Značka: Hodler’s

Binance CEO’s net worth hits $96B, Jack Dorsey launches BTC defense fund, Bill Miller apes into Bitcoin: Hodler’s Digest, Jan. 9-15

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This WeekBinance CEO CZ is the richest crypto billionaire at $96B: BloombergBloomberg has estimated Binance CEO Changpeng Zhao — also known as “CZ”— to be the 11th-richest person in the world at a net worth of around $96 billion, making him the wealthiest billionaire in crypto. However, Bloomberg’s tabulation excluded CZ’s personal holdings of crypto assets such as Bitcoin and Binance Coin, suggesting that the $96 billion could become much larger in the future. To make the list of the top 10 richest people, CZ will need to look under his sofa and find a spare $11 billion to surpass Oracle co-founder Larry Ellison. Topping the list is South African bad boy and Tesla co-founder Elon Musk, who has accumulated $263 billion on the back of the success of his heavily subsidized electric vehicle company. Disney patents technology for a theme park metaverseDisney has obtained a patent that will enable the creation of personalized interactive attractions for its theme park visitors. The technology could reportedly be used to develop licensed, headset-free augmented reality attractions, involving such features as personalized 3D effects displayed on physical spaces across its parks that correspond with visitors’ journeys to different locations. The patent, dubbed the “Virtual-world Simulator,” was filed in the United States. It appears the move is part of Disney’s broader push to enter the metaverse sector, with CEO Bob Chapek noting in a Q4 conference call last year: “We’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse.”Billionaire investor Bill Miller puts 50% of net worth in BitcoinFamous investor Bill Miller has now put 50% of his net worth in Bitcoin, as well as major industry firms like Michael Saylor’s MicroStrategy and BTC mining firm Stronghold Digital Mining.Miller was an early investor in Amazon, which he says still accounts for nearly 100% of the rest of his portfolio. He said he’s been gradually accumulating Bitcoin since the price hit $30,000 in mid-2021. The investor stated that he no longer considers himself just a “Bitcoin observer” but rather a real Bitcoin bull. Miller initially bought his first Bitcoin back in 2014 when BTC was trading around $200 and then purchased a “little bit more overtime” when it became $500.Tonga to copy El Salvador bill making Bitcoin legal tender, says former MPFormer Tongan member of parliament Lord Fusitu’a outlined a bill for Bitcoin to become legal tender in the island nation. Fusitu’a stated that the country’s Bitcoin bill is almost “identical” to the one that was enacted in El Salvador. Fusitu’a, who currently serves as chairman of the Oceania chapter of the Global Organization of Parliamentarians Against Corruption, outlined five points in the roadmap for the bill’s adoption, predicting that it will pass in parliament around September or October, and potentially be legislated by the end of 2022 if all goes to plan. In 2021, it was widely speculated that Tonga would become one of the next countries to adopt BTC as legal tender, and optimism appears to be high among Tongans in 2022.Jack Dorsey announces Bitcoin Legal Defense FundFormer Twitter CEO, Bitcoin maxi and Block founder Jack Dorsey announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and University of Sussex academic Martin White.The announcement, shared via Dorsey’s mailing list, states that the fund will help provide a legal defense for Bitcoin developers, who are “currently the subject of multi-front litigation.” “The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills,” the announcement stated.Winners and LosersAt the end of the week, Bitcoin (BTC) is at $43,121, Ether (ETH) at $3,292 and XRP at $0.77. The total market cap is at $2.05 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Oasis Network (ROSE) at 47.47%, Secret (SCRT) at 32.23% and NEAR Protocol (NEAR) at 25.73%. The top three altcoin losers of the week are Loopring (LRC) at -14.23%, yearn.finance (YFI) at -13.52% and Ravencoin (RVN) at -13.01%.For more info on crypto prices, make sure to read Cointelegraph’s market analysis. Most Memorable Quotations“It’s more going to be an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we do take some positions.”Jerome Powell, chair of the U.S. Federal Reserve, on the Fed’s upcoming digital currency report“Centralization is antithetical to the ethos of DeFi and poses major security risks. Single points of failure can be exploited by dedicated hackers and malicious insiders alike.”CertiK“We’re already at a quarter of that number, so we’ve got 24% of Americans owning Bitcoin. It won’t be that much of a stretch for it to get to a third. Bitcoin is becoming more and more mainstream. People are hearing about it everywhere — it isn’t going away.”Ric Edelman, founder of Edelman Financial Engines“Wikipedia really can’t be in the business of deciding what counts as art or