by exercising around 30% of the options they received as compensation. Saylor himself has not sold any shares since 2012.

Matt Maley, the chief market strategist of Miller Tabak + Co. has argued that the decisions may reflect concerns about the long-term viability of Saylors hodl modl and his laser-eyed commitment to tying the companys fate so closely to the price of BTC increasing over time.

Senior executives do not sell stock if they think its going higher. Its just a bad sign no matter how you slice it, Maley said.

 

El Salvador purchases first 200 BTC, President Bukele confirms

El Salvador President Nayib Bukele revealed Monday that the government had snapped up 200 BTC in preparation for the Bitcoin Law going live on Tuesday. The law recognizes digital gold as legal tender.

While the BTC price crashed following the major news event, Bukele was unfazed as the government bought the dip by purchasing another 150 BTC during the depths of the mass sell-off that saw the price dip below $43,000.

Regarding the Bitcoin Law, Javier Argueta, the legal counsel to the Presidential House of El Salvador, reportedly clarified the obligations of businesses a day before it went into effect. Argueta stated that businesses are mandated to hold a crypto wallet and accept BTC from customers but they are also able to choose whether they will receive BTC or USD once the transaction is settled.

Journalist Aaron van Wirdum tweeted about his adventure to a Salvadoran McDonalds on Tuesday to see if he could make a purchase with BTC and, to his surprise, he was able to load up on the breakfast menu using the newly recognized legal tender.

 

Sell or hodl? How to prepare for the end of the bull run, Part 1 and Part 2

Cointelegraphs Andrew Fenton questioned some of the smartest brains in crypto on how to prepare for the end of the bull run and got their takes on the possibility of using on-chain metrics to predict the market crash.

In the two-part series, there are contrasting sets of views regarding the possibility of predicting when crypto winter hits, with Bobby Lee the brother of Litecoins founder Charlie swearing by the halving price cycle school of thought.

Meanwhile, Quantum Economics Mati Greenspan and Wolf of All Streets Scott Melker believe its best to play it safe and take profits on the way up while maintaining a portfolio that doesnt require you to predict events in advance.

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $45,529, Ether at $3,305 and XRP at $1.07. The total market cap is at $2.05 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Quant (QNT) at 88.16%, Fantom (FTM) at 69.43% and Algorand (ALGO) at 59.54%.

The top three altcoin losers of the week are Telcoin (TEL) at -24.70%, Revain (REV) at -24.16% and Uniswap (UNI) at -24.38%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

So why should we regulate purely speculative digital tokens? And if we do regulate these tokens, will this lead people to think that they are bona fide investments? That is, will the involvement of the FCA give them a halo effect that raises unrealistic expectations of consumer protection?

Charles Randell, chair of the United Kingdom Financial Conduct Authority

 

Cryptocurrencies should be paid for through normal payment channels. If they are not, it should be deemed mined, and capital gains tax must be levied. That is like voluntary disclosure.

Rama Subramaniam Gandhi, former deputy governor of the Reserve Bank of India

 

Merchants stand to benefit considerably from the cryptocurrency model, as card network fees are entirely removed from the equation and the customer/payer bears the transaction costs.

Afterpay

 

In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements, […] or potentially just simply taking a cryptocurrency as El Salvador has done and make it the national currency.

Charles Hoskinson, founder of Cardano

 

Crypto is not just Bitcoin being bought as a hedge against bad monetary fiscal policy. But maybe, more importantly, its Web 3.0. Its the internet of value transfer.

Mike Novogratz, CEO of Galaxy Digital

 

Everyone has to wait and see what the SEC will issue as regulation. Looks like Coinbase wants to take the SEC to court like XRP and prove they went beyond their charter.

Alex Mashinsky, CEO and co-founder of Celsius Network

 

Although its in reverse, because gold went from being money to being an asset class in the 70s, and Bitcoin is kind of going from being an asset class to also being a currency or being money.

Jurrien Timmer, director at Fidelity Investments

 

The SEC has repeatedly asked our industry to talk to us, come in. We did that here. But today all we know is that we can either keep Lend off the market indefinitely without knowing why or we can be sued.

Paul Grewal, chief legal officer of Coinbase

 

Prediction of the Week

 

Solana rally mimicking Ethereum? Why a $500 SOL price target could be ‘conservative’

Early this week, the overall crypto market suffered significant downward price action led by its market leader Bitcoin. BTC fell by roughly $10,000 from its pricing above $50,000.

The altcoin market followed BTCs downward price action for the most part, although Solana (SOL) seemingly carved out its own path. The asset ended up largely bullish during the week, rallying in price after the market dump, while Bitcoin and other assets looked to stabilize. SOL notched a personal best in price this week, hitting an all-time high of around $217.

SOLs underlying blockchain operates similarly to Ethereum in that its a blockchain for building solutions. Solana has seen increasing utility in the NFT and DeFi niches, which represent two of cryptos biggest trends.

Mercuryo chief operating officer and co-founder Greg Waisman expressed that a $500 price target for SOL by the end of 2021 is not out of the question. Solanas growth runs appear to be mimicking that of Ethereum (ETH) and Binance Coin (BNB), and the $500 projection may turn out to be a conservative one for the coin, Waisman told Cointelegraph.

FUD of the Week

 

SEC threatens to sue Coinbase over crypto yield program it considers a security

Coinbase CEO Brian Armstrong caused a stir this week after he tweeted a 21-post thread about the SECs recent sketchy behaviour.

On Tuesday, Armstrong claimed that the enforcement body had threatened to sue Coinbase if it launched its USD Coin-based (USDC) lending program that the SEC asserted was a security.

According to Armstrong, the crypto exchange approached the SEC in good faith to provide a brief of the project. However, the enforcers response was quite aggressive and provided zero explanation as to why it defined the lending program as a security.

They refuse to tell us why they think its a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why, he said.

 

Thai SEC intends to revoke operating license of Huobi crypto exchange

In some non-U.S. related FUD for a change, it was reported on Tuesday that Thailands Securities and Exchange Commission, or SEC, had temporarily suspended the services of the local branch of the Houbi crypto exchange. The Thai SEC also recommended revoking its operating license with the Ministry of Finance.

Huobi, branded as DSDack in Thailand, was slapped with suspension after its operational and management structure was deemed to be non-compliant with local regulations. The SEC asserted that it first informed the crypto exchange about the compliance breach back in February, and it was given until the end of August to get its act together.

However, after failing to remedy the issues, the SEC swooped in and gave the firm three months to return all assets to its clients.

 

Bitcoin price plunges below $43K in minutes in crypto market rout

Bitcoin plunged this week as the price dropped from around $52,300 on Tuesday to below $43,000 the following day marking one of the most volatile days of the year.

The timing coincided with the day that El Salvador made BTC legal tender, which caused some pundits to connect the dots and assert that whales had colluded to blow the fish out of the water amid a news event that should have been a bullish signal.

Trader and analyst Scott Melker, known as The Wolf of All Streets, blamed large-volume traders, as he stated, leave it to whales to dump Bitcoin on the day that El Salvador makes it legal tender.

Real volume on the selling as well, he added.

 

Best Cointelegraph Features

Project Giant: Nigeria’s CBDC set for pilot rollout on Independence Day

Nigerias central bank digital currency will go into pilot testing on Oct. 1 with a tiered AML/KYC regime for the eNaira.

Sell or hodl? How to prepare for the end of the bull run, Part 2

People should be taking profit on the way up just as you should be dollar-cost averaging into an asset on the way down.

Shanghai Man: China declares victory over crypto Is this the end of the crackdown?

The Peoples Bank of China released a report announcing actions to stop digital asset fraud have been completed. Will NFTs and GameFi be able to flourish in the regulatory wake?

Nigeria plans CBDC rollout, Salvadoran retirees protest Bitcoin Law, Twitter to add BTC and ETH tipping feature: Hodler’s Digest, Aug. 29-Sept. 4

Coming every Saturday, Hodlers 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

Nigeria’s central bank partners with fintech firm Bitt Inc. for CBDC rollout

Central bank digital currencies, or CBDCs, which some have described as the spawn of Satan, made headlines this week after multiple countries ramped up efforts in developing their own digital money.

On Aug. 30, it was reported that the Central Bank of Nigeria, or CBN, issued preliminary guidelines for its proposed e-naira digital currency. On the following day, news broke that Barbados-based fintech firm Bitt Inc. signed on to work as the technical partner for the CBNs e-naira rollout.

Singapore is also looking to get in on the action, with the Monetary Authority of Singapore shortlisting 15 Global CBDC Challenge participants to help build an in-house retail CBDC.

Reports also surfaced on Sept. 2 that the central banks of Australia, Singapore, Malaysia and South Africa announced a joint initiative dubbed Project Dunbar to trial international settlements using CBDCs.

 

Retirees in El Salvador protest against Bitcoin adoption

Apparently, the notion of a peer-to-peer decentralized currency is lost on the elder generation of El Salvador, as local retirees and veterans took to the streets to protest over the adoption of BTC as legal tender.

The anti-Bitcoiners reportedly marched through the capital to express their dismay over fears that the asset would be used for pension payments and cited BTCs unstable price as a reason for concern.

A Salvadoran news outlet also reported that crypto expert Mario Gmez was arrested by local police without a warrant, with law enforcement seizing his phone and attempting to get a hold of his computer. Gmez has regularly spoken out against the adoption of BTC as currency. However, the police released a statement asserting that the arrest was part of a financial fraud investigation.

El Salvadors Legislative Assembly also passed legislation for a $150 million Bitcoin Trust this week, supporting the development of crypto infrastructure and services across the country.

 

CryptoPunks creators sign with leading Hollywood agents as sales top $305M in a week

Larva Labs, the team behind the widely popular pixelated avatar NFT project CryptoPunks, signed a deal with Hollywood agents at United Talent Agency, also known as UTA.

The Hollywood Reporter broke the news on Aug. 31, and the deal will see UTA represent Larva Labs CryptoPunks, Meebits and Autoglyphs in intellectual property deals for TV, film, video games, licensing and publishing.

The Larva Labs team has shown themselves to be no punks whatsoever, and their OG NFT project has generated a whopping $1.21 billion worth of total sales since its launch in 2017.

 

Twitter to allow users to add BTC and ETH addresses to profiles, per leaked screenshots

Twitter, the social media platform led by Bitcoin (BTC) maxi Jack Dorsey, is reportedly looking at adding a Bitcoin and Ether (ETH) tipping feature for content creators on the platform.

According to leaked screenshots posted via Twitter on Sept. 3, the latest update is believed to be a part of Twitters Tip Jar feature and adds to reports from earlier this week that the firm would enable Bitcoin tipping for content creators.

While the reports are unofficial at this stage, Twitter product lead Kayvon Beykpour hinted that there may be an announcement soon when he retweeted a post about the BTC tipping feature on Sept. 1 with the lighting and soon arrow emojis.

 

Binance CEO says US crypto exchange will go public in three years

Binances United States-based crypto exchange partner Binance.US has targeted 2024 for an initial public offering, or IPO, according to Binance CEO and founder Changpeng Zhao.

Binance has been working towards compliance with regulators across the globe following increased scrutiny over the firm in recent months. Binance.US will reportedly close a significant private funding round within the next two months that would enable the firm to operate more independently from the global exchange.

Zhao stated in an interview on Sept. 1 that he is confident that the global crypto exchange can survive the regulatory onslaught and explained that the U.S. branch will move towards an IPO in the next three years.

Binance.US is just going to do what Coinbase did, Zhao said.

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $50,556, Ether at $3,973 and XRP at $1.30. The total market cap is at $2.29 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Revain (REV) at 121.20%, Fantom (FTM) at 93.20% and Solana (SOL) at 69.11%.

The top three altcoin losers of the week are PancakeSwap (CAKE) at -7.57%, Klaytn (KLAY) at -5.90% and Quant (QNT) at -4.48%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Cryptocurrencies, regardless of where theyre trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldnt recommend anyone invest in cryptocurrencies.

John Paulson, billionaire portfolio manager

 

People will note that derivatives trade more volume in crypto than spot, which is true. But that is true of every asset class in the world.

Sam Bankman-Fried, FTX CEO

 

A cryptocurrency is a store of value. It is a medium of exchange, but is not generally accepted. Its only accepted by those who are participating in it.

Lesetja Kganyago, South African Reserve Bank governor

 

I like the currency of the United States. I think the others are potentially a disaster waiting to happen. […] They [cryptocurrencies] may be fake. Who knows what they are? They are certainly something that people dont know very much about.

Donald Trump, former U.S. president

 

I think the transformation were living through right now could be every bit as big as the internet in the 1990s.

Gary Gensler, U.S. Securities and Exchange Commission chairman

 

Cryptocurrencies will play a larger role in Afghanistan […] in the war for and against the Taliban forces.

Charles Hoskinson, Cardano founder

 

Unauthorized miners are the main culprits behind the power outages in recent months. We would have had 80% less blackouts if miners had halted their activities.

Rajabi Mashhadi, spokesperson for Tavanir, an Iran-based power company

 

We now have probably $650 to $700 million dollars worth of Bitcoin across our product portfolio.

Anthony Scaramucci, SkyBridge Capital founder and CEO

 

Prediction of the Week

 

‘Remarkable’ on-chain metrics could spell Bitcoin, Ethereum bull market return New report

Bitcoin and Ethereum each run on their own public blockchains, meaning folks can analyze BTC and ETH activity on those networks. On-chain analysis involves trying to make sense of blockchain activity and derive possible conclusions or outcomes.

Glassnode, a blockchain intelligence company, released a report this past week that explores blockchain activity for Bitcoin and Ethereum. The report pointed out a comparison between current activity and activity back in the latter half of 2020 (which ended up in a significant price surge for both assets).

It is notable that current activity on both chains is similar to the stable pre-bull accumulation range established in mid to late 2020, the report detailed.

The report also noted that blockchain activity for ETH and BTC is low compared to what it was on both networks when BTC and ETH topped out in price earlier in 2021. Yet, price and trends in supply dynamics for both assets tilt bullishly, in contrast to the lessened on-chain activity basically meaning that further bullishness could lie ahead.

Bitcoin rallied back above $50,000 this week, although throughout Bitcoins price history, September has not generally proven to be a particularly bullish month.

FUD of the Week

 

23yo Venezuelan allegedly steals $1M in BTC from clients after faked abduction

According to local authorities, a 23-year-old Venezuelan swiped 23.66 BTC, worth around $1.15 million, from investors and then faked his own kidnapping to try and get away with it.

Suspect Andrs Jess Dos Santos Hernndez is believed to have posed as a financial adviser before soliciting BTC from several unlucky investors.

On Aug. 29, Douglas Rico, the director of Venezuelas Scientific, Criminal and Criminal Investigations Corps, issued a statement asserting that Hernndez likely staged the abduction as his clients Binance accounts have had a distinct lack of assets since his supposed disappearance.

 

BitConnect promoter pleads guilty over Ponzi scheme as platform faces new SEC charges

Crypto meme favorite and notorious Ponzi scheme BitConnect made the headlines this week after the United States Securities and Exchange Commission, or SEC, filed charges against the platform, while former director and promoter Glenn Arcaro pled guilty to separate charges for his involvement with the firm.

The Department of Justice announced on Sept. 1 that Arcaro pled guilty to charges alleging conspiracy to commit wire fraud. Arcaro admitted to earning around $24 million from his fraudulent activities, including misleading investors of the profit-earning potential of BitConnects Trading Bot and Volatility Software. He has been ordered to pay back the full amount to investors.

In a parallel action in the long-running saga, the SEC charged BitConnect, its founder Satish Kumbhani, former director Arcaro, and Future Money Ltd. with running a fraudulent, unregistered securities offering that netted $2 billion between 2017 and 2018.

 

Russian man gets three-year sentence for stealing a friends mining rig

Reports from Russia surfaced this week that a 34-year-old man from Yaroslavl was found guilty of stealing a crypto mining rig from a friends garage. He also admitted in court that he was unable to extract profits from the mining gear as he had no idea how to use it.

Local authorities found the Russian man to be guilty of committing a crime, citing large-scale theft of property and illegal entry. The court slapped him with a three-year suspended sentence along with a probation period of three years.

While the value of most friendships is priceless, it appears that this high-scale crypto criminal was happy to break the bond for a mining rig worth around 1.6 million Russian rubles (nearly $22,000).

 

Best Cointelegraph Features

The value of a legacy: Hunting down Satoshi’s Bitcoin

Satoshis fortune continues to intrigue heres what we know about the Bitcoin founders role in the early days of the blockchains existence and their unmoved BTC holdings.

China mining shock may not be over yet, experts suggest

Despite Bitcoins perceived hash rate recovery, analysts noted that the recent 150 EH/s reading was based on a short 24-hour window.

Not Legal Advice… America: The world’s most creative junkie

What the United States needs is tens of billions of dollars, and the state is going to take it from the American crypto community.

U.S. Congress submits 18 crypto bills in 2021, Visa buys $150K CryptoPunk, MicroStrategy snaps up more BTC: Hodler’s Digest, Aug. 22-28

Coming every Saturday, Hodlers 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

Congress has put forward 18 bills on digital assets in 2021 so far

The U.S. Congress has been ramping up its efforts to provide a regulatory framework for crypto in 2021 and has put forward 18 bills concerning digital assets and blockchain tech so far this year.

According to an Aug. 22 analysis from former Federal Deposit Insurance Corporation regulator Jason Brett, the current 117th Congress differs from its predecessor in that it has been focusing on regulation concerning decentralized assets as opposed to private stablecoins.

It was also reported this week that the contentious $1 trillion infrastructure bill will see a vote in the House of Representatives by Sept. 27 without any amendments to the controversial crypto tax provisions.

 

Visa invests $150,000 in NFT CryptoPunk asset

This week Visa, Visa spent $150,000 on a tokenized JPEG of a pixel art punk, better known as a CryptoPunk NFT. The firm announced the news in an Aug. 23 blog post, with Cuy Sheffield, the head of crypto at Visa, teasing that the firm may be looking at a prolonged stay in the sector.

To help our clients and partners participate, we need a first-hand understanding of the infrastructure requirements for a global brand to purchase, store and leverage an NFT, he said.

Visa purchased CryptoPunk 7610 a female figure with a mohawk, green clown makeup eyes and lipstick. Obtaining an understanding of the infrastructure requirements in purchasing an NFT mustn’t have taken long, as all you need to do is buy it and store it in your wallet. Its not rocket science.

Budweiser also joined in the action by purchasing a fan art NFT for 8 Ether (ETH), worth roughly $25,000. The NFT depicted a Budweiser-branded rocket that would take five minutes to whip up on Adobe Illustrator. The beer producer also spent 30 ETH, or $94,000, on the domain name Beer.eth through Ethereum Name Service on OpenSea.

 

PayPal launches crypto services for UK customers

Global payments provider PayPal announced the rollout of its crypto services for customers in the United Kingdom this week.

PayPal first launched its crypto services less than a year ago, and this is the first time it has expanded crypto support beyond U.S. shores.

The firm will initially allow customers to buy, sell and hold crypto assets including Bitcoin (BTC), Ether, Litecoin (LTC) and Bitcoin Cash (BCH). However, crypto transactions for PayPal business accounts arent supported yet.

 

MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC

MicroStrategy, led by Bitcoin apostle Michael Saylor, has snapped up another $177 million worth of digital gold. The latest purchase takes the firms tally up to 108,992 BTC, which cost a mere $2,918 billion overall.

The average purchasing price for its BTC sits at approximately $26,769 per coin. With the price of BTC sitting at $47,584 at the time of writing, MicroStrategys holdings are valued at $5.1 billion.

It is a foregone conclusion that Saylor is all in on BTC at this stage. However, it is yet to be seen if he will respond to crypto skeptic Peter Schiffs call out for a debate. Schiff faced off against Anthony Scaramucci this week over whether gold or BTC is a better store of value. After he won, he stated in jest:

I just gotta say one thing: Michael Saylor, stop ducking me, I know youre out there.

 

Binance denies allegations of market manipulation

Major crypto exchange Binance came out swinging this week as it pushed back against allegations of market manipulation and trading against its users.

The firm is currently facing regulatory scrutiny and, in an Aug. 23 Twitter thread, Binance seemingly laid the blame of assertions of market manipulation on publications spreading FUD, along with people impersonating Binance employees.

The firm stated that, while it works on its compliance targets with regulators, it expects fewer FUD-peddlers and individuals with malicious intent, and went on to warn:

Binance reserves the right to take legal action to protect its interests and welcomes responsible whistle-blowing that protects the trust of our community.

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $48,373, Ether at $3,233 and XRP at $1.14. The total market cap is at $2.08 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Tezos (XTZ) at 46.33%, Avalanche (AVAX) at 33.86% and Celo (CELO) at 31.97%.

The top three altcoin losers of the week are Audius (AUDIO) at -21.08%, XinFin Network (XDC) at -13.99% and SushiSwap (SUSHI) at -12.76%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

As long as the statute says that software developers, miners, stakers must do the impossible, there is no lawyer who would advise them to risk operating in violation of laws whose penalties for non-compliance would easily bankrupt them.

Lawrence Zlatkin, Coinbase global vice president of tax

 

In the last year, weve seen a significant shift in how the global financial ecosystem is thinking about new business models fueled by digital assets, and how this is playing a meaningful role in financial infrastructure.

Linda Pawczuk, principal at Deloitte Consulting

 

We will want to wait for all the regulatory things. Of course, crypto is an area which is extremely interesting, and is the biggest buzzword and is doing exceptionally well. But we would want to understand more on the regulation side.

Manu Jain, managing director of Xiaomi India

 

A trading platform that offers derivatives on digital assets to U.S. persons without registering, or in violation of CFTC trading rules, is subject to the CFTCs enforcement authority.

Dawn Stump, commissioner at the U.S. Commodity Futures Trading Commission

 

When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs.

David Marcus, head of Facebook Financial and co-creator of Diem

 

Be wary of investment opportunities with low risk and high returns. If something sounds too good to be true, it probably is.

Delia Rickard, deputy chair of the Australian Competition and Consumer Commission

 

Binance has never traded against our users nor manipulated the market, and we never will.

Binance

 

With our CryptoPunk purchase, were jumping in feet first. This is just the beginning of our work in this space.

Cuy Sheffield, head of crypto at Visa

 

I think this cryptocurrency revolution and Bitcoin specifically, because of its scarcity, is going to transcend gold. Its more portable, its impregnable in terms of the transaction over the blockchain […] and its being adopted quite rapidly.

Anthony Scaramucci, Skybridge founder

Prediction of the Week

 

Bitcoin bullish cross on weekly chart paints $225K BTC price target if history repeats

Bitcoin regained the $50,000 price level this week, although the asset subsequently fell several thousand dollars as part of a price correction, fluctuating between $45,000 and $50,000 for most of the week.

During the month of August, the moving average convergence/divergence (MACD) indicator on Bitcoins weekly price chart formed and continued through a cross of the indicators two lines, and jumped to green on its histogram (the bar part at the bottom of the indicator).

What does it mean? Well, nothing is certain, but according to reporting from Cointelegraphs William Suberg, the last time Bitcoins MACD indicator acted similarly (last fall), the assets price grew by more than five times in value in the following half dozen months. BTC could potentially rise above $200,000 if things play out comparably, according to Suberg.

FUD of the Week

 

Google bans 8 deceptive crypto apps from Play Store

Google, the Silicon Valley-based tech overlords, took down eight fraudulent crypto apps from its Google Play Store this week.

Fraudulent crypto-themed mobile apps have been popping up more frequently over the past 12 months, and they usually operate under the false pretext of offering cloud mining services.

According to a recent report from Trend Micro, the apps were charging around $15 a month for their fake services and extra for increased mining capabilities all while duping users into watching paid ads.

The reportedly fake crypto apps included mining services such as BitFunds, Bitcoin Miner, Daily Bitcoin Rewards, Crypto Holic and MineBit Pro, to name a few.

 

Poll shows Brits concerned over the prospect of a digital pound

According to a survey conducted by Redfield & Wilton Strategies on behalf of Politico, 30% of British adults hold concerns over a Bank of England-issued central bank digital currency, or CBDC.

For some reason, the notion of having a programmable government-backed CBDC that can track all of their spending habits doesnt sound appealing to them. If they think thats bad, just wait until they hear about the insatiable appetite for personal data that Apple, Google or Facebook has.

There were 2,500 British adults surveyed in the study during early August, with 24% believing that it could be beneficial, while 46% were undecided.

 

Coinbase users angry with customer support after funds disappear from accounts

Top U.S. crypto exchange Coinbase was facing backlash this week for terrible customer service in relation to users reporting hacks and being drained of funds.

According to an Aug. 24 investigation from CNBC, thousands of disgruntled customers across the U.S. have lodged complaints against the company, and are unhappy with the lack of response from Coinbase when dealing with hacks and stolen funds.

Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry, CNBC stated.

 

Best Cointelegraph Features

Blockchain is as revolutionary as electricity: Big Ideas with Jason Potts

“This is completing the revolution that was started with the internet.”

London’s impact: Ethereum 2.0’s staking contract becomes largest ETH holder

The aftereffects of the London upgrade begin to emerge as the Eth2 staking contract becomes the single largest Ether holder.

The new episode of crypto regulation: The Empire Strikes Back

A decentralized exchange reckoning is coming and its bigger than the infrastructure bill thus, the DeFi community must be ready.

Walmart is seeking a crypto product lead, the Dogecoin Foundation is active again after a long break, Coinbase has amassed a $4 billion cash-backed war chest: Holder’s Digest, Aug. 15-21

Coming every Saturday, Hodlers 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

 

Infrastructure bill passes US Senate without clarification on crypto

On Tuesday, the controversial infrastructure bill passed in the U.S. senate In a 69-30 vote.

The bipartisan bill proposes roughly $1 trillion of funding into transportation and electricity infrastructure projects. The bill also puts forward more stringent rules for firms handling crypto assets while expanding reporting requirements for brokers, who will be required to report digital asset transactions worth more than $10,000 to the IRS.

Six senators, including Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden, proposed an amendment to the buzz-kill bill on Monday that would exempt software developers, transaction validators and node operators as brokers, while proposing that tax reporting requirements only apply to the intermediaries.

Their efforts didnt bear fruit, however, with further clarification on crypto not provided. Senator Toomey flamed the bill in the aftermath, noting that the legislation was too expensive, too expansive, too unpaid for and too threatening to the innovative cryptocurrency economy.

 

Walmart seeks crypto product lead to drive digital currency strategy

On Aug. 16, it was reported that U.S. retail giant Walmart was seeking out an experienced crypto expert who can develop and drive a digital currency strategy and product roadmap for the firm.

According to the job listing, Walmart is looking for someone with a track record of leading and scaling businesses. They also want at least 10 years of experience in product/program management and tech-based product commercialization.

Ideally, the candidate should also know a thing or two about crypto, blockchain tech and why JPEGs of poorly drawn pet rocks are selling for absurd prices on Ethereum.

Walmarts future digital currency and crypto product lead will be based in the companys home office in Bentonville, Arkansas. The state has produced talents such as Billy Bob Thornton and Johnny Cash, along with Bill and Hillary Clinton.

 

Eth2 staking contract ranks as single-largest Ether hodler with $21.5B

There was good news for Doge fanatics this week as the Dogecoin Foundation resurfaced after several years of total media silence.

According to an announcement on Tuesday, the foundation stated it was reestablishing itself in a bid to support the fiery-eyed Dogecoin (DOGE) community. The foundation also said it would be announcing new projects that are centered on encouraging adoption of DOGE and promoting its utility.

The projects website lists Ethereum co-founder Vitalik Buterin, Dogecoin co-founder Billy Markus and Dogecoin Core developer Max Keller as advisory board members. Furthermore, Tesla CEO and DOGE proponent Elon Musks interests may be catered to from the shadows via Neuralink CEO Jared Birchall.

It is yet to be revealed if Musks toddler hodler son has loaded up on DOGE in light of the announcement.

 

Former US Treasury official joins Binance to lead AML efforts

Coinbase, the top U.S. crypto exchange, has amassed a cash-based war chest worth $4 billion on the back of two very productive quarters for the firm.

The company reportedly expected to use the cash to cover costs incurred by a variety of factors, including conforming to new regulations handed down by the United States legislature.

Coinbase has also announced its official launch in Japan in partnership with banking giant Mitsubishi UFJ Financial Group, while also revealing plans to add $500 million worth of crypto to its balance sheet and invest 10% of all generated profits into digital assets moving forward.

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $48,778, Ether at $3,282 and XRP at $1.28. The total market cap is at $2.09 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Avalanche (AVAX) at 105.79%, Arweave (AR) at 96.17% and Audius (AUDIO) at 93.78%.

The top three altcoin losers of the week are DigiByte (DGB) at -5.06%, Celsius (CEL) at -4.44% and BitTorrent (BTT) at -3.81%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Poly Network has no intention of holding Mr. White Hat legally responsible, as we are confident that Mr. White Hat will promptly return full control of the assets to Poly Network and its users. As we have stated in previous announcements and encrypted messages that have been made public, we are grateful for Mr. White Hats outstanding contribution to Poly Networks security enhancements.

Poly Network team

 

Lawmakers and regulators must work together to properly balance protecting innovation with any new regulations to ensure the digital asset marketplace flourishes in the United States.

Glenn Thompson and Patrick McHenry, U.S. representatives

 

The most important thing that can be done today is moving away from the idea that coin voting is the only legitimate form of governance decentralization.

Vitalik Buterin, Ethereum co-founder

 

Here at home in America, [] our payments infrastructure is arguably the worst of any developed country in the world, and increasingly falling behind, while China is moving with determination and haste to build an infrastructure that will make the digital yuan a challenger to the dollar as the worlds reserve currency.

David Marcus, Diem co-creator

 

Ethereum is outperforming Bitcoin, and it can be expected to continue this trend for the rest of 2021.

Nigel Green, CEO of DeVere Group

 

This is all about DeFi. […] This is the Treasury Department trying to work out how to get jurisdiction over DeFi […] and also expand its warrantless surveillance over a peer-to-peer financial system.

Jake Chervinsky, general counsel at Compound

 

Frankly, as one of the first pilots, we have on the table the question of paying salaries to employees of the Ministry of Digital Transformation in electronic hryvnia.

Mykhailo Fedorov, vice prime minister of Ukraine

 

Its important to remember that when we look at the business, the long-term arc of adoption of digital assets in crypto matters far more than the businesses we are building.

Mike Novogratz, founder and CEO of Galaxy Digital

Prediction of the Week

 

Ethereum liquidity crisis could see new ETH all-time high before Bitcoin Analyst

Bitcoin, the crypto industrys largest asset by market cap, and Ethereum (ETH), the second-largest asset, have both posted notable price recoveries over the past several weeks. Although BTC has yet to be surpassed as the crypto industrys top dog, ETH might tap its own all-time price high near $4,400 sooner than BTC reaches its record level of nearly $65,000, according to thoughts from CryptoQuant CEO Ki Young Ju.

$ETH might reach its all-time high earlier than $BTC in the long term, Ju tweeted on Wednesday. Current $ETH price is closer to ATH compared to $BTC. Higher demand, lower supply. $ETH sell-side liquidity crisis still intensifies, while $BTC exchange reserve stopped its downward trend in May.

On Friday, BTC fluctuated above the $48,000 mark, and ETH traded above $3,200 which, however, are both still notably shy of their record highs.

FUD of the Week

 

JPMorgan Chase reportedly shuts down bank accounts of Bitcoin mining firm

On Aug. 19, U.S. banking behemoth JPMorgan Chase reportedly blocked all account activities of Bitcoin mining firm Compass Mining.

Whit Gibbs, the CEO of Compass Mining, took to Twitter to share the news:

Shoutout to @Chase for shutting down @compass_mining accounts for doing our part to replace the old guard with self-sovereign, future-focused supporters of hard money. Get behind #Bitcoin or get out of our way.

It is unclear if the temper tantrum will be enough to sway JPMorgan Chase to change its mind, and it is also unclear how shutting down banking services to one Bitcoin mining firm represents an attack on BTC in any way.

If anything, the banking giant has been upping its exposure to Bitcoin and the crypto sector in 2021.

 

Liquid exchange hacked to the tune of $80 million

Liquid, a Japanese crypto exchange, was the victim of a $80 million-plus hack this week which made the platform not so liquid.

Cointelegraph reported on the news quickly after the exchange announced the attack, which compromised digital assets including BTC, Tron (TRX), Ripple (XRP) and Ether.

The exchange explained that only its hot wallets were affected and added that its assets were being moved into cold storage for security purposes.

The platform has since provided an update and revealed the hack totaled $91.35 million. The firm has urged users to not deposit any crypto assets in Liquid wallets until further notice.

 

T-Mobile looking into potential hack of data on 100 million customers

Speaking of hacks, U.S. telecom giant T-Mobile was looking into an alleged massive data breach at the start of this week that may have compromised the information of more than 100 million users.

According to Vices Motherboard, T-Mobile is looking into a potential data breach claimed by an author who posted details on an underground forum. A Sunday report said the hacker claims to have obtained data on more than 100 million customers from T-Mobile servers.

Unlike the Poly Network hacker, who syphoned $600 million worth of digital assets because cross-chain hacking is hot, the T-Mobile hacker seems to be displaying entrepreneurial instincts, as they were asking for 6 BTC worth around $280,000 at current prices in exchange for some of the data.

 

Best Cointelegraph Features

Shanghai Special: Crypto crackdown fallout and what happens next

Owning Bitcoin isn’t banned, but many fear for the future of regulations in China. Here’s a look at where we stand and where we might be headed.

Poly Network hack exposes DeFi flaws, but community comes to the rescue

The DeFi hackers initial intentions remain unclear, but they refused to accept a $500,000 bounty after returning all funds.

The perfect storm: DeFi hacks will advance the crypto sector moving forward

There is a silver lining from the DeFi hacks as new tech develops to protect the sector: “DeFi will be much safer in 12 months from now.

Infrastructure bill passes, Coinbase posts $1.6 billion in Q2 profit, $600 million stolen in DeFi hack: Hodler’s Digest, Aug.8-14

Coming every Saturday, Hodlers 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

 

Infrastructure bill passes US Senate without clarification on crypto

On Tuesday, the controversial infrastructure bill passed in the U.S. senate In a 69-30 vote.

The bipartisan bill proposes roughly $1 trillion of funding into transportation and electricity infrastructure projects. The bill also puts forward more stringent rules for firms handling crypto assets while expanding reporting requirements for brokers, who will be required to report digital asset transactions worth more than $10,000 to the IRS.

Six senators, including Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden, proposed an amendment to the buzz-kill bill on Monday that would exempt software developers, transaction validators and node operators as brokers, while proposing that tax reporting requirements only apply to the intermediaries.

Their efforts didnt bear fruit, however, with further clarification on crypto not provided. Senator Toomey flamed the bill in the aftermath, noting that the legislation was too expensive, too expansive, too unpaid for and too threatening to the innovative cryptocurrency economy.

 

Poloniex settles charges with SEC for operating unregistered exchange

The United States Securities and Exchange Commission, or SEC, announced a $10 million settlement with cryptocurrency exchange Poloniex on Aug. 9.

Poloniex was charged with facilitating trades in unregistered securities between July 2017 and November 2019. According to the indictment, the SEC also asserted that Poloniex employees were misbehaving, as they actively sought to circumvent securities regulation in a plot to increase the companys market share.

On the same day, SEC commissioner Hester Peirce known colloquially as Crypto Mom due to her regular pushback against SEC crypto enforcement slammed the regulators actions in a public statement.

Crypto Mom questioned the regulators opaque regulatory framework that crypto firms must navigate in the U.S. while asserting that, even if Poloniex had tried to register with the SEC,

they likely would have waited…and waited…and waited some more for a verdict.

 

Coinbases Q2 profits top $1.6B as ETH volume surpasses BTCs for the first time

Coinbase, the crypto exchange led by media-shy co-founder and CEO Brian Armstrong, posted Q2 profits of $1.6 billion this week.

The firm released its Q2 report on Tuesday, and its net profit of $1.6 billion marked a mammoth increase of 4,900% compared to the $32 million recorded in the same period of 2020. Coinbases total revenue for the quarter was $2.23 billion, beating out analysts predictions of $1.78 billion in expected revenue.

Interestingly, for the first time since Coinbase was founded nine years ago, Ethereum (ETH) had a higher trading volume than Bitcoin (BTC), with the assets representing 26% and 24% of total volume, respectively.

 

55% of the worlds top 100 banks reportedly have crypto and blockchain exposure

Despite banks often taking time out of their busy schedules to slam crypto, a new research report found that 55 out of the top 100 banks by assets under management have some form of blockchain or crypto exposure.

According to research by Blockdata, the banks and their subsidiaries have direct and indirect investments in crypto and decentralized ledger technology firms.

Notable banking giants named and shamed included Barclays, Citigroup and Goldman Sachs, who were reported as the most active backers of crypto and blockchain firms, while JPMorgan Chase and BNP Paribas were also identified as serial investors in the sector.

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $46,262, Ether at $3,189 and XRP at $1.01. The total market cap is at $1.92 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are IoTeX (IOTX) at 314.69%, XinFin Network (XDC) at 71.34%, and Ravencoin (RVN) at 71.23%.

The top three altcoin losers of the week are THORChain (RUNE) at -12.02%, Quant (QNT) at -5.71%, and THETA (THETA) at -2.58%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

“If #Bitcoin were to catch up to #Ethereum’s performance this year, the No. 1 crypto’s price would approach $100,000.”

Mike McGlone, senior commodity strategist for Bloomberg Intelligence

 

Shutting off this growth engine would be the equivalent of stopping e-commerce in 1995 because people were afraid of credit card fraud. Or regulating the creation of websites because some people initially thought they were complicated and didnt understand what they would ever amount to.

Mark Cuban, billionaire investor

 

If you want to store your coins truly outside of the reach of the state, you can just hold those private keys directly. Thats the equivalent of burying a bar of gold in your backyard.

Nic Carter, co-founder of Coin Metrics

 

“This legislation imposes a badly flawed, and in some cases unworkable, cryptocurrency tax reporting mandate that threatens future technological innovation.

Pat Toomey, U.S. Senator

 

I think were already past the stage of crypto early adoption.

Stephen Stonberg, Bittrex Global CEO

 

“We are living in a time where everything is going digital, including traditional assets.”

Austin Woodward, CEO of TaxBit

 

Given how slow we have been in determining how regulated entities can interact with crypto, market participants may understandably be surprised to see us come onto the scene now with our enforcement guns blazing and argue that Poloniex was not registered or operating under an exemption as it should have been.

Hester Peirce, commissioner of the U.S. Securities and Exchange Commission

 

Bitcoin’s journey to becoming Gold 2.0 has been beautiful.

Dan Held, Kraken director of growth marketing

Prediction of the Week

 

Bitcoin Technicals: Why BTC price breaking $48K resistance is the key to new all-time highs

Bitcoin has recovered a notable amount of ground in recent weeks. The asset hit its all-time high of almost $65,000 back in April but subsequently fell in the days and weeks after, finding its way down to around $30,000. On multiple occasions, the asset briefly fell below $30,000.

Recent weeks, however, have shown bullish price movement for Bitcoin, as the asset has posted chart action seemingly indicative of a reversal, based on analysis from Cointelegraphs Michal van de Poppe.

The $48,000 price range on Bitcoins chart sits as notable resistance. A move past the price zone of $47,500 to $49,000 could signal a possible further move up to eventual fresh all-time highs, although van de Poppe noted $55,000 as a nearer-term target following a break of the mentioned resistance zone. Alternatively, should Bitcoins price break down, a number of levels of price support exist, with $37,500 as an important level to hold.

FUD of the Week

 

Coinbase removes backed by US dollars claim for USDC stablecoin

Earlier this week Coinbase tweaked its description of number-two stablecoin USD Coin (USDC) to paint a picture of a slightly less-than-stable coin.

Coinbase made the change following an audit showing that USDCs reserves werent all held in cash. The previous statement read: Each USDC is backed by one dollar held in a bank account.

The new statement reads: Each USDC is backed by one dollar or asset with equivalent fair value, which is held in accounts with US regulated financial institutions.

While this might be a blow to USDC owners Circle, the firms stablecoin cash reserves are likely larger than Tethers and its USDT.

 

Alex Saunders sued for $350K by Nuggets News follower

Alex Saunders, the Aussie behind popular crypto YouTube channel Nuggets News, is being sued by a disgruntled investor for almost 479,270 Australian dollars, worth roughly $353,027.

Plaintiff Ziv Himmelfarb filed a formal written order demanding that the YouTuber pay the amount in losses and damages for unpaid loans and allegedly bogus investments.

Himmelfarb stated that it was a no-brainer to trust Saunders when he was asked for loans and offered investment opportunities by the crypto influencer, as he had been following him since 2017 and found him to be a reputable figure in the space.

When he told me he had temporary liquidity issues in May, I was glad to help with a short-term loan, but couldnt get any of my money back since then. Hopefully I can get repaid, Himmelfarb said in regard to his alleged 30 ETH loan to Saunders.

 

DAO Maker crowdfunding platform loses $7M in latest DeFi exploit

DAO Maker, a crowdfunding platform focused on raising money for crypto projects, was exploited by hackers who stole $7 million worth of USDC out of 5,251 user accounts.

According to DAO Maker CEO Christoph Zaknun, the hackers were able to syphon around $7 million worth of USDC.

“One of the reasons why this did happen is probably that the amount of deposits within the [Strong Holder Offering] contract really exceeded our expectations,” said Zaknun in an AMA on Twitch. “Initially, we never expected more than $2.5 million to be deposited in there, but over time, the SHOs became very popular.”

Cointelegraph didnt reach out to the hackers to provide comments, as nobody knows who they are.

 

Best Cointelegraph Features

Large hodlers accumulate Bitcoin below $50K as BTC transactions over $1M soar

The dominance of Bitcoin transaction values above $1 million has doubled year-over-year, hinting at a rising institutional involvement in the cryptocurrency space.

Is the cryptocurrency epicenter moving away from East Asia?

East Asia has experienced a major decline in crypto adoption over the past year when compared with other regions.

Measuring success: Offsetting crypto carbon emissions necessary for adoption?

Crypto companies are doing their best to go green by offsetting Bitcoin carbon emissions, but how accurate are their estimates?

An Ethereum blockchain upgrade, crypto regulatory battles, and Bitcoin price discussion: Hodler’s Digest, Aug. 1-7

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Square to acquire Australian fintech Afterpay in $29B deal

Jack Dorseys digital payments firm Square entered into a $29 billion stock deal to purchase Australian buy now, pay later (BNPL) firm Afterpay this week.

Just like the name Afterpay implies, Square will essentially be buying the firm now and paying later, with the transaction set for the first quarter of 2022 and to be paid out entirely in Square common stock.

Bitcoin (BTC) proponent Anthony Pompliano was pleased with the news, noting on his web series The Best Business Show that Square is one of the only stocks he owns, as he forecasted that the firms valuation will explode following the acquisition.

In an Aug. 3 YouTube video, Pomp went for sheer and utter clickbait with the title SQUARE is going to be worth 1 TRILLION dollars, and he emphasized the potential of rolling out Afterpays BNPL services to 70 million Cash App users and 2 million Square merchants.

 

Ethereum London hard fork goes live

The London hard fork arrived almost on schedule on Aug. 5, ushering in Ethereum Improvement Proposal 1559. An interesting feature of the upgrade is that it also ushered in some bullish sentiments from Ethereum (ETH) proponents and some sour grapes from Bitcoin maxis.

Ethereum has now transitioned away from a bidding-based fee market to a fixed price-and-burn mechanism, which may see the asset become deflationary if more ETH is burned than issued in block rewards. However, this may be more likely after the switch to proof-of-stake with ETH 2.0.If the asset does become deflationary, it would reach the status of ultrasound money, which is a term that has also been a long-running meme in ETH communities that mocks Bitcoiners description of BTC as sound money due its capped supply of 21 million.

 

BREAKING: White House confirms support for minor changes to crypto tax proposal

The White House officially backed a last-minute amendment to the controversial U.S. infrastructure plan that proposes expanded cryptocurrency taxation to raise an additional $28 billion in revenue. The amendment maintains stringent reporting requirements for blockchain developers and validators while exempting miners.

However, the amendments vague wording and lack of clearly defined terms suggest that crypto developers and proof-of-stake validators would still be subject to expanded reporting and taxation that some have described as unworkable.

For some reason, members of the White House seem intent on cracking down on tax evasion in crypto without understanding the nuances of the industry. They also seem to overlook the blatant rorting of the system from multinational giants who essentially vacuum capital out of the people’s pockets while paying zero tax.

 

Mike Novogratz blasts US officials for poor grasp of crypto industry

Amid the backdrop of looming crypto regulations that will most likely increase taxes and decrease profits, Galaxy Digital CEO Mike Novogratz has come out swinging in response to Senator Elizabeth Warrens remarks calling cryptocurrency the wild west of the U.S. financial system.

The billionaire crypto proponents jabs were, of course, delivered through social media, with Novogratz taking to Twitter on Aug. 3 to assert that most U.S. officials have no idea what they are talking about when it comes to crypto:

Crypto is the future of our financial system and our citizens deserve officials that do their homework to understand this new technology. Most of our leaders havent done that yet. We also need regulators and politicians who understand that new ideas need room to grow.

 

Circle and Unstoppable Domains to introduce username-based USDC payments

Circle and Unstoppable Domains are working to introduce username-based addresses as an alternative to long-winded alphanumeric crypto wallet addresses to aid the not-so-tech-savvy, a.k.a. newbies and boomers.

According to an Aug. 4 announcement, blockchain domain name provider Unstoppable Domains and stablecoin issuer Circle are collaborating to release readable .coin usernames for USD Coin (USDC) transfers.

As part of the partnership, both companies will collaborate to enable support for .coin username extensions across wallets and crypto exchanges that list the number two-ranked stablecoin.

Under this arrangement, USDC transfers will become akin to sending an email, likely mitigating the problem of transferring coins to the wrong address, losing funds forever and living with regrets over one’s lack of due diligence.

Winners and Losers

 

 

At the end of the week, Bitcoin is at $42,651, Ether at $2,867 and XRP at $0.74. The total market cap is at $1.73 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Voyager Token (VGX) at 94.22%, THORChain (RUNE) at 50.69%, and Ravencoin (RVN) at 44.13%.

The top three altcoin losers of the week are Amp (AMP) at -14.97%, XinFin Network (XDC) at -4.74%, and Telcoin (TEL) at -1.66%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

“We can see Bitcoin on the balance sheets of cities, states, governments, companies, small [and] big investors.”

Michael Saylor, MicroStrategy CEO

 

Were now moving into a world where we have these nonfungible software objects that have unique identities that can actually accept money, pay money and can participate in governance, either in decentralized autonomous organizations or potentially other kinds of governments that can govern themselves.

Joe Lubin, ConsenSys founder and CEO

 

Im spending five hours a day on everything from regulation to licensing and everything in between.

Sam Bankman-Fried, FTX CEO

 

Primarily, crypto assets provide digital, scarce vehicles for speculative investment. Thus, in that sense, one can say they are highly speculative stores of value.

Gary Gensler, chair of the U.S. Securities and Exchange Commission

 

Crypto is a bit like the parable of the blind men and the elephant. People touch it from different sides. They get distracted and carried away and energized about these different topics.

Marc Andreessen, Andreessen Horowitz general partner and co-founder

 

If you put a gun to my head, and you said, I can only have one. I would choose gold.

Ray Dalio, billionaire hedge fund manager

 

Just so were all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil.or #crypto assets.

Brian Quintenz, U.S. CFTC commissioner

 

The more people with stablecoins in the pocket, the more people who can participate in decentralized finance.

Matthew Gould, Unstoppable Domains CEO

Prediction of the Week

 

Bitcoin chart fractal suggests BTC price will have rallied to at least $80K by September

If this latest bullish BTC prediction turns out to be true, Bitcoiners may soon be able to start driving their lambos on the moon.

Nunya Bizniz, an independent market analyst, posted a bullish prediction on Aug. 1, as they highlighted that the recent rally of around 40% in late July included 10 consecutive days of lovely green candles, and not those horrible red ones that bears love so much.

The analyst noted that each of BTCs previous 10-day bull runs has ended up with at least a 100% price increase within 30 to 60 days. Therefore, if history repeats itself, Bitcoins price may double and surge to new all-time highs around the $80,000 mark.

FUD of the Week

 

South Korean regulator to reportedly shut down 11 crypto exchanges

Crypto regulations in South Korea may become more stringent after news circulated this week that South Koreas top financial regulator, the Financial Services Commission, or FSC, is reportedly planning to shut down a dozen local cryptocurrency exchanges amid accusations of fraud.

The FSC will suspend operations of at least 11 mid-sized crypto exchanges in South Korea due to alleged illegal activities and fraudulent collective accounts, according to local media outlets.

The publication cited anonymous industry sources claiming that the names of the exchanges were not yet disclosed, so Koreans will not know exactly what to FUD over until the names come to light. The sources argued that the mentioned crypto exchanges will be unable to get approval for operation by the FSC.

The report also notes that the authority is planning to implement stricter regulations for smaller crypto exchanges in South Korea, meaning that anyone firm that wants to partake in illegal behavior will have to do it on a large scale.

