Come every Saturday, Hodler’s Digest Will help you keep track of every important news report that happened this week. The best (and worst) quotes, adoption and regulatory focus, leading tokens, forecasts, etc.-Cointelegraph for the week on a link.
Headlines this week
The Ukrainian parliament passed a draft law “on virtual assets” on Wednesday, which is the first time the country has legally recognized cryptocurrencies.
Anastasia Bratko of the Ministry of Digital Transformation stated that the law allows companies to launch digital asset markets in Ukraine and enables banks to “open accounts for crypto companies.”
Russia has also joined the action, and Anatoly Aksakov, chairman of the Financial Market Committee of the Russian State Duma, claimed that lawmakers are now weighing Understanding the crypto mining industry As a form of entrepreneurship regulated by the local business law.
Yuga Labs, the creator of the popular NFT project Bored Ape Yacht Club, auctioned 101 tokenized apes for $24 million this week.
The auction ended on September 10 and was hosted by Sotheby’s. It is estimated that the collection will sell for US$12 to 18 million. Given that the winning bid was 24 million U.S. dollars, the average price of each bored ape in the collection was about 241,000 U.S. dollars, or 71.24 Ether (Ethereum), at the time of publication. This number is much higher than the OpenSea secondary market’s reserve price of 34 ETH ($115,000 at the time of writing).
However, in some rare irreplaceable FUDs, there were reports earlier this week that the NFL banned all teams and members from participating. Sponsorship related to encryption, Advertising and NFT sales. The league seems to be suspending crypto hype until it develops a “sports digital trading card and art” strategy.
Although MicroStrategy continues to snap up and hold large amounts of Bitcoin under the guidance of CEO Michael Saylor, strategists believe that the company’s top management may not like the current business model.
Recent documents submitted to the US Securities and Exchange Commission show that the company’s senior executives, such as Chief Financial Officer Phong Le and Chief Technology Officer Timothy Lang, sold their shares in August this year, exercising approximately 30% of their compensation. Options. Since 2012, Seiler himself has not sold any shares.
Matt Maley, chief market strategist at Miller Tabak + Co., argued that these decisions may reflect concerns about the long-term viability of Seiler’s “hodl model” and how closely he tied the company’s fate to price A keen commitment to connect with each other. BTC increases over time.
“If senior managers think the stock is going up, they won’t sell the stock. No matter how you slice it, it’s just a bad sign,” Maley said.
El Salvador’s President Naib Bukler revealed on Monday that the government has snapped up 200 Bitcoins for Bitcoin law goes online Tuesday. The law recognizes digital gold as legal tender.
Although the BTC price plummeted after a major news event, Bukele was not worried because the government “buy on dips” Buy another 150 BTC During the depth of the massive sell-off, the price fell below $43,000.
Regarding the Bitcoin law, it is reported that Javier Argueta, the legal counsel of the Presidential Palace of El Salvador (Javier Argueta) Clarify corporate obligations The day before it becomes effective. Argueta stated that companies must hold an encrypted wallet and accept customers’ BTC-but they can also choose whether to receive BTC or U.S. dollars after the transaction is settled.
Journalist Aaron van Wirdum recounted his adventures on Twitter Salvador McDonald’s On Tuesday, to see if he could make purchases with BTC, he was surprised that he was able to load the breakfast menu with the newly approved fiat currency.
Cointelegraph’s Andrew Fenton questioned some of the brightest people in the crypto space on how to prepare for the end of the bull market, and got their views on the possibility of using on-chain indicators to predict market crashes.
In the two-part series, there are different views on the possibility of predicting when the crypto winter will come. Bobby Lee, the brother of Litecoin founder Charlie, swears by the “price cycle halving” school.
At the same time, Mati Greenspan of Quantum Economics and Scott Melker of Wolf of All Streets believe that it is best to proceed with caution and profit during the rise, while maintaining a portfolio that does not require you to predict events in advance.
Winners and losers
This weekend, Bitcoin is located at USD 45,529, Ether USD 3,305 And XRP in 1.07 USD. Total market capitalization USD 2.05 trillion, according to To CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin risers this week are Quant (QNT) 88.16%, Phantom (FTM) 69.43% and Algorand (something) 59.54%.
The top three altcoin losers this week are Telcoin (telephone) -24.70%, reborn (change) -24.16% and Uniswap (UNI) -24.38%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“Then why do we want to regulate purely speculative digital tokens? If we do regulate these tokens, will this lead people to think that they are real investments? That is, will FCA’s intervention bring them? ‘Halo effect’, thus triggering unrealistic expectations for consumer protection?”
Charles Randall, Chairman of the UK Financial Conduct Authority
“Cryptocurrency should be paid through normal payment channels. If it is not, it should be deemed to have been mined and a capital gains tax must be levied. This is like voluntary disclosure.”
