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
Bitcoin (Bitcoin) Soared to a record high this week, breaking the previous upper limit of $64,900 since April, as the asset entered price discovery mode and then peaked at around $67,000.
The bullish momentum coincided with the successful launch of ProShares’ Bitcoin futures-based exchange-traded fund (ETF). Many bystanders expect the price to rise in the coming weeks and months, and even more optimistic people say that it may rise to 300,000 US dollars in the near future.
With the dominance of Bitcoin’s market capitalization reaching its highest level since mid-May, many popular traders emphasized that it is time to focus on digital gold and temporarily put the altcoin market in a secondary position.
After ProShares launched its Bitcoin futures-based ETF (BITO) on the New York Stock Exchange (NYSE) on Tuesday, this week achieved an important milestone in the crypto industry.
ProShares’ Bitcoin strategy ETF had a trading volume of approximately $1 billion on the opening day, and Bloomberg analysts said it can be said to be Maximum trading volume on the first day ETFs in terms of “natural” or “grassroot interest”.
Two days after listing on the New York Stock Exchange, Proshares’ ETF became the fastest fund ever to manage assets of US$1 billion. After Proshares’ ETF, many bystanders are waiting to see how the next one will perform.At the time of writing this article on Friday, Valkyrie just launched Bitcoin Futures ETF On the New York Stock Exchange.
As part of a multi-year sponsorship agreement, the top cryptocurrency exchange Coinbase has reached an agreement with the NBA, WNBA, NBA G League, NBA 2K League, and the U.S. Basketball team. As part of the transaction, Coinbase will work to educate basketball fans on encryption.
According to the NBA, Coinbase will create “unique content, innovation, activation and experience” to help basketball fans understand the crypto space. The company’s brand will also appear in the TV broadcast of the game.
In terms of mainstream adoption, this move may be a real “slam dunk” in the industry. Data from Statista shows that during the 2019-2020 season, an average of 1.6 million people watched the NBA regular season through major networks.
Mariah Carey is the pop idol behind the divisive Christmas song “All I Want For Christmas Is You”. She collaborated with Winklevoss twins’ cryptocurrency exchange Gemini to promote Bitcoin adoption and support girls of color in pursuing STEM degrees. A broad education refers to the categories of science, technology, engineering, and mathematics.
In a video sent to her 10.2 million Instagram followers, Kelly said that she is a Bitcoin investor and provided her fans with a referral code to redeem up to $20 in free BTC.
Her promotional transactions are related to charity, because users who register through referral links and trade digital assets on Gemini will directly contribute to the Black Girls Code, a non-profit organization that provides technical education for African-American girls.
A four-year-old from Brazil made more than 6,500% of the profit on her first Bitcoin. The girl’s father, João Canhada, gave 1 BTC to his newborn in 2017, when the price of the asset was about $915.
Canhada is the founder of Foxbit, a Brazilian cryptocurrency exchange, and said that he bought his daughter’s Bitcoin not only as a gift, but also as an “investment method” in the emerging crypto industry. It looks like he was in the right place at the right time, as the price of Bitcoin soared to $20,000 at the end of 2017.
Although there are many bumps along the way, Bitcoin is worth about $61,000 this weekend, which shows that her current profit is about 6,560%.
Winners and losers
Among the 100 largest cryptocurrencies, the top three altcoin gains this week are United Nations 71.25%, Nexus (NEXUS) 33.80% and Huobi Token (HT) 33.70%.
The top three altcoin losers this week are Flow (flow) At -21.20%, Celsius (CEL) At 14.00% and Perpetual Agreement (PERP) -13.14%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“If left unchecked, these digital assets and payment systems may undermine the effectiveness of our sanctions.”
“We have a lot of smart people working at Icahn & Company, but 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 don’t invest in what we don’t get. […] The jury really does not know whether Bitcoin has intrinsic value or as a store of value. If inflation is rampant, I think it does have value. There are too many variables, and investment is a very difficult thing. “
Carl Icahn, Founder of Icahn Enterprise
“There is a lot of history here. We think it will be well tracked, and most importantly, we think the combination of a regulated futures market and a 40-act ETF will truly provide easy access to Bitcoin for many who may have been waiting. The chance is on the sidelines.”
