Coming every saturday Hodler Summary It will help you keep track of each and every major news story 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
Russia to decide between a total ban on cryptocurrencies and legalization of exchanges in 2022
A recent report shows that Russia could potentially see a cryptocurrency ban across the country. Alternatively, cryptocurrency trading via regulated exchanges may continue to be under strict supervision.
For one thing, Russia's central bank is said to be behind a potential move to make cryptocurrencies illegal in the country, according to Reuters. On the other hand, Anatoly Aksakov, who heads the Financial Markets Committee of the Russian parliament, publicly revealed that the industry can continue to operate under regulations that would ensure greater tax compliance. However, Aksakov left open the possibility of a total ban.
US Senate Confirms CFTC Chairman as President Biden Announces Commissioner Election
The Commodity Futures Trading Commission (CFTC) now has a permanent chair following approvals from the United States Senate. On Thursday, Rostin Behnam, who had served as acting president, was granted the permanent position. The CFTC is one of three US governing bodies responsible for regulatory oversight of the crypto industry.
Behnam has previously commented on the crypto space, noting that the CFTC should focus more on the sector. He noted in October: “Given the size, scope and scale of this emerging market, how it is interacting with and affecting retail customers, and with the scale of growth so fast, the potential financial stability risks going forward, I believe that it's critically important to have a primary cop on the beat. "
The general level of the CFTC is also changing. In the coming months, four CFTC commissioner positions need to be filled, which is a large number given that the regulatory body typically has five commissioners.
NYDIG raises $ 1 billion in funding, valuation now $ 7 billion
New York Digital Investment Group (NYDIG) is now worth approximately $ 7 billion after the company successfully raised $ 1 billion from WestCap and other venture investors. Led by Co-Founder and CEO Robert "Robby" Gutmann, NYDIG is a company dedicated to providing access to Bitcoin-centric investment opportunities (BTC).
"NYDIG plays a unique role in the industry, enabling businesses of all types to incorporate Bitcoin in a safe and compliant manner," said WestCap partner Scott Ganeles in a public statement announcing the achievement of additional capital from NYDIG. "We are proud to partner with Robby and his outstanding team at NYDIG as they forge new paths to accessibility and further accelerate the adoption of Bitcoin."
I Just Did It: Nike Enters Metaverse Game Following RTFKT Acquisition
Sportswear company Nike officially joined the Metaverse this week by acquiring the RTFKT brand of virtual sneakers and collectibles.
Before moving in, Nike expressed great interest in this emerging market by searching for specific Metaverse patent and trademark applications for your logo. The company also advertised a job search for people with specific Metaverse experience.
"Our plan is to invest in the RTFKT brand, serve and grow its innovative and creative community, and expand Nike's digital footprint and capabilities," said Nike CEO and President John Donahoe.
SEC Delays Decisions on Bitwise and Grayscale Bitcoin ETFs
The US Securities and Exchange Commission (SEC) has decided to delay a verdict on two physically backed Bitcoin exchange-traded funds (ETFs) until February 2022. The Commission published its decision on Wednesday.
The two ETF applications were submitted by Bitwise Asset Management and Grayscale. While Bitwise was aiming to introduce an entirely new spot Bitcoin ETF, Grayscale intended to create a spot offering by repurposing its current Grayscale Bitcoin Trust product.
The SEC has rejected multiple applications for Bitcoin spot ETFs in 2021. The Commission delayed one of those WisdomTree products to early 2021, only to reject it in December.
Winners and losers
At the end of the week, Bitcoin (BTC) I sat down $ 46,292, Ether (ETH) in $ 3,852 Y XRP in $ 0.79. Total market capitalization is $ 2.16 trillion according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin winners of the week are yearn.finance (AND FI) 52.51%, OKB (OK B) at 31.83% and Avalanche (AVAX) 29.75%.
The top three altcoin losers of the week are Decred (DCR) at -22.85%, Theta Fuel (TFUEL) at -17.98% and BitTorrent (BTT) at -17.65%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
Most memorable quotes
“DeFi is the most dangerous part of the world of cryptocurrencies. This is where regulation is effectively absent and, not surprisingly, this is where scammers and cheaters and con artists mingle between part-time investors and cryptocurrency traders for the first time. At DeFi, someone can't even tell if they are dealing with a terrorist. "
Elizabeth warren, US Senator
"I maintain that we are winning [the digital currency] race due to the sum of free market activity taking place within the US regulatory perimeter with digital currencies and blockchain-based financial services. The sum of these activities is boosting the economic competitiveness and national security interests of the United States ”.