not, which is why putting NFTs, art or not, in their own list makes things a lot simpler.”Jonas, Wikipedia editor“Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has tradeoffs, illustrated by several network performance issues since inception.”Alkesh Shah, digital asset strategist for Bank of America“The number of addresses with the minimum number of Bitcoin is actually growing compared to the number of whales. I think you get a profound retail trend everywhere in the world; people onboarding Bitcoin, they trust Bitcoin more and more. It’s really the people that will push the price up.” Pascal Gauthier, CEO of Ledger“Subsequent employee surveys made it clear: recharge weeks work.”L.J. Brock, chief people officer at Coinbase“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code.”Suppakrit Boonsat, president of the Thai Digital Asset AssociationPrediction of the Week Traders say Bitcoin run to $44K may be a relief bounce, citing a repeat of December’s ‘nuke’Bitcoin had somewhat of a rocky trading week, as the flagship cryptocurrency fell to a price of $39,675 on Monday, according to Cointelegraph’s BTC price index. BTC found itself priced at $44,315 by Wednesday. The asset hit $44,448 on Thursday before subsequently dropping later in the week. Although Bitcoin’s price increased on Tuesday, its Wednesday rally came on the same day it was reported that U.S. inflation rose at an annual pace of 7% in December, the highest in 40 years.  Even though Bitcoin’s price rallied in the days following Monday’s drop below $40,000, the potential for further downward action remains a possibility as of Wednesday, according to widely-followed Twitter personality Material Scientist.“Remainder of bids was just pulled,” one of the tweets stated. “Either they’re done accumulating and use liquidity to chase now, or we see the same thing as in late November (pulled bids + stacked asks a few days later).”In the case of Bitcoin trading, bids refer to buyer demand seen on exchange order books. Following its $68,969 peak in November 2021, BTC declined notably through the rest of the month, falling down to $41,614 by early December.FUD of the Week LCX loses $6.8M in a hot wallet compromise over Ethereum blockchainLiechtenstein-based crypto exchange LCX confirmed on Sunday that one of its hot wallets was compromised after the platform temporarily suspended all deposits and withdrawals. The hack was initially highlighted by blockchain security firm PeckShield, which spotted a suspicious transfer of ERC-20 tokens from LCX to an unknown Ethereum wallet. The compromise was then promptly confirmed by LCX, which announced that several crypto tokens were compromised, including Ether, USD Coin (USDC), Sandbox (SAND) and its native LCX token. According to an investigation by PeckShield, LCX lost a total of around $6.8 million via the hot wallet hack.FTC issues public warning about new crypto ATM scamThe U.S. Federal Trade Commission (FTC) posted an alert earlier this week regarding a new crypto ATM scam that involves nefarious QR codes. The FTC stated that the scam starts with fraudsters impersonating figures, such as public officials, law enforcement agents, or potential dating partners on dating apps, who all spin various fables to dupe the victim into sending crypto.If the victim falls for the fake story, they are directed to withdraw cash and then head to a crypto ATM and purchase some crypto. Once they purchase the crypto, the fraudster shares a QR code with the victim that diverts the funds back to the scammer upon scanning.    “Here’s the main thing to know: nobody from the government, law enforcement, utility company or prize promoter will ever tell you to pay them with cryptocurrency. If someone does, it’s a scam, every time,” the FTC said.Pakistan’s central bank reportedly wants to ban cryptoAccording to reports from local media outlets, the State Bank of Pakistan (SBP) wants to ban all crypto transactions in Pakistan, arguing that assets such as Bitcoin are illegal and shouldn’t be used for trade.Pakistan’s Sindh High Court reportedly held a hearing related to the legal status of crypto in the country, with several Pakistani authorities, including the SBP, calling for a ban on the sector via a document submitted to the court. Alongside the usual tropes of investor protection and money laundering and terrorism concerns, the document urged the court to follow the model of countries such as China, whose government has stamped out the local crypto sector to pave way for a spawn of satan central bank digital currency (CBDC).Best Cointelegraph FeaturesQuickSwap founder: L2s are the path to mass adoption“If I’m a normal user and I want to do a small trade, I cannot do it on Ethereum.”Green and gold: The crypto projects saving the planetAs the world argued about the ethics of crypto, these projects changed the world for the better during 2021.Volcanos, Bitcoin and remittances: A Tongan lord plans for financial securityA former lawmaker from the island nation wants to use Bitcoin to secure his country’s financial security.

