Comes every saturday 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
Bitcoin price is reaching a new all-time high as the crypto market matures
It happened! Bitcoin this week officially reached an all time high above $ 19,892 For the first time in nearly three years after rebounding on Thanksgiving weekend.
Unfortunately, Tuesday’s new record didn’t bring the fireworks many had hoped for. All-time highs were only reached on a few stock exchanges. Soon after, BTC suffered a violent rejection near $ 20,000 – to $ 19,000 in less than 10 minutes.
After this Flash crash, pseudonymous trader CryptoBull tweeted: “What is remarkable is that a $ 1,000 swing is now only 5%. Adjust accordingly. “
Later that day, Reuters surprised the crypto world after one unusually positive story: “Dollar sinks on US economic hopes; Bitcoin is reaching the peak of all time. ” The oldest mining basin in the world later immortalized this heading in a block.
Over the course of the week, BTC struggled to get back to the high $ 19,000 and it did so on Friday suffered one more rejection at the $ 19,500what makes traders nervous.
While some believe that BTC is in a consolidation phase and could suffer another minor link in the short term, others expect the bottom line $ 18,500 Level to Hold – Set up BTC to retest the key $ 20,000 Level and a new all-time high in the near future.
Institutes tumble to $ 19,000 bitcoin as GBTC premium hits six-month high
Bitcoin’s volatility does not seem to have deterred the institutions. On Thursday, demand from investors meant that Grayscale’s Bitcoin Trust was trading at a price of a chunky premiumThis makes it 35% more expensive than buying BTC at the current market price.
Bulk buyers are still creating more demand than supply can satisfy, and a huge wall of sales $ 20,000 There may be a large transfer of wealth from whales to institutions.
Show data from Coin98 27,881 BTC was dismantled in November, but grayscale snapped on 55,015 BTC during the month. The digital asset manager also brought his back controversial “Drop Gold” campaignnow running on large networks in the United States.
In other news, S&P Dow Jones Indices announced its debut Cryptocurrency indices in 2021 – bring Bitcoin to Wall Street. Coinbase announced that MicroStrategy was running Mega $ 425 million BTC purchase back in September. And the CEO of BlackRock, who has estimated assets under management of $ 7.4 trillion, confirmed it Bitcoin is on his radar.
Danny Masters, chairman of CoinShares, also told CNBC that the institutional appetite for BTC means portfolio managers could soon be laid off for the lack of Bitcoin in their portfolio. The cryptocurrency also received confirmation from Nigel Farage, who called BTC “the ultimate anti-lockdown investment”.
Ethereum 2.0 is ready: The Genesis block of the beacon chain is created
After years of creation, the Genesis block of the Eth2 beacon chain finally saw the light of day this week. It was an understatement. The first block did not contain many profound, inspiring messages and merely said: “Mr. F. was here.”
This now triggers the starting signal for the transition to proof-of-stake in the coming years. Planned upgrades include sharding to improve scalability. Ethereum co-founder Vitalik Buterin has one updated roadmap of what’s next. He wrote: “Much has been achieved, but much remains to be done!”
ConsenSys founder Joseph Lubin predicted this Eth2 will devour Ethereum “In the not too distant future” Insiders reveal “are very optimistic about how quickly things could move since the really complicated work was done at the start of Phase 0.”
Not everyone shares Lubin’s enthusiasm. MyEtherWallet CEO and Founder Kosala Hemachandra has warned that the updated blockchain could be Years after completionas developers will face many hurdles. Phase 0 also suffered significant delays.
According to Ripple CTO, the community could force the company to burn 48 billion XRP
David Schwartz, Ripple’s chief technology officer, has admitted that auditors could force the company to burn his company 48 billion XRP – like it or not.
The payment giant currently holds half of the total XRP offering and has been criticized by the community for selling tokens in the past.
When a Twitter user asked if nodes, validators, and the wider community could order Ripple to burn XRP when they were in the majority, Schwartz wrote: “Yes. There would be nothing Ripple could do to prevent this. Public blockchains are very democratic.”
Data from eToro also showed that XRP saw a 1,151% Month to month increase in trading activity in November – significantly more than with Bitcoin 221% Boost and XRP 279% Torrent.
Libra switches to Diem, hoping to shake off associations
In June 2019, Facebook presented the white paper for the Libra Stablecoin and the Calibra Wallet. But after another rebranding, the controversial project is now even more unrecognizable … and it seems that this is the point.
The Libra Association took the day and changed its name to Diem Association. Catchy. It seems the organization is hoping to turn a page, win over regulators, and prove that it has some distance from Facebook.
Stuart Levey, CEO of the Diem Association, said the name “signals the growing maturity and independence of the project.”
A number of new hires were also made after reports that the payment service is expected to launch in January.
Winner and Loser
At the end of the week, Bitcoin is at $ 19,088.30, Ether at $ 592.29 and XRP at $ 0.58. The total market capitalization is $ 565,745,528,232.