 

Moneros former maintainer arrested in the US for allegations unrelated to cryptocurrency

Speaking of alleged illicit behavior, Riccardo Spagni, the former maintainer of the Monero (XMR) cryptocurrency, was arrested last month in Nashville, Tennessee, but not for anything related to crypto.

Spagni is facing fraud charges tied to alleged offenses in South Africa between 2009 and 2011, during his time serving as an information technology manager at a company dubbed Cape Cookies.

Spagni allegedly fabricated additional invoices from a supplier of Cape Cookies, which included inflated prices for goods and services, along with his bank details instead of the suppliers. He now faces a hearing on Aug. 5 to determine whether he is held, pending trial. If convicted in South Africa, he faces 20 years in prison.

 

Breaking: BSV reportedly suffers massive 51% attack

Bitcoin SV reportedly suffered a massive 51% attack on Aug. 3 that resulted in up to three versions of the chain being mined simultaneously.

Speaking about the attack, Lucas Nuzzi, a network data product manager at Coin Metrics, stated on Twitter that someone is seriously trying to destroy BSV, and added that:

For over 3 hours, attackers were able to take over the chain. All exchanges that received BSV deposits during that time might have been double spent.

 

Best Cointelegraph Features

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The crypto lending giant BlockFi is facing regulatory scrutiny from a handful of states in America ahead of a proposed public listing.

Civic engagement and crypto: Miami unveils its own digital coin

MiamiCoin is not just a cryptocurrency, but rather a decentralized application that can function as a developer platform for cities.

Ready to deploy? Amazon’s Bitcoin acceptance can prime a payments future

Amazon denied reports it will accept BTC payments soon, but seemingly, its only a matter of time before the tech giants embrace the token economy.

Amazon rumored to be accepting Bitcoin, MicoStrategy pledges to buy more BTC despite losses, Bitcoin struggles at $40K: Hodler’s Digest, July 25-31

Coming every Saturday, Hodlers 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

 

Amazon plans to accept Bitcoin payments this year, claims insider

The crypto community was going wild at the beginning of this week after rumors circulated that Amazon was planning to accept Bitcoin payments.

The rumors started after Amazon posted a job opening for a digital currency and blockchain product lead on July 22. Four days later, an anonymous source within Amazon reportedly told London business newspaper City A.M. that the e-commerce giant was planning to start accepting Bitcoin (BTC) payments by the end of 2021.

This isnt just going through the motions to set up cryptocurrency payment solutions at some point in the future this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work, the source told City A.M., according to a report published on Sunday.

Chinese crypto journalist Colin Wu attributed Mondays surging market action, during which Bitcoin gained roughly 15% in less than three hours, to Amazons rumored plans.

How wrong that very self-assured sounding quote from an unnamed source turned out to be after the multinational giant refuted the speculation two days later.

Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true, a spokesperson said.

 

Bitcoin struggles at $40K after most confusing Jerome Powell press conference

Bitcoin rose above $40,000 on July 29, a day after the Federal Reserve hinted that it was getting closer to winding down its asset purchasing program that has boosted the economic recovery of the United States.

The digital gold previously approached $41,000 ahead of the critical Fed update. Unsurprisingly, it started losing upward momentum after the Federal Open Market Committee released its policy statement, followed by a press conference helmed by the Fed’s chairman, Jerome Powell.

Powell had previously said that the Fed’s asset purchases would continue until it sees substantial further progress in the U.S. economic recovery. However, for a while, it was unspecified as to what that actually meant, and Powell finally cleared that up after being questioned in a July 28 press conference.

Turns out that substantial further progress means strong labor numbers and gains towards maximum employment.

Maximum employment refers to the highest level of achievable employment that the economy can sustain while maintaining a stable inflation rate. Given the rise of inflation and the decline of jobs due to the pandemic, the Feds maximum employment targets may need further clarification.

BTC investors have been closely monitoring how soon the central bank might unwind its $120-billion-per-month bond-buying program due to its role in aiding the Bitcoin bull market.

 

Binance cuts withdrawal limits, rolls out tax reporting tool

Following increased scrutiny aimed at Binance from governments and financial institutions across the globe, the worlds biggest crypto exchange has been working on regulatory compliance.

In the latest attempt to maintain dialogue with global regulators, Binance introduced withdrawal limits and a new tax reporting system.

The company officially announced on July 27 a major update to its Know Your Customer policies, significantly reducing maximum withdrawal amounts for users who have not completed full identity verification.

Effective from the date of the announcement, new Binance accounts whose users have completed only basic account verifications will be unable to withdraw more than 0.06 Bitcoin per day, worth roughly $2,329 at the time of writing. Previously, the maximum daily withdrawal amount was capped at 2 BTC, or about $77,661.

On July 30, the platform also announced that it will be shutting down its crypto derivatives trading for customers across Europe, first starting with Germany, Italy and the Netherlands.

This week, Changpeng Zhao, the CEO and founder of Binance, said he wanted the crypto exchange to work with local regulators as it establishes regional headquarters.

Zhao, also known as CZ, hinted that Binance would depart from its decentralized approach to finance and that wanted the exchange to coordinate with regulators as the company expands.

We want to be licensed everywhere, CZ said. From now on, were going to be a financial institution.

 

MicroStrategy pledges to buy more BTC despite paper loss on its holdings of $424.8M in Q2

MicroStrategy pledged to buy more Bitcoin despite reporting impairment losses of $424.8 million in Q2, after it stated that it was pleased by the results of its digital asset strategy in its July 29 Q2 report.

At a first glance, it appeared that MicroStrategy had lost the plot, as the Q2 report showed that as of June 30, MicroStrategy held an approximate 105,085 BTC with a carrying value of $2.051 billion, at an impairment loss of $689.6 million since acquisition. The average carrying amount per Bitcoin was an estimated $19,518.

Earlier this week Elon Musks Tesla also published a Q2 report which showed a $23 million impairment loss on its Bitcoin holdings.

As both firms categorize Bitcoin as an intangible asset, accounting rules mandate that they must report an impairment loss when the assets price drops below its cost basis. However, they are not required to report price appreciation in the specified asset until the position is realized through a sale.

The digital asset figures were calculated using Generally Accepted Accounting Principles (GAAP) a collection of commonly accepted accounting rules used for financial reporting. The firm also provided non-GAAP calculations, which in this report exclude the impact of share-based compensation expense and impairment losses and gains on sale from intangible assets.

The non-GAAP figures paint a different picture for MicroStrategys digital asset holdings, with the BTC cost basis at $2.741 billion but its market value is $3.653 billion, which reflects an average cost per BTC at $26,080 and a market price of $34,763 as of June 30.

This may be the reason why MicroStrategy CEO Michael Saylor continues to double down on BTC and pursue the hodl modl.

 

PayPal set to launch crypto trading in the UK and may embrace DeFi

On July 30, it was revealed that global payments platform PayPal is looking to expand its crypto trading services to the U.K. market, with the firm also revealing that it is looking at embracing DeFi.

According to the companys second-quarter earnings call on July 28, PayPal was very keen to pat itself on the back after the firm noted how well it performed during Q2 with its crypto trading services. CEO Dan Schulman stated that the U.K. is likely to be the next country where crypto trading is offered, and maybe even next month.

Speaking on DeFi, Schulman suggested that PayPal was looking into what the next generation of the financial system looks like and how to integrate smart contracts and decentralized apps into the platform:

How can we use smart contracts more efficiently? How can we digitize assets and open those up to consumers that may not have had access to that before? There are some interesting DeFi applications as well. And so we are working really hard.

Schulman also revealed that revenues of PayPal-owned mobile payment service Venmo grew by 183% year-over-year and that there has been strong adoption and trading of crypto on Venmo as well. Venmo launched crypto trading services to an estimated 70 million users in mid-April.

Paypals 2020 entrance into crypto was widely cited as one of the early catalysts for last years meteoric bull run, with the firm first announcing it would introduce U.S. crypto trading service in November.

Winners and Losers

 

 

At the end of the week, Bitcoin is at $38,906 Ether at $2,357 and XRP at $0.72 The total market cap is at $1.53 trillion, based on CoinMarketCap data.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Quant (QNT) at 70.71%, Amp (AMP) at 55.88%, and Terra(LUNA) at 43.75%.

The top three altcoin losers of the week are Compound (COMP) at -5.79%, Mdex (MDX) at -5.35%, and Shiba Inu (SHIB) at -5.19%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

I think central bank digital currencies were concocted in hell by Satan himself.

Rich Checkan, president of Asset Strategies International

 

You even have some in the House that sit not too far from me on the House Financial Services Committee that would call blockchain basically a financial 9/11.

Representative Ted Budd of North Carolina, member of the House Financial Services Committee and Congressional Blockchain Caucus

 

They claim to enable transparency. Their backers talk about the democratization of banking. Theres nothing democratic or transparent about a shady, diffuse network of online funny money.

Sherrod Brown, United States Democratic Senator

 

Spending America deeper into a hole is a stupid, inflationary & altogether undesirable way to drive ppl to digital assets. I want USD to continue as the world’s reserve currency. We need to reign in spending & support financial innovation on US soil.

Cynthia Lummis, United States Republican Senator

 

When the scourge of the COVID-19 pandemic hit and forced many economies into partial and total lockdowns, it reinforced the need to pursue digitization.

Mahamudu Bawumia, Vice President of Ghana

 

There has been an enormous failure by the big banks to reach consumers all across the country. Digital currency and central bank digital currency may be an answer there.

Elizabeth Warren, United States Senator and former presidential candidate

 

We continue to be pleased by the results of the implementation of our digital asset strategy. Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy.

Michael Saylor, MicroStrategy CEO

 

Bitcoin Mining is the most ESG friendly business in the world. Bitcoin miners are 24/7 consumers of energy that can be placed near wasted power assets. Bitcoin miners help energy companies plan/control their demand this brings in revenue to divest from coal and invest in renewable energy assets.

Will Szamosszegi, CEO and founder of Sazmining Inc., from Markets Pro Q&A

Prediction of the Week

 

Ethereum price can hit $14K if the March 2020 chart fractal holds

Now that it looks like the cryptomarkets are picking back up, numerous bullish predictions are beginning to resurface. The recent flip in sentiment makes one wonder whether the highly coveted moon may once again be in sight.

Earlier this week TradingView user TradingShot spotted an extremely bullish fractal on the Ethereum chart which indicated that ETH may close 2021 above $14,000.

The Ethereum fractal involves three technical indicators: a 50-day simple moving average (SMA), a Fibonacci channel and a relative strength index.

Ether closed above its 50-day SMA in July 2021, the first time since the May 2021 bearish buzzkill market correction. As TradingShot pointed out, breaking above the 50-day SMA has historically predicted bull runs. For instance, a run-up above the 50-day SMA in April 2020 took the ETH/USD exchange rate from around $170 to over $500 in September 2020 in only 137 days.

A word of caution, however, based on this authors 20-second analysis: The last time ETH hit all-time highs around the $4,000 to $4,300 price range in mid-May, it stayed there for roughly five days before crashing sharply and forcing the bulls into hibernation.

FUD of the Week

 

Warren urges Treasury Secretary Yellen to combat rising crypto threats

Earlier this week, U.S. Democratic Senator and anti-crypto proponent Elizabeth Warren called on Treasury Secretary Janet Yellen and other regulators to develop a comprehensive and coordinated framework for addressing risks in the cryptocurrency market.

As the demand for cryptocurrencies continues to grow and these assets become more embedded in our financial system, consumers, the environment, and our financial system are under growing threats, Warren said in a letter to Yellen.

According to Warren, an under-regulated cryptocurrency market poses a significant risk to major financial players, such as hedge funds and banks. What Warren is forgetting, however, is that hedge funds and banks are usually bailed out with taxpayer money in times of financial crises, so they really have nothing to worry about.

The senator is renowned for pushing back against cryptic currencies or whatever they are called, and has described assets like Dogecoin as a fourth-rate alternative to real currency.

It appears she hasnt seen enough memes from the DOGE community to be swayed on the value of Dogecoin as of yet.

 

IMF issues veiled warning against El Salvadors Bitcoin Law

The International Monetary Fund, or IMF, warned this week that the consequences of a country adopting Bitcoin as a national currency could be dire.

The IMF didnt specify which country it was talking about, but one thinks it may be El Salvador the first nation to adopt Bitcoin as a national currency.

According to assertions from IMF marketing department financial counselor and director Tobias Adrian and legal department general counsel and director Rhoda Weeks-Brown,

countries adopting cryptocurrencies as national currencies or granting crypto assets legal tender status risks domestic prices becoming highly unstable.

They also emphasized that the assets could be used contrary to Anti-Money Laundering and financing of terrorism measures, in addition to having issues surrounding macroeconomic stability and the environment.

 

Law professor calls for crypto mining regulation during US Senate hearing

Just as everyone was getting excited about the majority of the global BTC hash rate migrating out of China to the U.S., one little-known law expert has to come to ruin it all.

Professor Angela Walch of the St. Marys University School of Law attended the July 27 crypto hearing before the U.S. Senate Committee on Banking, Housing and Urban Affairs to call for stricter regulations on people who keep the crypto sector moving smoothly.

Thankfully, she wasnt asking for a China-esque ban and, in addressing the committee, Walch claimed that miners held meaningful power over the way blockchain networks operate. She asserted that they can potentially exploit the role of transaction ordering, which could become a major issue for cryptocurrencies.

In stressing the point, professor Walch likened the miner extractable value paradigm where miners earn more profits from ordering transactions in a certain way as being akin to a bribe.

She may have a point, though sometimes it does feel like youre bribing someone to get an Ethereum transaction through the books when tokenized cats clog up the network and send gas fees to the moon.

 

Best Cointelegraph Features

Blockchain tech is holding NFTs back because of these three design flaws

Three design flaws in blockchain tech are holding the NFT sector back and they need to be tackled for it to reach its full potential.

Powers On… Why the fear of ICO enforcement and liability is coming to an end

Eleven class actions against crypto firms and their founders started with a bang and will end with a whimper as they should.

Traders anticipate ‘DeFi Summer 2.0 after TVL and token prices rise

A rally in blue-chip DeFi tokens and the sectors rising total value locked has traders hopeful that a prolonged rally will take place.

SpaceX owns BTC, daily Dogecoin volume soared to nearly $1B in Q2, Grayscale eyeing DeFi and ETF: Hodler’s Digest, July 18–24

Coming every Saturday, Hodlers 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

 

SpaceX owns Bitcoin, Elon Musk and Nic Carter believe BTC is becoming greener

Elon Musk, Dogecoin (DOGE) proponent and fair-weather friend to Bitcoin (BTC), revealed for the first time on July 21 that his aerospace firm SpaceX owns an undisclosed amount of Bitcoin.

I do own Bitcoin; Tesla owns Bitcoin; SpaceX owns Bitcoin, he said.

Musk was speaking at The Word a virtual event dedicated to Bitcoin alongside Twitter CEO Jack Dorsey and Ark Invest CEO Cathie Wood, and the erratic tech billionaire suggested Tesla was on the verge of accepting the cryptocurrency again following promising signs that the percentage of renewable energy used for mining was increasing.

Teslas $1.5 billion foray into Bitcoin earlier this year sparked a major BTC price rally. However, Teslas suspension of Bitcoin as a payment method over environmental concerns in May appeared to tank the price of Bitcoin, with BTC crashing around 40% over the past two months.

Now that there is a diminishing Chinese coal-powered hash rate after the mining ban, it appears that Musk is warming up to digital gold again. Musk has stated that, after he does a bit more due diligence on mining sustainability and can confirm it’s backed by 50% renewables or more, Tesla may re-enter the market.

One wonders what said due diligence this entails, and why he didnt do it before the $1.5 billion Tesla BTC buy.

Musk also revealed, for the first time, that he holds Ethereum (ETH), and unsurprisingly reaffirmed his support for the meme-inspired Dogecoin.

I do personally own a bit of Ethereum, and Dogecoin of course, he said.

 

Daily Dogecoin volume soared to nearly $1B during Q2

Speaking of Musks favorite cryptocurrency, trading volume for Dogecoin increased by more than 13 times during the second quarter of 2021, nearly tagging $1 billion daily.

According to data compiled by Coinbase and reported by Business Insider, Dogecoin trading volumes soared 1,250% between April and June, with $995 million worth of DOGE changing hands daily on average during the quarter.

By comparison, Dogecoins average daily volume for the first quarter of 2021 was $74 million.

While those figures are sure to spark hype among the fiery-eyed Dogecoin community, the subject of the top canine coin may be a touchy one for Coinbase.

A Coinbase user has filed a class-action lawsuit seeking $5 million in damages because of an allegedly misleading Dogecoin campaign.

According to court documents, plaintiff David Suski said he was deceived into trading $100 of Dogecoin for entry into a $1.2 million sweepstakes offer on Coinbase. The lawsuit asserts that Coinbase failed to communicate that a person could enter the sweepstakes without purchasing $100 of Dogecoin.

 

Ethereum must innovate beyond just DApps for DeFi degens: Vitalik Buterin

Ethereum co-founder and lead developer Vitalik Buterin has urged the Ethereum community to innovate beyond the confines of decentralized finance, or DeFi.

Buterin was speaking during his keynote at the Ethereum Community Conference in Paris on July 21, and described non-financial utilities as the most interesting part of the vision of general-purpose blockchains.

The 27-year-old outlined several non-financial applications for Ethereum, including decentralized social media, identity verification and attestation, and retroactive public goods funding.

The Ethereum co-founder has had a busy week, and after speaking at the Ethereum conference, he also surfaced in Ashton Kutchers and Mila Kunis living room. He wasnt trespassing of course, and was there as part of the promotion for Kunis NFT project dubbed Stoner Cats.

Buterin launched into a lengthy explanation of Ethereums fundamental components and articulated how the smart contract protocol differs from single-purpose chains such as Bitcoin.

 

Grayscale sets sights on institutional DeFi fund

While Buterin is looking beyond the decentralized bounds of finance, digital asset management giant Grayscale is looking to gain exposure in the sector.

On July 19, Michael Sonnenshein, CEO of Grayscale, announced a new investment vehicle aimed at DeFi assets.

In an interview with CNBCs Squawk Box, the CEO chimed in to announce Grayscales plans for a DeFi Fund and index. Detailing the purpose of the new product, the Grayscale CEO said the fund would offer exposure to DeFi assets, such as Uniswap and Aave, for its institutional clients.

During the same week, Sonnenshein stated he thinks that only a couple of maturation points separate the United States from its first Bitcoin exchange-traded fund, or ETF.

After many rejections of BTC ETFs in the past, along with 13 ETF applications under consideration, Sonnenshein is undeterred and said the firm is 100% committed to transforming its Bitcoin product, the Grayscale Bitcoin Trust, into an ETF once conditions are right.

 

US lawmakers don’t want Olympic athletes to use digital yuan at 2022 games

Despite the majority of Japanese citizens reportedly wanting the Olympics canceled over pandemic-related concerns, the event is going ahead.

The U.S. government has already got its eyes on the 2022 Winter Olympics in Beijing, however, and three U.S senators signed a letter urging Olympic officials to forbid American athletes from using the digital yuan during the upcoming event earlier this week.

In a July 19 letter to the U.S. Olympic and Paralympic Committee board chair Susanne Lyons, Republican Senators Marsha Blackburn, Roger Wicker and Cynthia Lummis, also a BTC proponent, requested that officials prevent U.S. athletes from using or accepting the digital yuan.

The senators asserted that the athletes use of the central bank digital currency can be “tracked and traced” by the Peoples Bank of China.

The senators stated that the Chinese government recently rolled out new features for the digital yuan, giving officials the ability to know the exact details of what someone purchased and where.

If Olympic officials approve of the request, China will, unfortunately, have to deploy other methods to track and trace the U.S. athletes that do enter the country.

Winners and Losers

 

 

At the end of the week, Bitcoin is at $32,580, Ether at $2,070 and XRP at $0.60. The total market cap is at $1.35 trillion, based on CoinMarketCap data.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Telcoin(TEL) at 26.82%, SushiSwap(SUSHI) at 26.17%, and Axie Infinity (AXS) at 23.12%.

The top three altcoin losers of the week are Mdex (MDX) at -25.55%, THORChain (RUNE) at -18.98%, and Theta (XDC) at -11.26%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

I might pump, but I dont dump. I definitely do not believe in getting the price high and selling it or anything like that.

Elon Musk, Tesla CEO

 

Moving beyond DeFi is not about being against DeFi. I actually think […] the most interesting Ethereum applications are going to combine elements of finance and non-finance.

Vitalik Buterin, Ethereum co-founder

 

Neither USDC nor Tether is a regulated digital asset, for the simple reason that neither token has a regulator. In fact, neither USDC nor Tether tokens are stablecoins in anything other than name.

Paxos, stablecoin provider

 

I think that digital art is probably going to last a lot longer than galleries. I mean, you probably wont be going into galleries. Well be sitting in bars showing each other what weve recently bought on our phones, and thats kind of what we do now.

Damien Hirst, world-renowned contemporary artist

 

Make no mistake: It doesnt matter whether its a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms whether in the decentralized or centralized finance space are implicated by the securities laws and must work within our securities regime.

Gary Gensler, SEC Chair

 

More than ever, we need to take advantage and harness the potential of these new technologies to ensure that we are better equipped and more united in the future, in order to make our planet a more livable, equitable place for all.”

Irakli Beridze, head of the Centre for Artificial Intelligence and Robotics at the United Nations Interregional Crime and Justice Research Institute

 

If a Bitcoin ETF is coming through the Gensler administration, my view is it’s not going to happen this year. […] There’s also been quite a bit of sort of a body of language and rhetoric and points that have been made by the staff with previous applications that need to be addressed. And so this isn’t a slam dunk.

Greg King, CEO of Osprey Funds

 

Recent calls to establish a more appropriate standard for technologically complex digital assets have turned into a firestorm since the Ripple case was filed. Some tech policy experts closely following the case have called for a Ripple Test to replace Howey.

George Nethercutt Jr., former member of U.S. Congress

Prediction of the Week

 

$13K Bitcoin price predictions emerge with BTC falling below historic trendline

Ever since the crypto downturn began around May 12, the bears have been on parade as they forecast doom and gloom for the future price of BTC.

This week, Cointelegraph reported that a pseudonymous chartist who goes by the name “Bitcoin Master” shared concerns about Bitcoin’s potential to undergo an 80% average price decline upon breaking bearish on its 50-day simple moving average (SMA). The analyst noted that if the said fractal plays out, BTC/USD exchange rates could crash to as low as $13,000.

The 50-week SMA represents the average price traders have paid for Bitcoin over the past 50 weeks. Over the years, and in 2020, its invalidation as price floor has contributed to pushing the Bitcoin market into severe bearish cycles.

However, previous market cycles havent been impacted by Elon Musks inclination to cause mayhem in crypto through his tweets, so we may see a 50-week Musk tweeting average become the accepted method for BTC price predictions in the future.

FUD of the Week

 

SEC Chairman says cryptocurrency falls under security-based swaps rules

The United States Securities and Exchange Commission, or SEC, may soon issue new rules for the regulation and registration of security-based swaps, including cryptocurrency.

In a speech to the American Bar Association Derivatives and Futures Law Committee, SEC Chairman Gary Gensler outlined that, from November, new requirements will go into effect, which include internal risk management, supervision and chief compliance officers, trade acknowledgment and confirmation, and recordkeeping and reporting procedures, to name a few.

Make no mistake: It doesnt matter whether its a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms whether in the decentralized or centralized finance space are implicated by the securities laws and must work within our securities regime, Gensler said.

 

Auditors reveal USDC backing as Jim Cramer sounds alarm over Tethers mad money

Speaking during a July 20 interview with TheStreet, Jim Cramer, the host of CNBCs Mad Money, questioned Tethers lack of transparency and asked why the firm hasnt disclosed the composition of its commercial paper, which accounts for a large percentage of its holdings.

Tethers brief reserve breakdown in May showed that, as of March 31, three-quarters of its reserves were held in cash, cash equivalents, other short-term deposits and commercial paper. Within that category, commercial paper accounted for 65.39%, with cash alone accounting for just 3.87%.

I am concerned about Tether, and Im not gonna stop sounding the alarm until I know what Tether has. Theyve got about $60 billion in commercial paper. Tether, open up the kimono, what commercial paper do you own? Cramer said.

 

Crypto is an untested asset category, says UBS CEO Ralph Hamers

Ralph Hamers, CEO of Swiss bank UBS, said on July 20 that he does not fear missing out on crypto, citing that it’s an untested and volatile asset.

Speaking to Bloomberg, Hamers asserted, Clients are looking at different alternatives, and they hear about crypto, and there is a bit of a fear of missing out as well. They read it in the papers, but they also see the volatility.

