Come every saturday Hodler’s digest helps you keep track of every single important message that happened this week. The best (and worst) quotes, introductory and regulatory highlights, leading coins, predictions, and more – one week on Cointelegraph in one link.
This week’s top stories
Bitcoin officially hits a new all-time high of over $ 65,000
Bitcoin (BTC) rose to new all-time highs this week, breaking the former $ 64,900 cap from April when the asset entered pricing mode before hitting around $ 67,000.
The upward momentum coincided with the successful launch of ProShares’ Bitcoin futures-based Exchange Traded Fund (ETF). Many onlookers expect the price to rise in the weeks and months to come, with the more optimistic even suggesting that up to $ 300,000 is possible in the near future.
With Bitcoin market cap dominance at its highest level since mid-May, many popular traders have emphasized that now is the time to focus on digital gold and put the altcoin market on hold for the time being.
ProShares Bitcoin-linked ETF launches on NYSE
ProShares reached a major milestone for the crypto sector this week after the company unveiled its Bitcoin futures-based ETF (BITO) on the New York Stock Exchange (NYSE) on Tuesday.
ProShares’ Bitcoin Strategy ETF recorded a volume of around $ 1 billion on the opening day largest first day volume for an ETF in the sense of “natural” or “fundamental interest”.
After two days on the NYSE, Proshares’ ETF became the fastest fund to ever hit $ 1 billion in assets under management. After the Proshares ETF, many viewers are waiting to see how the next in line develops. At the time of writing on Friday, Valkyrie just got his Bitcoin futures ETF on the NYSE.
Coinbase announces multi-year partnership with the NBA and WNBA
The leading crypto exchange Coinbase has signed a contract with the NBA, WNBA, NBA G League, NBA 2K League and USA Basketball as part of a multi-year sponsorship deal. As part of the deal, Coinbase will be working to educate basketball fans about crypto.
According to the NBA, Coinbase will create “unique content, innovations, activations and experiences” to help basketball fans learn more about the crypto space. The company’s branding will also appear during the televised games.
The move could be a real slam dunk for the industry in terms of mainstream adoption. Statista data shows that in the 2019-2020 season, an average of 1.6 million people watched the regular NBA season games on large networks.
Mariah Carey buys Bitcoin and hopes to empower fans through education
Mariah Carey, the pop icon behind the divisive Christmas song “All I Want For Christmas Is You,” has partnered with the Winklevoss twins’ crypto exchange Gemini to promote the adoption of Bitcoin and colored girls in their STEM pursuit -Support Degrees – a broad education category related to science, technology, engineering, and math.
In a video to her 10.2 million Instagram followers, Carey said she was a Bitcoin investor and offered her fans a referral code to redeem a whopping $ 20 in free BTC.
Their promo deal is charitable as users who sign up through the referral link and trade digital assets on Gemini contribute directly to Black Girls Code, a nonprofit that provides technology education to African American girls.
Brazilian toddler makes over 6,500% profit on their first Bitcoin stake
A four-year-old hodler from Brazil earned more than 6,500% profit with her first Bitcoin. The girl’s father, João Canhada, donated 1 BTC to his newborn in 2017 when the asset was around $ 915.
Canhada is the founder of the Brazilian crypto exchange Foxbit and stated that he bought his daughter Bitcoin not just as a gift, but as an “investment opportunity” in the emerging crypto sector. It seems he was in the right place at the right time when the price of Bitcoin rose to $ 20,000 in late 2017.
While there were plenty of bumps along the way, Bitcoin was worth around $ 61,000 by the end of the week, suggesting that their profit is now around 6,560%.
Winner and Loser
At the end of the week, Bitcoin (BTC) is at $ 60,658, Ether (ETH) at $ 3,963 and XRP at $ 1.09. The total market capitalization is $ 2.51 trillion, according to to CoinMarketCap.
Among the top 100 cryptocurrencies are the top three altcoin winners of the week OKB at 71.25%, Nexo (NEXO) at 33.80% and Huobi token (HT) at 33.70%.
The three biggest altcoin losers of the week are Flow (FLOW) at -21.20%, Celsius (CEL) at 14.00% and Perpetual Protocol (PERP) at -13.14%.
For more information on crypto pricing, be sure to read Market analysis by Cointelegraph.
The most memorable quotes
“If left unchecked, these digital assets and payment systems could affect the effectiveness of our sanctions.”