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SEC delays spot Bitcoin ETF decisions, Nike enters Metaverse arena, and a crypto exchange gets hacked: Hodler’s Digest, Dec. 12-18

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This WeekRussia to decide between blanket crypto ban and legalizing exchanges in 2022A recent report shows that Russia could potentially see a countrywide ban on cryptocurrency. Alternatively, it’s possible that crypto trading via regulated exchanges may continue under strict oversight. On the one hand, Russia’s central bank is said to be behind a potential move to make crypto illegal in the country, according to Reuters. On the other hand, Anatoly Aksakov, who heads the Russian parliament’s Committee on Financial Markets, publicly disclosed that the industry may continue to operate under regulations that would ensure greater tax compliance. However, Aksakov left open the possibility of an outright ban.US Senate confirms CFTC chair as President Biden announces commissioner picksThe Commodity Futures Trading Commission (CFTC) now has a permanent chairman following approvals by the United States Senate. On Thursday, Rostin Behnam, who had been serving as acting chairman, was given the permanent position. The CFTC is one of three U.S. governing bodies responsible for crypto industry regulatory oversight.  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, the scope and the scale of this emerging market, how it’s interfacing and affecting retail customers, and with the scale of the growth being so rapid, potential financial stability risks in the future, I think it’s critically important to have a primary cop on the beat.”The CFTC’s overall brass is also changing. In the coming months, four CFTC commissioner spots must be filled, which is a large number given that the regulatory body typically carries five commissioners.NYDIG raises $1B in funding, valuation now $7BNew York Digital Investment Group (NYDIG) is now worth roughly $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 investment opportunities centered around Bitcoin (BTC).“NYDIG plays a unique role in the industry, empowering companies of all types to incorporate Bitcoin in a secure and compliant way,” WestCap partner Scott Ganeles said in a public statement announcing NYDIG’s additional capital achievement. “We are proud to partner with Robby and his outstanding NYDIG team as they forge new paths to accessibility and further accelerate Bitcoin adoption.”Just did it: Nike enters the Metaverse game following RTFKT acquisitionSports apparel company Nike officially joined the Metaverse this week by acquiring virtual sneakers and collectibles brand RTFKT. Prior to the move, Nike expressed strong interest in this emerging market by pursuing Metaverse-specific patent and trademark filings for its logo. The company also publicized a job search for people with specific Metaverse expertise. “Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities,” Nike’s CEO and president John Donahoe said.SEC delays decisions on Bitwise and Grayscale’s Bitcoin ETFsThe U.S. 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 filed by Bitwise Asset Management and Grayscale. Whereas Bitwise aimed 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 turned down multiple Bitcoin spot ETF applications in 2021. The Commission delayed one such product from WisdomTree earlier in 2021, only to deny it in December.Winners and LosersAt the end of the week, Bitcoin (BTC) is at $46,292, Ether (ETH) at $3,852 and XRP at $0.79. The total market cap is at $2.16 trillion, according to CoinMarketCap. Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are yearn.finance (YFI) at 52.51%, OKB (OKB) at 31.83% and Avalanche (AVAX) at 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 info on crypto prices, make sure to read Cointelegraph’s market analysis. Most Memorable Quotations“DeFi is the most dangerous part of the crypto world. This is where the regulation is effectively absent, and — no surprise — it’s where the scammers and the cheats and the swindlers mix among part-time investors and first-time crypto traders. In DeFi, someone can’t even tell if they’re dealing with a terrorist.”Elizabeth Warren, U.S. senator “I argue that we are winning [the digital currency] race because of the sum of free-market activity taking place inside the U.S. regulatory perimeter with digital currencies and blockchain-based financial services. The sum of these activities are advancing broad U.S. economic competitiveness and national security interests.”Dante Disparte, head of