Commenting on the banks approach to providing exposure to crypto for its wealth management clients, the UBS CEO emphasized that he holds no FOMO towards crypto, noting, We dont offer it actively. [] We feel that crypto itself is still an untested asset category.

Hamers, of course, works within the confines of the traditional finance and banking system, which is a well-tested industry that has caused multiple global financial crises.

 

Best Cointelegraph Features

Stock-to-flow model possibly invalidated as Bitcoin price loses $30K

Plan Bs stock-to-flow model is the closest its ever been to being invalidated as Bitcoin stagnates in the $30,000 range.

China is pumping money out of the US with Bitcoin

Chinese authorities seem to be putting things in order rather than declaring war on crypto, aiming to further weaken the U.S. economy.

It is time for the US to create a Ripple test for crypto

The SECs approach to crypto must be modified to more clearly articulate how securities laws should apply to digital assets.

SEC delays another ETF decision, Binance news, and more sideways BTC price action: Hodler’s Digest, July 11–17

Coming every Saturday, Hodlers 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

 

New data hints why Bitcoin price action has spent two months at $30K

Bitcoin (BTC) posted another week of range-bound price action. Bitcoin has traded in a fairly tight range over the past several days, acting more like a volatile stablecoin than the bullishly tilted turbulent cryptocurrency folks know and love. Bitcoin has largely been stuck in a price range between roughly $30,000 and $40,000 for weeks.

Nunya Bizniz, a Bitcoin-focused Twitter personality, noted $30,000 as a potential key level on Bitcoins price chart, citing a number of reasons, including a Fibonacci level.

Will Bitcoin head north or south next? No one knows for sure, but data from Glassnode revealed folks stocking up on BTC off centralized exchanges, with roughly 2,000 Bitcoin leaving those platforms each day over the past fortnight. Such data rhymes with activity seen in April, when Bitcoin rose to nearly $65,000 per coin.

On the bearish front, trader Michal van de Poppe noted a potential price fall for Bitcoin down to around $29,000 and then $24,000 if support around $31,000 broke down.

 

SEC delays decision on Wisdom Tree Bitcoin ETF

An approved Bitcoin exchange-traded fund (ETF) continues to elude the United States. This week, the U.S. Securities and Exchange Commission, or SEC, postponed its decision on Wisdom Trees Bitcoin ETF, looking for comments from the public on the product something the commission has done in the past regarding Bitcoin ETF proposals.

The Commission requests that interested persons provide written submissions of their views, data and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal, the SEC detailed in a public document.

 

Binance stops stock token sales, ‘effective immediately’

More Binance headlines flowed in this week as the exchange decided to halt stock token trading offerings. The company gave no rationale for the move. Folks with current positions in the platforms stock tokens are allowed a 90-day window to exit their trades.

Over the past couple of weeks, Binance has faced regulatory resistance on a number of fronts.

This week brought further regulatory news regarding Binance. Italy jumped on the bandwagon of national regulators concerned with the exchange. Binance lacks approval for providing crypto trading in the region, according to a warning sent out from the Italian Companies and Exchange Commission.

 

US government delves deeper into crypto accountability with $10M bounty

United States government agencies have not been shy about regulating the burgeoning crypto industry. Thursday news detailed that President Bidens team plans to further track crypto asset usage. In part, the team is focused on looking for any ransomware ties to crypto usage.

Folks who help the government track down nefarious characters involved in certain online attacks could find themselves rewarded with as much as $10 million in bounty.

 

Crypto community divided on whether Bitcoin is an inflation hedge

For many in the crypto community, Bitcoin is considered a potential hedge against inflation. Bitcoins recent price action, however, has given less evidence for such classification as inflation surges to decade highs in the U.S. Some folks doubt the asset as a hedge, while others argue the opposite.

Meanwhile, former U.S. Treasury Secretary Steven Mnuchin has slightly altered his take on BTC.

The first part of it is I think the underlying technology of blockchain is really incredible and has lots of different things, particularly in fintech and finance, he told CNBC. I think as it relates to Bitcoin if people want to buy Bitcoin as a substitute, no different from buying gold or some other asset its fine.

Winners and Losers

 

 

At the end of the week, Bitcoin is at $31,895, Ether at $1,911 and XRP at $0.59. The total market cap is at $1.30 trillion, based on CoinMarketCap data.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Axie Infinity (AXS) at 57.38%, Flow (FLOW) at 30.36%, and NEM (XEM) at 17.86%.

The top three altcoin losers of the week are Telcoin (TEL) at -31.02%, 0x (ZRX) at -24.41%, and Theta (THETA) at -23.42%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Were trying to be the fastest tortoise in the race. The long game pays off over time.

Cameron Winklevoss, co-founder of crypto exchange Gemini

 

The issue isnt #Bitcoin, #Ethereum, or other crypto protocols theyre just fine. The risk comes from the banks operational processes.

Caitlin Long, Avanti Bank & Trust CEO and founder

 

I think the regulatory pressure is stronger than before but it will get a lot of bad actors out of the industry and make sure that the industry’s reputation is much better than without it. So, I think this kind of a crackdown may be a good thing for the industry in the long term.

Jihan Wu, Bitmain co-founder and ex-CEO

 

Market intelligence suggests cryptoassets are largely held by retail investors, with institutional investors having limited exposure at present. However, there are some signs of growing interest in cryptoassets and related services from institutional investors, banks, and key payment system operators. These developments could increase the interlinkages between cryptoassets and other systemic financial markets and institutions.

Bank of England, the United Kingdoms central bank

 

If we are the biggest exchange, [buying Goldman Sachs and CME] is not out of the question at all.

Sam Bankman-Fried, FTX CEO

 

The easiest industry to reduce overnight was a gray area industry. Some 68,000 gigawatts of power was removed instantly from China just by saying no to Bitcoin mining.

Phil Harvey, CEO of Phoenix Store

 

Certainly Bitcoin has been a great performer over time. But most of the gains have occurred during a great global deflationary period in which all risk assets rose. Now that inflation is picking up for real, for the first time since Bitcoins inception, its drastically underperforming.

Mati Greenspan, founder of a firm known as Quantum Economics

You wouldnt need stablecoins, you wouldnt need cryptocurrencies if you had a digital U.S. currency. I think thats one of the strong arguments in its favor.

Stephen Lynch, U.S. representative

 

I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.

Jackson Palmer, Dogecoin co-founder

 

“Money is definitely a drug.”

Damien Hirst, artist

Prediction of the Week

 

El Salvador Bitcoin move will put pressure on network: JPMorgan

Bitcoin became an official currency of El Salvador in June. However, a recent report from JPMorgan Chase doubts Bitcoins ability to function under that context.

Bitcoins scalability has been a significant talking point in recent years, with the asset transitioning to a store of value rather than a currency. Bitcoins blockchain does not move funds particularly quickly or cheaply compared to mainstream payment cards or various other crypto assets.

In the JPMorgan Chase report, experts note the weight BTC must carry should El Salvador rely heavily on the asset following its recognition as legal tender. Daily payment activity in El Salvador would represent 4% of recent on-chain transaction volume and more than 1% of the total value of tokens which have been transferred between wallets in the past year, the report detailed, as per Bloomberg.

FUD of the Week

 

Ukrainian police seize 3,800 PS4 consoles used for illegal crypto mining

Allegedly, a group of crypto miners thought it was a good idea to set up shop in a warehouse previously owned by an electricity supply outfit called JSC Vinnytsiaoblenergo.

Pilfering the necessary wattage from JSC Vinnytsiaoblenergo, the unlawful miners used almost 4,000 PlayStation 4 consoles, as well as many other tech devices, for their operation. Ukrainian police raided the facility.

 

Crypto crackdown targeting USD access points has begun: Caitlin Long

The regulatory skies may be darkening in the distance, with further crackdown headed toward crypto in the United States.

Bitcoin and Ethereum may be safe from the storm in a direct manner, although regulators may pursue fiat on-ramps and middlemen connected to crypto activities, according to Avanti Bank & Trust founder and CEO Caitlin Long.

 

UK FCA will spend 11M to warn people about investing in crypto

The United Kingdoms Financial Conduct Authority, or FCA, sees crypto investing as highly risky, according to a draft of a speech from FCA executive Nikhil Rathi.

The agency wants the countrys people, particularly its younger generations, to know about such risks, putting about $15 million worth of pound sterlings to work toward getting its message across. More people are seeing investment as entertainment, Rathi expressed, as per the draft.

 

Best Cointelegraph Features

Hedge funds see the crypto market decline as an investment opportunity

From rebalancing cash positions to announcing new investment products, hedge funds seem undeterred by the current crypto market decline.

Chinas crypto industry is gone? Beijings crackdown keeps sending shockwaves

The Chinese governments ongoing crusade against cryptocurrencies might have dramatic consequences for both domestic and global crypto traders.

Adopting a decentralized way of life, from small steps to giant leaps

Decentralization may seem out of reach for many, but here are some realistic ways to reject the idea of centralization in our daily lives.

Binance news, Circle plans to go public, and bullish crypto comments: Hodler’s Digest, July 4–10

Coming every Saturday, Hodlers 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

 

US financial regulator FinCEN hires its first-ever chief digital currency adviser

The United States Financial Crimes Enforcement Network, or FinCEN, filled a new role that of chief digital currency adviser, unveiled on July 6, recruiting Michele Korver for the job. Korver has an array of experience in crypto regulation, including serving as digital currency counsel for the United States Department of Justice.

Ms. Korver will advance FinCENs leadership role in the digital currency space by working across internal and external partners toward strategic and innovative solutions to prevent and mitigate illicit financial practices and exploitation, said a public statement from FinCEN describing the new chief digital currency adviser position.

In other regulatory-related news, Wyoming, a U.S. state that has been highly favorable toward the crypto and blockchain industry, officially named the American CryptoFed DAO a legal entity a first for any decentralized autonomous organization, or DAO.

Additionally, China has continued its regulatory crackdown on crypto.

 

Bitcoin price dips below crucial $33K support as Bitfinex shorts jump by over 5,000 BTC

Bitcoin (BTC) had another range-bound week, falling under the $33,000 mark on July 8, down from near $35,000. Short positions also became significantly more prevalent on crypto exchange Bitfinex, indicating bearish sentiment. Although Bitcoin fell below $33,000, the asset once again broke above the level on July 9.

BTC analyst Willy Woo noted that the current environment appears similar to that of the pre-Bitcoin breakout in the latter portion of 2020. The analyst noted metrics that show BTC being pulled into longer-term holdings, which could, in turn, decrease the available coins in circulation. Data also exposed a notable influx of fresh users on the Bitcoin blockchain. Additionally, Bitcoin exchange withdrawals have increased and deposits have lessened.

 

Poland financial regulator issues public warning about Binance

Regulatory complications surrounding the Binance crypto exchange continued to surface this past week, with several news developments on the scene. In light of recent regulatory moves around Binance related to Canada, Japan and the United Kingdom, the ruling body of Polands finance scene, the Polish Financial Supervision Authority, or PFSA, cautioned Polish Binance users on their interactions with the exchange, as well as with crypto in general.

In view of the protection of financial market participants and the warnings of foreign supervisory authorities, the PFSA Office recommends special caution when using the services of Binance group entities and when trading cryptocurrencies and crypto assets, as it may involve a significant risk that may result in the loss of funds, the PFSA said in a public statement on July 7.

Earlier in the week, Binance suspended the ability to send euros from bank accounts to its exchange platform, citing no firm explanation on its rationale for the move. Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers from 8 am UTC on July 7, 2021, Binance noted in a July 6 email to exchange users.

Additionally, Binance users came forward with a class-action lawsuit against the trading platform, demanding significant compensation for losses they allegedly incurred due to the platform suffering outages during times of important price action. Participants claimed they did not have access to their accounts during pivotal periods of time.

Barclays bank also ceased payment card transactions to Binance. The exchange responded to the development with displeasure, saying the decision seemingly stemmed from a misunderstanding. In late June, the U.K.s Financial Conduct Authority demanded that Binance Markets Limited, or BML, cease all domestic operations. Binance claims that BML is a separate legal entity.

In a separate story on July 7, Binance CEO Changpeng Zhao expressed positivity toward crypto industry regulation in general via a July 6 letter posted on Binances blog. He noted a lack of regulatory clarity still exists and that Binance desires to work alongside regulators.

 

Avalanche founder Emin Gn Sirer quite bullish on crypto market prospects

Although digital asset prices have fallen in recent weeks, Cornell University professor and Avalanche founder Emin Gn Sirer retains positive expectations for the industry, citing increased interest in crypto assets from a bevvy of entities. I have been getting contacts from retirement funds, not hedge funds, but retirement funds, he told Cointelegraph China. Sirer foresees further ranging for crypto over the next several months, with things picking up in the fall.

 

Stablecoin firm Circle to go public in $4.5B blank-check deal

Circle, the firm behind the $26 billion market cap stablecoin USD Coin (USDC), intends to take its operation public through a SPAC, or special purpose acquisition company. Its ticker will be CRCL and the stock will trade on the New York Stock Exchange if all goes according to plan. Circle to become public via a business combination with Concord Acquisition Corp (NYSE: CND), a publicly-traded special purpose acquisition corporation with $276 million in trust, Circle said in a public statement on July 8.

Winners and Losers

 

 

At the end of the week, Bitcoin is at $33,499, Ether at $2,131 and XRP at $0.63. The total market cap is at $1.39 trillion, according to CoinMarketCap.

Among the largest 100 cryptocurrencies, the top three altcoin gainers of the week are Axie Infinity (AXS) at 147.51%, KuCoin Token (KCS) at 80.82%, and Synthetix (SNX) at 76.67%.

The top three altcoin losers of the week are Telcoin (TEL) at -21.46%, Celo (CELO) at -15.37%, and Hedera Hashgraph (HBAR) at -9.71%

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

Ransom payments are the fuel that propels the digital extortion engine, and […] the United States will use all available tools to make these attacks more costly and less profitable for criminal enterprises.

Lisa Monaco, DoJ deputy attorney general

 

A shift of crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the worlds first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.

Khurram Shroff, iMining CEO and IBC Group chairman

 

If the BoJ were to issue [a] CBDC, it would have a huge impact on financial institutions and Japan’s settlement system. [A] CBDC has the potential to completely reshape changes occurring in Japan’s financial industry.

Hideki Murai, head of the ruling Liberal Democratic Party of Japans panel on digital currencies

 

Regulators have demonstrated they can and will crackdown on crypto, so we suggest investors stay clear and build their portfolio around less risky assets. Weve long warned that shifting investor sentiment or regulatory crackdowns could pop bubble-like crypto markets.

UBS global wealth management team

 

So China decides to go for the kill. It didnt work & that was their last ace. So expect them to try anything. You cant beat the bull.

Alex Saunders, Nuggets News CEO and founder

 

We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events.”

Binance spokesperson

 

[Ether] currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.

Goldman Sachs

Prediction of the Week

 

Goldman Sachs: Ethereums popularity could see ETH become dominant store of value

Bitcoin is the dominant player in the crypto markets, holding the industrys prime position as the largest asset by market cap. The asset is viewed largely as a store of value, although Goldman Sachs expressed a view that Ethereum (ETH) could take over as the markets main asset, flipping Bitcoin in market cap as well as taking its spot as the core store of value asset in crypto. Goldmans rationale? The firm essentially said Ethereum has greater potential in terms of its versatility.

Ether currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications, expressed Goldman via a July 6 communication, as reported by Markets Insider.

FUD of the Week

 

Investors stay clear: UBS warns regulators could pop bubble-like crypto markets

UBS, a well-known investment bank, sent clients a communication expressing concern over a potential crash in crypto prices due to increased regulatory scrutiny. UBS cited the recent regulatory tightening in China as one bit of rationale for recent downward crypto price action.

Regulators have demonstrated they can and will crackdown on crypto, so we suggest investors stay clear and build their portfolio around less risky assets. Weve long warned that shifting investor sentiment or regulatory crackdowns could pop bubble-like crypto markets, UBS noted, as reported by Markets Insider.

 

Brazils Bitcoin King arrested over 7,000 missing BTC

Claudio Oliverira, Brazils self-styled Bitcoin King and chairman of digital asset brokerage firm Bitcoin Banco Group, was arrested by Brazilian federal police on fraud charges relating to 7,000 of investors BTC that the firm claimed went missing in 2019. According to a press release, federal police from the Curitiba Metropolitan Region served Oliverira, who was president of the group at the time the BTC was reported missing, and other persons associated with the firm with one preventive arrest warrant, four temporary arrest warrants and 22 search-and-seizure warrants. Several developments surrounding the firm raised suspicions, including a supposed hack that the operation claimed to have suffered in 2019 without being able to provide convincing evidence that the hack had actually occurred. Over 200 lawsuits have surfaced against Bitcoin Banco Group. Brazils authorities have taken Oliveira into custody.

 

Bitcoin.org owner reports site hit with absolutely massive DDoS attack

Bitcoin.org, an educational site about BTC that also promotes the assets development, recently suffered troubles. Bitcoin.org getting hit with an absolutely massive DDoS attack and a ransom demand to send Bitcoin or they’ll continue, tweeted the sites proprietor a pseudonymous entity known as Cbra on July 5. DDoS stands for distributed denial of service. Historically, such attacks have not been terribly uncommon in the crypto space, although one might question the value of Bitcoin.org as a target, seeing as the website carries no private customer data, unlike crypto exchanges and other sites.

 

Best Cointelegraph Features

Chinas digital yuan deploys at speed, leaving dust in its path

From being labeled impractical to nearing mainstream deployment, the digital yuan can transform the global economic landscape.

The rise of oracles: Institutional investors need trusted crypto market data

It is crypto (economic) market data and various economic models that enable us to make sense of the emerging and messy crypto markets.

 

‘Make or break’ for Bitcoin, Binance under pressure, Strike attacks Coinbase: Hodler’s Digest, June 27–July 3

Coming every Saturday, Hodlers 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

 

Bitcoin mining difficulty just fell by a record 28% but will this help prices recover?

Bitcoin has recorded its biggest mining difficulty drop of nearly 28%, but one model suggests prices will not bottom until October.

The drop is in response to the ongoing miner migration out of China and the subsequent loss of hash rate and this could deliver a profit boost for the miners still at work.

Bitcoin has now closed its third red monthly candle in a row, meaning BTC/USD is now the furthest away from its stock-to-flow model estimates in more than two years. Data shows the worlds biggest cryptocurrency fell 40.36% in Q2 the biggest quarterly plunge in over three years.

Plan B said the next six months will be make or break for the stock-to-flow model, adding: Even for me it is always a bit uneasy when Bitcoin price is at the lower bound of the stock-to-flow model.

 

Binance faces regulatory upheaval as lawmakers target global exchanges

Regulatory woes are piling up for Binance. Japan has accused the exchange of operating without proper registration, and toughened measures in the Canadian province of Ontario have prompted Binance to announce that it plans to cease all operations there.

Monday saw Binance suspend the use of Faster Payments in the U.K., meaning that it would take longer for British customers to withdraw pounds from the exchange. This came days after the Financial Conduct Authority told the exchange to cease all regulated activities in the country. However, this was later reinstated.

Thailands Securities and Exchange Commission and the Cayman Islands Monetary Authority are the latest financial regulators to announce a regulatory crackdown on Binance.

As a major global exchange, the exchange has been struggling to find the right jurisdiction for operating its business.

 

Bitcoin.org blocks access to Bitcoin software download in the UK

Bitcoin.org has blocked U.K. visitors from downloading Bitcoin Core software, as well as the whitepaper authored by Satoshi Nakamoto.

It comes days after a British court ruled in favor of self-proclaimed Bitcoin creator Craig Wright.

He had accused Bitcoin.org and its current operator Cbra of copyright infringement for hosting the BTC whitepaper in the U.K.

Cbra elected not to mount a defense in order to protect their anonymity and was also ordered to pay interim legal costs of 35,000 (about $48,600.)

The judgment is the latest salvo in Wrights assault on people who dispute his claim of being Bitcoin creator Satoshi Nakamoto.

 

Strike to offer no fee Bitcoin trading, taking aim at Coinbase and Square

Payments platform Strike has announced that it will allow U.S. customers to buy and sell Bitcoin with almost no trading fees taking on the likes of Coinbase, Square and PayPal.

Strikes founder and CEO Jack Mallers says his platform is setting out to be the cheapest and easiest place on the planet to acquire BTC.

Mallers has taken aim directly at Coinbase too, describing Coinbases fees as asinine. He added: Make no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.

In other developments, Coinbase has revealed that it plans to list digital assets on its exchange faster than it does now. And as the exchange seeks to bolster its global presence, its going to launch a crypto app store offering products developed by third parties.

Meanwhile, Robinhood has filed an application with the U.S. Securities and Exchange Commission for an initial public offering. That application came a day after regulators ordered the company to pay a $70 million penalty, amid allegations it caused widespread and significant harm to thousands of users.

 

Elon Musk’s latest attempt to pump Dogecoin fails miserably

Dogecoin prices surged but did not skyrocket after receiving another endorsement from Tesla CEO Elon Musk on Thursday.

Musks first tweet declared Release the Doge! sending the joke cryptocurrency up 8.42% to $0.261. A sell-off followed suit, taking DOGE/USD down to $0.247.

Less than an hour later, Musk tweeted a rather unusual message that said: Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.

DOGE/USD subsequently rose 5.22% to $0.26 after the second tweet.

This is modest compared with the wild gains weve seen after Musks tweets in the past.

Winners and Losers

 

 

At the end of the week, Bitcoin is at $34,544.52, Ether at $2,219.30 and XRP at $0.2469. The total market cap is at $1,433,529,255,589.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are XinFin Network, Compound and Internet Computer. The top three altcoin losers of the week are Celo, Theta Fuel and Revain.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

Make no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.

Jack Mallers, Strike CEO

 

I did suggest to the President that whatever Salvador chooses to do with regards to Bitcoin, you ensure that it is well regulated, that it is transparent and that it is responsible, and you protect yourself against malign actors.

Victoria Nuland, U.S. State Department

 

While I believe in the power of new technology, we also need to manage its impact on our economy and society.

Rishi Sunak, U.K. Chancellor

 

The Rick Astley is the holder that keeps buying and never tends to sell much.

Willy Woo, Bitcoin analyst

 

140 free NFTs for 140 of you, besties.

Twitter

 

A good currency, in my view, is one that’s used to buy coffee, buy your house, buy a car, and on that count, Bitcoin has failed, and not just failed, it’s failed miserably.

Aswath Damodaran, New York University professor of finance

Prediction of the Week

 

44% of investors expect Bitcoin to drop below $30K in 2021: CNBC survey

A recent CNBC survey suggests 44% of portfolio managers and equity strategists think Bitcoin will be below $30,000 by the end of this year.

Out of the remaining 56%, 25% predicted the price to shoot up and settle at $45,000 while another 25% projected that we could see $55,000.

A small minority of 6% said Bitcoin could return back to $60,000, near the $65,000 all-time high seen in April 2021.

FUD of the Week

 

Bitcoin has failed miserably as currency, says NYU’s ‘dean of valuation’

Aswash Damodaran has launched another blistering attack on Bitcoin.

The professor of finance at New York University said: A good currency, in my view, is one that’s used to buy coffee, buy your house, buy a car, and on that count, Bitcoin has failed, and not just failed, it’s failed miserably.

He added that Bitcoins only claim to fame is in the returns earned by early investors, adding: When I run into Bitcoin enthusiasts, they seem to push this notion that Bitcoin is a great currency because theyve made a lot of money on it.

Back in May, Damodaran claimed Ether stands a better chance of becoming a commodity than Bitcoin.

 

UKs NatWest bank limits transactions to crypto exchanges

As the crypto crackdown continues in Britain, another high street bank has intensified its efforts to curtail its customers’ use of digital assets.

Natwest Group has reportedly capped the daily amount its customers can send to cryptocurrency exchanges due to concerns over investment scams and fraud. However, the new limits on fiat currency transfers have not been revealed.

NatWest said the restrictions are designed to be temporary and, in some cases, payments to specific crypto asset firms where there have been particularly significant levels of fraud-related harm will be blocked altogether.

 

We don’t have much time left to regulate crypto, says Bank of France governor

Bank of France governor Franois Villeroy de Galhau said that Europe should make crypto regulation a priority or risk digital assets challenging its monetary sovereignty.

He warned the European Union only has one or two years left to establish a regulatory framework for cryptocurrencies.

We in Europe need to move as quickly as possible, the governor added.

 

Best Cointelegraph Features

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Stablecoins under scrutiny: USDT stands by commercial paper tether

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Slow, but not steady: Indias stance on Bitcoin and crypto is evolving

Indias regulatory stance on crypto has been shaky at best and prejudiced at worst, but what is India actually doing about crypto?

