Coming every saturday Hodler Summary It will help you keep track of each and every major news that happened this week. Best (and Worst) Quotes, Adoption and Regulation Highlights, Leading Coins, Predictions, and More - A Week on Cointelegraph on a Link.
Featured News This Week
Bitcoin Officially Hits New All-Time High Above $ 65K
Bitcoin (BTC) rose to new all-time highs this week, breaking the previous high of $ 64,900 in April when the asset entered price discovery mode before breaking above $ 67,000.
The bullish momentum coincided with the successful launch of ProShares' Bitcoin futures-based exchange-traded fund (ETF). Many viewers expect the price to increase in the coming weeks and months, with the most optimistic even suggesting that it is possible to hit as much as $ 300,000 in the near future.
With Bitcoin's market cap dominance at its highest since mid-May, many popular traders have emphasized that now is the time to focus on digital gold and put the altcoin market on the back burner for now.
ProShares Bitcoin-Linked ETF Launches on NYSE
ProShares achieved a major milestone for the cryptocurrency 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 around $ 1 billion in volume on its opening day, with Bloomberg analysts claiming it was possibly the higher volume of the first day for an ETF in terms of "natural interest" or "basis".
After two days on the New York Stock Exchange, the Proshares ETF became the fastest fund to reach $ 1 billion in assets under management. After the Proshares ETF, many viewers are waiting to see how the next one in line performs. At the time of writing this Friday, Valkyrie just released her Bitcoin futures ETF on the New York Stock Exchange.
Coinbase Announces Multi-Year Partnership with NBA and WNBA
Coinbase, the leading cryptocurrency exchange, has signed a deal with NBA, WNBA, NBA G League, NBA 2K League, and USA Basketball as part of a multi-year endorsement deal. As part of the deal, Coinbase will work to educate basketball fans about cryptocurrencies.
According to the NBA, Coinbase will create "unique content, innovations, activations and experiences" to help basketball fans learn about the crypto space. The signature brand will also appear during televised games.
The move could be a real "blow" to the industry in terms of widespread adoption, with data from Statista showing that an average of 1.6 million people watched NBA regular season games on major networks during the 2019 season. -2020.
Mariah Carey buys Bitcoin, 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 Gemini twins' crypto exchange to promote Bitcoin adoption and support girls of color in their STEM Title Search: A broad category education that refers to science, technology, engineering, and mathematics.
In a video for her 10.2 million Instagram followers, Carey said that she is a Bitcoin investor and offered her fans a referral code to redeem a whopping $ 20 worth of BTC for free.
Their promotional deal is tied to charitable causes, as users who sign up through the referral link and exchange digital assets on Gemini will contribute directly to Black Girls Code, a non-profit organization providing technology education for African American girls.
Brazilian girl makes more than 6,500% profit on her first Bitcoin holding
A four-year-old Brazilian hodler has made more than 6,500% profit on her first Bitcoin. The girl's father, João Canhada, gifted his newborn with 1 BTC in 2017 when the asset was priced at around $ 915.
Canhada is the founder of the Brazilian cryptocurrency exchange Foxbit, and claimed that he bought his daughter Bitcoin not just as a gift, but as a "way to invest" in the emerging cryptocurrency sector. It seems like you were in the right place at the right time, as the price of Bitcoin surged to $ 20,000 at the end of 2017.
While there have been a lot of roadblocks along the way, Bitcoin was worth around $ 61,000 at the end of the week, suggesting that its gains now stand at roughly 6,560%.
Winners and losers
At the end of the week, Bitcoin (BTC) I sat down $ 60,658, Ether (ETH) to $ 3,963 and XRP to $ 1.09. Total market capitalization is $ 2.51 trillion, according to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin winners of the week are United Nations at 71.25%, Nexus (NEXUS) at 33.80% and Huobi Token (HT) 33.70%.
The top three altcoin losers of the week are Flow (FLOW) A -21.20%, Celsius (CEL) at 14.00% and Perpetual Protocol (PERP) to -13.14%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
Most memorable quotes
"Left unchecked, these digital assets and payment systems could harm the effectiveness of our sanctions."