Dante Disparte, director of global policy and chief strategy officer at Circle
“Stable currencies can certainly be a useful, efficient and consumer-serving part of the financial system if they are properly regulated. Right now, they are not. They have the potential to scale, especially if they were associated with one of the largest technology networks out there. "
Jerome powell, Chairman of the US Federal Reserve
"Bitcoin is not a good substitute for transactional currency. Although it was created as a silly joke, Dogecoin is more suitable for transactions. The total flow of transactions you do with Dogecoin, such as transactions per day, has much greater potential than that of Bitcoin. "
Elon musk, CEO of Tesla
"[Crypto] the companies have the cash and have been bidding for top-tier talent who only have a year or two of crypto experience with offers they can't refuse. "
Adrianna huehnergarth, Heidrick & Struggles engagement manager
“The beauty of cryptocurrencies is that it can be based anywhere. There is this community focus regardless of where the wheel is launched. "
Matt zhang, founder of Hivemind Capital Partners
"Cryptocurrencies cannot become a means of payment."
Sethaput Suthiwartnarueput, Governor of the Bank of Thailand
Prediction of the week
Here's why Bitcoin traders expect choppy markets for the remainder of 2021
The price of Bitcoin has been on a roller coaster ride in the past week. The coin saw prices as high as nearly $ 51,000, while also reaching levels below $ 46,000, according to Cointelegraph BTC Price Index.
According to a report from Delphi Digital, the price of Bitcoin could end the year trading relatively sideways. The firm pointed to the recent surge in stablecoin transactions as reason to be cautious. Much like the May 2021 price drop, current market conditions are defined by much higher-than-normal volumes of stablecoins, presumably as investors exit BTC positions and enter stablecoins.
The "most likely way forward" for BTC in the short term is choppy or sideways action, Delphi Digital claimed. However, any major risk reduction event in the broader market could negatively affect the leading digital currency.
FUD of the week
![]()
Indian Prime Minister Modi's hacked Twitter account tries to scam BTC
Indian Prime Minister Modi's hacked Twitter account tries to scam BTCIndian Prime Minister Narendra Modi suffered a hack on his Twitter account on December 12. Although the infamous party only had control of the account for a short period of time, they were able to send a fraudulent tweet from the account, proclaiming fake news.
Hackers tweeted that India had chosen Bitcoin as its official currency, a considerable lie considering the headlines El Salvador made in the run-up to reality. adopting BTC as legal tender in September 2021. The tweet sent by the hackers included a lie about the purchase of hundreds of BTC by India, as well as an external link.
Modi too his Twitter account was hacked in September 2020.
AscendEX loses $ 80 million after ERC-20, BSC, Polygon hot wallet commitment
Hackers recently diverted nearly $ 80 million in digital assets from crypto trading platform AscendEX. Estimates by the PeckShield analytics team put the total number of crypto assets stolen at $ 77.7 million. The sum consists of $ 8.5 million in Polygon-based tokens, $ 9.2 million in Binance Smart Chain-based tokens, and $ 60 million in Ethereum-based tokens.
The looting affected the platform's hot wallet, but not its cold storage amounts, according to a tweet from the crypto platform on Dec. 11. AscendEX also noted in the same tweet that clients who lost funds would be covered by the platform.
UK Advertising Watchdog Bans Crypto Ads for Coinbase and Kraken
Coinbase, Kraken, and several other companies involved in crypto received a backlash from the UK's Advertising Standards Authority (ASA) for certain advertisements. The ASA claimed that the ads did not adequately provide viewers with adequate risk warnings and took advantage of viewers who lacked crypto expertise.
An announcement from Coinbase Europe noted the great earnings result that an early investment in Bitcoin would have produced if it had been held until 2021. The ASA rejected the announcement, essentially saying that it looked like the future would have similar earnings potential. The ASA also noted that the announcement lacked an explanation that the future does not promise the same rewards reaped in the past.
Best Cointelegraph Features
The Metaverse Will Bring Unbridled Evolution to NFTs
NFTs are here to stay and the arrival of the Metaverse will only make their appeal and use even more popular.
A letter to Zuckerberg: the metaverse is not what you think it is
"Because the crypto space is very much a challenge for central banks, at least in the minds of many people, then anything that happens in banking and finance is interesting to us."
Daft Punk meets CryptoPunks as Novo takes on NFT
"When it was finally time to remove the mask and get on the plane home, it was weird."