A new milestone for Bitcoin, COVID hits conference, Buterin’s DOGE payday: Hodler’s Digest, June 6–12

Coming every Saturday, Hodlers 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

 

Bill to make Bitcoin legal tender passes in El Salvador

El Salvador has officially become the first country in the world to adopt Bitcoin as legal tender.

A law outlining the proposals, introduced by President Nayib Bukele, passed with a supermajority, attracting 62 out of 84 votes.

Under the so-called Bitcoin Law, merchants must accept Bitcoin as well as U.S. dollars and theyll be expected to present prices for goods and services in both currencies. The government is going to be releasing an official crypto wallet for consumers to use, but they can rely on private providers if they prefer.

Permanent residency is going to be available for those who invest 3 BTC in the country, and now, a 90-day implementation period has begun.

As the 90-day implementation period begins, the president has asked a state-owned geothermal electric company to examine plans to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, zero-emissions energy from its own volcanoes.

Unsurprisingly, reaction from regulators hasnt been overwhelmingly positive. One executive at the Bank for International Settlements has called El Salvadors move an interesting experiment but warned that BTC hasnt passed the test of being a means of payment. The International Monetary Fund has also warned the decision could have significant legal and financial ramifications.

 

New report: El Salvador Bitcoin pump failed to attract smart money, for now

El Salvadors plans were first announced during a keynote speech at Bitcoin 2021 in Miami, but the markets appeared to pay little notice.

Things changed on Wednesday the day Congress passed the legislation. Bitcoin logged its best daily performance since Feb. 8, the day Tesla announced that it had added $1.5 billion worth of BTC to its balance sheet.

Although there are reasons to celebrate, Stack Funds head of research Lennard Neo has warned there was little in the way of bullish reactions from so-called smart investors.

Bringing the bulls back down to Earth, he warned: We should not expect a significant impact on Bitcoin for a country with a GDP per capita less than 7% that of the U.S., with its economy suffering the worst crash in decades last year.

Bitcoins seven-day high stands at $38,334.33. The strong move helped save the bulls during Fridays options expiry, because any level below $34,000 would have wiped 98% of call options.

 

MicroStrategy gets $1.6 billion in orders in junk bond offering

MicroStrategy has attracted $1.6 billion worth of orders in a recent junk bond offering four times more than what the business intelligence firm initially sought.

Junk bonds are debt offerings by companies without investment-grade credit ratings and typically offer investors higher returns while carrying higher risk.

It comes days after the publicly listed company, which owns 92,079 BTC with a current market value of $3.2 billion, announced plans to spin off its crypto holdings into a new subsidiary called MacroStrategy LLC.

Although this has been interpreted as bullish news, alarm bells started sounding after the junk bond offering was announced the latest in a series of debt raises to buy more Bitcoin. MSTR stock fell after the news.

MicroStrategy closed the week at $516.44, some way off the year-to-date high of $1,315 that was seen in February.

In a recent article, analyst Juan de la Hoz said MicroStrategy would be at risk of bankruptcy if Bitcoin prices fell, adding: MicroStrategy is a rare high-risk low-reward investment opportunity, and a strong sell.

 

Bitcoin 2021 attendees positive COVID-19 tests are going viral

Some of those who attended Bitcoin 2021 in Miami have tested positive for COVID-19, leading to a wave of negative media coverage and speculation that it may have been a superspreader event.

Thousands of people went to the two-day event, which did not require proof of vaccination or enforce the wearing of face masks. There was little in the way of social distancing either as people packed into crowded auditoriums.

One influencer on Crypto Twitter, Mr. Whale, estimated that there were more than 50,000 visitors at the event. He noted that this was the first major in-person conference since the pandemic began, and said dozens of participants have tested positive.

 

Vitalik Buterin has made $4.3 million from his $25,000 investment in Dogecoin so far

Ethereum co-founder Vitalik Buterin has revealed that he invested $25,000 into DOGE in 2016 and has made a pretty penny as a result.

His first concern was how he would tell his mother not least because the only interesting thing about this coin is a logo of a dog somewhere.

Buterin told Lex Fridmans podcast that he was caught off-guard by the speculative frenzy that resulted from Elon Musks fascination with the joke cryptocurrency.

He recalled being in lockdown in Singapore when the price of DOGE shot up 775% from $0.008 to $0.07 over the course of a single day, thinking: Oh my god, my DOGE is worth, like, a lot!

Buterin added: I sold half of the DOGE, and I got $4.3 million, donated the profits to GiveDirectly, and a few hours after I did this, the price dropped back from around $0.07 to $0.04.

Assuming he held on to the remaining 50% of his DOGE stash, he would now be sitting on tens of millions of dollars in paper profits.

 

Winners and Losers

 

At the end of the week, Bitcoin is at $35,211.65, Ether at $2,318.90 and XRP at $0.81. The total market cap is at $1,493,755,186,500.

Among the biggest 100 cryptocurrencies, the only two altcoin gainers of the week are Amp and Chiliz. The top three altcoin losers of the week are Internet Computer, THORChain and Synthetix.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Regulatory clarity enables companies like BlockFi to continue innovating. It enables consumers and investors to participate in this sector with the utmost confidence.

Zac Prince, BlockFi CEO

 

The ~$38,000 area for BTC is the one to watch right now.

Rekt Capital

 

Cryptocurrencies demonstrate all the hallmarks of bad money: unclear origin, uncertain valuation, shady trading practices.

Pieter Hasekamp, Netherlands Bureau for Economic Analysis

 

Investors should consider the volatility of Bitcoin and the Bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying Bitcoin market.

U.S. Securities and Exchange Commission

 

@davidguetta knows whats up. His Miami pad is for sale. Can buy with #Bitcoin or #Ethereum. In general, not a good idea to part w/ disinflationary #crypto that consistently outperforms real estate but smart folks like Guetta love to take it from you.

@ShaokyCinemaBTC

 

Adoption of Bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis. We are following developments closely, and well continue our consultations with the authorities.

Gerry Rice, IMF spokesman

 

Moments ago in our #London saleroom, an extremely rare Alien CryptoPunk #7523 from the collection of @sillytuna sold for $11.8M as part of our #NativelyDigital NFT auction setting a new world auction record for a single CryptoPunk.

Sothebys

 

Stablecoins are not launching us off into some brave new world […] The key here is to ensure that just because something is packaged in shiny technology we dont somehow treat the risks it poses differently.

Christina Segal-Knowles, Bank of England

 

Digital currency from central banks has great promise. Legitimate digital public money could help drive out bogus digital private money.”

Elizabeth Warren, Democratic Senator

 

I don’t think @michael_saylor is familiar with Murphy’s Law. What if #Bitcoin crashes below $20K? Will #MicroStrategy sell stock at depressed prices to shore up its balance sheet? Will it sell Bitcoin to raise cash? If MicroStrategy goes bankrupt will creditors HODL its Bitcoin?

Peter Schiff, economist and crypto skeptic

 

I should have bought a lot more that was my mistake.

Marc Lasry, Avenue Capital Group CEO

 

 

FUD of the Week

U.S. officials recover $2.3 million in crypto from Colonial Pipeline ransom

Officials with a U.S. government taskforce have seized more than $2 million in crypto paid in ransom following an attack on the Colonial Pipeline system, which caused fuel shortages for many people in the U.S.

The Bitcoin in question was connected to Russia-based DarkSide hackers, and about 63.7 BTC has been clawed back.

Although theres little doubt that this is a good thing, Bitcoins price actually ended up falling because of concerns over how the FBI actually managed to seize the cryptocurrency. Coinbase has refuted suggestions that it was involved.

Mati Greenspan, the founder of Quantum Economics, has said that the recovered ransom is actually bullish for Bitcoin, as many had expected U.S. politicians to use crypto as a scapegoat for the attack and enforce some heavy-handed regulations.

 

Proposed New York Bitcoin mining ban watered down to allow green projects

A proposed crypto mining ban calling for a forced three-year hiatus on all mining operations in New York has been watered down and will now allow green projects.

The bill passed in the senate on June 8, and has now been referred to the state assembly. If the bill is passed there, it will be delivered to Governor Andrew Cuomo to either approve or veto the proposed legislation.

The initial New York Senate Bill 6486A sought to halt all crypto mining for three years in order to conduct environmental impact reviews on mining operations in the tri-state area.

However, the bill was amended in the senate to get it over the line, and the revised 6486B bill is now focused solely on any firm that uses carbon-based fuel sources to power proof-of-work crypto mining.

 

Alleged $3.6 billion crypto Ponzis victims still believe the exchange is legit

Victims of an alleged $3.6 billion crypto Ponzi scheme in South Korea are reportedly hampering the progress of a police investigation and a joint lawsuit as they still believe in the project and hold out hopes of getting a return on their investments.

V Global is accused of defrauding about 69,000 people out of four trillion won ($3.6 billion), all while promising investors they would triple their investments.

A notice on the companys website says that it strongly denies the false” claims and has filed a complaint with police for defamation and obstruction of business.

If V Global is found guilty, it would potentially be one of the biggest crypto-related Ponzi schemes on record, in a similar fashion to the infamous multi-billion Ponzi scheme from OneCoin in 2015.

 

Best Cointelegraph Features

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Miami stakes the claim to become the worlds Bitcoin and crypto capital

Miami has a dynamic mayor, lots of VC money and is coming off the largest-ever crypto extravaganza, but is that enough without legal clarity?

More IRS crypto reporting, more danger

The U.S. authorities are becoming seriously interested in crypto, making unreported crypto more dangerous.

Bitcoin Miami mania, Dogecoin bounces back, Eth2 woes: Hodler’s Digest, May 30–June 5

Coming every Saturday, Hodlers 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

 

Largest Bitcoin event in history kicks off in Miami

Sun, sea and satoshis were on the agenda as the biggest Bitcoin event in history kicked off in Florida.

Organizers were expecting a huge turnout for the sold-out event, with some predicting there would be more than 50,000 attendees.

Day one saw MicroStrategy CEO Michael Saylor reveal more about his experience in the crypto space so far. He said: I realized that I first bought Bitcoin one year ago yesterday, and so this is the end of my rookie year.

Twitter and Square CEO Jack Dorsey also declared that Bitcoin changes absolutely everything. He told the conference: We dont need the financial institutions that we have today and for money to be created for the world, it has to be developed internationally.

One particularly eye-opening on-stage discussion came from Brian Brooks, a former regulator turned CEO of Binance.US. He said: If youve never worked in a big bank, you have no idea how bad the problem is.

 

Its Mati Greenspan versus the Maxis at Shitshow 2021

For many, Bitcoin 2021 in Miami is the first physical event for many since the coronavirus pandemic began, enabling celebrities, cryptographers and CEOs to rub shoulders. Alas, you cant please all the people, all the time.

Quantum Economics founder Mati Greenspan had tweeted an innocuous comment about how Bitcoin 2021 was set to be the Biggest crypto conference ever!

But he was quickly set straight by the likes of Bitcoin Magazine editor Pete Rizzo, who said: It’s a Bitcoin conference, about Bitcoin. Bitcoin is the subject and hence why it’s used as an adjective.

To be fair, organizers were crystal clear that it is a Bitcoin-only event, meaning no altcoins are allowed.

But as DeFi Pulses founder Scott Lewis ponderedis it really possible to go for two days without talking about Ethereum?

 

Discounted Bitcoin more likely to hit $100,000 than $20,000 in 2021, says Bloomberg analyst

Although the party is in full swing in Florida, the fact that Bitcoin has been struggling to break $40,000 will undoubtedly have put a dampener on proceedings.

That said, Bloomberg Intelligences Mike McGlone says there are still plenty of reasons to be bullish.

In his latest Bloomberg Galaxy Crypto Index report, he said BTC is stronger, greener and less extended than during the height of the rally in April.

He also maintained that Bitcoins bull market appears to be intact, with a $100,000 price target more likely than a retrace to $20,000.

Alas, not everyone agrees with McGlones prognosis following the worst May for Bitcoins price in 10 years, with JPMorgan strategist Nikolaos Panigirtzoglou writing in a research note that weakened institutional demand could drag BTC below $30,000.

 

Feast or famine on Dogecoin as Coinbase pump triggers whales return

Dogecoin likened by some to digital plastic this week has enjoyed quite a surge of late. The joke cryptocurrencys price climbed 40% in a single day, driven by Coinbase announcing it would open its door to DOGE deposits on June 1.

DOGEs surge shook out more than $16 million worth of bearish leverage in a single hour, with the altcoin almost returning to a pre-crash high.

One analyst, @HsakaTrades, declared that a bored market was gravitating to DOGE and rotating out of other altcoins.

 

NFT sales down 90% since market peak

Weve all become painfully familiar with the endless declarations surrounding the death of Bitcoin. Now, with the sale of nonfungible tokens sinking 90% since they peaked in early May, some are sounding the death knell for NFTs.

After $102 million worth of NFTs were sold in a single day on May 3, just $19 million worth were sold in the past week. Over $170 million worth of NFTs were sold in the seven-day window on either side of the market top, equating to a near 90% decline since then.

The number of NFT wallets showing any signs of activity on a daily basis is also down 70% since early May, after falling from 12,000 to 3,900.

NFT sales and wallet movements were down across the entire range of token categories, spanning gaming, decentralized finance, collectibles, art, utility, metaverses and sports.

 

Winners and Losers

 

At the end of the week, Bitcoin is at $37,733.41, Ether at $2,787.12 and XRP at $0.99. The total market cap is at $1,710,804,430,870.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Theta Fuel, Curve DAO Token and Siacoin. The top three altcoin losers of the week are UNUS SED LEO, Decred and Nano.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Who forgot to invite Elon to the #Bitcoin conference?

David Gokhshtein, Gokhshtein Media founder

 

Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000.

Bloomberg Intelligence

 

Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can’t tax money, you don’t tax it.

Ron Paul, former presidential candidate

 

Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, they are pro-risk, risk-on assets. They are a substitute for risk-on inflation hedges, not risk-off inflation hedges.

Jeff Currie, Goldman Sachs global head of commodities research

 

When something gets big enough, things like consumer interests and money laundering come into play. So theres good reason to believe that [regulation] will happen.

Stefan Ingves, Sveriges Riksbank governor

Prediction of the Week

Bitcoin bulls give conservative 10-year estimate for hyperbitcoinization to hit

Back to Miami now, where an eye-opening panel suggested that we may just be 10 years away from hyperbitcoinization marking the moment BTC takes over global finance.

Make no mistake, this would be no easy feat. It would involve billions of new users being onboarded by 2031. Then again, Bitcoin has already attracted hundreds of millions of users over the past 10 years.

Unchained Capitals Parker Lewis is among those with high hopes. He said: I think that based on how Bitcoin has been adopted historically and based on the trillions of dollars that the Fed is going to have to print in the coming months to years, that it would potentially be conservative to say that Bitcoin’s a unit of account in 10 years.

Saifedean Ammous, author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, was a little more conservative. He predicts itll take 16 yearsor four more halving cycles.

And Krakens Dan Held believes hyperbitcoinization is at least a decade awayunless fiat currencies suffer rapid devaluation.

 

FUD of the Week

 

 

Even Vitalik Buterin is surprised at just how long Eth2 is taking

Ethereum co-founder Vitalik Buterin has admitted that the long-awaited move to a proof-of-stake consensus mechanism is taking a lot longer than he anticipated.

Speaking partly in Mandarin at a conference in Hong Kong, he said: We thought it would take one year to do the proof-of-stake, but it actually takes six years. If you are doing a complex thing that you think will take a while, its actually very likely to take a lot more time.

Buterin added that there had been a number of internal team conflicts in the five years it has taken Ethereum to get to where it is today.

One of the biggest problems Ive found with our project is not the technical problems its problems related with people, he said.

The latest roadmap estimates that Eth2 may not have the kind of scalability that large-scale enterprise applications enjoy until late 2022.

 

Google lifts 2018 ban on crypto exchange, wallet advertisements

Google has lifted a three-year-old policy banning crypto exchanges from using its ad services.

But the new policy wont open the door to the vast majority of crypto institutions as ads for initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products all continue to be prohibited.

Googles policies around crypto ads have often been conflicting and, at points, experts have decried them as unfair.

Expect a battle among the likes of Binance.US and FTX as they vie to carve out stateside market share.

 

Apple co-founder Steve Wozniak loses Bitcoin scam case against YouTube

YouTube is not responsible for crypto-related scams posted on its platform, according to a recent court ruling.

Apple co-founder Steve Wozniak failed to support his lawsuit against YouTube over an advert using his image to promote a fake Bitcoin giveaway.

Santa Clara County Superior Court Judge Sunil Kulkarni said in a tentative ruling that YouTube and its parent firm Google are protected by Section 230 of the Communications Decency Act a federal law shielding internet platforms from responsibility for content posted by users.

 

Best Cointelegraph Features

Death knell for Chinese crypto miners? Rigs on the move after government crackdown

The latest events in China have pushed crypto miners to reevaluate domestic risk as they may now look toward international expansion.

The CBDC promised land: As some governments falter, others press on

Regulatory hurdles and the economic impact of the pandemic have derailed some CBDC projects, but not all hope is lost.

We tracked down the original Bitcoin Lambo guy

This is the story of Jay, who created a meme by buying a Lamborghini with Bitcoin. He went from poverty-level existence to a well-off lifestyle but not without having to worry for his familys safety.

Ether dazzles, Dogecoin fears, Elon Musk’s big night, Bitcoin boosts Square: Hodler’s Digest, May 2–8

Coming every Saturday, Hodlers 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

Altcoins rally as bulls pile into large-cap tokens and layer-one projects

Were well and truly in the throes of altseason now, with Bitcoins dominance showing no signs of diminishing.

Ether delivered a stunning surge that took its price above $3,000 for the very first time, breaking new records throughout the week. On Saturday, ETH remained in uncharted territory after racing to highs of $3,800.

Among those celebrating ETHs spike will be Ethereum co-founder Vitalik Buterin, who has officially become a crypto billionaire. Excitement is continuing to build ahead of a long-awaited upgrade that will overhaul the networks gas fee structure in July.

ETH is in good company, too. EOS rallied by more than 100% this week following a recent protocol that increases the projects inflation rate. Litecoin has hit a one-year high against Bitcoin, with many analysts predicting extended upside momentum. And Bitcoin Cash jumped 68% amid rumors that a looming hard fork could boost the networks user base.

Even Ethereum Classic, the hard fork sparked by disagreements after a devastating 2016 hack, has pumped 130% in the past week.

Of course, theres one altcoin in particular that continues to steal the show

 

May 8 day to watch for Dogecoin amid warning it can suffer an XRP-style crash

DOGE has seemed unstoppable in recent weeks. It hit unprecedented highs of $0.7376 early on Saturday. To put into context how bonkers the joke cryptocurrencys surge really is, $1 invested on Jan. 1 would now be worth $139 at current prices.

Mania over the financial homage to Shiba Inus everywhere may be about to reach a climax when DOGE enthusiast and mega-billionaire Elon Musk hosts Saturday Night Live. Its inevitable that his appearance will feature endless sketches about Dogecoin, and that could pump prices even further.

But not everyone is finding DOGEs surge to be a cause for celebration. Lowstrife, a popular account on Twitter, believes the end is nigh, with the crypto trader spotting eerie similarities between DOGEs current charts and XRP in the heady days of 2018.

Back then, XRP had hit all-time highs of $3.20 that remain true to this day, but then slowly faded to lows of $0.14 a loss of 95.6%.

Warning of an impending apocalypse for DOGE, Lowstrife wrote: Each of DOGEs major rallies this year has been smaller and less aggressive. What took 18 hours at first has been ongoing for 2 days now. I suspect this is the final push before its all over for good. May 8th is the day to watch.

Even Musk himself has been cooling the hype, reminding followers that crypto investments remain speculative.

 

Squares Bitcoin revenue up 1,000% in 12 months

A flurry of earnings results this week powerfully illustrated the impact that Bitcoins sensational first quarter has had.

Square blew analysts expectations by delivering earnings of $0.41 per share between January and March far beyond the $0.16 forecast. Revenue came in at $5.06 billion, dwarfing predictions of $3.36 billion.

Bitcoin alone drove $3.5 billion in revenue, an astonishing increase of 1,000% in just 12 months. Overall, the crypto-friendly companys gross profit also surged 79% year on year to hit $964 million.

Squares also sitting on paper profits of $250 million after making two high-profile Bitcoin purchases one in February and one in October.

PayPal has also been heralding the great results it has been receiving from its crypto service. The platforms earnings and revenue also exceeded predictions in Q1.

 

Coinbase stock plunges to record low, further decoupling from crypto

The celebratory atmosphere isnt universal. Coinbase shares tumbled to fresh lows on Thursday as Wall Street investors continued to cycle out of high-flying tech stocks.

COIN bottomed at $255.15, where it was in danger of breaching the $250 reference price set on the eve of its public listing in April. All of this comes despite the total market cap of all cryptocurrencies surging beyond $2.4 trillion.

FBB Capital Partners director of research, Mike Bailey, told Bloomberg: We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers.

(That said, his assertion that crypto is nursing a bad hangover is misplaced.)

Coinbases woes may be linked to increasing competition among crypto exchanges, which has left retail investors spoiled for choice. Theres a danger that this could eat into the revenues it derives from transaction fees, which make up most of its income.

 

Comedian Bill Maher excoriates environmental impact of crypto

Elon Musks stint on the box this weekend serves as a powerful counterweight to comedian Bill Maher, who didnt leave crypto enthusiasts in stitches during a recent segment.

On Mahers program, he compared the industry to a virtual game and talked about mining in a derisive tone. Maher also implied that investing in tokens was a childish endeavor, and illustrated his point with quotes from Warren Buffett.

He said: There is something inherently not credible about creating hundreds of billions in virtual wealth with nothing ever actually being accomplished and no actual product made or service rendered. […] Unfortunately, what is real is the unfathomable amount of electricity those massive supercomputers suck up for their mining.

Maher even quipped that Satoshi Nakamoto, the pseudonym used by Bitcoins inventor, is the Japanese term for Monopoly money.

Anthony Pompliano shared the clip along with this caption: Never ask a comedian for investment advice.

Binance CEO Changpeng Zhao replied, writing: Very sad to watch. Feel really hopeless for him. Jokes going to be on him. Time will show.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $58,366.32, Ether at $3,811.20 and XRP at $1.56. The total market cap is at $2,433,633,423,933.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Shiba Inu, Bitcoin Diamond and Telcoin. The top three altcoin losers of the week are Harmony, Huobi Token and Filecoin.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Looks like Uniswap v3 is more gas expensive than v2, roughly as expected.

Haseeb Qureshi, Dragonfly Capital managing partner

 

With cryptocurrencies already creating incredible worldwide wealth, its real estate that will sustain that wealth and provide buyers with a legacy.

Alex Sapir, Sapir Corp chairman

 

We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers.

Mike Bailey, FBB Capital Partners director of research

 

It definitely can go much higher, I think we can see the price go to $10,000, where a lot of ETH bull price targets begin to kick in and people take profits.

Nikhil Shamapant, retail investor

 

Weve committed to having no HQ, and its important to show our decentralized workforce that no one location is [more] important than the other.

Coinbase

 

Each of DOGEs major rallies this year has been smaller and less aggressive. What took 18 hours at first has been ongoing for 2 days now. I suspect this is the final push before its all over for good. May 8th is the day to watch.

Lowstrife

 

DeFi may lead to a paradigm shift in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure.

Federal Reserve of St. Louis

 

Volatility is everywhere [] It is not unique to crypto.

Changpeng Zhao, Binance CEO

 

Of course I hate the Bitcoin success, and I dont welcome a currency thats so useful to kidnappers and extortionists and so forth.

Charlie Munger, billionaire investor

 

There is something inherently not credible about creating hundreds of billions in virtual wealth with nothing ever actually being accomplished and no actual product made or service rendered.

Bill Maher, comedian

 

Prediction of the Week

They see ETH rollin: Why did Ether price reach $3,500, and whats next?

Ethers booming price has prompted feverish talk about a long-fabled flippening where ETH overtakes BTC as the worlds largest cryptocurrency.

Although thats fanciful right now, there are a number of bullish predictions when it comes to where Ethers price is headed next.

One of them comes from Nikhil Shamapant, a retail investor who recently published a research report where he argued ETH could be worth $150,000 by 2023.

He told Cointelegraph: It definitely can go much higher. I think we can see the price go to $10,000, where a lot of ETH bull price targets begin to kick in and people take profits. I think well head up to that $10,000-to-$25,000 range, hit a lot of supply and could see some big drawdowns and consolidation at that point.

 

FUD of the Week

 

The fees sting, but Uniswap v3 sees more volume on launch day than v2s first month

Data suggests that Uniswap v3 had a successful first 24 hours processing more than twice the volume that v2 did in its first month.

