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 in one link.
Top Stories This Week
The path to Bitcoin price of $ 20,000 is now wide open after previous resistance breaks
Did … this happen ?! After encountering resistance at $ 18,420 (a price unthinkable just a few days ago), Bitcoin hit new highs of $ 18,817.
The latest boost brought BTC within reach of $ 20,089 – the all-time high in December 2017.
“It’s killing it this year” Tom Lee, co-founder of Fundstrat Global Advisors, was delighted. He added that 2021 could be a year of “fireworks” for the world’s largest cryptocurrency.
A corporate hype has led to businesses stop now $ 15 billion in BTC. However, this increase is not only being driven by institutions. Data suggests that Bitcoin will be searched for now in November 2020 way above what was seen in December 2017.
FOMO is growing. Glassnode reported that there was a great tip in the number of new Bitcoin addresses on November 18th – 25,000 per hour, to be exact. The co-founder of Morgan Creek Digital sold his Chevy to get your hands on more crypto. And BlackRock’s chief information officer says BTC is here to stay … and will eventually take gold’s place.
After all, it looks like Bitcoin has arrived. No wonder 73% of millionaires want to own digital assets before 2022.
Ether hits $ 500 for the first time since June 2018, outperforming Bitcoin YTD
It’s not just Bitcoin that is starting to return to historic highs.
ETH hit $ 500 for the first time since June 2018 on Friday, and other altcoins were slowly making a comeback.
Reaching this psychologically important barrier impressed the traders – not least because the ETH has so far surpassed the BTC this year.
While Ether’s year-to-date returns have been 284%Bitcoin follows behind 155%. However, things look different when it comes to how these two assets have appreciated since March. ETH / USD is up 327% from its lowest point of $ 117while BTC / USD has skyrocketed 411% from $ 3,600 to $ 18,420.
Cointelegraph Markets analyst Michaël van de Poppe has argued that a realistic peak for ETH’s next bull run could be as high as $ 20,000, while Alex Saunders, CEO of Nugget News, predicted so The ether could surpass its all-time high from $ 1,400 until the end of 2021.
It was also a good week for Litecoin, which has gained more percentage in the last seven days than BTC and ETH combined.
Attack of the Vampires: Uniswap loses 57% TVL when rivals receive rewards
The festive atmosphere does not extend across the entire crypto sector. The total value set in Uniswap plunged 57.5% after the end of the Profitable Farming Incentive Program, dropping more than $ 1 billion in less than 24 hours.
SushiSwap saw an opportunity to pounce, and the cloned, automated market maker announced a new scheme that covers the same four pairings previously suggested by Uniswap. TVL is up nearly 160% from $ 407 million to $ 1.05 billion in two days.
Several other DEXs have also launched “vampire” campaigns targeting Uniswap’s liquidity providers, including Bancor and 1inch.
With Uniswap’s liquidity disappearing before their eyes, token holders pounced on a new governance proposal to restore UNI token rewards for liquidity providers. The platform is unlikely to fail without a fight.
OKEx will resume withdrawals next week with the promise of 100% reserves
After waiting for weeks, OKEx is finally resuming customer asset withdrawals.
The shock suspension took place on October 16 and shook the crypto markets. According to reports, the founder of the exchange, Mingxing Xu, has been investigated by Chinese authorities.
OKEx has now announced further details about the events and stressed that the company has been cleared of any wrongdoing.
However, the exchange admitted that the existing contingency plans did not cover what would have happened if a private key holder had become unavailable due to unforeseen circumstances.
According to OKEx, the withdrawals will be fully back by November 27th and users can claim their funds back in full if they wish. Recognizing the need to rebuild trust, the exchange plans to launch a new loyalty rewards program to apologize.
Celebrities catch the bitcoin bug
Former game of Thrones Actress Maisie Williams certainly sparked a scene this week when she asked her 2.7 million Twitter followers if she should bet on Bitcoin for a long time. (46.6% said yes, 53.4% said no.)
Main investor Mike Novogratz was one of those who got involved in the debate, telling the A-Lister, “I bought 15,800 more BTC last night. It’s about 20K and (then) about 65K. The network effect has taken over. I see tons of new buyers and there is very little offer. At 11K it’s easier (than) here. So YES buy it.”
The rapper Logic revealed this later in the week He was also immersed in Bitcoin.
In a video accompanying his Instagram story, the star – real name Sir Robert Bryson Hall II – boasted that he “bought 6 million in Bitcoin last month.”
Despite his stance, Logic’s investment could turn out to be a particularly smart financial move. Depending on when he bought the BTC in October, he’ll make a profit of between $ 2 million and $ 4.4 million.
Winner and Loser
At the end of the week, Bitcoin is at $ 18,675.88, Ether at $ 525.95 and XRP at $ 0.41. The total market capitalization is 533,641,480,617 USD.
Among the top 100 cryptocurrencies are the top three altcoin winners of the week helium, SushiSwap and Keep rights. The top three altcoin losers of the week are The Midas Touch Gold, ABBC coin and Block stack.
For more information on crypto pricing, see Market analysis by Cointelegraph.
The most memorable quotes
“I think we’re going to see a lot of traditional players like banks and big payment providers working with crypto custodians. PayPal will be the first, and then more banks and financial institutions will follow. “
Bob Reid, Co-Founder and CEO of Everest
“We are extremely excited to announce the return of full service to our users and would like to thank them for their continued support during this difficult time. We apologize for the inconvenience this has caused and we know that we must continue to work diligently to restore your trust. “
Jay Hao, OKEx CEO
“Either it will continue as it is now for the next few weeks, rising very quickly to $ 20,000, or it will have a certain range every now and then, hopefully positive for the next year.”