“We have a lot of smart guys working at Icahn & Company, and we just don't understand Bitcoin. I'm not saying it's good or bad, I'm just saying we don't understand it. We are not going to invest in something that we do not get. […] The jury is really out on whether Bitcoin has intrinsic value or acts as a store of value. If inflation gets rampant, I guess it has value. There are so many variables that it is very difficult to invest in something. "
Carl Icahn, founder of Icahn Enterprises
“There is a lot of history here. We think it will track quite well and, more importantly, we believe that a combination of a regulated futures market and a 40 act ETF will really open up the opportunity to gain convenient Bitcoin exposure to many people who may have been waiting. on the sidelines. "
Simeon Hyman, Head of Investment Strategy at ProShares
"To protect consumers and reduce costs, we encourage the simplification of regulatory frameworks at the state level for stablecoins and the issuance of special purpose letters by federal banking regulators for stablecoin companies seeking to operate at Nacional level".
The Chamber of Digital Commerce
“DAOs clearly do not belong to any of the existing business structures in Australia. […] This regulatory uncertainty is preventing the establishment of projects of significant scale in Australia ”.
The Senate Committee on Australia as a Technology and Finance Center (ATFC)
“Diem is not Facebook. We are an independent organization, and Novi de Facebook is just one of more than two dozen members of the Diem Association. Novi's pilot with Paxos is not related to Diem. "
"We have made a lot of noise in the last few months about getting hyperactive on cryptocurrencies."
Adam Aron, CEO of AMC
"AI, especially the low-tech kind of surveillance form, is essentially communist."
Peter thiel, co-founder of PayPal
Prediction of the week
Traders Prepare for Drop to $ 58K If Bitcoin Price Loses $ 62K Support
The price of Bitcoin favored the north this week. According to Cointelegraph BTC Price Index, the asset broke its previous all-time high just below $ 65,000, and hit $ 67,000 in a week full of Bitcoin ETF headlines. However, Bitcoin cooled off after its surge and fell back to $ 60,000.
Several people have weighed in on possible future price action for Bitcoin. The Twitter account for E-Club Trading, an investment analysis organization, mentioned a level of around $ 58,000 as a possible landing zone if Bitcoin loses the $ 62,000 level.
BTC could also go as high as $ 80,000, or it could visit $ 58,000 or $ 53,000 first before pushing for $ 80,000, ExoAlpha chief investment officer David Lifchitz noted.
FUD of the week
New York Businesses Ask Governor to Deny Permits for Cryptocurrency Mining
New York Governor Kathy Hochul received a letter this week urging her to deny permits that allow the conversion of the city's former fossil fuel power plants into crypto mining centers. The power plants in question are Greenidge Generating Station and Fortistar North Tonawanda Facility, which are now the target of full-speed mining and hodl ambitions.
The letter was jointly signed by a long list of local organizations, businesses, and labor groups, who came together to voice their concerns about the energy-intensive labor crypto mining model.
"Proof-of-work cryptocurrency mining uses enormous amounts of energy to power the computers needed to conduct business; if this activity expands in New York, it could drastically undermine New York's climate goals set out in the Climate Leadership and Protection Act. of the Community ", the letter read.
NYAG Orders 2 Crypto Firms To Close, Investigates 3 Others
Speaking of New York, the state attorney general's office went after five local crypto firms on Monday, ordering two anonymous companies to shut down, while launching investigations into the other three.
The attorney general's office alleged that the two firms participated in illegal activities and requested details about the other firm's loan products, policies, procedures, clients in the state, and other relevant information.
One of the three cryptocurrency lending companies under investigation is the Celsius Network, and the company confirmed the news in a blog post on Tuesday. Celsius said it is "working to provide New York regulators" with information about its business.
Senators pressure Facebook to 'immediately suspend' Novi wallet pilot program
In what may or may not be FUD depending on one's views towards Facebook, five US senators urged the social media giant to stop its crypto wallet just hours after its pilot program went live. this week.
Facebook's Novi wallet launched a pilot in the United States and Guatemala on Tuesday in partnership with Coinbase, but the group of senators, which included crypto-skeptic Elizabeth Warren, did not have it. In a letter sent to Facebook CEO and meat-smoking enthusiast Mark Zuckerberg, senators expressed their "strongest opposition to Facebook's renewed effort to launch a cryptocurrency and digital wallet."
"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 totally insufficient," the letter reads.
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