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’s uptrend continues despite the battle to recover $ 60,000
Bitcoin dazzled us all last Saturday with a dramatic surge to new all-time highs $ 61,683.86. However, the market spent little time at record levels, with a sharp drop bringing prices to lows $ 53,555.03 until Tuesday. Although BTC has recovered to some extent, it is now facing strong resistance at USD 60,000.
CrossTower trading director Chad Steinglass said some resistance is expected and once those levels are exceeded they will come in to support. He added: “It will take a little while to break $ 60,000 with any kind of authority.”
However, it is worth taking a moment to ponder Bitcoin’s advances. As Cointelegraph Markets analyst Michaël van de Poppe notes, BTC has accelerated from $ 11,000 to $ 60,000 in just six months. He believes $ 60,000 is “the final key level of resistance before the next impulse wave in the direction $ 68,000 can happen.”
Talk to CointelegraphYoni Assia, CEO of eToro, stated that a “confluence of circumstances” is contributing to the current upward trend, including the economic situation in the US that was sparked by the coronavirus pandemic. Kraken growth lead Dan Held added that BTC is currently experiencing a super cycle that could boost it to $ 1 million, describing it as “one in 100 years. ”
Morgan Stanley Launches Bitcoin Investing For Millionaire Customers
Institutional banking powerhouse Morgan Stanley caused a stir this week when reports indicated it will give customers access to Bitcoin investments – a big sign of approval.
CNBC reported that the US bank is granting access to three crypto funds … but only under certain conditions. It is only open to customers who have the status of an accredited investor and who have more than $ 2 million in the capital of Morgan Stanley – and even then they can only assign 2.5% of their total assets to these funds.
This week, other financial institutions reacted violently to Bitcoin. Deutsche Bank said BTCs $ 1 trillion Market capitalization made the cryptocurrency “too important to ignore. ”
According to JPMorgan Chase, they are retailers Herd to buy BTC from established fintech companies. The data suggests that consumers have more than bought 187,000 BTC from the likes of PayPal and Square this quarter who outperformed the institutions that snapped 173,000 BTC In the same period.
As you’d expect, not everyone is impressed. Bank of America analyst Francisco Blanch described Bitcoin as extraordinarily volatile, impractical and environmentally harmful. He was particularly unimpressed with how BTC can just handle this 1,400 Transactions per hour while Visa can process 236 million.
Coinbase registers 114.9 million shares prior to being directly listed on the Nasdaq
Coinbase has registered 114.850.769 Class A common stock prior to its direct listing on the Nasdaq. An updated S-1 filing with the US Securities and Exchange Commission suggests a volume-weighted average price per share of $ 343.58.
Other platforms that also offer crypto trading have also taken steps this week. On Tuesday, eToro announced that it was planning to merge with a blank check company with a rating of going public $ 10.4 billion.
Kraken has yet to confirm whether it will follow in Coinbase’s footsteps. but in a statement to CointelegraphIt has been ruled out using eToro’s approach, which is to be acquired by a company that is already listed on a stock exchange. “We are too big to go that route,” one representative told us.
Robinhood – another company that has been investigating an IPO – has also announced that it plans to expand its crypto trading service “ASAP. But in a fireside chat on YouTube, CEO Vlad Tenev said Granted, it can take a few months for the company to recover from the GameStop retail saga.
Beeples $ 69 million NFT for Christie’s buyer has revealed his identity
Cointelegraph has started a brand new series called Good news This provides a neat summary of the major developments in NFTs. Here are some of our favorite space evolutions this week.
MetaKovan, the mysterious bidder who bought Beeple’s “Everydays: The First 5000 Days” Piece for a cool one $ 69.3 million, was exposed as Vignesh Sundaresan. Before founding Metapurse, he founded the Crypto Exchange Coins-e and was a co-founder of the Crypto ATM project BitAccess.
Elsewhere, the blockchain-based sports platform Chiliz has seen an extraordinary boom recently 1,650% within two weeks – An achievement that puts Bitcoin and Ether to shame.
Although one of the main selling points of NFTs is that they are indivisible, projects aimed at fractionating these tokens have gained momentum. Own only part of a digital work of art is becoming more and more attractive for collectorsand it could allow NFT holders to get some liquidity out of their assets without selling the entire piece.
Finally, toilet paper is back in the news. The Charmin moor roll created five types of non-fungible token paper – accompanied by a physical ad for happy owners. An auction was held on Rarible with all proceeds going to charity.
Technoking and coin master – Elon Musk and Tesla CFO take on new titles
Forget Tesla CEO – Elon Musk got promoted. According to a new SEC filing, the billionaire should now be referred to as the “Technoking of Tesla”.
His CFO Zach Kirkhorn was also promoted to “Master of Coin”. Both men will keep their respective positions.
Musk is a cause for celebration, with numbers suggesting Tesla was sitting nearby $ 19 million in unrealized profit per day since its announcement $ 1.5 billion Bitcoin purchase. This almost surpasses the $ 721 million profit made from the sale of 500,000 cars in 2020.
