Comes every sunday Hodler’s digest will help you keep track of every single important message that happened this week. The best (and worst) quotes, highlights of adoption and regulation, leading coins, predictions, and more – one week on Cointelegraph all in one link.
Top Stories This Week
Bitcoin is priced at $ 14,000 – exactly 12 years after the white paper was published
On October 31, 2008, Satoshi Nakamoto published a whitepaper setting out his vision for Bitcoin.
Fast forward 12 years, and BTC hit $ 14,000 for the first time since January 2018 – a rally fueled by institutional investors. Bitcoin’s monthly candle also closed on top $ 13,000which indicates a technical breakout.
The question now is this: What will happen next?
It seems that the likelihood of a new bull cycle increases sharply as the price of Bitcoin continues to make new higher highs and higher lows. One of the key values to watch is the current resistance zone that surrounds the $ 14,000 threshold.
Breaking this level would trigger another strength up to the next threshold $ 16,500 to $ 17,000. “These two levels are the final hurdles before a possible new all-time high,” said Cointelegraph analyst Michaël van de Poppe, adding that current market behavior is comparable to the 2016 cycle.
Bitcoin can’t help transfer the non-banks, claims Mastercard’s CEO
The enthusiasm for what is currently the world’s largest crypto currency is palpable.
Overall, the market cap for crypto is worth over $ 400 billion at the time of writing. According to a survey by Grayscale Investments, 39% of Americans have Consumers say they find BTC more attractive in light of the COVID-19 pandemic.
Unfortunately, not everyone is convinced. One of them is Ajay Banga, the CEO of Mastercard.
Speaking at the Fortune Global Forum conference, he said he was deeply skeptical about cryptocurrencies and far more enthusiastic about central bank digital currencies.
Banga also warned that Bitcoin cannot help the non-banks and promote financial inclusion.
He said, “Can you imagine someone who is financially excluded and acting to be borrowed from a currency that could cost the equivalent of two Coca-Cola bottles today and tomorrow? That’s not a way to get it [included]. That way they are afraid of the financial system.”
Digital Yuan will partner with WeChat and Alipay, says bank director
Speaking of CBDCs, we learn more about China’s digital yuan.
This week, a senior official at People’s Bank of China said his new digital asset will be compatible with major mobile payment wallets such as WeChat Pay and Alipay.
Mu Changchun also stressed that the CBDC was not designed to compete with these companies, adding: “They don’t belong to the same dimension. WeChat and Alipay are wallets, while the digital yuan is the money in the wallet.”
This appears to be a U-turn from previous reports that Beijing intends to use its digital currency as an alternative to these hugely popular platforms. Together, WeChat Pay and Alipay cornered 94% of the Chinese market.
In other developments, Huawei announced that its upcoming Mate40 smartphone series will include one integrated hardware wallet for the digital yuan – the first smartphone to do this. The tech giant said users will be able to protect their anonymity and complete offline transactions, making it possible to transfer money with friends and family by touching their devices together.
Uniswap vote defeated on new five million UNI air drops
There was a lot of buzz this week after Uniswap made its second governance proposal. If approved, 12,619 wallet addresses that interacted with Uniswap through a proxy contract would each have received 400 UNI tokens.
The treasure chest of 5.05 million UNI would have been distributed among users of MyEtherWallet, Argent, Dharma, DeFi Saver, and others. Dharma made the proposal, claiming that its users felt “left out” by the initial distribution of UNI 150 million.
The final results show that voters were largely in favor of the measure: 37,555,068 voted for the air drop, and only 1,280,632 voted against. Nevertheless, the proposal was rejected because 1.1 million votes were not quorate. The same thing happened with Uniswap’s first governance vote.
The airdrop would have been worth $ 908 at the time of writing, which was significantly less than the cash value of the first airdrop in September.
Indian bank offers crypto services in 34 branches
An Indian bank has announced plans to offer crypto banking services online and in its 34 physical branches in the north of the country.
The United Multistate Credit Cooperative Society has partnered with Cashaa for the new service offered amid the uncertain crypto rules of India.
While the Supreme Court of India lifted the crypto banking ban imposed by the Reserve Bank of India in March, most banks remain skeptical of crypto companies and individuals who trade digital currencies.
The new company, called Unicas, enables United account holders to integrate cryptocurrency wallets directly into their accounts. Customers can also buy Bitcoin, Ether, XRP and Cashaa directly and, if desired, take out loans against cryptocurrencies.
Winner and Loser
At the end of the week, Bitcoin is at $ 13,807.80, Ether at $ 388.95 and XRP at $ 0.23. The total market capitalization is $ 402,023,178,116.
Among the top 100 cryptocurrencies are the top three altcoin winners of the week Kusama (18.95%), Nexo (18.15%) and Velas (10.11%). The top three altcoin losers of the week are ABBC coin (-35.39%), Yearn.finance (29.85%) and Tape log (26.98%).