But not everyones been enamored with the latest iteration of the worlds most popular decentralized exchange, with some users complaining about the costs associated with using it.

One person wrote on Twitter: Even more expensive to make mistakes now. Tried to migrate my UNI/ETH liquidity to V3, failed and paid 108.09 usd worth of gas.

Dragonfly Capitals managing partner, Haseeb Qureshi, also wasnt impressed. On Twitter, he wrote: Looks like Uniswap v3 is more gas expensive than v2, roughly as expected. […] Specifically, its about 28% more expensive for single-hop transactions it looks like. For larger transactions that cross multiple ticks/buckets, the gas costs should be slightly larger.

 

New York bill proposes ban on crypto mining for three years over carbon concerns

A Democrat senator in New York, Kevin S. Parker, is proposing a three-year ban on crypto mining.

Data centers would only be allowed to operate if they pass an environmental impact review, amid concerns that BTC mining could cause the state to miss ambitious targets designed to tackle climate change.

New York Senate Bill 6486 said: A single cryptocurrency transaction uses the same amount of energy that an average American household uses in one month, with an estimated level of global energy usage equivalent to that of the country of Sweden.

The bill is yet to receive widespread backing from other senators. However, the Democrats do control the lower house and senate.

 

Employer paid worker in crypto, then demanded it back when price rose

A United States-based business development specialist has claimed that a company that paid them for contract work using cryptocurrency now wants them to return the tokens following a significant rally in the assets price.

The unnamed employee, known only as Crypto Confused, wrote to MarketWatch and said: I am not really sure what to do. I have worked with this person for many years, and he has a tendency to try to change the terms of payment after agreeing on a certain way of operating.

Columnist Quentin Fottrell replied: If the value of the cryptocurrency had fallen by 100% since August 2020, would he want to pay you in dollars? If it suddenly dipped by that amount today, would he follow up with his employees?

 

Best Cointelegraph Features

DOGE as internet money? TikTokers and sports fans see a use case for Dogecoin

As experts pinpoint various groups as Dogecoins vanguard, the coins potential base seems to be a wide coalition.

From nay to yay: JPMorgans path to crypto could shake up finance

After bashing Bitcoin back in 2017, JPMorgan CEO Jamie Dimon seems to have softened his stance on crypto, and so has the firm itself.

As Bitcoins payment options grow, BTCs true future role up for debate

Declaring BTC a store of value gold 2.0 but not a medium of exchange, defies logic. It must first have a use case.

Bitcoin’s grim close, Tesla’s crypto sell-offs, Ether’s jaw-dropping surge: Hodler’s Digest, April 25–May 1

Coming every Saturday, Hodlers 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

Bitcoin bulls attack $57,000, and altcoins rally as April comes to a close

A sudden bullish surge took traders by surprise as April drew to a close, with Bitcoin staging a 10% rally in a matter of hours.

Highs of $58,448.34 helped to erase recent losses but not entirely.

Data from Bybt shows that BTCs price fell by 1.98% last month. Thats the first time the worlds biggest cryptocurrency has closed the month of April in the red since 2015.

A contributing factor to upbeat market activity may have been linked to an astounding surge in revenues at MicroStrategy, a company that owns 91,000 BTC.

MicroStrategy CEO Michael Saylor said: We will continue to acquire and hold additional Bitcoin as we seek to create additional value for shareholders.

 

Ethereums market cap exceeds platinums for the very first time

While Bitcoin had lost its footing for most of the week, Ether has gone from strength to strength.

The No. 2 cryptocurrency continues to break new all-time highs with the latest record of $2,879.75 set on Saturday.

Overall, 2021 promises to be a crucial year for the Ethereum blockchain as the long-awaited Eth2 upgrade takes shape. The network is set to part ways with its proof-of-work consensus algorithm and shift to proof-of-stake, which is set to cut costs and preserve energy.

At $330 billion, Ethers market cap has now exceeded industry giants including Procter & Gamble and PayPal not to mention platinum. The digital asset is also a stones throw away from overtaking The Walt Disney Company and Bank of America.

 

Tesla books huge profit from Bitcoin sale in Q1

Tesla sold a portion of its Bitcoin holdings in the first quarter, pocketing a profit of $101 million as a result.

The electric vehicle manufacturer announced that it had snapped up Bitcoin worth $1.5 billion in February, and this sale amounts to about 10% of its crypto stash.

Crypto Twitter didnt react kindly to the news, with comedian Dave Portnoy accusing Elon Musk of profiting from a pump-and-dump engineered by his public statements supporting BTC.

Musk rejected these claims and said that he hasnt sold any of his Bitcoin. He also explained that Tesla executed this transaction essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.

Meanwhile, Musk has continued to champion Dogecoin on his Twitter feed ahead of him hosting Saturday Night Live on May 8.

 

Coinbase offers customers a way to purchase crypto using PayPal

There were a series of milestones this week when it comes to simplifying the process of buying crypto and using it as a payment method.

Coinbase announced that users in the U.S. will now be able to buy digital assets using debit cards and bank accounts linked to their PayPal profiles giving them a greater choice of digital assets than PayPal alone provides.

Meanwhile, rival exchange Gemini announced that it is teaming up with Mastercard to release a credit card that will allow crypto holders to spend digital assets and receive cash-back rewards in the form of Bitcoin.

Elsewhere, Binance announced that it was launching its own NFT marketplace in June complete with a Premium Event category that is designed to attract big-name signings.

And, if youre feeling hungry, Bubba Gump Shrimps seafood restaurants are going to start accepting Bitcoin and other cryptocurrencies in the next 90 days.

The Giving Block launches Crypto Giving Pledge to ramp up donation efforts

A leading crypto donations platform has launched a new initiative thats designed to help the digital assets sector become the most charitable in the world.

The Giving Block has launched a Crypto Giving Pledge that encourages investors to pledge at least 1% of their holdings to charities each year and asks businesses in this space to contribute 1% of their revenue toward similar causes.

Users can join the initiative anonymously and without having to disclose their contributions. If everyone in crypto donated 1% of their holdings to charities, they could collectively raise $20 billion.

As well as raising money for amazing causes in critical need of support, the organizations co-founder also says that this could erase crypto tax burdens for donors and put to bed this idea that crypto is bad.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $57,380.31, Ether at $2,880.41 and XRP at $1.56. The total market cap is at $2,212,553,216,270.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Fantom, Polygon and OKB. The only altcoin loser is Celo.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.

Yoshitaka Kitao, SBI Group CEO

 

Facebook has purchased 0 bitcoin for an aggregate price of $0 in a strategic corporate move to have fun staying poor.

Texan Hodl

 

If you sold #Bitcoin because Facebook didnt buy any in Q1 and you also think youre GMI, I have some unfortunate news for you.

Travis Kling, Ikigai CEO

 

HMRC suspects that an increasing amount of hidden wealth is slipping through its fingers thanks to the rise of cryptocurrencies.

David Jones, UHY Hacker Young director

 

With blockchain analytics, the thing we say over and over is that all this activity is on this ledger forever, and if you did something bad 10 years ago you can be caught and arrested for it today.

Sarah Meiklejohn, computer scientist

 

Rather than investing in cryptocurrency stuff, I want to focus on the extreme life extension technologies because if you die, you cant enjoy your life anymore.

Roger Ver, Bitcoin.com founder

 

This recent recovery in Altcoin Market Cap is much sharper than the post-retrace recovery in February.

Rekt Capital

 

Prediction of the Week

Ether will always come second to Bitcoin, says Shark Tanks Kevin OLeary

Despite ETH strengthening further against BTC this week, Shark Tank star Kevin OLeary still believes that Bitcoin will remain top of the crypto rankings.

Speaking to CNBC, he declared: Bitcoin will always be the gold, Ethereum will always be the silver.

The Shark Tank star said he had owned crypto since 2017, announcing last month that he would be allocating 3% of his portfolio into Bitcoin.

However, he has previously referred to digital assets as crypto crap and Bitcoin as not a real currency.

 

FUD of the Week

 

DeFi hacks and exploits total $285 million since 2019, Messari reports

Decentralized finances rising popularity since 2019 has seen the emerging market segment become a target for hackers and opportunistic profiteers.

Crypto research company Messari says DeFi protocols have lost more than $284 million to hacks and other exploit attacks since 2019.

Almost half of the DeFi hacks covered in the Messari report were flash loan attacks, while others took advantage of temporary defects in price oracle feeds.

 

County in New Jersey makes 250% profit from crypto seized in 2018

Prosecutors in the U.S. have sold off crypto they confiscated in 2018.

The digital assets, seized during a drug bust, were initially valued at $57,000. Three years on, and theyve generated a profit of $141,000.

Monmouth County Prosecutor Christopher Gramiccioni said that the county is the first state-level agency to complete the forfeiture and liquidation of cryptocurrency assets.

This will serve as an effective template for the state law enforcement agencies in the cryptocurrency market a place where we can expect proceeds from crimes to continue to be concealed, he added.

 

Binance could face heavy fines over stock tokens, warns German regulator

Binances attempts to bridge traditional markets with the cryptocurrency space through fractionalized stock tokens have drawn the attention of Germanys financial regulator.

BaFin has warned that the worlds largest crypto exchange could face heavy fines for launching security-tracking tokens without an accompanying investor prospectus.

Binance launched fractionalized stock tokens for Apple, MicroStrategy and Microsoft on Monday, adding to tokens for Coinbase and Tesla.

The exchange told Cointelegraph: Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate. We will work with regulators to address any questions they may have.

 

Best Cointelegraph Features

 

Roger Vers next life: Cryonics meets crypto

With a fortune he vaguely refers to as being in the billions, the Bitcoin Cash proponent intends to switch his investment focus to cryonics over the next decade in the hopes of improving the experimental technology.

100 fascinating facts about cryptos last 100 days

A $100 investment into DOGE 100 days ago would now be worth $2,742, while the same investment into BTC would be worth $130 today.

Bidens capital gains tax plan to pull crypto down to earth from the moon?

More taxes may cause short-term volatility, but long term, you may see more demand for DeFi applications and other collateralized use cases.

Is the bull run over? BTC loses $50,000 as transaction fees surge: Hodler’s Digest, April 18–24

Coming every Saturday, Hodlers 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

Bitcoin tumbles 10% in 12 hours and falls below $50,000 for first time since March

Things were looking markedly bearish for Bitcoin following last weekends swift and sudden correction, which caused Bitcoin to crash by 20% in a single hour.

Within minutes last Sunday, $60,000 became a distant memory with bulls forced to defend $55,000 instead. BTCs prized $1-trillion market cap was also lost, and at one point, dominance sunk below 50% a milestone that hasnt been seen since 2018.

But by the early hours of Friday, as selling pressure heightened, the worlds biggest cryptocurrency succumbed, dipping below $50,000 for the first time since March.

Ether, which had managed to hit a new all-time high of $2,641.09 in the hours before the crash, also wasnt immune from the sell-offs.

Mass liquidations, an overheated futures market, the decline of the Kimchi premium, whales selling and concerns over President Joe Bidens tax plans may all have been factors in the major correction.

 

PlanB speculates that Bitcoins price fall doesnt mean the end

Theres been no shortage of reaction to Bitcoins loss of momentum, with PlanB, the analyst behind the stock-to-flow forecast, insisting that the fall below $50,000 doesnt mean that the current bull run is over.

Pointing out that nothing goes up in a straight line, he tweeted: #Bitcoin has gone up 6 months in a row, until this month. This looks like the mid-way dip that we also saw in 2013 and 2017.

ExoAlphas lie Le Rest also believes that there are reasons to be optimistic, saying: This kind of market pullback is very healthy as it contributes to deleveraging market participants and builds ground for a more stable growth.

The next major move in Bitcoins price will prove decisive, helping us to determine if this is merely an overdue correction or the opening salvo of the next bear market cycle.

Veteran trader and chart guru Peter Brandt wasted little time in making a cheeky observation, writing: The chances of a correction in cryptos is directly related to the prevalence of laser eyes on Twitter. Want the correction to end? Get rid of your laser eyes.

 

Bitcoin transaction fees in U.S. dollars near all-time highs

In other signs that history is repeating itself, Bitcoin transaction fees measured in U.S. dollars neared all-time highs recorded in 2017.

Data from Blockchair shows the average cost of a BTC transaction hit $58 on Tuesday approaching the record of $62 set in December 2017.

The latest spike in BTC transaction fees comes amid a major decline in the Bitcoin network hash rate, which may have been exacerbated by massive power outages in the Chinese mining hub of Xinjiang.

And the spike has also prompted some crypto exchanges to introduce less expensive ways of moving Bitcoin around as a matter of urgency, too.

OKEx has now integrated the Lightning Network, while Squares Cash App has quietly raised the minimum Bitcoin withdrawal to 0.001 BTC 100,000 satoshis markedly higher than the 0.0001 BTC that was in force previously.

 

Bitcoin incentivises renewable energy, agree Elon Musk and Jack Dorsey

As crypto traders with furrowed brows were confronted by a sea of red, industry heavyweights were focusing their attention on how to go green.

Earth Day 2021 happened this week, and with Bitcoin regularly castigated for the high levels of energy that it takes to keep the network secure, some of the cryptocurrencys most vocal backers made the case for BTCs environmental efficiency.

A new report authored by The Bitcoin Clean Energy Initiative argues that Bitcoin mining incentivizes the generation of electricity from renewable carbon-free sources.

The paper has received support from top crypto luminaries including Squares Jack Dorsey, Teslas Elon Musk, and Ark Invests Cathie Wood.

 

Tether is listing on Coinbase Pro

Coinbase Pro has announced that it is listing Tether on its platform, paving the way for trading pairs linking the ERC-20 version of USDT with BTC, ETH, USDC, the euro, the British pound and the U.S. dollar.

This is a rather big deal, and it signifies that the exchange is not concerned about the stablecoins previous regulatory issues or the long-running controversy over the validity of Tethers backing.

Bitfinex chief technology officer Paolo Ardoino told Cointelegraph: We are gratified by Coinbases decision to add Tether tokens on ERC-20 to its Coinbase Pro platform. This is happening as we near a market capitalization of $50 billion and represents another step forward as we broaden our community.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $49,237.93, Ether at $2,203.74 and XRP at $1.06. The total market cap is at $1,813,860,544,571.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Solana, Celo and PancakeSwap. The top three altcoin losers of the week are Bitcoin SV, NEM and Ontology.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Contrary to what you may have been told or wish, #crypto is not a get rich quick scheme.

Changpeng Zhao, Binance CEO

 

Bitcoin is up 600% in last year. Gold is up 3% in last year. No more tweeting until gold can beat inflation, Peter!

Anthony Pompliano, Bitcoin proponent

 

Without any strong catalyst, breaking above $60k looks difficult at this time, and a break below $50k may drive Bitcoin down to $30k. Traditional markets showing signs of exhaustion may also put a dent on the crypto markets recovery.

David Lifchitz, ExoAlpha chief investment officer

 

ETH is rapidly becoming the currency of the digital world and BTC is the pristine collateral and base layer.

Raoul Pal, Real Vision CEO

 

I think the crypto space is amazing right now. Its the best-kept secret in the world and maybe the history of the financial markets.

Thomas Farley, New York Stock Exchange president

 

DOGE is relatively well suited for payments. Its extremely fast and efficient transactions cost less than a cent.

Jason Lau, OKCoin chief operating officer

 

unSAFEMOON

Luke Martin, blockchain developer

 

We have no appetite for dealing with customers, whether taking them on as new clients or having an ongoing relationship with people, whose main business is backed by an exchange for cryptocurrencies, or otherwise transacting in cryptocurrencies as their main activity.

Morten Friis, NatWest head of risk committee

 

I would argue that such a change is critically important for Bitcoin to remain the worlds dominant cryptocurrency. PoWs current energy demands and carbon footprint are already unsustainably high.

Chris Larsen, Ripple co-founder

 

The chances of a correction in cryptos is directly related to the prevalence of laser eyes on Twitter. Want the correction to end? Get rid of your laser eyes.

Peter Brandt, veteran trader

 

70% of our time should be focused on core work, 20% on strategic bets, and 10% on innovative experimentation.

Coinbase

 

I think we could pull back to $20,000 to $30,000 on Bitcoin, which would be a 50% decline, but the interesting thing about Bitcoin is weve seen these kinds of declines before.

Scott Minerd, Guggenheim chief investment officer

 

Could Bitcoin really be stopped by government? I actually think maybe it could be.

Curtis Spencer, Electric Capital co-founder

 

Prediction of the Week

Guggenheim CIO repeats $20,000 Bitcoin price forecast as BTC doubles since last warning

The chief investment officer of Guggenheim has repeated his warning that Bitcoin will crash to $20,000.

Speaking to CNBC, Scott Minerd said: Given the massive move weve had in Bitcoin over the short run, things are very frothy, and I think were going to have to have a major correction in Bitcoin.

It is worth noting that Minerd is adamant that Bitcoin could hit $400,000 in the long run. He said: I think we could pull back to $20,000 to $30,000 on Bitcoin, which would be a 50% decline, but the interesting thing about Bitcoin is weve seen these kinds of declines before.

Many Bitcoin proponents have dismissed suggestions that deeper losses were inevitable, referencing a combination of factors including strong on-chain indicators. Minerd has also been wrong before. Back in January, he said Bitcoin had put in a price top for 2021 and since then, it has more than doubled.

 

FUD of the Week

 

Not so safe? SafeMoons parabolic rally isnt sustainable, traders warn

A token on the Binance Smart Chain has been receiving a lot of attention from crypto enthusiasts on TikTok, but there are warnings that its recent rally is unsustainable.

SafeMoons price rose from $0.00000029 to $0.0000074 in merely three weeks gains of 2,200%. The altcoin then dramatically dropped by 50% in two days.

Luke Martin, a well-known cryptocurrency trader, described the price trend of SafeMoon as unSAFEMOON after it had dropped 65% in a short period on April 22.

 

Another U.K. bank serves anti-crypto notice to customers

The British bank NatWest has said that it will refuse to serve business customers that accept cryptocurrency payments.

A report in The Guardian quoted the head of the banks risk committee, Morten Friis, as saying: We have no appetite for dealing with customers, whether taking them on as new clients or having an ongoing relationship with people, whose main business is backed by an exchange for cryptocurrencies, or otherwise transacting in cryptocurrencies as their main activity.

Friis comments echo similar sentiments recently attributed to HSBC, another U.K. bank, that used identical statements in announcing its decision to bar customers from buying MicroStrategy stock. HSBCs anti-crypto stance also saw the bank refuse to allow account holders to deposit profits from cryptocurrency exchanges earlier in the year.

 

Governments can stop Bitcoin by shutting down mining, says Electric Capital exec

Electric Capital co-founder and partner Curtis Spencer has implied that the Bitcoin network may owe its continued existence to the grace of world governments.

In a panel at the Collision Conference web summit on Tuesday, Spencer said lawmakers are the ones giving Bitcoin a chance to grow by not imposing harsher restrictions on mining operations in their respective countries.

He argued: Could Bitcoin really be stopped by government? I actually think maybe it could be. If you think about the cost of attacking the network, its not something that nation-states couldnt do.

Spencer then pointed to what happened in Xinjiang, where a power outage dramatically affected Bitcoins hash rate.

 

Best Cointelegraph Features

 

Satoshi Nakamoto saves the world in an NFT-enabled comic book series

A comic version of Satoshi Nakamoto (SATOSH1) explores a distant dystopian future version of our Earth after the Big Reset, where the big corporations and citadels hold the power.

DOGE out of control? Social media and whales sway Dogecoin price action

Dogecoin posting over 14,000% gains in a year could be a sign of the rise of retail investors in the crypto market, but will the price go up even further?

One week of COIN: How Coinbases Nasdaq listing is shaping up so far

Coinbases largest investors Andreessen Horowitz, Union Square, Ribbit Capital have already roped in multi-billion-dollar profits.

6 Questions for Denelle Dixon of the Stellar Development Foundation

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!


 

This week, our 6 Questions go to Denelle Dixon, CEO and executive director of the Stellar Development Foundation.

Denelle Dixon is the CEO and executive director of the Stellar Development Foundation, a nonprofit organization using blockchain to unlock the worlds economic potential by making money more fluid, markets more open and people more empowered. Before joining Stellar, Denelle served as the chief operating officer of Mozilla, one of the most successful mission-driven open-source organizations. During her tenure at Mozilla, she led the organizations business, revenue and policy teams, including the ongoing fight for net neutrality and the global effort to ensure that people can control their personal data. She also pushed Mozilla to understand how to partner with commercial entities while staying true to its core mission of openness, innovation and opportunity on the web. A lawyer by trade, Denelle previously served as a general counsel and legal advisor in private equity and technology. Throughout her career, Denelle has been a vocal advocate for net neutrality, encryption, the disclosure of vulnerabilities by governments, and greater user choice and control.


1 Whats one problem you think blockchain has a chance to solve but hasnt been attempted yet?

There is no shortage of ideas for what blockchain can solve in terms of efficiency, transparency, data security, speed and cost. The great thing is blockchains versatility can be applied to most if not all industries ranging from finance to healthcare to education to retail. And blockchain has been around long enough that its not just for crypto enthusiasts anymore. Companies, organizations and institutions are now looking for ways to make blockchain part of their tech stack. Essentially, if there is a process that can be improved upon with technology, blockchain has the potential to be part of that solution.

But blockchain needs to further mature before we see a fully comprehensive solution happen. So, maybe attempt isnt the right word here so much as fully implemented.

I would love to see blockchain tackle cybersecurity. Staying indoors throughout the pandemic has only amplified peoples reliance on technology through their modes of communication, shopping habits or content consumption/creation. But its difficult for users to choose between protecting their data and the incentives provided to them for providing access to their data not to mention that users are constantly at risk of being scammed or hacked. So, while users need to take a more vigilant approach to safeguarding their own data, blockchain can protect users at the product level via decentralization and built-in encryption methods. Im very excited to see where blockchain projects focusing on cybersecurity end up in the coming years.

 

2 What do you think will be the biggest trend in blockchain for the next 12 months?

From a general standpoint, as blockchain becomes more consumer-friendly, well see more businesses and individuals begin to adopt it. Interest in blockchain is only rising as the technology and infrastructure becomes more robust and useful, allowing people to solve problems in increasingly versatile ways.

This means that industries beyond just fintech will start thinking of ways blockchain can benefit them. I welcome the diversification of industries as they bring more applications, products and services to blockchain, as it indicates growing acceptance by the public that blockchain really can be part of the mainstream.

Regarding financial systems, the conversation around stablecoins and digital currencies will continue to intensify. Were finally starting to see buy-in from traditional financial institutions that blockchain is a cost-effective, swift and powerful solution. If these institutions begin issuing stablecoins on their own, as Bitbond and Bank von der Heydt did, the mainstream consumer will become much more comfortable with the idea of digital currencies and blockchain in general.

 

3 Whats the most interesting place youve ever visited, and why?

This is a hard question because interesting could cover so many feelings. If I had to pick one, I would go with Krakw, Poland. While my visit there was brief, I could feel the history both beautiful and tragic beaming from within the large, culturally distinct and historically significant areas of Krakw. The contemporary city boasts vibrant businesses with historic buildings and churches and cathedrals dotting the landscape. It was a moving juxtaposition for me, especially after visiting the Jewish Quarter Kazimierz which is an ever-present reminder of the tragedies inflicted during WWII combined with more recent brilliance in the resurgence of the Jewish community there with art exhibitions that commemorate the rebuilding. For me, going to Krakw was a lesson in life, art and cultural protection.

 

4 Whats the future of social media?

If anyone has watched The Social Dilemma on Netflix, theyre probably aware that social media has deviated far from its original promise: to provide a space where people can voice their thoughts and connect with one another.

We see now that social media has a whole host of problems. Not only have the psychological and cultural impacts of social media been more dramatic than many of us anticipated but current policies and regulations are not enough to safeguard users.

As with most technology, social media in itself is neither good nor bad. Its a tool, albeit one that is highly susceptible to algorithmic changes and design choices in the hands of a few.

So, will we see a lot more video-driven features because thats what performs best according to the algorithm? Will we see the voices of a few rise to the top because they happened to say the thing that would get the most eyeballs? Will we see companies increase their prominence on social media because their advertising budgets are the primary source of revenue for these networks? Yes to all of the above.

But now we know where the flaws of social media exist, and these networks need to be reexamined, redesigned and rebuilt with not just the input of a few, but from all voices. Thats what itll take to recapture what made social media so special in the first place: to have a platform where your voice can be heard and matters.

 

5 What are the top five Crypto Twitter feeds you cant do without, and why?

Am I allowed to say @cointelegraph?

The other five are (in no particular order):

@CoinDesk: Their focus on data, research and multimedia content help me keep tabs on broader trends, use cases and innovations taking place in crypto.