global policy and chief strategy officer at Circle“Stablecoins can certainly be a useful, efficient, consumer-serving part of the financial system if they’re properly regulated. Right now, they aren’t. They have the potential to scale, particularly if they were to be associated with one of the very large tech networks that exist.”Jerome Powell, U.S. Federal Reserve chair“Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin, like transactions per day, has much higher potential than Bitcoin.”Elon Musk, CEO of Tesla“[Crypto] companies have the cash and have been bidding away very senior talent who only have one or two years of crypto experience with offers that they cannot turn down.”Adrianna Huehnergarth, engagement manager for Heidrick & Struggles“The beauty of crypto is that you can be based anywhere. There is this community approach regardless of where you kick-start a flywheel from.”Matt Zhang, founder of Hivemind Capital Partners “Cryptocurrencies cannot become a means of payment.”Sethaput Suthiwartnarueput, governor for the Bank of ThailandPrediction of the Week Here’s why Bitcoin traders expect choppy markets for the remainder of 2021Bitcoin’s price has been on a rollercoaster the past week. The coin saw prices as high as almost $51,000, while also visiting levels below $46,000, based on Cointelegraph’s BTC price index. According to a report from Delphi Digital, Bitcoin’s price could finish out the year trading relatively sideways. The firm noted the recent spike in stablecoin transactions as reason to be cautious. Much like the May 2021 price crash, current market conditions are defined by much higher than normal stablecoin volumes, presumably as investors exit BTC positions and enter into stablecoins.The “most likely path forward” for BTC in the short term is choppy or sideways action, Delphi Digital stated. However, any major risk-off event in the broader market could negatively impact the leading digital currency. FUD of the Week Indian prime minister Modi’s hacked Twitter account attempts BTC scamIndian Prime Minister Narendra Modi suffered a Twitter account hack on Dec. 12. Although the nefarious party only had control of the account for a short period of time, they were able to send out a scam tweet from the account, proclaiming false news. The hackers tweeted that India had picked up Bitcoin as an official currency — a sizable lie considering the headlines El Salvador made in the lead-up to actually adopting BTC as legal tender in September 2021. The tweet sent out by the hackers included a lie about India purchasing hundreds of BTC, as well as an external link.Modi also suffered a Twitter account hack in September 2020. AscendEX loses $80M following ERC-20, BSC, Polygon hot wallet compromiseHackers recently siphoned nearly $80 million in digital assets from crypto trading platform AscendEX. Estimates from analytics outfit PeckShield put the total number of stolen crypto assets at $77.7 million. The sum consists of $8.5 million worth of Polygon-based tokens, $9.2 million of Binance Smart Chain-based tokens and $60 million worth of Ethereum-based tokens.The pillage affected the platform’s hot wallet but not its cold storage amounts, as per a tweet from the crypto platform on Dec. 11. AscendEX also noted in the same tweet that customers who lost funds would be covered by the platform.UK advertising watchdog bans crypto ads for Coinbase and KrakenCoinbase, Kraken and several other crypto-involved companies received backlash from the United Kingdom’s Advertising Standards Authority (ASA) for certain advertisements. The ASA claimed the ads did not adequately provide viewers with proper risk warnings, and that they preyed on viewers who lacked crypto expertise.  One ad from Coinbase Europe noted the large profit outcome an early Bitcoin investment would have yielded if held until 2021. The ASA pushed back on the ad, essentially saying it made it look like the future would hold similar profit potential. The ASA also pointed out that the ad lacked an explanation that the future does not promise the same rewards reaped in the past.Best Cointelegraph FeaturesThe Metaverse will bring unbridled evolution to NFTsNFTs are here to stay and the arrival of the Metaverse is only set to 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 largely a challenge to central banks, at least in a lot of people’s minds, then anything that happens in banking and finance is interesting to us.”Daft Punk meets CryptoPunks as Novo faces up to NFTs“When it was finally time to take off the mask and get on the plane home, it was weird.”