Simon Hyman, Head of Investment Strategy, ProShares
“In order to protect consumers and reduce costs, we encourage the simplification of the state-level stablecoin regulatory framework, and encourage federal bank regulators to issue special purpose charters for stablecoin companies seeking to operate nationwide.”
“DAO clearly does not belong to any existing corporate structure in Australia. […] This regulatory uncertainty hinders the establishment of large-scale projects in Australia. “
“Diem is not Facebook. We are an independent organization. Facebook’s Novi is just one of two more members of the Diem Association. Novi’s Paxos pilots have nothing to do with Diem.”
“In the past few months, we have made a lot of noise about cryptocurrency overactivity.”
Adam Allen, CEO of AMC
“Artificial intelligence, especially the low-tech form of surveillance, is communist in nature.”
Peter Thiel, Co-founder of PayPal
Forecast this week
Bitcoin price this week is northward.according to Cointelegraph’s BTC price index, The asset broke through its previous all-time high, just below $65,000, and continued to reach $67,000 in a week full of Bitcoin ETF headlines. However, Bitcoin cooled after its surge and fell back to a low of $60,000.
There are several human rights weighing the potential price movements of Bitcoin. The Twitter account of E-Club Trading, an investment analysis agency, mentioned that if Bitcoin drops to the level of 62,000 USD, there may be a level of around 58,000 USD.
ExoAlpha Chief Investment Officer David Lifchitz pointed out that BTC may also rise to $80,000, or reach $58,000 or $53,000 before pushing $80,000.
FUD this week
New York State Governor Kathy Hochul received a letter this week urging her to refuse permission to convert an old fossil fuel power plant in New York City into an encrypted mining center. The power plants in question are the Greenidge Power Station and the Fortistar North Tonawanda Facility, which are now ambitious targets for mining and full-speed operation.
The letter was signed by a long list of local organizations, companies, and labor groups, who joined together to express their concerns about the encryption mining model for energy-intensive temporary jobs.
“The workload proves that cryptocurrency mining uses a lot of energy to power the computers needed to conduct business-if this activity is expanded in New York, it could severely undermine New York’s climate goals set by the Climate Leadership and Community Protection Act,” the letter read.
Speaking of New York, the state’s attorney general’s office traced five local crypto companies on Monday, ordered two unnamed companies to shut down operations, and launched investigations into three other companies.
The Attorney General’s Office accused the two companies of engaging in illegal activities and requested detailed information about the other company’s loan products, policies, procedures, customers in the state, and other relevant information.
One of the three crypto loan companies under investigation is Celsius Networks, which confirmed the news in a blog post on Tuesday. Celsius said it is “working hard to provide information about its business to New York regulators.”
Based on what people think of Facebook, this may or may not be FUD, and five US senators urged the social media giant to stop its crypto wallet a few hours after its pilot project went live this week.
Facebook’s Novi Wallet and Coinbase launched a pilot in the United States and Guatemala on Tuesday, but a group of senators, including cryptocurrency skeptic Elizabeth Warren, did not do so. In a letter to Facebook CEO and meat enthusiast Mark Zuckerberg (Mark Zuckerberg), the senators expressed their “strongest opposition to Facebook’s efforts to relaunch cryptocurrency and digital wallets.”
The letter read: “When Facebook’s existing ability to manage risk and protect consumer safety proves to be completely inadequate, it cannot be trusted to manage the payment system or digital currency.”
Best Cointelegraph features
Sadly, there are many reasons why the blockchain community has failed to make privacy its first priority, and this must be changed.
“Generally speaking, when I succeeded, it was only through some cunning tricks.”
With the Bitcoin Futures Exchange Traded Fund, access to the world’s largest cryptocurrency will be easier than ever.