The cryptocurrency world has been in the news a lot lately, with the market capitalization of all cryptocurrencies hitting an all-time high. While it’s impossible to predict what will happen next, there is one thing that’s clear: hodler’s are going nowhere but up from here on out.
Every Saturday, Hodler’s Digest will keep you up to date on all of the major news stories from the previous week. A week on Cointelegraph in one link: the finest (and worse) remarks, adoption and regulatory highlights, top currencies, forecasts, and much more.
This Week’s Top Stories
Jack Dorsey has resigned as Twitter’s CEO.
Jack Dorsey, a co-founder of Twitter, announced on Monday that he is stepping down as CEO. Twitter board member and chief technology officer Parag Agrawal, who was unanimously selected as CEO by the company’s board of directors, will take over for Dorsey.
Dorsey is also the CEO and chairman of Square, a crypto-friendly payments technology company, and it’s unclear whether he quit Twitter to concentrate completely on the platform’s aspirations to build a decentralized Bitcoin (BTC) exchange. He did say, though, that the firm doesn’t have to be managed by a founder to succeed.
“I think it’s critical to give Parag the room he needs to lead,” Dorsey added. “I think it is vital for a firm to be able to stand on its own, without the influence or direction of its creator.”
Former Citibanker establishes $1.5 billion crypto fund, with Algorand as the first investor.
Matt Zhang, a 14-year Wall Street veteran and former Citi banking executive, announced on Monday the launch of Hivemind Capital Partners, a $1.5 billion multi-strategy fund aimed at supporting up-and-coming crypto ventures.
The fund will focus on crypto infrastructure builders, virtual worlds and Metaverse initiatives, and programmable money in particular. Algorand, a proof-of-stake blockchain, will be the fund’s first technological partner.
While Hivemind has yet to disclose any significant investment, Zhang said that the company would provide infrastructure to crypto entrepreneurs that is presently unavailable via standard asset management approaches.
As the attention switches to blockchain, Square rebrands to Block.
Square, however, said on Wednesday that it has renamed to Block, implying that it is focusing more on the blockchain industry.
The rebrand will unite Cash App, the decentralized Bitcoin exchange project tbDEX, and music and video streaming site Tidal together, according to the business. Square Crypto, the payments firm’s cryptocurrency-focused business, will change its name to Spiral and join the Block family as part of the makeover.
“Block” refers to the neighborhood blocks where Square finds its merchants, as well as a blockchain, block parties with live music, challenges to conquer, a chunk of code, construction blocks, and, of course, tungsten cubes, according to Square.
MicroStrategy buys $414.4 million in Bitcoin, bringing the total BTC balance to $3.5 billion.
On Monday, MicroStrategy, the analytics software company founded by ardent Bitcoin bull Michael Saylor, disclosed that it had purchased 7,002 BTC for $414.4 million.
Saylor reported that the company’s total BTC holdings amounted to 121,044, which were purchased for $3.57 billion at an average price of $29,534 per BTC. Between Oct. 1 and Nov. 29, the corporation sold 571,001 shares of company stock for $732.16 each to finance the current buying spree for digital gold.
MicroStrategy initially acquired Bitcoin in August 2020 as part of their treasury strategy, and under Saylor’s leadership, the company has continued to buy the asset regardless of price since then, with no indications of stopping down anytime soon.
Facebook’s crypto ad eligibility has been expanded by Meta.
This week, Meta, a social media virtual reality provider, increased the eligibility rules for conducting crypto ad campaigns on Facebook and Instagram, giving businesses greater flexibility in promoting digital asset products.
Prior to Meta’s recent change of its crypto advertising policy, only a tiny amount of crypto companies could advertise on Facebook since the network only recognized a restricted number of regulatory licenses.
Crypto exchanges, trading platforms, wallet providers, mining infrastructure businesses, crypto lenders, and borrowing services may now acquire formal approval to run advertising on Facebook, according to the new policy. The corporation cited the industry’s maturing and tighter regulation as reasons for their change of heart.
Losers and Winners
Bitcoin (BTC) is at $55,468, Ether (ETH) is at $4,407, and XRP is at $0.95 at the conclusion of the week. According to CoinMarketCap, the overall market cap is $2.54 trillion.
Terra (LUNA), Stacks (STX), and Polygon (MATIC) are the top three altcoin gainers of the week among the top 100 cryptocurrencies. Terra (LUNA) is up 62.30 percent, Stacks (STX) is up 33.85 percent, and Polygon (MATIC) is up 29.04 percent.
Gala (GALA), WAX (WAXP), and Immutable X (IMX) are the top three cryptocurrency losers this week, with losses of -30.67 percent, -19.18 percent, and -17.85 percent, respectively.
Read Cointelegraph’s market analysis for more information on crypto pricing.
The Most Memorable Quotes
“There are certain services we provide that don’t quite fit the regulatory mold.” So there’s this gray area that exists throughout the business, and it’s not unique to us. […] That’s simply the nature of the situation: we’re dealing with a cutting-edge technology that doesn’t always meet the requirements that current regulators consider acceptable.”
Kraken Australia’s managing director, Jonathon Miller
“One of the weapons to combat crypto would be a CBDC. […] We believe that CBDC is more trustworthy than cryptocurrency. CBDC would be a part of a larger effort to address crypto’s usage in financial transactions.”