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Vitalik Buterin outlines path to ETH 2.0, Visa launches crypto advisory, Biden’s anti-crypto nominee for Comptroller withdraws: Hodler’s Digest, Dec. 5-11

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This WeekVitalik Buterin outlines ‘endgame’ roadmap for ETH 2.0With the long-awaited transition to Eth2 coming closer to fruition, Ethereum co-founder Vitalik Buterin outlined an “Endgame” roadmap on Monday to finally achieve the landmark upgrade. While Buterin did not address the centralization issue with block production as the network works towards scalability, the 27-year-old essentially solved everything else to do with block validation.  He suggested the idea of implementing “a second tier of staking, with low resource requirements” to carry out distributed block validation; introducing “either fraud proofs or ZK-SNARKS to let users directly (and cheaply) check block validity;” and introducing “data availability sampling to let users check block availability [and] add secondary transaction channels to prevent censorship.”“We get a chain where block production is still centralized, but block validation is trustless and highly decentralized, and specialized anti-censorship magic prevents the block producers from censoring,” Buterin explained.Coinbase adds ‘ETH2’ despite Ethereum upgrade postponing difficulty bombSpeaking of Eth2, major crypto exchange Coinbase added a mirror version of Ethereum’s native token, ETH, labeled Eth2, to its crypto price index on Tuesday. The new listing had no trading activity but was priced the same as ETH. Despite the rollout of Eth2 not being expected until at least mid-2022, Coinbase listed a token bearing its name just days ahead of the smart contract network’s “Arrow Glacier” upgrade that will give devs more time to work on the groundwork for Ethereum 2.0. On Thursday, Coinbase also announced that it will be expanding the platform’s support to crypto hardware wallets starting with Ledger’s models. The rollout will be phased in gradually from the start of 2022.Major Indian bank breaks ‘banking ban’ with WazirX crypto exchange dealAccording to reports from local media outlets, India’s leading private bank, Kotak Mahindra Bank, became the first of its kind to partner with a crypto firm after it penned a deal with top crypto exchange WazirX. The deal, which enables traders to liquidate their digital assets via Kotak’s banking services, marks a major milestone for a local crypto industry that has been bogged down by countless issues presented by the banking sector and the Indian government. “WazirX has opened an account with Kotak which can be used to receive and pay money to investors trading on the exchange. The account is yet to become operational. Paperwork, KYC, and some testing are on,” said one of the people familiar with the matter.Biden’s controversial anti-crypto Comptroller nominee withdrawsPresident Joe Biden’s crypto skeptic nominee for the Office of the Comptroller of the Currency, Saule Omarova, withdrew her candidacy from consideration on Tuesday. Omarova is a divisive figure who has essentially called for the banking and crypto sectors to be gutted on many occasions, often sparking widespread pushback from Republican politicians who hold opposing views and have tacitly accused the professor of harboring Marxist sympathies.Commenting on her withdrawal from the candidacy, Biden said that “Saule was subjected to inappropriate personal attacks that were far beyond the pale.”Visa announces new crypto consulting service for merchants and banksOn Wednesday, global payments giant Visa unveiled a new consulting and advisory service for crypto-curious firms, financial institutions and retailers that are looking to take the plunge into the sector. Visa said that its crypto-focused advisory services can advise on anything from crypto features and services to NFTs and CBDC-focused digital wallets. According to Visa, the company’s interest in crypto is driven by the need to remain competitive and meet consumer demand. Citing a recent in-house study, Visa said that “40% of crypto owners surveyed report they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.”Winners and LosersAt the end of the week, Bitcoin (BTC) is at $47,524, Ether (ETH) at $3,956 and XRP at $0.81. The total market cap is at $2.20 trillion, according to CoinMarketCap. Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are NEAR Protocol (NEAR) at 6.44%, Huobi Token (HT) at 5.11% and BitTorrent (BTT) at 4.61%.  The top three altcoin losers of the week are THETA (THETA) at -32.53%, Cosmos (ATOM) at -32.04% and Qtum (QTUM) at -31.65%.For more info on crypto prices, make sure to read Cointelegraph’s market analysis. Most Memorable Quotations“If DeFi were to become widespread, its vulnerabilities might undermine financial stability. These can be severe because of high leverage, liquidity mismatches, built-in interconnectedness and the lack of shock absorbers such as banks.”Bank of International Settlement“I do think that once regulation comes on board, we’ll see a whole new class of investors into this space. And I think that’s what we’ve seen in other jurisdictions, like over in Singapore.”Adrian Przelozny, CEO of Independent Reserve“$100,000 by the end of the year is a difficult prediction to make. […] I think $100,000 could be in target in 2022 but