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Hodler’s Digest, Oct. 31-Nov. 5

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Hodler’s Digest, Oct. 31-Nov. 5

by oof_pj
November 6, 2021
in Litecoin
0

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Coming each Saturday, Hodler’s Digest will provide help to observe each single vital information story that occurred this week. The perfect (and worst) quotes, adoption and regulation highlights, main cash, predictions and way more — per week on Cointelegraph in a single hyperlink.

Prime Tales This Week

‘Uptober’ closes at record high in best month of 2021 — 5 things to watch in Bitcoin this week

After Bitcoin’s (BTC) first-ever month-to-month shut above $60,000 for October and a brand new all-time excessive (ATH), the bulls are studying the tea leaves to see what November will carry. Plan B — who has been fairly bang on the cash in current months — has forecasted a November shut of $98,000 per BTC. 

One thing that will counsel the asset is on the up this month is {that a} sturdy variety of holders weren’t tempted to promote regardless of BTC reaching its ATH of $67,100. Kraken Intelligence identified as a lot, noting that mass accumulation has continued over the previous two months regardless of the potential to reap mad gainz.    

“Notably, whereas long-term holders had been unfazed by the retracement final month and used it as a possibility to proceed accumulating, this pattern has not modified regardless of a big rebound in value to new all-time highs close to $67,000,” Kraken Intelligence stated.

 

NFL quarterback Aaron Rodgers will accept part of $22M salary in Bitcoin

With Bitcoin wanting pretty much as good as ever, star NFL quarterback Aaron Rodgers has bravely determined to just accept a bit of his $22.3 million wage in BTC. Unsurprisingly, it was part of a promotional deal, with Money App being the strategy of option to hodl the BTC. 

In a video shared by way of Rodgers’ Twitter account, the Inexperienced Bay Packers legend cited his perception in Bitcoin and its vivid future as the explanations for partnering with Money App, however one would imagine it’d really be part of what some name a “movie star endorsement deal.” One other courageous soul who vowed to just accept his wage in Bitcoin this week was Miami Mayor Francis Suarez. The well-known crypto proponent stated on Wednesday that he would take his subsequent paycheck 100% in BTC. Suarez stated that he would favor to make use of an app like Bitwage or Strike somewhat than make the native authorities determine learn how to convert his fiat paycheck into crypto.

 

Google invests $1B in CME Group along with 10-year Cloud deal

Alphabet, the father or mother firm of Google, splurged $1 billion by way of an fairness funding into the Chicago Mercantile Alternate (CME) Group. The trade is house to many crypto derivatives merchandise resembling BTC futures contracts, micro BTC futures, BTC choices, and micro Ether (ETH) futures. 

The transfer was introduced on Thursday by way of a notice to CME Group traders. Additionally introduced within the notice was a 10-year strategic partnership with Google Cloud aimed toward accelerating the trade’s transfer to the cloud and altering the way in which international derivatives markets function. 

“Via this long-term partnership with Google Cloud, CME Group will remodel derivatives markets by way of expertise, increasing entry and creating efficiencies for all market members,” stated CME Group chair and CEO Terry Duffy.

 

Burger King serves up free crypto with meal purchases

Quick Meals large Burger King (BK) signed a “whopper” of a deal this week with retail buying and selling platform Robinhood to present away free crypto to prospects who spend greater than $5 in November. 

The U.S.-based promo marketing campaign is operating till Nov. 21, with prospects given free crypto primarily within the type of Dogecoin (DOGE). Just a few fortunate prospects will even have the possibility to win an entire Bitcoin or Ether, however should register with Robinhood Crypto to obtain the reward. 

The crypto rewards shall be drawn from a trifecta of two million DOGE, 20 BTC and 200 ETH. Prospects can solely declare one prize per day and should make their buy on the BK app, web site or in-store utilizing a code at taking part areas.

 

Commonwealth Bank to enable crypto trading for 6.5M Aussies, ‘other banks will follow’

The Commonwealth Financial institution of Australia (CommBank), one of many native ‘huge 4’ banks, introduced on Wednesday that it’s rolling out crypto buying and selling companies instantly by way of its banking app. CommBank stated it’s going to help 10 crypto property in complete, together with Bitcoin, Ether, Bitcoin Money (BCH) and Litecoin (LTC). 

