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
In memory of John McAfee: Computer programmer and encryption technology communicator passed away at the age of 75
Hours after the Spanish court ruled that John McAfee was found dead in his Spanish prison cell He may be extradited to the U.S. Facing allegations of tax evasion. He is 75 years old.
He is known for creating one of the most famous antivirus software programs in the world. The entrepreneur also made headlines in the crypto sector and mainstream media for predicting in July 2017 that the price of Bitcoin will reach $500,000 in 2020. McAfee ultimately failed to fulfill the terms of the extravagant bet he claimed he would “eat”. [his] If it doesn’t happen, please broadcast it on national television.”
Spanish officials did not rule out the possibility of McAfee suicide. The news of his death aroused heated discussion among netizens Tribute and conspiracy theories.
Edward Snowden, former NSA employee and whistleblower Tweet: “Europe should not extradite those accused of nonviolent crimes to such an unfair court system-and such a cruel prison system-that native-born defendants would rather die than be subject to it.”
Cardano founder Charles Hoskinson described McAfee as “a person in deep trouble” but praised him as “one of the most mysterious and interesting people in the history of cryptocurrency and computing.”
The opposition may be issue a challenge President Nayib Bukele’s Bitcoin law, but the leader of El Salvador seems determined to advance his plan to adopt cryptocurrency as legal tender.
This week, Bukele announced that the government will airdrop $30 worth of BTC to citizens who download government-issued encrypted wallets. He continued to confirm that BTC will officially become legal tender on September 7.
The announcement was welcomed by Bitcoiners, and influential people speculated that the Salvadoran government would need to buy the required Bitcoins it intends to distribute-an increase of more than $100 million Pressure to buy in the market.
On-chain analyst Willy Woo Tweet Bitcoin’s global user base will grow 2.5% I fell 4.5 million The Salvadorans accepted the president’s proposal.
Analysts warned that if BTC loses $30,000, the downside risk of Ethereum and altcoins will be greater than that of Bitcoin
Bitcoin fell back again after hitting highs 36,059.48 USD Earlier this week.
According to independent market analyst Flibflib, if the world’s largest cryptocurrency falls to 30,000 USD.
In a tweet Publish Later on Friday, they stated that a 30% plunge in the Bitcoin market could cause altcoins to fall twice.
At the time of writing, Bitcoin has fallen 14% This week, the situation for tokens with smaller market capitalization was much worse.Ethereum fell twenty one%, Binance Coin has fallen 20%, Dogecoin has lost 19%, XRP is loss of care 25%.
Since the beginning of the bear market trend in 2018, Bitcoin is expected to record its worst quarter.
This quarter is also expected to become the second worst quarter since the beginning of 2014 in the past eight years since BTC has recorded.
Bitcoin is currently falling 47% This quarter-the weakest quarter since the first quarter of 2018, when it fell by approximately 50% Under the influence of the historical high in 2017, its value fell in just three months.
XRP token holders are accused of posting false statements on social media, targeting members of the US Securities and Exchange Commission.
Obviously, it is the former director of the SEC that is in the sight of the XRP army, the committee warned that this may prevent individuals from seeking public service positions.
The SEC filed a lawsuit against Ripple in December, alleging that the company, CEO Brad Garlinghouse, and co-founder Chris Larsen have been conducting “unregistered and ongoing digital asset securities offerings” through their XRP token sale.
In response to the SEC lawsuit, Ripple claimed that XRP is more like Bitcoin or Ethereum — the two are classified by regulators as commodities rather than securities.
Winners and losers
This weekend, Bitcoin is located at USD 31,574.31, Ether USD 1,784.19 And XRP in 0.60 USD. Total market capitalization 1,269,500,623,338 USD.
Among the 100 largest cryptocurrencies, the only altcoin winner this week is forehead. The top three altcoin losers this week are Yayoi Kusama, Internet computer with Amplifier.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“Add 6 million people to the crypto ecosystem in one go.”
Changpeng Zhao, Binance CEO
“It is unwise to think that the government does not have the tools to hunt down bad guys. They do. If we want this ecosystem to grow and grow, we need to realize that we need to operate within the rules set by society.”