this year, I’m not so sure.”Matt Hougan, chief investment officer at Bitwise“Because we have access to sensitive information and upcoming policy, I do not believe members of Congress should hold/trade individual stock and I choose not to hold any so I can remain impartial about policy making. […] I also extend that to digital assets/currencies (especially bc I sit on Financial Services Committee).”Alexandria Ocasio-Cortez (AOC), U.S. House of Representatives’ Financial Services Committee member“We don’t want banks to be directly involved in digital asset trading because banks are [responsible] for customer deposits and the public and there is risk.”Chayawadee Chai-Anant, senior director at the Bank of Thailand“In a world where money becomes a core feature of the internet, the U.S. should aggressively promote the use of the dollar as the primary currency of the internet, and leverage that as a source of national economic competitiveness, security and a major upgrade needed for more efficient and inclusive financial services.”Jeremy Allaire, CEO and co-founder of Circle“We don’t need knee-jerk reactions by lawmakers to regulate out of fear of the unknown rather than seeking to understand.”Patrick McHenry, U.S. representative“The point of crypto is to have true decentralization, and the projects that succeed will be the projects that achieve that.”Brian Brooks, CEO of BitfuryPrediction of the Week Bitcoin could ‘drive people nuts’ for months with $53K BTC price ceiling — analystOver the past couple of weeks, Bitcoin has suffered bouts of downward price action, reaching a low of $41,614 on Dec. 3, according to Cointelegraph’s Bitcoin price index. Since then, BTC’s price has traveled in a range between $46,000 and $52,000. On Monday, crypto trader and podcaster Scott Melker, also known as The Wolf Of All Streets on Twitter, gave his thoughts on the Bitcoin market. Crypto’s top asset could potentially be rangebound between $42,000 and $53,000 for multiple months, Melker tweeted. On a broad level, the trader noted $53,000 as a hurdle to break above in order to continue on an upward price route for BTC. “Everything between the two numbers now is ranging chop that will drive traders into a panic,” Melker added. “People will be extremely bullish at 53K and bearish at 42K if either is reached.”FUD of the Week Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploitCrypto exchange BitMart was the victim of a hot wallet hack that resulted in the loss of almost $200 million worth of digital assets. Blockchain security and data analytics firm PeckShield first highlighted the hack on Sunday after it identified two nefarious transfers worth $100 million on Ethereum and $96 million on the Binance Smart Chain. According to the company, the hack was a straightforward case of transfer out, swap, and wash. The hackers made away with a mix of over 20 tokens, including Binance Coin, Safemoon, BSC-USD and BNBPay, along with large amounts of meme coins such as BabyDoge and Floki Inu.India to set maximum penalty for violating crypto norms at fine of $2.7 million or 1.5 years in jailAccording to reports from Bloomberg’s Indian unit, BloombergQuint, the local government may soon outline penalties for non-compliance to its upcoming crypto policies. The publication noted that the punishments could range from a maximum fine of 20 crore rupees ($2.7 million) or 1.5 years in jail.While the regulatory landscape is currently opaque in India, it has been previously reported that Indian investors may soon have to shift their crypto holdings to exchanges that are regulated under the oversight of the Securities and Exchange Board of India.Pundits are expecting Prime Minister Narendra Modi to give crypto investors a deadline to comply with the new rules and declare their assets before cracking down on any misbehavior.Gamer-hate: Ubisoft’s new NFT project vid gets 96% dislike ratioGaming giant Ubisoft saw major pushback this week from the gaming community after it announced its new NFT project dubbed “Quartz” on Wednesday. It appears that fans of the company were peeved at what they perceived as a quick cash grab, with thousands of people threatening to boycott the company. The Assassin’s Creed developer’s YouTube video introducing the new project and roll-out of its usable in-game NFTs named “Digitz” received a 96% dislike video ratio. In fact, comments slamming the project received more likes than the video itself, with user “OperatorDrewski” commenting that: “To me, this is a blatant signal that you’re just milking the Ghost Recon franchise for literally every cent while putting in minimal effort into the actual game itself. Not playing a GR game in the future if there’s this level of degeneracy in the team.”Best Cointelegraph FeaturesBrowser cookies are not consent: The new path to privacy after EU data regulation failNobody loves cookies: Where the European Union General Data Protection Regulation falls short and what can be done.Crypto City: Guide to Austin“Because the crypto space is largely a challenge to central banks, at least in a lot of people’s minds, then anything that happens in banking and finance is interesting to us.”What Facebook’s rebranding tells us about Big Tech’s ‘Game of Platforms’Despite being built on the idea of connectivity, the Metaverse could instead break the internet apart. The solution lies in how the business is done.

