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
Another day, a new all-time high – Bitcoin hits $ 24,000 on the weekend
On December 18, 2017, Bitcoin hit an all-time high of $ 19,891.99. Years of price collapse and drama followed. Even so, the believers remained confident that one day Someday, BTC would manage to crack $ 20,000.
And on December 16, 2020 that day finally came. In quick succession, BTC took off $ 20,000, $ 21,000, $ 22,000 and $ 23,000 Respite at $ 23,800. That stumbling block was gutted over the weekend when BTC went upstairs $ 24,000.
In an extraordinary run, the price of Bitcoin more than rose 25% within a week Ether hits annual highs and altcoins like Litecoin is showing strong performance, also.
On-chain analyst Willy Woo has announced that $ 55,000 is the next milestone for Bitcoin. $ 100,000 is a “ridiculously low” goal. Meanwhile, Mati Greenspan, founder of Quantum Economics, believes: “Things are just beginning. ”
Early miners became millionaires, whereby the number of Bitcoin addresses applies as a minimum $ 1 million pass by 150% in this week. And for a while, anyone who ever bought Bitcoin was officially profitable.
The network fundamentals of Bitcoin paint a completely different picture for the 2017 bull run, but some things never change: as BTC went above and beyond $ 20,000, both Binance and Coinbase suffered outages.
Bitcoin price can hit $ 25,000 before 2021 if this important level of support applies
What’s next when the Lambo brochures land on floor mats and the moon is in sight?
Cointelegraph analyst Michaël van de Poppe says a short-term drop in the $ 18,500 region shouldn’t be ruled out, but adds that there may be more leeway as pricing continues.
He thinks so $ 19,500 has now been made to a critical level. The next interest rate level is at $ 25,800, which could be the next marker for a potential top.
Van de Poppe wrote: “Such vertical rallies are not sustainable for long. So at some point a correction will occur. However, predicting when this will happen is unclear as bitcoin can easily lead to it $ 30,000 and then see a 30% Correction.”
It will also become a “major district” for altcoins. Historically, Bitcoin dominance is highest in December, followed by a strong quarter for smaller cryptocurrencies. The question now is whether and when the violent correction of Bitcoin will take place.
The options market is Pricing of a potential Bitcoin rally to between $ 36,000 and $ 50,000, suggesting many traders believe the surge will continue into 2021. A larger upward trend in the first half of 2021 would cause BTC to repeat activities after halving in 2017.
“Now BTC has finally broken $ 20,000, all bets are closed” Cryptanalyst and trader Cheds told Cointelegraph.
Bitcoin Shortage as Wall Street FOMO turns Bitcoin whales into plankton
Institutions are now making minced meat out of whales – and they’re starting to look like plankton. As long-term investors rush to outsource Bitcoin for a profit, big companies are lining up to track down their crypto en masse.
A lack of BTC on the exchanges coupled with institutional purchases in over-the-counter locations has laid the foundation for a battle for the remaining supply. Price increases are the only logical solution.
“I will repeat … incoming liquidity crisis” said Danny Scott, the CEO of UK Exchange Coin Corner.
Nor is there any sign of a slowdown in institutional activity, with some suggesting that “there will be a generation allocation to this new asset class.”
Here’s the thing: retail buyers aren’t even here. Twitter, Wikipedia, and even Google search activity point to a world unaware of the rise in bitcoin. (That said, BTC has had more coverage in newspapers – my grandmother announced she read about it over her morning cup of tea Thursday.)
Tweets are only roughly where they were in January 2018; Pageviews on Wikipedia are largely flat; Google searches for “Bitcoin” were less popular this week than it was in November.
BTC just doesn’t seem to have touched mainstream consciousness, and paradoxically, many people only seem ready to buy crypto when it hits all-time highs.
According to an SEC filing, Coinbase is about to go public
One of crypto’s most anticipated IPOs is now one step closer.
Coinbase has submitted its draft registration to the Securities and Exchange Commission for an IPO. This is a big deal as it is one of the biggest names in the crypto space that has a reputation for working well with U.S. regulators.
According to the research company Messari, Coinbase could get a valuation of $ 28 billion when the IPO is going on. This is a significant increase from the last funding round in October 2018, in which the company received a prize of $ 8 billion.
Reports suggest that Coinbase turned to Goldman Sachs to go public, but this has yet to be confirmed.
Here it is: The Treasury Department is proposing a rule to monitor the encryption of self-hosted wallets
The Treasury Department has released its long-awaited proposal to prevent money services companies, including U.S.-registered crypto exchanges, from dealing with self-hosted wallets.
The proposed rules would require exchanges to “verify the identity of their customers if a counterparty is using an unhosted or otherwise covered wallet and the transaction is greater than $ 3,000”.
The Treasury Department has now given stakeholders 15 days to respond with their comments, and Coinbase CEO Brian Armstrong was one of the first to express reservations about the rumored plan in November.
Multiple legislators have expressed an objection on the proposals that could be viewed as an attack on the nature of peer-to-peer transactions. However, the measures on the table are not as radical as some feared.
Analysts believe that the discussed limitations does not affect the rally of Bitcoinon the grounds that the possibility of additional regulation has already been priced into the crypto market.
Winner and Loser
At the end of the week, Bitcoin is at $ 23,866.82, Ether at $ 663.73 and XRP at $ 0.58. The total market capitalization is $ 674,326,311,469.
