Coming each Saturday, Hodler’s Digest will show you how to observe each single vital information story that occurred this week. The perfect (and worst) quotes, adoption and regulation highlights, main cash, predictions and far more — every week on Cointelegraph in a single hyperlink.
Prime Tales This Week
Crypto markets tag $3T combined market cap for first time
At the beginning of this week, the mixed cryptocurrency market cap broke $3 trillion for the primary time. The market has fluctuated closely this 12 months, beforehand topping out at $2.62 trillion throughout the top of the bull run in Might, earlier than crashing all the way down to as little as $1.24 trillion in mid-July.
CoinGecko’s knowledge tracks 10,418 digital belongings throughout 518 cryptocurrency exchanges, and the surging momentum within the latter half of 2021 comes on the again of Bitcoin (BTC), Ether (ETH), Polkadot (DOT) and Solana (SOL) all pushing previous new all-time highs.
Bitcoin nonetheless stays the dominant drive in crypto, with its $1.21 trillion market cap being greater than double that of second-ranked Ethereum at $550 billion. In the meantime, the mixed capitalization of all different crypto belongings sits at roughly 40%, or $1.24 trillion.
BREAKING: Mastercard launches crypto-linked cards across Asia-Pacific
On Tuesday, Mastercard introduced that will probably be launching crypto-linked fee playing cards throughout the Asia-Pacific area that can allow customers to immediately convert their digital belongings into fiat foreign money.
The playing cards are being launched in collaboration with three crypto service suppliers: Amber Group and Bitkub in Thailand, and CoinJar in Australia. Mastercard hasn’t outlined what crypto belongings will probably be supported at this stage however did trace that Bitcoin and Ether can be on the high of the record.
“Reasonably than instantly transferring cryptocurrencies to a service provider, cardholders will now be capable of immediately convert their cryptocurrencies into conventional fiat foreign money which may be spent all over the place Mastercard is accepted around the globe, each on-line and offline,” Mastercard mentioned.
NewYorkCityCoin launching this week with Mayor-elect Eric Adams’ blessing
NewYorkCityCoin (NYCCoin) launched on Thursday, with Mayor-elect Eric Adams giving the coin’s issuers, CityCoins, a public endorsement forward of the rollout. Adams said final week that he needed to have a CityCoin for NYC that mirrors Miami’s MiamiCoin.
Whereas Adams welcomed the venture to New York this week, CityCoins has but to formally companion with the native authorities. It could need to accomplish that quickly, nevertheless, because the NYCCoin venture will divert 30% of its mining rewards to a custodied reserve pockets that the native authorities can use to help no matter initiatives it chooses.
“We’re glad to welcome you to the worldwide house of Web3! We’re relying on tech and innovation to assist drive our metropolis ahead,” Adams mentioned.
Elon Musk offloads $1.1B in Tesla stock
In response to filings with the U.S. Securities and Change Fee, erratic billionaire and Tesla CEO Elon Musk offloaded greater than 934,000 Tesla shares value round $1.1 billion on Thursday.
Musk made round a 180% acquire on his bought shares with a median sale value of round $1,170, marking his largest hearth sale of Tesla inventory to this point. The CEO had teased a possible sale over the weekend after polling his 63 million Twitter followers about whether or not he ought to promote 10% of his Tesla inventory. The ballot was in response to public pushback towards billionaires who could or could not have paid their justifiable share of tax.
This sale solely accounted for 1% of Musk’s holdings, and the filings present that he deliberate to promote the inventory as a part of his tax obligations again in September. The world now awaits if he’ll promote one other 9% to appease the 58% of respondents who voted “sure” to his ballot.
Zimbabwe may be the next country to embrace Bitcoin as legal tender
Zimbabwe’s authorities was rumored to be taking a look at using Bitcoin as a authorized tender to satisfy rising demand within the nation, based on native information shops.
The information, reported on Nov. 7, recommended that discussions with native companies are already underway. Retired Brigadier Colonel Charles Wekwete, everlasting secretary and head of the e-government know-how unit within the workplace of the president and cupboard, was confirmed because the supply of the hypothesis.