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Jack Dorsey steps down from Twitter, MicroStrategy snaps up 7K BTC and Square rebrands to Block: Hodler’s Digest, Nov. 28-Dec. 4

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This WeekJack Dorsey has stepped down as Twitter CEOTwitter co-founder Jack Dorsey announced Monday that he has stepped down from his role as CEO. Replacing Dorsey will be Twitter board member and chief technology officer Parag Agrawal, who was unanimously appointed to CEO by the company’s board of directors.  Dorsey also serves as the CEO and chairman of crypto-friendly payments tech firm Square, and it is unclear if he left Twitter to solely focus on the platform’s plans to develop a decentralized Bitcoin (BTC) exchange. He did note, however, that the company does not need to be founder-led to thrive.  “I believe it’s really important to give Parag the space he needs to lead,” said Dorsey. “I believe it’s critical a company can stand on its own, free of its founder’s influence or direction.”Former Citi banker launches $1.5B crypto fund, taps Algorand as first partnerOn Monday, 14-year Wall Street veteran and former Citi banking executive Matt Zhang announced a $1.5 billion multi-strategy fund called Hivemind Capital Partners that is aiming to support up-and-coming crypto projects.  In particular, the fund will place a strong emphasis on crypto infrastructure builders, virtual worlds and Metaverse projects, and programmable money. The fund’s first technology partner will be proof-of-stake-based blockchain Algorand. While Hivemind is yet to announce any major funding, Zhang said the firm will support crypto entrepreneurs with infrastructure that cannot currently be offered by traditional asset management models.Square rebrands to Block as focus shifts to blockchainSpeaking of Square, the firm revealed on Wednesday that it had rebranded to Block, suggesting it may be ramping up its focus on the blockchain sector. The company said the rebrand will bring the payments firm together with Cash App, the decentralized Bitcoin exchange project tbDEX, and music and video streaming platform Tidal. As part of the rebrand, Square Crypto, the cryptocurrency-focused unit of the payments firm, will be changing its name to Spiral and joining the Block family.“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” said Square.MicroStrategy purchases $414.4 million worth of Bitcoin, with total BTC balance eclipsing $3.5 billionMicroStrategy, the analytics software firm led by fervent Bitcoin bull Michael Saylor, announced on Monday that it had snapped up a 7,002 BTC worth $414.4 million. After the purchase, Saylor stated that the company’s total BTC holdings stood at a whopping 121,044, acquired for roughly $3.57 billion at an average price of $29,534 per BTC. To fund that latest shopping spree for digital gold, the firm sold 571,001 shares of company stock between Oct. 1 and Nov. 29 at $732.16 apiece. MicroStrategy first bought Bitcoin back in August 2020 as part of its treasury strategy, and with Saylor at the helm, the firm has purchased the asset relentlessly since—regardless of price—and is showing no signs of slowing down any time soon.Meta expands crypto advertisement eligibility on FacebookSocial media virtual reality firm Meta expanded the eligibility requirements for running crypto ad campaigns on Facebook and Instagram this week, enabling companies more freedom in running digital asset product-related promotions. Prior to Meta’s latest update of its crypto advertising guidelines, a limited number of crypto firms were able to advertise on Facebook as the platform only recognized a small number of regulatory licenses. According to the updated policy, crypto exchanges, trading platforms, wallet providers, mining infrastructure firms, crypto lenders and borrowing services can now receive written permission to run ads on Facebook. The firm cited maturation and increased regulation of the sector as the reasons why it changed its tune.Winners and LosersAt the end of the week, Bitcoin (BTC) is at $55,468, Ether (ETH) at $4,407 and XRP at $0.95. The total market cap is at $2.54 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Terra (LUNA) at 62.30%, Stacks (STX) at 33.85% and Polygon (MATIC) at 29.04%. The top three altcoin losers of the week are Gala (GALA) at -30.67%, WAX (WAXP) at -19.18% and Immutable X (IMX) at -17.85%.For more info on crypto prices, make sure to read Cointelegraph’s market analysis. Most Memorable Quotations“There are certain services that we have that don’t really fit the regulatory mold. So there’s this gray area that the whole industry exists in, and that’s not specific to us. […] That’s just the nature of the fact that we’re dealing with an innovative technology that really doesn’t necessarily fit the criteria that existing regulators perceive as possible.”Jonathon Miller, managing director for Kraken Australia“A CBDC would be one of the tools to fight crypto. […] We assume that people would find CBDC more credible than crypto. CBDC would be part of an effort to address the use of crypto in financial transactions.”Juda Agung, assistant governor of Bank Indonesia“If a coin has a large number of users, then we will list it. That’s the overwhelming significant attribute. Consider, for example, meme tokens; even though I personally don’t get it, if it’s used by a large number of users, we list it. We go by the community, my opinion doesn’t matter.”Changpeng Zhao, CEO of Binance“There’s always