Assistant Governor of Bank Indonesia, Juda Agung
“We will list a currency if it has a high number of users.” That is by far the most important characteristic. Consider meme tokens: even if I don’t understand them, if they’re utilized by a huge number of people, we list them. We follow the community’s lead; my view is irrelevant.”
Binance CEO Changpeng Zhao
“The Chinese crypto sector will always have hope.” We still have information sources, and consumers, evangelists, developers, and others continue to join us. There’s no need to be concerned. “Everything works out in the end.”
Anonymous, a Chinese crypto publisher’s executive
“It’s one thing to say that a stablecoin issuer must be a regulated bank — I think that’s overkill, because there are perfectly effective ways for nonbanks to address our legitimate regulatory concerns — but there is at least a clear relationship between the existing framework of bank regulation and the specific measures that stablecoin issuers must address to operate safely.” It’s another thing entirely to consider that wallet providers may need to be fully isolated from commercial enterprises.”
Randal Quarles, the former chairman of the Federal Reserve in the United States, is stepping down.
“Innovations are on the way; proof-of-stake is far more computationally efficient and uses less energy. Here, innovation is critical, and it is on its way.”
Gary Nuttall, a Distyltics emerging technology consultant
“While cryptocurrency is difficult to grasp, the value of a large crypto gift converted to cash is not.”
Engiven co-founder and CEO James Lawrence
“There’s no question that metaverse land will be the next big thing in the NFT arena. Virtual worlds are the new top commodity in the crypto market, with record sales volumes and steadily rising NFT prices.”
Post by DappRadar
The Week’s Prediction
Bitcoin traders’ nerves are being tested as one expert reissues a $400K BTC price estimate.
According to Cointelegraph’s Bitcoin price index, Bitcoin began the week with a decline from almost $55,000 to roughly $53,300, followed by a surge up beyond $58,000. Following Sunday’s price movement, BTC traded in a band of $55,800 to $59,300 for the remainder of the week.
Crypto trader Michaal van de Poppe expressed his views on the cryptocurrency market in a tweet on Wednesday, expressing his wish to see BTC under $60,000 shift to support.
“It’s fairly straightforward. I’ve been cautious/bearish below $60K because I’d want to see that region flip,” he tweeted. “For #Bitcoin, watch the $53K-54K zone and the $47-50K zone for buys,” he wrote. “When is the best time to purchase #altcoins?” December. “In the last several weeks, nothing has changed.”
Van de Poppe also offered his opinions on a few probable price goals for the bull cycle peak in a second tweet on Wednesday, citing price ranges of $350,000 to $450,000 for Bitcoin and $10,000 to $17,500 for Ethereum, as well as ranges for other assets. With the exception of Elrond, for whom the revised list included an updated probable price range objective, he tweeted the same list with the same figures in April 2021.
The Week’s FUD
Cryptocurrencies, according to Vladimir Putin, “carry tremendous dangers.”
Russian President Vladimir Putin, who has a spotless record and has never been accused of wrongdoing, took time out of his busy schedule this week to express his worries about the hazardous nature of crypto speculation.
Putin reportedly chastised the “Russia Calling!” investment summit in Moscow on Tuesday, according to local media sources. The 69-year-old advocated for more crypto regulation and supervision in Russia, pointing out that certain nations are witnessing increasing use of digital currencies.
“It’s not backed by anything, and the volatility is massive, so the dangers are enormous,” he warned. “We also feel that individuals who speak about the high hazards should be listened to.”
The ‘worst-case scenario’ for Bitcoin fails. For the first time, the monthly close is below $57K in December.
Bitcoin failed to reach the $98,000 closing price required by Twitter personality PlanB’s so-called “floor model” in November. On Nov. 30, the actual price of Bitcoin was $57,000, which was nearly 71 percent lower than the anticipated price.
PlanB said in a Wednesday Twitter post that he would give his renowned model one more month, but that $100,000 per BTC is still “on track” by year’s end, citing the S2F model. He went on to say:
“No model is perfect, but this is the first miss in ten years!” Is there a difference between an outlier and a black swan? I’m going to give Floor model another month. The S2F model is unaffected, and it’s on course to reach $100K. Keep an eye out for trolls that mix up the Floor and S2F models!”
According to reports, BadgerDAO suffered a security compromise and lost $10 million.
BadgerDAO, a DeFi protocol, is said to have experienced a $10 million security breach this week, with users on Twitter describing a “nasty frontend assault” in which monies were transferred out of people’s wallets via “rug approval” at about 2 a.m. UTC on Thursday.
While BadgerDAO didn’t confirm the hack at the time, it did say that all smart contracts on the platform have been suspended in order to avoid any more possibly harmful withdrawals.
On the Ethereum network, the malicious actors targeted the protocol at contract address 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107, and users who have interacted with this contract are advised to revoke permission from their wallet.
Cointelegraph’s Best Features
NFT art will never be mass-marketable; nevertheless, NFT licensing may.
The sale of NFT digital art generates headline after headline, despite the fact that this is not a true mass-market use of this revolutionary technology.
The US Congress is drawing party lines in the sand when it comes to cryptocurrency.
“There are far too many members of Congress who lack a solid comprehension of the issues. Congress must intervene and impose restrictions in this area.”
The billion-dollar fashion business is the focus of wear-to-earn NFTs.
Here’s how “wear-to-earn” NFTs will affect the fashion industry, as well as what may happen if they become popular.