US Treasury Department
“We have a lot of bright people working at Icahn & Company and we just don’t understand Bitcoin. I’m not saying it’s bad or good, I’m just saying that we don’t understand. We’re not going to invest in what we don’t get. […] The jury is really not sure whether Bitcoin has intrinsic value or acts as a store of value. When inflation gets rampant, I think it has value. There are so many variables that it is very difficult to invest in them. “
Carl Icahn, Founder of Icahn Enterprises
“There’s a lot of history here. We think it’s going to go pretty well, and most importantly, we believe that a combination of a regulated futures market and a 40-share ETF will really open up the opportunity to get a lot of people who may have been waiting in comfort with Bitcoin in Make contact on the sidelines. “
Simeon Hyman, Head of Investment Strategy at ProShares
“In order to protect consumers and reduce costs, we are promoting the tightening of the regulatory framework at the federal level for stablecoins and the issuing of special charter by the federal bank supervisory authorities for stablecoin companies that want to operate nationally.”
The Chamber for Digital Commerce
“DAOs do not clearly fall into any of Australia’s existing corporate structures. […] This regulatory uncertainty prevents significant scale projects from being set up in Australia. “
The Senate Committee on Australia as a Technology and Finance Center (ATFC)
“Diem is not Facebook. We’re an independent organization, and Facebook’s Novi is just one of more than two dozen members of the Diem Association. Novis Pilot with Paxos has nothing to do with Diem. “
“We’ve been making a lot of noise in the last few months because we’re getting hyperactive in cryptocurrency.”
Adam Aron, CEO of AMC
“AI, especially the kind of low-tech form of surveillance, is essentially communist.”
Peter Thiel, Co-founder of PayPal
Forecast of the week
Traders expect a drop to $ 58,000 if Bitcoin price loses the $ 62,000 support
Bitcoin’s price favored the north this week. Corresponding The Cointelegraph BTC price indexthe asset broke its all-time high by just under $ 65,000 and hit $ 67,000 in a week of Bitcoin ETF headlines. Bitcoin, however, cooled off after its surge and fell back to the low $ 60,000.
Several people commented on possible upcoming price promotions for Bitcoin. The Twitter account of E-Club Trading, an investment analysis organization, mentioned a $ 58,000 level as a potential landing zone if Bitcoin loses the $ 62,000 level.
BTC could also potentially hit $ 80,000 or hit $ 58,000 or $ 53,000 first before pushing to $ 80,000, noted David Lifchitz, ExoAlpha’s chief investment officer.
FUD of the week
New York companies are asking the governor to deny permission to mine crypto
New York Governor Kathy Hochul received a letter this week calling on her to deny permits allowing the city’s old fossil fuel power plants to be converted into crypto-mining centers. The power plants in question are the Greenidge Generating Station and the Fortistar North Tonawanda Facility, which are now the goal of ambitions to mine and hobble at full throttle.
The letter was co-signed by a long list of local organizations, companies, and working groups that have come together to voice their concerns about the energy-intensive poof-of-work crypto-mining model.
“Proof-of-work cryptocurrency mining uses tremendous amounts of energy to power the computers needed to do business – should this activity expand in New York, it could be under the Climate Leadership and Community Protection Act drastically undermine the climate targets set in New York. ”Letter read.
NYAG orders 2 crypto firms to shut down, investigates 3 others
Speaking of New York, the state attorney general went after five local crypto firms on Monday and ordered two unnamed companies to cease operations while they opened investigations into the other three.
The attorney general alleged that the two companies engaged in illegal activities and requested details of the other company’s loan products, policies, procedures, customers in the state, and other relevant information.
One of the three crypto loan firms examined is Celsius Network, which confirmed the news in a blog post on Tuesday. Celsius said it was working to provide information about its business to regulators in New York.
Senators Urge Facebook To “Hire” Novi Wallet Pilot Immediately
Depending on its attitudes towards Facebook, the social media giant has been asked by five US senators to discontinue its crypto wallet just hours after the pilot program started this week.
Facebook’s Novi wallet, in partnership with Coinbase, launched a pilot in the US and Guatemala on Tuesday, but the Senator group, which included crypto-skeptic Elizabeth Warren, didn’t. In a letter to Facebook CEO and meat smoker Mark Zuckerberg, the senators expressed their “strongest opposition to the revitalized efforts of Facebook to bring a cryptocurrency and a digital wallet to market”.
“Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risk and keep consumers safe has proven to be utterly inadequate,” the letter said.
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