hope for the Chinese crypto industry. We still have information sources and we keep getting more and more users, evangelists, developers and others. There’s nothing to worry about. Everything happens for the best.”Anonymous, executive at a Chinese crypto publication “It is one thing to say that a stablecoin issuer itself must be a regulated bank — I think that is probably overkill, as there are perfectly effective ways for nonbanks to meet our legitimate regulatory concerns, but there is at least a clear relation between the existing framework of bank regulation and the specific measures that stablecoin issuers must address to operate safely. It is, however, quite another thing to contemplate that wallet providers may need to be completely separated from commercial firms.”Randal Quarles, exiting U.S. Federal Reserve governor“Innovations are coming, proof-of-stake is much more computational efficient and low on energy consumption. Innovation is key here and it is coming.”Gary Nuttall, emerging technology consultant at Distyltics“Cryptocurrency may be tricky to understand, but the value of a major crypto donation converted into cash is not.”James Lawrence, co-founder and CEO of Engiven“Undoubtedly, metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space.”DappRadar postPrediction of the Week Bitcoin tests traders’ nerves as analyst reissues $400K BTC price forecastBitcoin started the week on Nov. 28 with a drop from nearly $55,000 down to almost $53,300, followed by a push up past $58,000, according to Cointelegraph’s Bitcoin price index. Following Sunday’s price action, most of the rest of the week saw BTC trade in a range between $55,800 and $59,300.In a Wednesday tweet, crypto trader Michaël van de Poppe gave his thoughts on the crypto market, noting a desire to see sub-$60,000 BTC turn to support. “It’s very simple. Below $60K I’ve remained cautious/bearish as I’d like to see that area flip,” he tweeted. “Levels to watch for buys; $53K-54K zone and $47-50K zones for #Bitcoin,” he added. “When to buy #altcoins? December. Nothing has changed past weeks.” In a separate tweet on Wednesday, van de Poppe also provided his thoughts on a few possible price targets for the bull cycle top, noting price ranges between $350,000 and $450,000 for Bitcoin and between $10,000 and $17,500 for Ethereum, in addition to ranges for other assets as well. He tweeted out the same list with the same numbers back in April 2021, with the exception of Elrond, for which the new list gave an updated possible price range target.FUD of the Week Vladimir Putin says cryptocurrencies ‘bear high risks’Russian President Vladimir Putin, a man with a squeaky-clean reputation who has most certainly never engaged in any nefarious activity, took time out of his busy schedule this week to voice his concerns over the risky nature of crypto speculation. According to reports from local media outlets on Tuesday, Putin aimed criticism at the “Russia Calling!” investment forum in Moscow. The 69-year-old called for greater monitoring and regulation of crypto in Russia and astutely pointed out that certain countries are seeing significant adoption of digital currencies.“It is not backed by anything, [and] the volatility is colossal, so the risks are very high,” he said. “We also believe that we need to listen to those who talk about those high risks.”Bitcoin fails ‘worst-case scenario’ monthly close for the first time, starts December sub-$57KBitcoin failed to hit the November closing price of $98,000 demanded by Twitter personality PlanB’s so-called “floor model.” With Bitcoin sitting at $57,000 on Nov. 30, the actual price was roughly 71% below the forecast price.In a Wednesday Twitter post, PlanB noted that he would give his famous model one more month, but was adamant in stating that $100,000 per BTC is still “on track” by year-end as he pointed to the S2F model. He further explained:“No model is perfect, but this is a big miss and the first in 10y! Outlier/black swan? I will give Floor model 1 more month. S2F model unaffected and on track to $100K. Watch out for trolls confusing Floor and S2F model!” BadgerDAO reportedly suffers security breach and loses $120MDeFi protocol BadgerDAO reportedly suffered a $120 million security breach this week, with users on Twitter highlighting a “nasty frontend attack” where funds had been taken out of people’s wallets using “rug approval” at about 2 a.m. UTC on Thursday. While BadgerDAO hadn’t officially confirmed the attack at the time, it said that all smart contracts on the platform had been paused to prevent additional potentially malicious withdrawals.The malicious actors targeted the protocol on the Ethereum network at contract address 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107, and users that have interacted with this contract are urged to revoke permission from their wallet.Best Cointelegraph FeaturesNFT art will never be mass-market — NFT licenses may beNFT digital art sales generate headline after headline, though this is not the real mass-market use of this novel technology.Lines in the sand: US Congress is bringing partisan politics to crypto“There are too many members of Congress that don’t have enough of a base of understanding. Congress needs to come in and bring regulations to this space.”Wear-to-earn NFTs target the billion-dollar fashion industryHere’s how “wear-to-earn” NFTs will impact the fashion sector and what may happen if they become a trend.

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