Among the top 100 cryptocurrencies are the top three altcoin winners of the week Nexo, MaidSafeCoin and Elrond. The top three altcoin losers of the week are Stellar, Horizons and status.
For more information on crypto pricing, see Market analysis by Cointelegraph.
The most memorable quotes
“With digital assets like cryptocurrencies becoming a rapidly growing asset class, the time is right for independent, reliable, and easy-to-use benchmarks.”
Peter Roffman, S & P Dow Jones indices
“Our miners asked us to immortalize it. Block 659678: Reuters 01 / Dec / 2020 dollar falls on US economic hopes; Bitcoin is reaching the peak of all time. “
“Those familiar with the ecosystem are very optimistic about how quickly things could develop since the really complicated work was done at the start of Phase 0.”
Joseph Lubin, ConsenSys founder and Ethereum employee
“If the water is too clean, there will be no fish. The big players will disappear when the casinos have to be this transparent.”
Eric Leong, Junk service provider
“I think there are some issues that crypto is raising that our existing securities laws don’t properly address. I would like a little more innovation on the regulatory side. “
Hester Peirce, SEC commissioner
“The perceived career risk for Bitcoin as a portfolio manager in your institutional portfolio is quickly turning into a career risk for not having Bitcoin in your portfolio, and that is a truly amazing development.”
Danny Masters, CoinShares chair
“Bitcoin has drawn the attention and imagination of many people. Untested yet, quite small compared to other markets … Can it develop into a global market? Possibly. “
Larry Fink, CEO of BlackRock
“2021 could be the worst year for the US dollar, at least until 2022.”
Peter Schiff, Bitcoin skeptics
“There is only one way to do this and it works hand in hand with regulators.”
Dan Schulman, PayPal CEO
“Bitcoin has been the focal point for much of the crypto community, but altcoins are also making waves as investors look to alternative crypto assets to diversify elsewhere and generate profits.”
Simon Peters, CEO of eToro
“My name is neither Rainn Wilson nor Dwight Schrute. My name is Satoshi Nakamoto, the inventor of Bitcoin. That’s what I would say if I invented Bitcoin, which I didn’t. “
Rainn Wilson, Actor
Forecast of the week
Bitcoin, which hit $ 200,000 by December 2021, is now “conservative” – Willy Woo
Popular statistician Willy Woo has this week’s prediction for us – and he says Bitcoin is beating $ 300,000 in just one year “is out of the question.”
In a flurry of tweets on December 1, Woo said he was “never so optimistic” about BTC’s prospects for the year ahead.
He wrote: “My top model, which is proposing USD 200,000 per BTC by the end of 2021, looks conservative, USD 300,000 is out of the question. The current market paid an average of $ 7,456 for their coins. You are all geniuses. “
Sky-high price projections have fallen sharply and rapidly over the past two months, and Quant Analyst PlanB’s estimate of $ 100,000 for December 2021 now looks downright modest.
FUD of the week
OCC boss Brian Brooks: “Nobody will ban Bitcoin”
According to the acting head of the office of the currency auditor, the US regulators do not want to “kill” Bitcoin.
Instead, Brian Brooks said it was “important that we develop the networks behind Bitcoin and other cryptos” to prevent money laundering and terrorist financing.
Brooks was asked on CNBC if Brian Armstrong was concerned that the Trump administration was about to legislate.
He said, “I think you will see a lot of good news for crypto by the end of Trump’s term in office. Some of it will have to do with banks connecting to blockchains. Some of it will provide more clarity about the nature of those assets . “
And he emphasized: “Nobody will ban Bitcoin.”
CipherTrace warns of a surge in funds being lost to MetaMask wallets
CipherTrace warns of a massive surge in user funds stolen by a malicious Chrome browser extension masquerading as MetaMask, the popular crypto wallet.
The warning prompted Jacob Cantele, MetaMask’s chief product officer, to ask Twitter what else the company can do to keep users away from potentially harmful websites and downloads.
He wrote, “How can we improve? Currently, we have warnings in several places in the product, we maintain a phishing detector that warns of tens of thousands of malicious websites, we run regular security marketing campaigns, and we have legal resources to try to remove these websites. “
Links to fake MetaMask websites are accidentally republished by cryptocurrency projects and are reported to often appear as Google ads above the first result of Google searches for the term “Metamask”.
The Path Not Taken: Jealous Brother Claims Zwilling Made $ 10 Million In Bitcoin
One “stupid” Gemini has claimed that his and his brother’s lives changed drastically when they received an inheritance from $ 100,000 everyone.
Reddit user “TheDumbTwin” stated that he invested most of his inheritance in silver and stocks while his brother was looting $ 50,000 in Bitcoin … when it was offered at a price $ 100.
Now the brother who owns silver has a net worth of less than $ 100,000 while his twin is worth more than $ 10 million.
He wrote: “His wealth in Bitcoin alone is more than 100 times greater than all of my wealth.”
Despite assurances from other Reddit users, he added: “I try to be grateful for what I have, and I try to be grateful because I know that many other people in the world are much worse off. But I don’t know if I’ll ever get over it “
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