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
Altcoins pile up as bulls pile up in large-cap tokens and Layer-One projects
We are really in the “old season” now, and Bitcoin’s dominance shows no signs of decline.
Ether delivered a staggering surge, hitting over $ 3,000 in price for the first time and breaking new records as the week wore on. On Saturday, ETH remained uncharted territory after reaching highs $ 3,800.
Among those celebrating the rise in ETH is Ethereum co-founder Vitalik Buterin, who has officially become a crypto billionaire. The tension will continue to build ahead of a long-awaited upgrade that will revise the network’s gas tariff structure in July.
ETH is also in good company. EOS of more than collected 100% in this week according to a recent protocol that increases the project’s inflation rate. Litecoin has reached an annual high against BitcoinMany analysts predict a prolonged upward momentum. And Bitcoin Cash jumped 68% amid rumors that a looming hard fork could bolster the network’s user base.
Even Ethereum Classic, the tough fork sparked by disagreement after a devastating hack in 2016, has pumped 130% Last week.
Of course, there’s one altcoin in particular that continues to steal the show …
May 8 “Day To Watch” for Dogecoin amid warning that an XRP-style crash may occur
DOGE couldn’t be stopped in the last few weeks. It hit unprecedented highs of $ 0.7376 early Saturday. To put in context how crazy the joke cryptocurrency surge really is, $ 1 invested on January 1st would be worth now $ 139 at current prices.
The mania about the financial tribute to Shiba Inus could peak anywhere when the DOGE enthusiast and mega-billionaire Elon Musk hosts it Saturday night live. It’s inevitable that his appearance would feature endless sketches about Dogecoin, and that could push prices up even further.
But not everyone thinks that the DOGE wave is a reason to celebrate. A popular account on Twitter, Lowstrife, believes the end is near as the crypto trader discovers eerie similarities between the current DOGE and XRP charts in the heady days of 2018.
At that time, XRP had hit all-time highs of $ 3.20 that remains true to this day, but then slowly faded to lows of $ 0.14 – a loss of 95.6%.
Warning of an impending apocalypse for DOGE, Lowstrife wrote, “Each of DOGE’s major rallies this year has been smaller and less aggressive. What initially took 18 hours has now been running for 2 days. I suspect this is the last nudge before it’s all over for good. May 8th is the day to watch. “
Even Musk himself cooled the hypeThis reminds followers that crypto investments are still speculative.
Square’s Bitcoin Sales Up 1,000% in 12 Months
A flurry of earnings results this week has highlighted the impact of Bitcoin’s sensational first quarter.
Square exceeded analyst expectations, posting earnings of $ 0.41 per share between January and March – well above its forecast of $ 0.16. The income perished $ 5.06 billion, Dwarf predictions of $ 3.36 billion.
Bitcoin drove alone $ 3.5 billion an astonishing increase in revenue by 1,000% in just 12 months. Overall, the crypto-friendly company’s gross profit increased 79% year over year to $ 964 million.
Square also sits on paper profits from $ 250 million after two high profile Bitcoin purchases – one in February and one in October.
PayPal also announced the “great results” It was received by his crypto service. The platform’s profits and revenues also exceeded forecasts for the first quarter.
Coinbase shares are dropping to a record low and further decoupling from crypto
The solemn atmosphere is not universal. Coinbase shares fell to new lows on Thursday as Wall Street investors continued to exit soaring tech stocks.
COIN on the ground $ 255.15where it was in danger of hurting $ 250 Reference price set on the eve of the listing in April. All of this despite the total market cap of all cryptocurrencies rising over $ 2.4 trillion.
Mike Bailey, Research Director of FBB Capital Partners, told Bloomberg: “We saw a mini-bubble in SPACs, IPOs, crypto, clean tech and hypergrowth in late 2020 and early 2021, and many of these asset classes are suffering from bad hangovers.”
(However, his claim that crypto causes a “bad hangover” is false.)
Coinbase’s problems may be related to increasing competition between crypto exchanges, which has left retail investors spoiled for choice. There is a risk that this will affect revenue from transaction fees, which make up the majority of revenue.
Comedian Bill Maher studies the environmental impact of crypto
Elon Musk’s stint on the pits this weekend is a strong counterweight to comedian Bill Maher, who hasn’t let any crypto enthusiast down in recent years.
In Maher’s program, he compared the industry to a virtual game – and spoke of mining in a mocking tone. Maher also implied that token investing was a childish endeavor and illustrated his point with quotes from Warren Buffett.
He said, “It is inherently unbelievable to create hundreds of billions of billions of virtual wealth without ever accomplishing anything and not making a product or providing a service. […] What is really real, unfortunately, is the unfathomable amount of electricity these massive supercomputers suck up for their mining operations. “
Maher even quipped that Satoshi Nakamoto, the pseudonym of Bitcoin’s inventor, is the Japanese term for “monopoly money”.
Anthony Pompliano shared the clip with the caption, “Never ask a comedian for investment advice.”
Changpeng Zhao, CEO of Binance, replied: “Very sad to see. Feel really hopeless for him. Joke will be on him. The time will tell.”
Winner and Loser
At the end of the week, Bitcoin is at $ 58,366.32, Ether at $ 3,811.20 and XRP at $ 1.56. The total market capitalization is $ 2,433,633,423,933.