The billionaire also waded into the trendy world of non-fungible tokens this week when he did announced that it was planning to sell a musical NFTwith lyrics based on the hype surrounding the technology – “It’s verified, it’s guaranteed.” Very catchy.
Despite excessive bids $ 1.1 million On the Valuables platform, Musk later took his ball home and tweeted: “Actually, it doesn’t feel quite right to sell this. Will pass.”
Winner and Loser
At the end of the week, Bitcoin is at $ 59,206.87, Ether at $ 1,845.28 and XRP at $ 0.49. The total market capitalization is $ 1,830,431,252,324.
Among the top 100 cryptocurrencies are the top three altcoin winners of the week harmony, Bit torrent and Siacoin. The top three altcoin losers of the week are Chiliz, SwissBorg and Voyager token.
For more information on crypto pricing, see Market analysis by Cointelegraph.
The most memorable quotes
“NFT art is so hard to explain because it doesn’t make sense.”
“NFT art is so hard to explain because it doesn’t make sense.”
John Carvalho, former Chief Communications Officer of Bitrefill
“Bitcoin is also correlated to risk-weighted assets, it is not tied to inflation, and remains exceptionally volatile, making it impractical as a store of wealth or a payment mechanism.”
Francisco Blanch, Bank of America analyst
“Sometimes a better bathroom experience goes beyond the seat. That’s why we’re introducing the first NFT art from a toilet paper brand.”
“If Kraken decided to go public, it would be through direct listing rather than SPAC as we are too big to go that route.”
“Collectors who buy NFTs with their cryptocurrency profits could face heavy tax charges this year for businesses that were most likely deemed tax-free.”
Robert Frank, CNBC
“With the cool down of meme stocks fueled by Reddit and novelties like records in digital art, retailers – some now with $ 1,400 worth of stimulus checks – are taking control.”
Ed Moya, Senior Market Analyst at Oanda Corp.
“Bitcoin is the preferred investment option among check recipients.”
“Effective March 15, 2021, the titles of Elon Musk and Zach Kirkhorn were changed to Technoking of Tesla and Master of Coin, respectively.”
Forecast of the week
$ 288,000 by December? Bitcoin “won’t stop at $ 100,000,” says stock-to-flow creator
PlanB has again doubled its share-based Bitcoin pricing model, arguing that Bitcoin has plenty of room for growth in its current bull run and “won’t stop at” $ 100,000.
Many investors were curious as to where the 2021 bull run could end. Depending on the price indicator used, the peak can be uncomfortably close or still far away. But for stock-to-flow supporters, the answer clearly remains the latter: Compared to previous bull cycles, 2021 is only just beginning.
According to PlanB, December is a realistic deadline for BTC $ 288,000 and says the price of Bitcoin is “following its model like clockwork”. He added that this forecast is just an average, meaning the peak of this cycle could be double or even higher.
“We are only 3.5 months in the Bitcoin bull market,” he wrote.
FUD of the week
Phishing attacks use PancakeSwap and Cream domains to steal money
Two decentralized finance projects were hit by a DNS spoofing attack on Monday.
Cream Finance and PancakeSwap, both deployed on Binance Smart Chain, were affected by the phishing incident.
In Cream’s case, a fake window was loaded asking users to enter their private key. There are almost no cases where a user should type their startup phrase into a browser app, especially when interacting with DeFi.
Both websites appear to be registered with GoDaddy. One possible explanation is that the teams’ accounts at the provider were hijacked so that the attacker could officially change the DNS routing point for the domains.
Each project emphasized that funds are safe as long as users don’t enter their private keys. Both of them later managed to regain control of their websites.
Arthur Hayes is filing for voluntary surrender in a Hawaiian court on $ 10 million bail
Lawyers negotiating on behalf of Arthur Hayes, one of four BitMEX executives accused of violating the Bank Secrecy Act, set the terms for his proposed voluntary surrender to a court in Hawaii on April 6th.
The proposed bail conditions, which are subject to court approval, provide that Hayes, who has lived in Singapore since January 2020, may be released on a $ 10 million personal note of appreciation, supplemented by $ 1 million Dollars secured in cash and signed by is his mother.
Other proposed conditions include Hayes ‘hold on a Singapore-US passport and his execution of an extradition waiver in a form that would be mutually agreed between the government and Hayes’ defense.
The judge denied the XRP army a seat at the table in the SEC v. Ripple case
A judge has denied a motion filed over the weekend on behalf of more than 6,000 XRP owners attempting to join the SEC’s case against Ripple as third party defendants.
The request for intervention argued that the interests of the token holders – in this case the XRP army – were not adequately represented in the lawsuit against Ripple and its executives.
Attorney John Deaton claimed XRP owners suffered $ 15 billion Losses following the SEC announcement against Ripple that led to the altcoin crashing.
US District Judge Analisa Torres denied the motion “unscathed,” which means that attorneys representing XRP investors may be able to resubmit in the future.
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