A few days later, nevertheless, information additionally surfaced that Zimbabwe was not looking to adopt Bitcoin by any means, and was as a substitute exploring central financial institution digital currencies (CBDCs). Zimbabwe’s minister of data, Monica Mutsvangwa, had the unlucky job of quashing the rumors and offering a serious buzzkill for Bitcoin maxis.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $63,185, Ether (ETH) at $4,577 and XRP at $1.17. The full market cap is at $2.75 trillion, according to CoinMarketCap.
Among the many greatest 100 cryptocurrencies, the highest three altcoin gainers of the week are Loopring (LRC) at 100.64%, Kadena (KDA) at 99.70% and Livepeer (LPT) at 80.35%.
The highest three altcoin losers of the week are OMG Community (OMG) at -25.57%, Arweave (AR) at -16.86% and Cosmos (ATOM) at -15.68%.
For more information on crypto costs, ensure that to learn Cointelegraph’s market analysis.
Most Memorable Quotations
“For the second time in 5 months, we introduced the seizure of digital proceeds of ransomware deployed by a transnational prison group. This won’t be the final time — the U.S. authorities will proceed to aggressively pursue your complete ransomware ecosystem and enhance our nation’s resilience to cyber threats.”
Merrick Garland, U.S. legal professional normal
“If Apple have been so as to add help for #Bitcoin to the iPhone and convert their treasury to a Bitcoin Customary, it could be value not less than a trillion {dollars} to their shareholders.”
Michael Saylor, CEO of MicroStrategy
“The crypto neighborhood is bold, daring and filled with potential. Innovation is about synergy. It’s past know-how and about individuals. It’s about us.”
Kristina Cornèr, editor-in-chief at Cointelegraph
“I imagine that within the subsequent three to 5 years, the DeFi business will develop massively. It’s already rising quickly, however the benefits of peer-to-peer applied sciences can and will probably be extra broadly skilled.”
Anton Bukov, co-founder of 1inch Community
“If the outcomes of this ‘improvement’ section conclude that the case for CBDC is made, and that it’s operationally and technologically sturdy, then the earliest date for launch of a U.Okay. CBDC can be within the second half of the last decade.”
“We’re taking a excessive diploma of concentrate on points surrounding the safety of private info and the digital yuan and have made related regulatory and technological changes to satisfy this goal. We now have adopted a precept of anonymity for small transactions concerning the digital yuan and can solely step in to control below the legislation for giant transactions. Relating to accumulating private knowledge, we search solely to gather what is critical and the minimal of what’s legally required, which is much lower than digital fee apps of in the present day.”
Yi Gang, Folks’s Financial institution of China governor
“It isn’t affordable to construct a monetary system that calls for buyers even be refined interpreters of advanced code.”
Caroline Crenshaw, U.S. Securities and Change Fee commissioner
“Crypto is turning into cultural, it’s turning into cool. […] It was that should you have been investing in crypto, you have been form of bizarre.”
Cuy Sheffield, head of crypto at Visa
Prediction of the Week
Bitcoin to hit $250K in January 2022 but ‘invalidate’ S2FX BTC price model — New prediction
Digital foreign money analyst Matthew Hyland lately tweeted his ideas about Bitcoin’s potential upcoming value motion. Briefly, his multi-tweet write-up primarily defined his prediction that BTC will surpass $100,000 on its strategy to $250,000, validating one well-liked value mannequin and invalidating one other.
The Inventory-to-Move (S2F) and Inventory-to-Move Cross-Asset (S2FX) value fashions, constructed by PlanB, a pseudonymous Twitter persona identified for his Bitcoin evaluation, every have value targets of upcoming relevancy. December 2021 ought to faucet right into a BTC value of at least $100,000 per coin, based on the S2F mannequin. The S2FX mannequin notes a value expectancy of around $288,000 per BTC earlier than the subsequent halving, which ought to happen in 2024.