Alex Saunders, Nuggets News CEO
“I honestly think Bitcoin is going to hit $ 100,000 in the next five years, and then it’s going to be,” Well, are they actually trying to turn it off, or how are they regulating and trading it? “
Alex Saunders, Nuggets News CEO
“If only it is allowed to go ahead with its mission and borrow all the money from around the world and become a global reserve currency … I think we can reach $ 1 million a coin, whatever that is, over the next 15 years . “
Alex Saunders, Nuggets News CEO
“At the moment we are seeing a lot of other projects that will create incentives after Uniswap ends.”
Sergej Kunz, 1 inch CEO and Co-Founder
“They have the hardcore group,” I’m a cryptocurrency investor, “but it hasn’t really expanded because it was so volatile that there were so many questions about security and what regulations could do that. The number of questions I asked now is a fraction of what I got a few years ago when it was really hot. “
Kathy JonesCharles Schwab Chief Strategist for Fixed Income Securities
“I think DeFi is here to stay. Even now that Bitcoin’s popularity is rising again, DeFi is still popular. We believe that DeFi has great growth potential. “
Changpeng Zhao, CEO of Binance
“Should I bet on Bitcoin for a long time?”
Maisie Williams, Actress
“I bought more BTC at 15,800 last night. It’s about 20K and (then) about 65K. The network effect has taken over. I see tons of new buyers and there is very little offer. At 11K, it’s easier here (than). “
Mike Novogratz, Investor
“Grayscale Bitcoin Trust now holds more than 500,000 BTC. Yes, you read that right. “
“$ 20,000 #Bitcoin is the main hurdle to a $ 1 trillion market cap – The digital version of #gold, but with limited supply and a history of adding zeros, appears to be in the early stages of pricing and could just continue on its rise in 2021. Mainstream adoption is increasing. “
Mike McGlone, Bloomberg analyst
Forecast of the week
Bloomberg’s McGlone believes Bitcoin could hit $ 170,000 in the next two years
It was a enormously Week for predictions. Mike McGlone, an analyst at Bloomberg Intelligence, suggested that the next year or two could add a zero to the end of the Bitcoin price – to $ 180,000 at current levels.
Earlier this week, McGlone also said that a $ 1 trillion Market capitalization (approx. $ 47,000 a coin) was “the next great resistance“For Bitcoin … as long as it can overcome the” primary hurdle “of getting there $ 20,000 first. “Mainstream acceptance is increasing,” he tweeted.
Elsewhere, Nugget News CEO Alex Saunders – which we mentioned earlier – told Cointelegraph that BTC can beat $ 100,000 in five years and $ 1 million until 2035. He described the current market conditions as the “perfect backdrop” for new highs.
Last but not least, a Citibank analyst said BTC had seen “unthinkable rallies followed by painful corrections” – and suggested it Heights of $ 318,000 could be seen for some time in December 2021.
FUD of the week
Bitcoin price drop in 3, 2… 1? The Fear & Greed Index is approaching a dangerous record high
While the markets were up, there is one thing worth keeping an eye on: the Fear & Greed Index.
This metric has been firmly anchored in the extreme greed category for some time. It flashed a score of 86 on Friday and a feast for the eyes 94 on Thursday. That’s almost the all-time high of 95 indicates 100 seen on June 26, 2019.
Compiled from multiple investor sentiment estimates, the Crypto Fear & Greed Index provides a normalized value of 100 to assess how overbought or oversold cryptocurrency markets actually are. The closer the number is to 100, the greater the likelihood that the market will retreat.
The index is strongly linked to price movements and has managed to achieve price peaks with the greatest possible accuracy since its introduction in early 2018.
“Coordinated Media FUD” about Bitcoin from Financial Times to Fox Business
The mainstream media is finally reporting on the recent rally that saw Bitcoin nearing its all-time high. However, some commentators seem determined to spread the word about FUD.
The Financial Times published an editorial warning Bitcoin that “safe haven status is more theoretical than anything”.
Fox Business also noted the rise in the price of Bitcoin with obvious alarm and warned its readers against investing in the cryptocurrency. It rounded out bitcoin haters including gold bug Peter Schiff, Roubini Macro Associates CEO Nouriel Roubini, and Bridgewater Associates founder Ray Dalio.
However, there was some media support for Bitcoin from an unexpected party – China, a country known for its tough stance on restricting digital wealth. The recent price rally even hit the national news about government video surveillance.
Binance files US lawsuit against Forbes and two cryptocurrency journalists
Binance has filed a lawsuit against Forbes Media and two of its journalists, Michael del Castillo and Jason Brett.
The exchange claims that an article titled “Leaked Tai Chi Document Reveals Binance’s Sophisticated Scheme to Bypass Bitcoin Regulators” was defamatory, false and misleading – and caused millions in losses.
The article in question reported that the Tai Chi document contained details of a system designed to deliberately mislead regulators in the United States.
While Forbes says it stands by its reporting, Binance is now seeking damages and punitive damages, and there is no doubt the company is getting serious.
The exchange has kept the services by Charles Harder, the attorney best known for representing Hulk Hogan in a lawsuit against Gawker Media. He raised a reward from $ 140 millionand this led directly to the demise of the media group.
Best Cointelegraph properties
Bitcoin price tops $ 18,800 as bears and bulls plan its way
The price of Bitcoin has stabilized above USD 18,000 and has broken out of the critical level of USD 18,500. Analysts discuss short-term bull and bear falls.
Uniswap fights back when competitors lose their DEX value
Even if the incentives for Uniswap continue to decline, TVL appears to have remained stable across the board.
Who is watching the guards? Crypto may not be as trustworthy as it seems
Crypto is often viewed as trustworthy and fail-safe. But how trustless is it really when more regulations, venues, and developers come on board?