Among the top 100 cryptocurrencies are the top three altcoin winners of the week Shiba Inu, Bitcoin Diamond and Telcoin. The top three altcoin losers of the week are harmony, Huobi tokens and Filecoin.
For more information on crypto pricing, see Market analysis by Cointelegraph.
The most memorable quotes
“It looks like Uniswap v3 is more gas intensive than v2, roughly as expected.”
“It looks like Uniswap v3 is more gas intensive than v2, roughly as expected.”
Haseeb Qureshi, Managing Partner of Dragonfly Capital
“With cryptocurrencies already creating incredible global wealth, it is real estate that sustains that wealth and leaves a legacy for buyers.”
Alex Sapir, Chairman of Sapir Corp.
“We saw a mini-bubble in SPACs, IPOs, crypto, clean tech and hypergrowth in late 2020 and early 2021, and many of these asset classes are suffering from bad hangovers.”
Mike Bailey, Research Director of FBB Capital Partners
“It can definitely go a lot higher. I think we can see the price go up to $ 10,000 where a lot of ETH bull price targets come into effect and people are taking profits.”
Nikhil Shamapant, Private investors
“We are committed to not having a headquarters and it is important to show our decentralized employees that there is no location.” [more] more important than the other. “
“Each of the big DOGE rallies this year was smaller and less aggressive. What initially took 18 hours has now been running for 2 days. I suspect this is the last nudge before it’s all over for good. May 8th is the day to watch. “
“DeFi can lead to a paradigm shift in the financial industry and potentially contribute to a more robust, open and transparent financial infrastructure.”
Federal Reserve of St. Louis
“Volatility is everywhere […] It’s not just crypto. “
Changpeng Zhao, CEO of Binance
“Of course, I hate Bitcoin success and I don’t applaud any currency that is so useful to hijackers, blackmailers, etc.”
Charlie Munger, Billionaire investor
“It is inherently unbelievable to create hundreds of billions of billions of virtual wealth without ever achieving something and not making a product or providing a service.”
Forecast of the week
You can see how the ETH rolls: Why did the Ether price reach $ 3,500 and what’s next?
The booming price of ether has led to feverish discussions about a long-known “flippening” in which ETH overtakes BTC as the world’s largest cryptocurrency.
While this is fanciful right now, there are a number of optimistic predictions when it comes to where the price of Ether is going next.
One of them comes from Nikhil Shamapant, a private investor who recently released A research report in which he argued that ETH could be worthwhile $ 150,000 until 2023.
He said to Cointelegraph: “It can definitely go much higher. I think we can see the price rise to $ 10,000 where a lot of ETH bull price targets come into effect and people are taking profits. I think we’re going to hit that $ 10,000-25,000 range, get high supply, and have some big drawdowns and consolidations at this point. “
FUD of the week
The fees are stinging, but Uniswap v3 sees more volume on the launch day than in the first month of v2
Data suggests that Uniswap v3 was successful in the first 24 hours and processed more than twice as much as v2 in the first month.
But not everyone is excited about the latest version of the world’s most popular decentralized exchange. Some users complain about the cost associated with using it.
One person wrote on Twitter: “It is now even more expensive to make mistakes. I tried to migrate my UNI / ETH liquidity to V3, failed and paid $ 108.09 worth of petrol. “
Dragonfly Capital’s managing partner Haseeb Qureshi was also unimpressed. He wrote on Twitter: “It looks like Uniswap v3 is more gas intensive than v2, roughly as expected. […] For single-hop transactions in particular, it’s about 28% more expensive. For larger transactions that cross multiple ticks / buckets, gas costs should be a bit higher. “
New York law puts a three-year ban on crypto mining because of carbon issues
A Democratic Senator in New York, Kevin S. Parker, proposes a three-year ban on crypto mining.
Data centers are only allowed to operate if they pass an environmental impact assessment due to fears that BTC mining could cause the state to miss ambitious goals to combat climate change.
New York Senate Bill 6486 said, “A single cryptocurrency transaction uses the same amount of energy as the average American household uses in a month, with an estimated global energy use equal to that of the country of Sweden.”
The bill has yet to be supported by other senators. However, the Democrats control the House of Commons and the Senate.
The employer paid the worker in crypto and then reclaimed him when the price went up
A US-based business development specialist has claimed that a company that paid them to do contract work using cryptocurrency now wants them to return the tokens after a significant increase in the price of the asset.
The unnamed employee, known only as “Crypto Confused,” wrote to MarketWatch saying: “I’m not sure what to do. I’ve worked with this person for many years and they tend to try to change the payment terms after agreeing on a particular way of working. “
Columnist Quentin Fottrell replied: “If the value of the cryptocurrency had dropped 100% since August 2020, would they want to pay you in dollars? If it suddenly dropped by that amount today, would he contact his employees? “
Best Cointelegraph properties
DOGE as internet money? TikToker and sports fans see a use case for Dogecoin
With experts referring to various groups as the avant-garde of Dogecoin, the potential base of the coin appears to be a broad coalition.
From no to yes: JPMorgan’s path to crypto could mess up the finances
After JPMorgan CEO Jamie Dimon beat up Bitcoin in 2017, he appears to have softened his stance on crypto, as has the company itself.
As Bitcoin’s payment options increase, the true future role of BTC is up for debate
BTC’s declaration of a store of value – Gold 2.0 – but not a medium of exchange, contradicts logic. It must first have a use case.