The CommBank app has a person base of round 6.5 million folks, and the crypto transfer is being launched in partnership with the blockchain evaluation agency Chainalysis. 

Following the bullish announcement, Steve Vallas, the CEO of business physique Blockchain Australia, advised Cointelegraph that it is just a matter of time earlier than the opposite main Aussie banks observe go well with. 

“It’s inevitable that the opposite banks will observe go well with,” he stated. “Readability within the native regulatory panorama is rising with points resembling licensing being tackled head-on by business and by governments. […] Impediments to motion and participation are being eliminated.”

 

 

 

Winners and Losers

 

 

On the finish of the week, Bitcoin (BTC) is at $60,936, Ether (ETH) at $4,474 and XRP at $1.15. The entire market cap is at $2.69 trillion, according to CoinMarketCap. 

Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Loopring (LRC) at 164.93%, The Sandbox (SAND) at 130.89% and Decentraland (MANA) at 94.55%.

The highest three altcoin losers of the week are SHIBA INU (SHIB) at -25.22%, Curve DAO Token (CRV) at -13.37% and Concord (ONE) at -13.36%.

For more information on crypto costs, be sure that to learn Cointelegraph’s market analysis.

 

 

Most Memorable Quotations

 

“NFTs would be the underlying expertise for every thing of worth on the internet. It may very well be financial worth or it may very well be private worth. I used to be mentioning your identification earlier on, in order that’s one thing an NFT might carry for you on the internet. It’s going to be invisible.”

Nicholas Julia, Sorare CEO and co-founder, stated of the nonfingible token business inside 5 to 10 years

 

“To my shock, I’ve by no means seen an business so eager for regulation. Virtually everybody I’ve spoken to on this business understood that regulation would carry credibility and validity to this sector.”

Andrew Bragg, Australian senator

 

“My worst nightmare is the invention of a zero-day exploit within the Bitcoin Core code that nobody has found but. Day-after-day that goes by, the chance of this diminishes exponentially — however it’s going to by no means be zero.”

Caitlin Long, CEO and founding father of Avanti Monetary Group on her largest crypto-related concern

 

“The Metaverse, I believe many individuals is likely to be relieved to know, is just not going to be wholly owned, administered and orchestrated by Mark Zuckerberg and Meta.”

Nick Clegg, international affairs and communications vice chairman at Meta

 

“Within the absence of recent laws, stablecoins stay topic to the concurrent and probably overlapping jurisdiction of numerous federal and state regulatory regimes. That’s the reason any settlement among the many related federal businesses about who will take the lead in regulating stablecoins is vital.”

Sujit Raman, associate at Sidley

 

“The SEC’s strategy to cryptocurrency regulation has been unacceptable. […] If the SEC can not define the perceived materials distinction in danger profiles, then they need to enable ETFs based mostly on spot Bitcoin to be traded.”

Tom Emmer, U.S. consultant

 

“We’d like a particular council of representatives from state our bodies and personal enterprise to craft rules for cryptocurrencies. The CBI or the Safety and Alternate Group usually are not certified [enough] to set guidelines for cryptos given the multidimensionality of the problem.”

Abbas Ashtiani, head of the Iran Blockchain Affiliation

 

“When this venture was began, we had not made as a lot cash in FIDEBITCOIN [state BTC Trust account] as now we have made now. So now we have determined to make the primary 20 Bitcoin Faculties.”

Nayib Bukele, president of El Salvador

 

Prediction of the Week 

 

Bitcoin will peak at $253K, Ethereum at $22K this cycle if 2016 halving bull run repeats

Bitcoin ranged in value this week, largely buying and selling between $60,000 and $64,000, based on Cointelegraph’s BTC price index. By way of future value motion, one Twitter account by the identify of Ecoinometrics drew up some evaluation that implies Bitcoin might have main upside left for this halving cycle. 

Ecoinometrics tweeted a chart overlaying Bitcoin’s present value journey since its 2020 block reward halving towards the backdrop of BTC’s value run after its 2016 halving. After BTC’s 2016 halving, the asset grew in value by an element of just about 30 when it peaked. Seeing as Bitcoin’s value traded at roughly $8,600 across the time of the 2020 halving, it might peak at $253,800 if historical past repeats, based on Ecoinometrics.  