Among the top 100 cryptocurrencies are the top three altcoin winners of the week SwissBorg, Elrond and Zilliqa. The top three altcoin losers of the week are Energy web token, waves and Filecoin.
For more information on crypto pricing, see Market analysis by Cointelegraph.
The most memorable quotes
“All you had to do today to become a millionaire was my * single * Bitcoin block between 2009 and 2012. You had 210,000 chances to do so.”
Rafael Schultze-Kraft, Glassnode CTO
“One of Robinhood’s main selling points was that it didn’t charge its customers any trading commissions. In reality, however, there was a catch to Robinhood’s ‘commission-free’ trading.”
The US Securities and Exchange Commission
“We are not at an all-time high where the BTC Top Cap model curves upwards. Let’s see how high it will be in 2021. $ 100,000 is a ridiculously low target on the current trajectory. $ 55k is the next milestone -> Bitcoin will become a $ 1T macro asset bucket. “
Willy Woo, On-chain analyst
“I repeat … incoming liquidity crisis.”
Danny Scott, Coin corner
“$ ETH has started its run every December for the past 3 years with an ROI of at least 100% + in the following months. What makes you think this year will be different? #Ethereum to $ 1000 + within the next few months IMO. ”
Altcoin Sherpa, Cryptanalyst
“Make yourself comfortable because we’ll be visiting the $ 20-22,000 level at least half a dozen times before we get into the $ 30,000 area later in 2021.”
Alex Mashinsky, CEO of Celsius Network
“From here, at least for the time being, sustained growth is likely. We are now being driven by businesses and billionaires, not just retailers. “
Brandon Mintz, CEO of Bitcoin Depot
“#Bitcoin just showed up. We encountered some scaling issues. Should be fixed for now. Underestimated demand. Add MANY more “servers”. “
Changpeng Zhao, CEO of Binance
“We’ve been waiting for this moment for years and now that $ BTC #Bitcoin has finally broken 20,000, all bets are void.”
Cheds, Crypto trader and analyst
“I am glad I bought Bitcoin. Next stop $ 50k. Institutional Money Wall Comes in 2021. Buy under $ 20,000. If you missed Bitcoin, buy silver. “
Robert Kiyosaki, Rich father, poor father author
“I would NEVER recommend anyone take out a personal loan to buy ETH or any other asset on Ethereum.”
Vitalik Buterin, Co-founder of Ethereum
Forecast of the week
According to DeVere’s CEO, Bitcoin is set to rise 50% in 2021 and potentially double
There are so many predictions of what will happen next.
Nigel Green, CEO of DeVere Group, has announced that Bitcoin will have another “record year” in 2021.
Green believes prices will explode 50% and indicated that they could even double. On that basis, he expects BTC to trade between $ 34,500 and $ 46,000 at some point next year.
Robert Kiyosaki – the bestselling author of Rich father, poor father – – has thrown his hat too in the forecast ring. “A Wall of Institutional Money” comes to Bitcoin in 2021 and sets a target of $ 50,000.
There is one man who is relieved that one of his predictions finally came true. In April Mike Novogratz warned that he “hang up his spurs“When BTC couldn’t reach $ 20,000 in 2020. He has since tweeted saying he was “glad I don’t need this”.
FUD of the week
A shock poll shows that most investors believe that Bitcoin will not exceed $ 50,000 by 2030
The relentless optimism about Bitcoin’s performance in 2021 does not seem to be matched by everyday investors.
A Genesis Mining survey of 1,000 current and former Bitcoin investors in the US found that only 17% believe BTC prices will exceed $ 50,000 in 10 years. This despite the fact that it would only require an increase of 108% from the current level – with BTC in passing 230% year to date.
All in all, 50.1% of those who took the survey believe that Bitcoin will be worth $ 20,000 or less by 2030; a third believes it will be under $ 10,000;; and a tenth of fear prices will fall under it $ 1,000.
Robinhood’s trading app pays SEC fees for $ 65 million
Robinhood has filed a lawsuit filed by the Securities and Exchange Commission with consent to pay $ 65 million.
The SEC had accused the trading app of misleading users about where their money actually came from between 2015 and 2018.
The supervisory authorities wrote: “One of Robinhood’s main selling points was that it did not charge its clients any trading commissions. In reality, however, there was a catch to Robinhood’s ‘commission-free’ trading: Robinhood’s clients received lower execution prices than Robinhood’s competitors.”
Speaking to Cointelegraph, the head of the legal team at Robinhood stressed that this was all in the past, stating: “The settlement refers to historical practices that do not reflect Robinhood today.”
Unfortunately, Robinhood’s legal troubles don’t end there, and reports have surfaced that Massachusetts securities regulators are weighing whether to bring charges against the company for exposing inexperienced investors to “unnecessary trading risks”.
The IRS tax form question leaves U.S. crypto users confused and concerned
US crypto users were confused and frustrated by the wording of a question about digital currencies on this year’s tax return form.
Form 1040 asks, “Have you received, sold, sent, exchanged, or otherwise acquired any financial interest in any virtual currency at any time during 2020?”
That question was asked much more importantly – at the top of the form. But here’s the problem: there are no explicit guidelines for defining a “virtual currency”.
A crypto tax specialist compared the question to a “perjury trap”.
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