Rama Subramaniam Gandhi, Former deputy governor of the Reserve Bank of India
“Merchants will benefit greatly from the cryptocurrency model, because the card network fees are completely removed from the equation, and the customer/payer bears the transaction costs.”
“In the next few years, more nation-states will use cryptocurrency as part of their monetary policy, either as a reserve fund of their central bank, or use the cryptocurrency track for central bank settlement. […] Or it may simply adopt a cryptocurrency—as El Salvador does—and make it a national currency. “
Charles Hoskinson, The founder of Cardano
“Cryptocurrency is not just Bitcoin purchased to hedge against bad monetary and fiscal policies. But perhaps, more importantly, it is Web 3.0. This is the Internet of value transfer.”
Mike Novogratz, CEO of Galaxy Digital
“Everyone has to wait and see what the SEC will release as regulation. It looks like Coinbase wants to take the SEC to court like XRP and prove that they are beyond their charter.”
Alex Masinsky, CEO and co-founder of Celsius Networks
“Although the situation is the opposite, because gold changed from a currency to an asset class in the 1970s, and Bitcoin a bit changed from an asset class to a currency or currency.”
Julian Timmer, Fidelity Investment Director
“The US Securities and Exchange Commission has repeatedly asked our industry to’talk to us and come in’. We did it here. But what we know today is that we can keep Lend out of the market indefinitely without knowing the reason, otherwise We may be sued.”
Paul Gruval, Coinbase Chief Legal Officer
Forecast this week
Earlier this week, the entire crypto market suffered a sharp drop in prices led by its market leader Bitcoin. BTC has dropped by approximately $10,000 from a price above $50,000.
Although Solana (SOL) seems to have opened up its own path, the altcoin market has largely followed the price decline of BTC. The asset was basically bullish this week, and prices rose after the market sell-off, while Bitcoin and other assets seemed to stabilize. SOL set a personal best price this week, setting a record high of around $217.
The underlying blockchain of SOL works similarly to Ethereum because it is the blockchain used to build solutions. Solana is becoming more and more useful in the field of NFT and DeFi, which represents the two biggest trends in cryptocurrency.
Mercuryo’s chief operating officer and co-founder Greg Waisman said that SOL’s target price of $500 by the end of 2021 is not impossible. Waisman told Cointelegraph: “Solana’s growth seems to be imitating Ethereum (ETH) and Binance Coin (BNB), and the $500 forecast may become a conservative forecast for the token.”
FUD this week
The U.S. Securities and Exchange Commission threatens to sue Coinbase over what it considers to be a secure crypto-income plan
This week, Coinbase CEO Brian Armstrong caused a sensation after posting 21 posts on Twitter about the SEC’s recent “rough behavior”.
On Tuesday, Armstrong claimed that law enforcement agencies threatened to sue Coinbase if it launched a (USDC) The loan plan claimed by the US Securities and Exchange Commission is a kind of securities.
According to Armstrong, the cryptocurrency exchange has sincerely approached the SEC to provide an introduction to the project. However, the response from law enforcement agencies was very radical and provided zero explanation for why the loan program was defined as a security.
“They refused to tell us why they thought it was a security, but instead subpoenaed us (we abide by) a bunch of records, asked our employees to provide testimony (we abide by), and then told us that if we continue to do so, they will sue We launched, zero explained why,” he said.
Among some non-US related FUDs, there were reports on Tuesday that the Securities and Exchange Commission of Thailand (SEC) has temporarily suspended the services of the local branch of the Houbi cryptocurrency exchange. The Securities and Exchange Commission of Thailand also recommended that its operating license be revoked from the Ministry of Finance.
Huobi, known as DSDack in Thailand, was suspended after its trading suspension The operation and management structure is deemed to be inconsistent with local regulations. The US Securities and Exchange Commission claimed that it notified cryptocurrency exchanges of compliance violations for the first time in February and took action together before the end of August.
However, after failing to resolve these issues, the US Securities and Exchange Commission suddenly stepped in and gave the company three months to return all assets to customers.
The cryptocurrency market plummeted, and the price of Bitcoin fell below $43,000 in a matter of minutes
Bitcoin plummeted this week as the price fell from around $52,300 on Tuesday to below $43,000 the next day-one of the most volatile days of the year.
The timing coincided with the day when El Salvador made BTC a legal tender, which led some experts to link bits and pieces and assert that whales colluded to blow fish out of the water. This was a news event that should have been a bullish sign.
Trader and analyst Scott Melker (Scott Melker) is known as the “wolf on the street.” He blames high-volume traders. As he puts it, “In El Salvador, Bitcoin is the legal tender. One day, let the whale sell Bitcoin.”
“The actual number of sales is the same,” he added.
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