Moreover, based mostly on the logic of ETH’s value exercise in tandem with Bitcoin’s halving historical past timeline, Ecoinometrics forecasts a potential end result for the worth of Ether. The asset might probably attain a summit of $22,300 per coin based mostly on this concept. 

Analyst Willy Woo, alternatively, predicted that this present post-halving cycle is the final main four-year cycle for Bitcoin. If that’s certainly the case, and if Bitcoin reaches mass adoption and “full saturation,” the BTC value in greenback phrases would now not be related. 

Ecoinometrics’ idea suggests Bitcoin’s value is rising the identical quantity because the final halving cycle when it comes to multipliers. Bitcoin, nonetheless, posted a notably smaller percentage increase in its second halving cycle in comparison with its first. Will this halving cycle present a smaller share enhance than the 2016 cycle?

 

FUD of the Week 

 

Aussie firm to launch $100M class action over dodgy QOIN token

Earlier this week, it was reported {that a} regulation agency based mostly in Queensland was going after an area crypto firm that points a token that may solely be offered in batches of $125 per day.

The agency, BPS Monetary, and its QOIN token are solely supported on the Block Commerce Alternate. Customers can spend between $100 and $10,000 on QOIN, however the platform reportedly doesn’t enable withdrawals bigger than $125 in a single sitting. 

Salerno Regulation is planning to file a lawsuit towards BPS for partaking in deceptive and misleading conduct, pyramid scheme-style antics, and failing to adjust to service rules.

 

NFT collection’s price takes a nosedive as creator’s racist cartoons circulate

On Tuesday, it was reported that the buying and selling worth of the Jungle Freaks NFT venture had tanked roughly 80% after a set of racist cartoons drawn by one of many venture’s creators within the Seventies circulated on-line. 

The creator in query is George Trosley, who rose to fame from his illustration work in Hustler journal. Trosley’s foray into NFTs was off to a great begin till the extremely offensive illustrations surfaced, with a uncommon Jungle Freak NFT promoting for twenty-four Ether ($108,000) simply two weeks in the past. 

Elijah Wooden, who performed Frodo Baggins within the beloved The Lord of the Rings motion pictures, even had his palms on the “treasured” NFTs earlier than the debacle however, upon listening to the information, he liquidated his holdings and donated the proceeds to charity.  

“I used to be made conscious of among the artist’s disturbing prior cartoons,” he stated. “Upon studying this, I instantly offered the NFTs as I wholly denounce any type of racism. I’ve donated the funds from the sale of the NFT to LDF and Black Lives Matter.”

 

Game over! ‘Squid Game’-inspired crypto scam collapses as price crashes from $2.8K to zero

In what seems to be a rug pull of the ages, the SQUID token impressed by the hit South Korean Netflix present Squid Recreation dropped primarily 100% proper after its value topped $2,850 on Monday.  

The scammers touted the SQUID token as a play-to-earn crypto impressed by the collection’ plot, during which folks danger their lives to play a collection of kids’s video games for the chance to win 45.6 billion received,  or roughly $38.7 million. However, very like the present, there have been critical penalties for “taking part in.” 

The value of SQUID skyrocketed 75,000% within the house of per week. Nevertheless, customers had been complaining through the pump that they may not promote the asset attributable to “anti-dumping expertise” deployed by the creators that restricted folks from promoting their tokens towards decrease demand.

 

Greatest Cointelegraph Options

Latinx communities continue to rise above Bitcoin adoption obstacles

Latinx communities are driving ahead adoption, as crypto is confirmed to satisfy their numerous wants in a method that conventional finance can not.

Bitcoin white paper turns 13 years old: The journey so far

The Bitcoin white paper solely has 9 pages, but it contained sufficient to vary the world. Right here’s the way it got here to be 13 years in the past.

Beyond the NFT hype: Creating lasting business models for artists

Digital creators and artists have been capable of make a residing by promoting NFTs for prime costs, however how lengthy will this enterprise mannequin final?



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On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K

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