@TheBlock__: How they stay updated on all the major players in the crypto/blockchain space short, sweet and to the point.

@ForbesCrypto: Theyre one of the biggest crypto pubs on Twitter and for good reason: They get all the exclusives!

@BlockchainAssn: The Blockchain Association has a front seat to DC policymaking and regulations in blockchain and crypto. I appreciate their nuanced takes on the discussions and legislation circulating in the space.

@CoinMarketCap: CoinMarketCap is a data lovers dream. Aside from the rankings and charts, [what] theyre best known for, CoinMarketCap also puts out great content focusing on global policy, regulations and projects happening in crypto.

 

6 Close your eyes and think of a happy place. What do you see?

I see my family, my parents, my partner, our children and our close friends sitting around a bonfire in our backyard playing a game of charades. It is one of my happiest moments particularly when my team is winning.


 

Coinbase frenzy, DOGE dazzles, Bitcoin breaks records, Jim Cramer sells: Hodler’s Digest, April 11–17

Coming every Saturday, Hodlers 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

Coinbase gets off to a rocky start as it lists on the Nasdaq

It was billed as a watershed milestone for cryptocurrency the industrys Netscape moment. This week, Coinbase made its stock market debut.

There was no shortage of excitement in the run-up to Wednesdays direct listing on the Nasdaq, with Bitcoin rallying to $64,863.10 before the open. COINs reference price was set at just $250, with all 1,700 staff pocketing 100 shares each.

In true crypto form, it was a volatile debut. Coinbases stock quickly rose to $430 before falling sharply within the first few minutes of trading, closing its inaugural session at a still-impressive $328. It wrapped up Friday at $342, with a market cap of $67.2 billion.

COINs arrival on Wall Street is significant because of how it gives investors indirect exposure to cryptocurrencies. Ark Invest is especially bullish on the stock, snapping up more than 1 million shares that will be shared across three exchange-traded funds.

Overall, the stocks performance has been hailed as positive so far, especially compared with how IPOs have performed in the past. Will this embolden other exchanges to follow suit?

 

 

Coinbase could see fee compression in long term, CEO expects

As youd expect, the exchange enjoyed much fanfare on the big day and even embedded the title of a New York Times article referencing Joe Bidens stimulus package into the Bitcoin blockchain. Nonetheless, Coinbase CEO Brian Armstrong was keen to address some of the concerns raised by analysts.

Some fear that the mooted $100-billion valuation ahead of the listing was too high amid fears crypto exchanges will soon end up in bitter competition that will drive down fees and affect overall profitability. Given how this accounted for 96% of Coinbases revenue in 2020, its kind of a big deal.

On CNBC, Armstrong sought to tackle this head on. While he said that fee reductions are possible in the long term, the executive doesnt believe its an imminent threat. Plus, by the time it is, he predicts maybe 50% or more of revenues will come from alternative streams such as debit cards and crypto custody.

 

Dogecoin doubles in a day as YTD gains hit 5,000%, while Bitcoin price dips

Bitcoin cooled once COIN started trading. And while Ether has comfortably outperformed the worlds biggest cryptocurrency this week (securing a new all-time high of $2,547.56 on Friday), altcoins have been stealing the show.

If Dogecoin is a joke, its certainly wiped the smile off cynics faces. DOGE was trading at just $0.07 on Monday but began a frenzied 514% climb to highs of $0.43 by Friday. Thats a surge of 8,735% since the start of the year and theres little doubt it will have turned a number of enthusiasts into overnight millionaires.

The frenzy saw DOGE leapfrog Bitcoin Cash and Litecoin in the rankings, with a market cap thats twice as big as Deutsche Banks.

Even professional traders have been caught by surprise. Theres one thing we know for certain, though: Bold predictions of a $1 DOGE one day are now looking less outlandish.

 

 

XRP price soars to new highs after recent legal victories and relisting rumors

With the market cap of altcoins surpassing $1 trillion, one clear theme has emerged this week: Older cryptocurrencies are enjoying something of a renaissance. And it isnt just DOGE thats mooning XRP is racing higher, too.

XRP hit multi-year highs of $1.96 this week. Although thats some way off the all-time record of $3.84 set in January 2018, this still reflects year-to-date gains of 790%. The latest spike caused a whopping $420 million of liquidations on derivatives exchanges.

Momentum for XRP has been building thanks to a series of legal victories for Ripple in its battle with the Securities and Exchange Commission, along with rumors that the token may be relisted on multiple exchanges.

Elsewhere, two forked projects that once sought to challenge Bitcoin and Ethereum for their seats at the top Bitcoin Cash and Ethereum Classic also racked up triple-digit gains. Will other retro cryptocurrencies be next?

 

 

Jim Cramer cashes out half his phoney money Bitcoin to pay off mortgage

Enigmatic CNBC host Jim Cramer risked attracting the ire of crypto enthusiasts this week for two reasons.

Not only did he refer to Bitcoin as phoney money, something that causes the red mist to descend for many maximalists, but he also revealed he has sold 50% of his BTC portfolio to pay off a mortgage.

Cramer confirmed he had bought a lot of Bitcoin at $12,000 meaning it had risen fivefold by the time he offloaded half of it. The anchor subsequently admitted: I know people are going to be angry with me.

Some Twitter users likened the one-time crypto critics move to the infamous pizza purchase for 10,000 BTC. But others have praised Cramers move and argued that its important to take profits off the table, writing: Selling only 50% after a 5x gain doesnt sound toooo silly.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $62,272.53, Ether at $2,466.78 and XRP at $1.69. The total market cap is at $2,274,625,979,472.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Dogecoin, Ethereum Classic and Siacoin. The top three altcoin losers of the week are KuCoin Token, Klaytn and Celsius.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

This is a really important day for the whole crypto world. This is saying this is an asset class, and its an asset class thats here to stay.

Mike Novogratz, Galaxy Digital founder and CEO

 

We havent seen any margin compression yet, and I actually wouldnt expect to see it in the short and the midterm. Longer term, yes I do think there could be fee compression just like in every other asset class out there.

Brian Armstrong, Coinbase CEO

 

PayPal really wants to use cryptocurrency as a funding source for everyday transactions. The endgame, though, is a more noble vision of this inclusive economy, and things will be done much differently than today.

Dan Schulman, PayPal CEO

 

Bitcoin is looking strong at RSI 92. Still not above RSI 95 like 2017, 2013 and 2011 bull markets.

PlanB

 

You gotta buy Coinbase when that deal comes. Even though its a $100 billion deal, this has become common knowledge that there are many companies that are going to switch. MicroStrategy has always been the leader, so others would want to follow.

Jim Cramer, CNBC host

 

Coinbase is the watershed moment in terms of legitimizing some valuations you see in crypto.

Ben Lilly, Jarvis Labs co-founder

 

Coinbase IPO May Boost #Bitcoin to $70,000, Like #Tesla to $60,000 The lowest 30-day volatility since October indicates Bitcoin is ripe to exit its cage and bull-market continuation is favored for the next $10,000 move.

Mike McGlone, Bloomberg Intelligence

 

Truth be told I seriously think weve entered the final leg of this $btc bull market. To be clear, final leg could be 2-3 weeks or even more. Price could reach 200k or even more who knows. Just dont make irrational life decisions based on unrealized PnL.

Mohit Sorout, Bitazu Capital founding partner

 

An ETF would be a bigger deal, obviously, than Coinbase getting listed.

Eric Crown, entrepreneur

 

Prediction of the Week

Ethereum could go to $10,000 in 2021 and outperform Bitcoin, says veteran trader

Back to Ether now, which has been in the ascendancy this week following an irreversible hard fork that aims to deliver some reforms to transaction fees. On-chain data suggests that ETHs price could double between now and the end of May but some analysts are going even further.

In an exclusive interview with Cointelegraph, Scott Melker said gaining exposure to ETH was like investing in the internet in the early 1990s.

Even though his price target for $10,000 by the end of this year may seem outlandish, he added: I dont see why thats crazy. Its basically just under a 5x from here. […] Bitcoin did almost three times that last year.

 

FUD of the Week

 

r/Wallstreetbets finally allows crypto threads then bans them again

This week, there seemed to be a major breakthrough when r/Wallstreetbets announced that it would allow Bitcoin, Ether and Dogecoin to be discussed in a daily thread on Reddit.

The new policy lasted a day, and the reason why the ban has been reimposed has raised eyebrows.

Bloomberg had claimed that r/Wallstreetbets was bowing to digital assets by opening up the discussion beyond stocks, something that really pissed off one moderator.

A new post read: Due to the article that was written [by] Bloomberg who somehow felt that WallStreetBets Bows to Crypto. Crypto discussion is banned indefinitely. Ive read a lot of dumb articles written about wsb. This one takes the cake. P.S. Like always. Please be respectful.

Despite the plea for respect, many Reddit users werent pleased with the dramatic reversal.

 

Turkey to ban cryptocurrency payments

A new ban in Turkey will prohibit crypto holders from using their digital assets for payments in addition to preventing payments providers from providing fiat onramps for crypto exchanges.

The ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.

According to Turkeys central bank, any direct or indirect usage of crypto assets in payment services and electronic money issuance will be forbidden.

Banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts.

 

ECB endangers itself by waiting around on digital euro, says ConsenSys exec

The European Central Bank will put itself in jeopardy if it waits around to launch a digital euro for too long, according to a ConsenSys executive.

With a central bank digital currency set to be years away, Monica Singer said such projects are a chance for central banks to repair their mistakes and fix a broken financial system.

She warned that if global banks miss this opportunity, alternatives from private tech giants like Facebook could make fiat currencies obsolete.

Singer added: If the central bank in Europe is gonna wait until 2028, by then there wont be a central bank. Because whos gonna use the euro in its current form? There are gonna be so many choices.

 

Best Cointelegraph Features

 

A cure for copyright ills? NFTs promise to empower creative economies

NFTs are not an immediate solution to all IP rights issues, but eventually, they can give creators more power than they ever had.

Life beyond Ethereum: What layer-one blockchains are bringing to DeFi

Ethereum is the dominant force in DeFi, and layer-two solutions are a promising alternative, but the layer-one blockchains are not done just yet.

All that mined is not green: Bitcoins carbon footprint hard to estimate

The impact of BTC mining on the environment has turned into a debate heres what academics think… and if green Bitcoin is possible.

Bitcoin’s comeback, XRP doubles in a week, Coinbase’s big profits: Hodler’s Digest, April 4–10

Coming every Saturday, Hodlers 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

Bitcoin suddenly hits $60,000 as a new resistance battle liquidates $850 million

A bout of long-overdue volatility has hit the crypto markets, propelling Bitcoin to highs of $61,276.67 on Saturday.

A sudden push allowed BTC/USD to exit the $50,000 price range in the early hours of the morning. This move had been weeks in the making, with the digital asset repeatedly trying (and failing) to break $60,000 for most of March.

Analyst Lex Moskovski said Bitcoin is now grinding up to a new all-time high, writing: Being a bear is expensive.

But its unclear how much staying power this rally has, and as weve seen over recent months, erratic market movements over weekends dont always endure.

The favorable market conditions led to new all-time highs for Ether and Binance Coin on Saturday and another altcoin has also been making a comeback, too.

 

 

XRP surpasses $1 for the first time since 2018: Whats behind the new rally?

XRP has had a remarkable week, and over the past seven days, its almost doubled in price. On Tuesday, the altcoin smashed through the $1 zone for the first time since March 2018, with its price going from strength to strength in the days that followed.

It is currently trading above the next resistance level at about $1.20, prompting some to set their sights on a macro sell-wall of $2 that dates all the way back to December 2017.

XRP has now regained the coveted position of the fourth-largest cryptocurrency by market cap. The uptick in trading volume may have been linked to Ripple unveiling a new acquisition designed to enhance its cross-border payment capabilities.

There was also some upbeat legal news for Ripple this week. Ripple Labs has been granted access to the SECs documents expressing the agencys interpretations or views on the subject of crypto assets.

Counsel representing Ripples CEO, Brad Garlinghouse, believes it may be game over for the SECs suit should they find any evidence that the regulator has deemed XRP akin to Bitcoin or Ether.

Speaking to Cointelegraph, Ripple Labs chief technology officer David Schwartz urged U.S. regulators to look at the rest of the world, warning America risks falling behind when it comes to crypto and blockchain regulation.

 

Coinbases first-quarter revenue hits record $1.8 billion ahead of its Nasdaq listing

Its been a week of upbeat statistics for the crypto sector. We saw the total market cap hit $2 trillion, meaning that the industry is now worth as much as Apple. There was a big milestone as 100 cryptocurrencies all secured their own $1-billion market cap for the first time. It was also revealed that the crypto industry got more funding in Q1 than all of last year.

Next week is also shaping to be a significant one as Coinbase gears up to make its stock market debut. And ahead of Wednesdays direct listing, we got an insight into the companys finances revealing that revenues hit $1.8 billion from January to March.

The exchanges numbers seem very healthy, indeed, undoubtedly because of the bull run that emerged during the first quarter. Net income has been estimated at between $730 million and $800 million for the period with monthly active users now exceeding 6 million.

But not everyone is cracking open the champagne. Some analysts have warned that Coinbases $100-billion valuation is far too high.

David Trainer, CEO of the investment research firm New Constructs, wrote in a note to clients: Its hard to make a straight-faced argument that the firm can justify the lofty expectations baked into its valuation given increasing competition in a mature cryptocurrency trading market and the lack of sustainability in its current market share and margins.

 

 

Paris Hilton drops surprisingly well-informed article about NFTs

Paris Hilton has written an impassioned article about NFTs, declaring that she sees them as the future of the creator economy.

The entrepreneur and former reality star appears to be aiming to position herself as an authority on the NFT space, at least for a mainstream audience, as she readies to release a new drop soon.

Celebrating their role when it comes to digital art and fashion not to mention bringing the world of trading cards into the 21st century she wrote:

Some of these applications might even change the way we live. What if we could use NFTs as collateral for physical items? Or as a way to trade for them?

Hilton sold her first NFT in August 2020 before the mania arrived in 2021 an NFT depicting a painting of her cat, which sold for $17,000. She donated all the proceeds to charity.

 

Couple gets married on Ethereum blockchain for $587 in transaction fees

Coinbase employees Rebecca Rose and Peter Kacherginsky have gotten married using the Ethereum blockchain adding a whole new meaning to the vows for richer or poorer.

In addition to a traditional Jewish wedding ceremony, Kacherginsky wrote an Ethereum smart contract named Tabaat that issued tokenized NFTs, the rings.

The ceremony itself consisted of two transactions: the transfer of the NFT rings from the contract to Rose and Kacherginsky. In total, the ceremony took four minutes to be validated by the Ethereum network and incurred $50 in miner fees.

By contrast, the average physical wedding in the United States costs roughly $25,000.

The NFTs depict an animation of two circles merging to become one and were illustrated by artist Carl Johan Hasselrot.

Rose wrote on Twitter: The blockchain, unlike physical objects, is forever. It is unstoppable, impossible to censor, and does not require anyones permission. Just as love should be. What could possibly be more romantic than that?

 

 

Announcement of the week

 

Markets Pro delivers up to 1,497% ROI as quant-style crypto analysis arrives for every investor

Its now been a month since Cointelegraph Markets Pro launched bringing professional crypto market intelligence to every investor.

New figures this week showed that 41 of the 42 trading strategies tested by Markets Pro are currently beating Bitcoins investment returns, and 36 of them are winning against an evenly weighted basket of the top 100 altcoins.

Two key features are offered to subscribers. The first is the VORTECS Score, which is derived from an algorithm that examines multiple different variables (including sentiment, tweet volume, price volatility and trading volume) and compares those with historically similar marketscapes.

And the second is NewsQuakes: alerts on events that have historically had a significant impact on an assets price over the following 24 hours.

Cointelegraph Markets Pro is available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $60,531.89, Ether at $2,165.46 and XRP at $1.31. The total market cap is at $2,054,795,567,223.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bitcoin Gold, KuCoin Token and XRP. The top three altcoin losers of the week are Klaytn, Holo and Dent.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Fascinating to see that since inception ETH has outperformed BTC by 250%. It only fell below its initial price in BTC for the first 5 months of its existence in 2015.

Raoul Pal, Real Vision co-founder

 

The pandemic, quite frankly, was a catalyst for institutional adoption, and specifically Bitcoin and the narrative, or use-case, around digital gold.

Tom Jessop, Fidelity

 

Industries from across the global economy are beginning to decarbonize their operations. We can do the same in crypto. We have the opportunity to decarbonize the industry.

Crypto Climate Accord

 

What we need is for the United States to be the leader here. We need to embrace this, so we need to make sure that we use this technology to continue to be a leader on the global stage.

Anthony Pompliano, Morgan Creek Digital co-founder

 

Even though Im a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether if at this point, Bitcoin should also be thought of in part as a Chinese financial weapon against the U.S.

Peter Thiel, PayPal co-founder

 

Im not using crypto to buy fiat; Im not using crypto to buy houses. I just want to keep crypto. And I dont plan to convert my crypto into cash in the future.

Changpeng Zhao, Binance CEO

 

Not for nothing, $XRP technically has taken all necessary strides to be bullish. After the exchange delistings and write-off by most of CT, this essentially left the market short from both a positional and sidelined standpoint. This can move much higher.

Cantering Clark, crypto derivatives trader

 

If you look at gold as a $10 trillion market cap, Bitcoin is about 10% of that, and if we believe Bitcoin is a 100 times better version than that, then its fairly safe to say that theres a stark chance that Bitcoin captures a lot of gold and market share, and more.

Yassine Elmandjra, Ark Invest analyst

 

Prediction of the Week

Ark Invest and JPMorgan expect Bitcoin to hit $130,000$470,000

JPMorgan Chase expects Bitcoin to reach $130,000, while Ark Invest anticipates the market valuation of BTC to surpass that of gold.

The optimistic macro prediction from both funds revolves around the scarcity of Bitcoin, which has buoyed its popularity as a safe-haven asset.

Bloomberg Intelligence also has high hopes when it comes to the second quarter of 2021. This week, it predicted that the second quarter was more likely to deliver a further surge to $80,000 than a capitulatory move to $40,000.

 

FUD of the Week

 

Bitcoin to zero? Not while this Redditor has $187,000 to spend

There have long been doomsday predictions that well see Bitcoin prices plummet to zero, but one person has vowed that this wont happen, not on their watch.

Reddit user u/Substantial-Ad-5012 wrote: Bitcoin will never go to zero in my lifetime. Because I am willing and able to buy all the Bitcoin ever mined at one cent each.

In the unlikely event that Bitcoin does in fact drop to $0.01, it would cost a mere $187,000 to pick up every coin in circulation not accounting for the fact that up to 20% of all Bitcoin are inaccessible.

Theyre not alone. Binance CEO Changpeng Zhao told his followers last March that they shouldnt be worried about BTC hitting zero. So long as I have a penny left, it wont happen, he wrote.

 

Paxful denies reports of customer data leak

An anonymous online source was recently spotted trying to sell private customer and employee data allegedly obtained from crypto exchange Paxful.

However, a spokesperson from the company has told Cointelegraph that no customer data has been jeopardized.

Explaining that Paxful hasnt fallen victim to a data breach, the spokesperson added: The employee data that the person claims to have was obtained illegally from a third party supplier that Paxful previously used; Paxful terminated its contract with this supplier in September 2020.

The person attempting to sell the information claimed to have phone numbers, names and addresses, as well as other private information belonging to users and the dump purportedly boasted more than 4.8 million entries.

Ledger faces class action from phishing scam victims

Ledger and Shopify have been hit by a class-action lawsuit over a major data breach that saw the personal data of 270,000 hard wallet customers stolen between April and June 2020.

Phishing scam victims John Chu and Edward Baton filed the lawsuit in California against the crypto wallet provider and its e-commerce partner Shopify on Tuesday.

The plaintiffs alleged that the firms negligently allowed, recklessly ignored, and then intentionally sought to cover up the data breach.

The data was stolen when rogue employees of Shopify accessed the companys e-commerce and marketing database for Ledger, with the hackers then selling the data on the dark web.

Had Ledger acted responsibly during this period, much of that loss could have been avoided, they claim.

Chu lost $267,000 worth of Bitcoin and Ether, and Baton lost $75,000 worth of Stellar in phishing scams that impersonated correspondence from the firms.

 

Best Cointelegraph Features

 

DeFis critical missing piece: Credit scores

Traditional finance is built not on collateral but on reputation, and DeFi will grow by following suit, Rafael Cosman argues.

You dont own me: XRP price surge defies SECs clampdown on crypto

Since the start of April, the surge in price of XRP has been backed by high tweet volumes, which approached relative highs.

Crypto at risk after Facebook leak: Heres how hackers can exploit data

Attacks on digital asset exchanges and trading platforms have decreased drastically in recent years, but data leaks still leave users vulnerable.

ETH smashes records, Bitcoin’s brilliant quarter, PayPal’s big move: Hodler’s Digest, March 28–April 3

Coming every Saturday, Hodlers 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

ETH breaks record all-time high amid fresh price surge

Ether? Record high! Binance Coin? Record high! Polkadot? Record high! Bitcoin? Flat as a pancake!

Altcoins have been in the drivers seat this week, with Ether breaking $2,100 for the very first time besting the ATH of $2,036 that was set on Feb. 20. Curiously, several coins belonging to so-called Ethereum killer blockchains have been thriving, too.

ETHs price broke out against Bitcoin for the first time in 23 days on Thursday, not long after credit card giant Visa announced it was piloting a program that will allow its partners to use Ethereums blockchain to settle transactions made in fiat.

Traders have now become exceedingly bullish on Ethers prospects and are expecting more upside in the short-term, with $2,500 now in play. In particular, theres interest in the price activity we could expect in June and July when a major improvement proposal called EIP-1559 is set to overhaul Ethereums existing fee structure.

The celebratory atmosphere following ETHs all-time highs was dampened as the gas fee crisis rumbles on. The cost of using this blockchain has surged 77% in recent days, taking the average fee to an eye-watering $22.97.

 

 

April Bulls Day? Bitcoin just closed its best March and Q1 in eight years

Bitcoin may be struggling to find its footing above $60,000 right now, but at least we can take succor in how well the cryptocurrency has performed so far this year.

Despite March being a historically dreary month with losses in six of the past nine years BTC delivered gains of 29.84% over this 31-day period. Better still, were now heading into April, where BTC has only suffered negative returns twice since 2013.

Across the first quarter of the year, covering January to March, Bitcoin also gained 103%, clocking up the best performance in eight years.

Traditionally, Q2 is the strongest time of the year for Bitcoin with only two years seeing negative returns, both under 10%. Bulls will now have their sights set on surpassing the gains of 159% seen between April and June 2019.

In other upbeat developments, BTC has just closed six consecutive monthly green candles for the first time since April 2013, and should history repeat itself, we could see further parabolic gains this year.

 

PayPal to start letting U.S. customers pay in Bitcoin at global merchants

Bitcoins bounce back from $55,000 was likely fueled by PayPals announcement that crypto will now be accepted as a medium of exchange at millions of global merchants.

The new feature, Checkout with Crypto, means U.S. customers will be able to seamlessly use their digital assets to make purchases. PayPal also supports Ether, Litecoin and Bitcoin Cash.

Crypto will be converted into fiat as soon as the transaction takes place, and the payments giant says this will create certainty of value and no additional transaction fees.

PayPal CEO Dan Schulman said: Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.

One fly in the ointment here concerns how Americas taxman, the Internal Revenue Service, regards crypto as property rather than currency. This means that even spending Bitcoin that has risen in value could be regarded as a taxable event.

 

 

Coinbase expects direct listing on April 14

The U.S. Securities and Exchange Commission has given its blessing for Coinbase to make its stock market debut, with the exchange confirming it will happen on April 14. Itll feature on the Nasdaq Global Select Market under the ticker symbol COIN.

Coinbase had been expected to go public in March but reportedly delayed its plans after paying a $6.5-million fee as part of a settlement with the Commodity Futures Trading Commission.

Crypto analyst Filbfilb says the direct listing could spark increased volatility for Bitcoins price, especially if Coinbase suffers immediate sell-offs like Deliveroo did during its ill-fated IPO in London.

In other developments, Messari has compiled a report concluding that the so-called Coinbase effect a popular belief that new token listings on the exchange tend to outperform launches on other exchanges is true.

 

Michael Jordan, Will Smith join $305-million funding round for NBA Top Shot maker Dapper Labs

Dapper Labs has raised $305 million in a star-studded funding round meaning it now reportedly holds a valuation of $2.6 billion.

The company, which has brought CryptoKitties and NBA Top Shot to life, says it wants to go beyond American basketball and extend the same magic to other sports franchises.