The worth fashions are based mostly round Bitcoin’s block reward halving cycles. Bitcoin halvings happen each 210,000 blocks — which takes about 4 years. The time in between is the halving cycles.
Basically, Hyland thinks BTC will maintain tempo with the S2F mannequin in hitting $100,000, however the asset will solely attain about $250,000 throughout the current halving cycle (concluding in 2024) — the results of huge gamers promoting early earlier than $288,000. Large gamers will possible get retail buyers hyped for BTC after $100,000 is reached according to the S2F mannequin, based on Hyland, main these mainstream of us to look subsequent towards the $288,000 value goal of the S2FX mannequin.
This week produced notable pleasure within the Bitcoin value class. The asset turned in a brand new all-time excessive just under $69,000 earlier than dropping barely beneath $63,000, all on Wednesday, based on Cointelegraph’s BTC price index.
FUD of the Week
Nigeria’s central bank reportedly freezes crypto traders’ accounts
The Central Financial institution of Nigeria (CBN) was reportedly laying on the FUD this week after it ordered native business banks to freeze accounts tied to not less than two crypto merchants. The CBN banned banks from servicing native crypto exchanges over issues of volatility, cash laundering and terrorism financing.
Native media outlet Peoples Gazette reported the information on Nov. 7, stating that CBN’s director of banking supervision, J.Y. Mammanand, laid down the legislation, directing his financial institution to close down the naughty crypto merchants’ accounts and transfer their funds to “suspense accounts.”
The crackdown is reportedly a part of a broader transfer from banking regulators to instantly shut the accounts of Nigerian residents or corporations “transacting in or working cryptocurrency exchanges” utilizing native banks, as CBN execs assume that almost all of those transactions are nefarious.
Coinbase shares to open lower after 75% drop in net income in Q3
Coinbase (COIN) shares promptly dipped round 13.1% in after-hours buying and selling following the discharge of underwhelming third-quarter monetary outcomes on Thursday. The agency posted $1.235 billion value of income in Q3, falling properly beneath FactSet’s estimates of $1.614 billion.
The agency’s income equated to $406 million, which marked a 74.7% lower in comparison with the second quarter however did beat analysts’ expectations of $380 million. Coinbase additionally reported earnings of $1.62 per share, which got here in 10% wanting the consensus estimate. The agency gave the impression to be unfazed by the outcomes, and the report highlighted that Coinbase is concentrated on the long run.
“Coinbase just isn’t a quarter-to-quarter funding, however somewhat a long-term funding within the development of the crypto financial system and our capacity to serve customers via our services and products. We encourage our buyers to take this perspective,” the report learn.
Beeple’s Discord compromised, timed to coincide with Christie’s auction
An admin account for Beeple’s official Discord channel was hacked on Wednesday, leading to a pretend NFT drop being promoted to the group that noticed customers duped out of an estimated 38 ETH.
An admin account with the deal with “Multi” confirmed to the group on Wednesday that their account had been compromised regardless of having two-factor authentication settings switched on. The hacker went on to impersonate an admin and the Beeple Bulletins Bot, and promote a pretend and “low cost” NFT drop from Beeple on Nifty Gateway.
The members of the group have been anticipating an affordable NFT drop to be launched on the again of Beeple’s most up-to-date $29 million public sale, because the artist has carried out such a factor earlier than to cater to all audiences. Nonetheless, not solely did the members partake in a pretend drop, they didn’t even obtain any NFTs for his or her bother.
Finest Cointelegraph Options
Meme tokens and dogcoins flood the market as price wars heat up
Latinx communities are driving ahead adoption, as crypto is confirmed to satisfy their various wants in a approach that conventional finance can’t.
Blockchain metaverse startups: Unparalleled investment potential
Consider how important the web is to on a regular basis life now — that’s what the Metaverse might turn out to be in so much much less time than the web did.
Crypto kids fight Facebook for the soul of the Metaverse
“The Metaverse doesn’t begin in digital actuality — it begins with possession of belongings, [the] capacity for anybody to create and commerce worth.”