Mike Novogratz, CEO of Galaxy Digital
“In order for Bitcoin to surpass gold one day, it must be a more acceptable form of currency-frankly, I’m not sure if it will get there.”
Thomas Farley, Former President of the New York Stock Exchange
“What we see is correction and contraction, and many things that are shaken are what we call paper hands, weak hands.”
Meltem Demirors, Chief Strategy Officer, CoinShares
“Sold almost all of my bitcoins. No need.”
Jim Cramer, CNBC host
Forecast this week
PlanB stated that the price of Bitcoin could reach $450,000 in 2021-$135,000 is the “worst case scenario”
Not everyone is pessimistic about Bitcoin’s prospects-one of them is PlanB, the creator of the stock-to-flow model.
He said that by the end of this year, the transaction price of BTC may reach a jaw-dropping $450,000… and $135,000 will be the worst-case scenario.
Even though BTC/USD has seen the lows of the past few months retested many times, the analyst and his model are still determined to set a brighter medium-term goal for the largest cryptocurrency.
Now, even the “worst case” of Bitcoin will still see it 47,000 USD In August. A slight reversal in September set the minimum target as 43,000 USD After that month only 63,000 USD October-approaching the current all-time high.
Things then heat up, with 98,000 USD On November and a giant’s card 135,000 USD By the end of this year.
Having said that, PlanB stated that he was “uncomfortable” with his famous price forecast due to the recent downtrend in the market. In a poll he recently conducted on Twitter, 41% Of respondents said they think Bitcoin will be lower than 100,000 USD 2021-Makes his model completely invalid.
FUD this week
Bitcoin is on an upward trend, but BTC may never exceed the 10T dollar market value of gold-former head of the New York Stock Exchange
Thomas Farley, the former head of the New York Stock Exchange, is optimistic about Bitcoin-but he has a warning that discourages avid cryptocurrency enthusiasts.
Although he believes that BTC has long-term upside potential, he doubts that this cryptocurrency is “digital gold”.
Farley said: “In order for Bitcoin to surpass gold one day, it must be a more acceptable form of currency-frankly, I’m not sure if it will get there.”
To beat gold, the transaction price of Bitcoin needs to exceed 533,000 USD With current supply.
A New York judge issued a temporary restraining order to prevent Roc-A-Fella Records Inc. (RAF) co-founder Damon Dash from being suspected of selling a tokenized version of JayZ’s first album Reasonable doubt Together with its copyright.
Dash claimed that he just wanted to sell his shares in RAF, which he established in 1995 with the rapper and Kareem Burke.
The record company distributes ownership among the three, and the company owns all the copyrights of the related albums.
The complaint filed on June 18 stated: “The bottom line is simple: Dash can’t sell what he doesn’t own. By trying such a sale, Dash converted a company asset and violated his fiduciary duty.”
The judge has agreed to stop NFT sales and restrict Dash from selling the copyright of the album as early as July 1.
Jim Kramer almost liquidated all his Bitcoin assets.
The host of CNBC’s Mad Money believes that BTC “has not risen due to structural reasons”, which highlights the re-implementation of regulatory suppression in China.
Kramer warned that the Chinese central government sees Bitcoin as a “direct threat” to the regime and its ability to control the flow of domestic currency-describing the cryptocurrency as “a system beyond its control.”
China’s escalating cryptocurrency mining ban has brought Bitcoin’s hash rate to an eight-month low as mining operations either shut down or moved overseas.
Cramer was dismissive of the cryptocurrency he recently used to repay mortgages, adding: “Sold almost all of my bitcoins. No need.”
Best Cointelegraph features
Deeper security practices will encourage broader trust in DeFi and create a culture that promotes industry development around security culture.
The Bitcoin Taproot upgrade will be activated later in 2021, as developers urge the creation of applications that can take advantage of its advantages.
Historical data shows that during periods of extreme market turmoil, most altcoins tend to pay close attention to Bitcoin’s price movements.