In other news, intrepid Cardano developers have found a way to mint bootleg nonfungible tokens despite the fact that the blockchain doesnt support smart contracts yet. Meanwhile, The Weeknd announced hes releasing his first NFT via Nifty Gateway, featuring new music and limited edition art.

Nifty Gateway has also announced that it is planning to become carbon-negative in the near future by calculating its emissions and purchasing twice as many carbon offsets each month.

The craze behind NFTs now appears to have reached peak parody, too, after NBCs famed Saturday Night Live sketch show addressed nonfungible tokens in a skit featuring Kate McKinnon as U.S. Treasury Secretary Janet Yellen.

 

 

Announcement of the week

 

Markets Pro delivers up to 1,497% ROI as quant-style crypto analysis arrives for every investor

Its now been a month since Cointelegraph Markets Pro launched bringing professional crypto market intelligence to every investor.

New figures this week showed that 41 of the 42 trading strategies tested by Markets Pro are currently beating Bitcoins investment returns, and 36 of them are winning against an evenly weighted basket of the top 100 altcoins.

Two key features are offered to subscribers. The first is the VORTECS Score, which is derived from an algorithm that examines multiple different variables (including sentiment, tweet volume, price volatility and trading volume) and compares those with historically similar marketscapes.

And the second is NewsQuakes: alerts on events that have historically had a significant impact on an assets price over the following 24 hours.

Cointelegraph Markets Pro is available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $59,699.22, Ether at $2,111.64 and XRP at $0.63. The total market cap is at $1,965,398,828,338.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Holo, BitTorrent and Helium. The top three altcoin losers of the week are Voyager Token, SwissBorg and Pundi X.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

Expecting Ethereum to outperform Bitcoin for all of Q2.

Rookie, crypto trader

 

Is Theta actually worth all the hype? I am not sure because its too early to tell. I want to see how well their mainnet does.

Marie Tatibouet, Gate.io chief marketing officer

 

SpaceX is going to put a literal Dogecoin on the literal moon.

Elon Musk, Tesla CEO and Technoking

 

Bitcoin currently in between 2013 and 2017 tracks.

PlanB, stock-to-flow model creator

 

Tether-Winky, Buy the Dipsey, Laa Laa, Poor.

@CryptoCred

 

I do think Bitcoin is on an inevitable path to having the same market cap and then a higher market cap as gold.

Mike Novogratz, Galaxy Digital CEO

 

We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near term.

Mary Rich, Goldman Sachs head of digital assets

 

This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.

Dan Schulman, PayPal CEO

 

A part of the problem with Bitcoin is 90% of it is not done in the United States. 90% of it is done in countries that have dirty energy. So thats the reason why its considered to be a dirty activity.

Francis Suarez, Miami mayor

 

Prediction of the Week

One BTC will be worth a Lambo by 2022, and a Bugatti by 2023: Kraken CEO

After previously declaring that Bitcoin will be worth infinity in the future (Digests passim), Kraken CEO is making a triumphant return to Prediction of the Week.

Speaking to Bloomberg, Jesse Powell was keen to offer alternatives to measuring Bitcoins value in dollars by comparing future price action to high-end sports cars which can also have their value measured in dollars.

Powell said that one Bitcoin, which is currently worth a Tesla Model 3, could be worth one Lambo by the end of this year and one Bugatti by 2023.

He added: There could be 10 times as many U.S. dollars out there a year from now, so its really hard to measure Bitcoin against the dollar.

 

FUD of the Week

 

iPhone user blames Apple for $600,000 Bitcoin theft via fake app

A scam cryptocurrency app in Apples App Store has reportedly swindled 17.1 BTC from one unsuspecting user.

Phillipe Christodoulou had thought he had downloaded official Trezor software, given how it had many five-star reviews. Little did he know that the company doesnt currently provide such an app.

After entering his seed phrase, Christodoulou says his funds were stolen. His crypto haul was worth $600,000 at the time, but now its worth $1 million.

The Washington Post reports that he has now filed a report with the FBI, but it seems the victim is reserving most of his anger for the tech giant: They betrayed the trust that I had in them. Apple doesnt deserve to get away with this.

Trezor spokesperson Kristyna Mazankova told Cointelegraph that the firm has been fighting fraudulent apps for years but claimed the wallet company never gets any response from either Apple or Google.

 

Oops! A 100% Bitcoin hodl outperformed CNBCs 2017 altcoin basket by 170%

Ah, 2017. A crazy time that was slap bang in the middle of the ICO boom.

An investment portfolio that was championed by CNBC at the time has now resurfaced, which was made up of 30% Bitcoin and 70% altcoins.

Four years on, those who invested $10,000 at the time would now have about $52,300. Had they just bought and hodled Bitcoin, they would now have over $140,000.

StatsBTC, which crunched the numbers, noted: The 30% #BTC allocation is responsible for 75% of the return.

South Korean government makes $10.5-million profit from four-year-old Bitcoin crime haul

South Korean prosecutors have finally sold a Bitcoin haul they confiscated from a criminal in 2017, and its worth $10.5 million more than it was at the time of the arrest.

This is believed to be the first time that authorities in the country have sold confiscated Bitcoin and at the time the crypto was seized, it was worth a paltry $238,000.

In late March, the South Korean government enacted widespread crypto-specific laws for the first time, putting more pressure on exchanges and virtual asset service providers to use real-name trading accounts and to report their activities to Koreas Financial Intelligence Unit.

 

Best Cointelegraph Features

 

A new era of content monetization? Blockchain tech can get you paid

Current content monetization systems are seen as broken, but some blockchain solutions claim to hold the key to solving their issues.

Making DeFi idiot-proof with Kavas gamer CEO, Brian Kerr

Kerr says a major reason that decentralized finance has not yet hit the mainstream is that 93% of holders are never gonna touch their own keys.

This is how to make and lose a fortune with NFTs

The rise of nonfungible tokens, or NFTs, has been nothing short of astounding this year. Google searches for NFT are up over 600% since mid-February.

6 Questions for Wes Levitt of Theta Labs

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!


 

This week, our 6 Questions go to Wes Levitt, head of strategy at Theta Labs.

At Theta Labs, Wes works on corporate strategy, marketing and press relations, and analytics. He has been a speaker on blockchain topics at conferences including the New York Media Festival, Blockchain Connect and NAB Streaming Summit, among others. Prior to joining Theta Labs, Wes spent eight years in investment roles at Mosser Capital, a real estate private equity firm; and Redwood Trust, a mortgage real estate investment trust focused on securitized debt. Wes is a CFA charterholder and holds a BS in economics from the University of Oregon and an MBA from the Haas School of Business at the University of California, Berkeley.


1 If the world is getting a new currency, will it be led by central bank digital currencies, a permissionless blockchain like Bitcoin or a permissioned chain such as Diem?

If it’s only one, I would say CBDCs are more likely since governments are unlikely to give up the power of issuing their own currencies. But Bitcoin and other cryptocurrencies can exist alongside CBDCs and serve a different purpose. Even if Bitcoin never replaces the major fiat currencies (or their CBDC successors), it is hugely valuable by providing an alternative to them. The mere existence of Bitcoin, with its fixed supply and pseudonymous transactions, should force central banks to think twice about inflating their currency values away or forcing widespread surveillance on consumers.

It’s true that we aren’t seeing that yet with rampant money creation in the U.S. dollar, euro, Japanese yen, etc. in the past year but that’s partly a function of Bitcoin and other crypto markets just being too small to be a workable alternative yet. But that’s changing quickly you are seeing companies like MicroStrategy, Tesla and Meitu add Bitcoin to their corporate treasury, which becomes more and more feasible as Bitcoin’s market cap grows. Eventually, Bitcoin should grow large enough to be investable even at the scale of central banks, as an alternative or supplement to their gold holdings.

2 Does it matter if we ever figure out who Satoshi really is, or was? Why, or why not?

I do think it matters, but that it’s best for Bitcoin if we never find out who Satoshi is/was. A real person will have a backstory, profession, country of origin, etc., which could only lead to division and bias in the crypto community. It’s better that Satoshi remain more of a legendary figure that people can interpret as they choose to. I think Satoshi himself realized this, and it’s why he chose to remain anonymous.

 

3 What’s the silliest conspiracy theory out there… and which one makes you pause for a moment?

For silliest, I’ll go with a tie between QAnon and “Bill Gates putting tracking chips in the COVID vaccines.” Both are so stupid that they’ve become useful as a signaling device. If someone believes in one of those things, I can safely ignore anything else they say and save myself the time.

The one conspiracy theory I 100% believe is that David Stern regularly rigged the number-one pick in the NBA draft. Ewing to the Knicks in ’85, New Orleans getting Anthony Davis after Stern traded Chris Paul away, Lebron and Rose go to their hometown teams, the Cavs get three number-one picks in four years after Lebron leaves… way too many examples to have happened by accident!

4 Other than the present day, in what time and in what country would you like to have lived?

I would have enjoyed mid-70s England, mostly for the music. You had the punk scene emerging with the Sex Pistols, The Clash, and The Damned, and many others. Iron Maiden and Motorhead are just getting started along with the whole NWOBHM [new wave of British heavy metal] scene. Plus, if you stick around until the late 70s/early 80s, you’ve got XTC and Depeche Mode and the Police just around the corner. One of the best five or so years in music you can find for a single country.

 

5 Have you ever bought a nonfungible token? What was it? And if not, what do you think will be your first?

My first-ever NFT was purchased for just the price of some ETH for gas I created it myself with Enjin back in 2018. This limited edition “Wes-branded” sword didn’t make it into any crypto games, sadly, but it was obviously a very cool concept, even if it was still a few years before the mainstream use of NFTs. The entertainment space is getting the most attention for NFTs right now, but the idea of taking legendary items with me between RPGs is still the use case that resonates with me the most. I’m not much of an art collector myself, but I could absolutely see myself ponying up for rare items that are interoperable between games now, I can justify that this NFT purchase is an investment I could use across many different games in the future.

 

6 Whats the unlikeliest-to-happen thing on your bucket list?

I’d like to live long enough to see humanity establish settlements on the Moon or Mars or other potentially habitable moons like Europa, and to travel there myself once that becomes feasible at a commercial level (i.e., without having to go through astronaut training just to go!) This still feels like too far away for my lifetime we are 52 years post-Moon landing and barely any closer to permanent settlement. But the pace of technological discovery is always increasing, so I hold out hope that it will be in my plans for 2050 or so!

A wish to the blockchain community:

Stay positive, and keep building! Crypto goes through breakneck cycles of euphoria and despair you have to take a step back and look at the big picture sometimes to keep your head on straight in this wild space.


 

$400K Bitcoin predicted this year, NFT warning, Instagram influencer in trouble: Hodler’s Digest, March 21–27

Coming every Saturday, Hodlers 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

Stock-to-flow creator doesnt think Bitcoins bull market is done

Bitcoins price seems to have stalled below $60,000 after surging to all-time highs earlier in March. But on the bright side, Fridays $6-billion expiration of options a record-breaking sum didnt deliver the slump that some were dreading.

The ever-optimistic PlanB says that we are nowhere near the end of the bull run, tweeting: Bitcoin is just getting started.

YouTuber and derivatives trader Tone Vays also believes the best is yet to come, telling Cointelegraph: While it is still possible for Bitcoin to make a lower low for the month in the $48,000 range, I believe we will go up to above $70,000 before June.

In recent days, BTC plunged to depths of $51,212.85 the lowest price seen in two weeks. Soon afterward, Michal van de Poppe warned that BTC needed to regain the $53,200$53,800 area to revive bullish momentum in the near term, or else more downside was possible. So far this weekend, that threat appears to have been averted.

 

 

Elon Musk says Tesla now accepts Bitcoin from U.S. customers

With tech stocks also taking a hammering at certain points this week, even Elon Musks announcement that Tesla now accepts Bitcoin from U.S. customers only delivered a temporary boost to BTCs price.

The billionaire CEO and Technoking said that the electric vehicle manufacturer would hold on to the Bitcoin it accumulates through sales rather than convert it into fiat. He also confirmed that support for crypto payments would be rolled out internationally later this year.

Teslas decision to shun fork products such as Bitcoin Cash proved calamitous for BCH, which tumbled to new all-time lows against BTC.

But some experts have warned that snapping up a Tesla using crypto might not be a smart move for now, at least. Ark Invest founder Cathie Wood has urged investors not to use their BTC for purchases until the Internal Revenue Service introduces some more sensible tax policies on crypto assets.

The U.S. currently regards Bitcoin as property rather than currency. This means that irrespective of whether you sell BTC for profit or use it to buy a shiny car, its considered to be a taxable event.

 

The NFT of record: New York Times raises $500,000 for charity in NFT column sale

Its now time for our whistle-stop tour of NFT news. You ready? Here goes.

First up, a New York Times reporter got a pleasant surprise when he decided to try and auction off one of his articles as an NFT. Just one day later, it sold for 350 ETH (worth almost $600,000 as of Saturday) with the proceeds going to charity.

Another big sale came when Twitter CEO Jack Dorsey sold a tokenized representation of his first-ever tweet for more than $2.9 million, also for good causes.

Data from Google Trends suggests that interest in nonfungible tokens has now surged to levels last seen during the ICO craze of 2017. Lego also dropped a hint that it may be getting involved in this flourishing sector after writing a cryptic tweet that said: Zeros and ones but still a brick.

Inevitably though, it wasnt all good news. SEC commissioner Hester Peirce also known as Crypto Mom has warned that selling fractionalized NFTs could end up breaking the law as this could result in the creation of an investment product.

 

 

Thetas mainnet 3.0 launch delayed until June, causing tokens price to sink

The crypto-powered esports streaming app Theta announced this week that it was delaying the launch of mainnet 3.0 until June.

In an announcement, the company said that it is still working to incorporate some building blocks for a nonfungible token marketplace. This is one of the reasons why a more thorough code review and testing is required, prompting the expected launch date to be pushed back from April 21 to June 30.

The network added: While delays are never ideal, we think this change is the prudent way forward to ensuring a successful mainnet 3.0 launch.

Investors in Theta took a dim view of the announcement. The token had hit all-time highs of $14.99 on Wednesday, but it fell by more than 25% in the 24 hours that followed.

 

Technoking and master of coin Elon Musk and Tesla CFO adopt new titles

Forget Tesla CEO Elon Musk has been promoted. According to a new SEC filing, the billionaire should now be referred to as Technoking of Tesla.

His chief financial officer, Zach Kirkhorn, has also been given a promotion to Master of Coin. Both men are going to retain their respective positions.

Musk has reason to celebrate, with figures suggesting that Tesla has been sitting on close to $19 million in unrealized profit per day since announcing its $1.5-billion Bitcoin purchase. This almost eclipses the $721 million in profit it made from selling 500,000 cars in 2020.

The billionaire also waded into the trendy world of nonfungible tokens this week when he announced he was planning to sell a musical NFT, with lyrics based on the hype surrounding the technology Its verified, its guaranteed. Very catchy.

Despite bids exceeding $1.1 million on the Valuables platform, Musk later took his ball home, tweeting: Actually, doesnt feel quite right selling this. Will pass.

What a shame.

 

 

Announcement of the week

 

Markets Pro delivers up to 1,497% ROI as quant-style crypto analysis arrives for every investor

Its now been a month since Cointelegraph Markets Pro launched bringing professional crypto market intelligence to every investor.

New figures this week showed that 41 of the 42 trading strategies tested by Markets Pro are currently beating Bitcoins investment returns, and 36 of them are winning against an evenly weighted basket of the top 100 altcoins.

Two key features are offered to subscribers. The first is the VORTECS Score, which is derived from an algorithm that examines multiple different variables (including sentiment, tweet volume, price volatility and trading volume) and compares those with historically similar marketscapes.

And the second is NewsQuakes: alerts on events that have historically had a significant impact on an assets price over the following 24 hours.

Cointelegraph Markets Pro is available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $55,261.18, Ether at $1,705.62 and XRP at $0.56. The total market cap is at $1,739,387,070,168.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Dent, Ankr and AscendEX. The top three altcoin losers of the week are Avalanche, SushiSwap and Ren.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

By banning crypto, India will end up with the lowest reserve of the most important currency the world has ever seen.

Raj Chowdhury, HashCash CEO

 

Dont try to act like Saylor wont take profits eventually, cause he will along with every other fund on the planet. Then theyll buy back lower.

Michael Saylor, MicroStrategy CEO

 

I think that it would be very likely that you will have [Bitcoin], under a certain set of circumstances, outlawed the way gold was outlawed.

Ray Dalio, hedge fund founder

 

Im not a big fan myself of encouraging or asking or wanting us to participate in the issuing of currency.

Brad Smith, Microsoft president

 

There is little social value in helping Elon Musk earn yet another $1 million.

Vitalik Buterin, Ethereum co-founder

 

You made me a ton of money.

Jim Cramer, CNBC host

 

Prediction of the Week

Bitcoin can reach $400,000 in 2021 as risk-off reserve asset Bloomberg

Bloomberg Intelligence senior commodity strategist Mike McGlone believes 2021 marks a watershed moment for the worlds biggest cryptocurrency.

He says BTC is well on its way to becoming a global digital reserve asset and it may be transitioning toward a risk-off asset.

Based on previous behavior, his analysis suggests that prices could peak at $400,000 this year. That eclipses other estimates such as the stock-to-flow model, which calls for an average of $288,000 between now and 2024.

 

FUD of the Week

 

Microsoft president says fintechs should leave currency to central banks

Microsoft president Brad Smith has said fintech firms have no business issuing private digital currencies, arguing that money matters should be left to central banks and governments.

Speaking at an online conference organized by the Bank for International Settlements, he said: I am not a big fan myself of encouraging or asking or wanting us [tech firms] to participate in the issuing of currency.

The remarks put Microsoft at odds with Facebook, which is continuing to pursue the launch of its Diem stablecoin project. Formerly known as Libra, the project sparked fierce criticism from financial regulators with many of them warning the digital asset could pose significant risks to the global economy.

 

Instagram influencer charged over duping followers out of Bitcoin worth $2.5 million

An Instagram influencer has been charged with wire fraud after he allegedly scammed followers out of Bitcoin worth $2.5 million.

Jay Mazini who had close to 1 million followers and was known for cash giveaways is accused of promising victims that he would buy Bitcoin off them at inflated prices. But its claimed that, when the crypto was sent, he didnt transfer the funds as promised.

An FBI official said: A quick search of the interwebs today will reveal an entirely different image of this multi-million-dollar scammer.

Mazini is currently being held on state charges in New Jersey and will face New York courts at a later date. If convicted, he faces up to 20 years imprisonment.

 

The last dip is the deepest as wife leaves husband for buying more Bitcoin

And we end with a sorry tale that suggests Bitcoin has caused a break-up.

A man on Reddit claims his wife left him after he refused to sell his Bitcoin when prices hit $60,000 and loaded up on more during the recent dip.

The user, u/Parking_Meater, said his wife packed her bags and has now gone to live with her sister.

He wrote: She super mad that I didnt sell at 60k and looks at the price often scolding me. I keep telling her we dont need the money and have the cash. We live nice. However today she caught me buying the dip and was so pissed she almost hit me!

Uh oh.

 

Best Cointelegraph Features

 

Microsoft waffling over Bitcoin? BTCs return to Xbox unlikely to spur adoption

While it could be a good sign for the industry if Microsoft accepts Bitcoin for its Xbox Games Store, Shiraz Jagati argues it is unlikely to have a major impact.

Crypto media runs with the bulls as new entrants compete against established brands

How has the Bitcoin bull run changed crypto media?

Ethereum network in a fee spin: Can the Berlin upgrade save the day?

The upcoming Berlin update contains EIPs aimed at reducing transaction costs, but it may not provide a long-term solution.

6 Questions for Sanja Kon of Utrust

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!


 

This week, our 6 Questions go to Sanja Kon, CEO of Utrust

Sanja Kon is the CEO of Utrust, a blockchain-native payments ecosystem that wants to bridge the gap between the money of tomorrow and traditional e-commerce. At Utrust, her main focus is partnering with key international players to improve the accessibility of digital assets and increase cryptocurrency merchant adoption. Prior to joining Utrust, Kon spent more than a decade in the corporate world, working for multiple Fortune 500 companies. At eBay, she headed the European partnerships strategy, forming key global relationships to enhance the selling experience for eBay professional merchants. At PayPal, her team was in charge of delivering and executing the payment experience solution for marketplace players. Kon is fascinated by technological innovation and disruptive startups and is deeply passionate about promoting diversity and inclusion topics.


1 What does decentralization mean to you, and why is it important?

I was born in Sarajevo, Bosnia, and Ive seen the devastating economic and political impact that the war put on individuals and companies in ex-Yugoslavia. Most us of have the privilege of living in a developed country, with relatively stable currencies and governments. Therefore, we dont often think about the consequences of putting our trust into governments, institutions and organizations. However, billions of people today live in countries with unstable governments, wars and high inflation. This is exactly where decentralization plays a key role. For me, decentralization means taking the control of money, finances and wealth into our own hands. So, its not surprising at all to see that cryptocurrency adoption is higher in countries with a failing financial system and a massive devaluation of the nations currency, such as Turkey, Brazil or Colombia. People are finally finding a solution for hedging their wealth and be in control.


2 What do you think will be the biggest trend in blockchain for the next 12 months?

Im very keen on seeing DeFi gain more adoption over the next 12 months, and this is the trend Ill follow very closely. For people in the crypto space, DeFi is already old news. However, the key challenge will be how do we improve the accessibility of the services for people that are non-crypto savvy yet. Early numbers and growth are very exciting: The total locked value in DeFi already went from $680 million in January 2020 to $41 billion in February 2021! People need to understand the principles of decentralized applications, such as the fact that those applications are owned by the users, and, therefore, users not only benefit from them financially but also contribute to improving the products themselves. Therefore, Im curious to see how educational aspects on these platforms will improve in order to attract new customers. Last but not least, simplification of the user experience will also be a key aspect of driving adoption.

3 Whats the most embarrassing moment of your life?

When I was working at Vodafone, in the first years of my career, I was doing a graduate program where I would rotate my role every five-to-six months in order to see as many departments as possible. In my second rotation, I was assigned to the enterprise sales team, where I had to shadow sales reps for a few weeks. On the first day, when my onboarding buddy was presenting me to the team, I did not notice that a huge carton box was on the floor in front of me, and while walking, I fell straight into the box in front of the whole office! People are still talking about that today, even if more than 10 years have passed!

4 What is the book that influenced you the most? Why?

When my grandmother died years ago, I went into a phase of spiritual exploration and enlightenment. I wanted to understand the bigger meaning of life, what life is about, and, especially, what happens after physical death. Ive read many books in this field, but Many Lives, Many Masters by Dr. Brian Weiss was the one that profoundly changed my conception of life. The book talks about the work of Dr. Brian Weiss, a traditional psychotherapist, who accidentally started regressing patients into past lives. As a doctor and scientist, he was a complete non-believer in supernatural occurrences at first, which resonated with me at the time, as I never questioned life as we know it. I highly recommend this book, as it offers very valid scientific proof of reincarnation. The more I know about this topic, the less I feel I really know, and this, for me, its very exciting, as our existence is much more profound and rich than the one we can see.

 

5 What will happen to Bitcoin and Ethereum over the next 10 years?

I see a different pathway for Bitcoin and Ethereum over the next 10 years. I believe Bitcoin is gaining its pace and firming its position as the go-to store of value. We saw this particularly in 2020, where the rise of Bitcoin was driven by institutional investments. The involvement of such large players in the space gives it the legitimacy to fuel its growth for the future. In the upcoming 10 years, I do believe we will see more and more interest from several businesses, corporations and individuals in allocating percentages of their portfolio into a unique store of value. The trustless and permissionless characteristics of the network, as well as the fixed amount of supply, will ensure holders will continue to rise, and payments with the currency will follow as well. With regards to Ethereum, I believe it will fuel a whole new subset of our economy, accelerating the adoption of decentralized financial services. In this new economy, there wont be the need to rely on central financial intermediaries such as banks to offer traditional financial services, as smart contracts on blockchains will create protocols to substitute the existing financial services in a more transparent way. Ethereum will also improve money accessibility, making it a tool available to all, improving financial inclusivity across the globe.

 

6 What do your parents/significant other/friends/kids tell you off for?

My impatience! Im very driven and fast-paced, so I become very impatient when I need to wait for things to happen or when other people are slow. This shows in everyday life in things like having to wait in a queue; I will probably decide not to wait in the supermarket line at all instead of having to wait even for five to 10 minutes. Thankfully, most shopping can be done online! The other thing that my friends are often telling me is to relax more: Im always on the go. If Im not working, Im either learning something, exercising or feeding my mind in a way or another. While this is great, its also important to relax, and this is something Ive been improving a lot over the last years, dedicating more time on things like meditation, mindfulness or simply small pleasures like watching a movie or a TV series.