For more information on crypto pricing, see Market analysis by Cointelegraph.
The most memorable quotes
“Bitcoin has held over $ 10,000 for over 90 days and is currently ~ 30% above this key level. This is the longest time in their history. “
“The majority of investors definitely want a straight line toward $ 200,000, but that just doesn’t happen.”
Michaël van de Poppe, Cointelegraph Analyst
“If stocks crash, Bitcoin will be perfectly good safe haven real estate, driven by its large acceptance S-curve that is consuming ever more capital.”
Willy Woo, Crypto statistician
“Even though this guide was published last year and we’ve seen enforcement, the IRS really didn’t understand crypto.”
Wendy Walker, Sovos solution principle
“Interest is growing: more than half of US investors are interested in investing in Bitcoin.”
“If another country has one and we don’t, it could certainly cause some problems. So we want to make sure we’re ready. Currencies move across borders and so we certainly don’t want to be surprised by another country.”
Tiff Macklem, Governor of the Bank of Canada
“Bought $ 100 in BTC on @PayPal! Great milestone for the market! “
Jeremy Allaire, Circle CEO
“We [need] Prevent dollarization. This is one of the most important design points of the Chinese DCEP. “
Zhou Xiaochuan, former Governor of the People’s Bank of China
“Can you imagine someone financially barred from trading to be absorbed by a currency that could cost the equivalent of two bottles of Coca-Cola today and tomorrow? That’s not a way to get it [included]. That way they are afraid of the financial system. “
Ajay Banga, CEO of Mastercard
“On a risk-adjusted basis, BTC is an easier bet today than ever before. It is at risk every day. “
Mike Novogratz, CEO of Galaxy Digital
“We haven’t made a decision as to whether we want to introduce a CBDC for retail or not. But we examine the pros and cons with interest. “
Tom mutton, Fintech Director of the Bank of England
“Digital currency could create value, and we should think about how we can use digital currency to create a new kind of financial system.”
Jack Ma, Founder of the Alibaba Group
“Cash or government-printed money, also known as fiat, is actually becoming worthless, while the value of Bitcoin remains constant. Never less fiat is being printed than it is now. Cash is becoming increasingly worthless.”
Bill Barhydt, CEO of Abra
Forecast of the week
The market proves that Bitcoin is the “ultimate safe haven” – Anthony Pompliano
Anthony Pompliano has claimed that Bitcoin “couldn’t be more uncorrelated with the stock market” – saying that the world’s largest cryptocurrency is leaving behind macro-assets.
The co-founder of Morgan Creek Digital also denied critics’ claims that Bitcoin was a poor store of value, writing, “How did Bitcoin perform during an economic downturn? It outperformed stocks, bonds, gold, oil, and pretty much everything else. “
As Cointelegraph reported, a consensus has been formed that Bitcoin doesn’t just give up its correlation with stocks. Last week, crypto statistician Willy Woo tweeted: “The decoupling is up to us.”
Unfortunately we may not be there yet. On October 30th, the price of Bitcoin dropped abruptly up 4% from the daily high as Wall Street sell-offs spiked – fueled by uncertainty over the US presidential election.
FUD of the week
Crypto scammers deface the Trump campaign website a week before the election
The website for Donald Trump’s re-election campaign was taken over by hackers this week.
The scammers succeeded in replacing the usual campaign rhetoric used by donaldjtrump.com with a page that the FBI faked and declared, “This website has been confiscated.”
The attackers further claimed they had received “strictly classified information” and encouraged people to donate to two Monero wallets if they wanted this data published.
It has even been alleged that the hackers had evidence that Trump’s administration “was involved in creating the coronavirus”.
Presidential Campaign Communications Director Tim Murtaugh said: “There was no exposure to sensitive data as none of it is actually stored on the website. The website has been restored. “
Tax specialist explains the most important things for US crypto holders
An expert told Cointelegraph that crypto enthusiasts in the US need to be more aware of their obligations during tax season.
Wendy Walker, solutions manager at tax compliance firm Sovos, said reporting was the most important aspect of tax returns.
“Even if you don’t owe any income tax, you still need to report details of the transactions,” she said.
Walker added that the IRS has some catching up to do on regulating this area, warning, “Although these guidelines were released last year and we’ve seen enforcement, the IRS really didn’t understand crypto. ”
In other developments this week, Gemini – the exchange founded by the Winklevoss twins – said it did Partnership with a tax compliance firm to ensure that its users can count their crypto taxes in real time and reduce their liabilities.
Best Cointelegraph properties
Back on track: US macro events are unlikely to stall Bitcoin price gains entirely
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The Indian crypto industry is expanding, but regulators don’t seem to get involved
As Cashaa launches crypto banking services in India, the cryptocurrency industry continues to grow despite uncertain regulations.