Every saturday Hodler Digest Will help you keep track of every important news that happened this week. The best (and worst) quotes, summary of adoption and regulations, leading coins, forecasts, etc.-work once a week in a link on Cointelegraph.
Popular stories this week
Bitcoin reaches $57,500-a market value of $1 trillion indicates that it will continue to exist
The price of Bitcoin continued to break records this week, soaring more than 20% And reach the highest $ 57,505.23 At one point. But the most important milestone was when the market value of BTC exceeded $1 trillion for the first time.
This is a feat that companies such as Amazon and Google have taken decades to achieve, and Bitcoin has consolidated its position as a major global asset in just 12 years. BTC even successfully surpassed Tesla and Tencent because the bullish momentum shows no signs of slowing down.
Recent historical data shows that Bitcoin’s rally in 2021 tends to occur over the weekend, and many analysts believe that the world’s largest cryptocurrency may attack Bitcoin. $60,000 Weekend level.
In the past seven days, BTC has outperformed Ethereum, by comparison, it has gained only 10%. ETH has been trying to crush $ 2,000 Obstacles appeared in recent days, but Monday did manage to break through that threshold.
MicroStrategy raised $600 million… No, $900 million was used to buy more bitcoins
The spike in BTC comes as MicroStrategy raised its stakes amid its aggressive acquisition boom, announcing that it is selling 900 million USD A convertible priority note issued to institutional purchasers so that it can “acquire additional bitcoin.”
If the purchase plan goes ahead as planned, the business intelligence company will hold more than 90,000 BTC in its reserves and control 0.48% of Bitcoin’s circulating supply.
MicroStrategy’s spending spree started in August 2020, when it purchased 21,454 BTC in order to USD 250 million —Price about $ 11,650 Every coin. At the time of writing, this alone generated a book profit of US$950 million. Two more bulk purchases occurred in September and December.
Binance Coin becomes the third largest cryptocurrency after the parabolic rally
This week’s plot led to a complete change in the ranking of cryptocurrencies. Binance Coin is now the third most valuable cryptocurrency in history.
The price of BNB has more than doubled this week, reaching a high of $342.88. It was issued by Binance, one of the world’s largest cryptocurrency exchanges, with the purpose of giving users discounted fees.
PancakeSwap is a successful decentralized exchange based on Binance Smart Chain, and its sales surge. The platform’s trading volume exceeded Uniswap this week, becoming the largest DEX.
Changpeng Zhao, CEO of Binance, pointed out that BNB has also been setting record highs for Bitcoin. He said: “In the past three and a half years, we went from as low as 0.00001 BTC per BNB to BTC, an increase of 480 times.”
Sold more than 100 million U.S. dollars of cryptocurrency NFTs in the past 30 days
Irreplaceable token sales have been booming and the sales of crypto collectibles have exceeded $100 million value.
NBA Top Shot represents the largest share of NFTs sold, and CryptoKitties, the platform that launched the platform, has increased its sales by 305.92% in the past month.
this week, Unique Spiderman drawing Sold by Marvel Comics artist Adam Kubert 12.75 ETH (US$25,387) after conversion to NFT. Christie’s Announced plan Auction its first “pure digital artwork”.
However, people worry that the NFT craze is turning into a bubble suitable for bursting. Litecoin founder Charlie Lee once predicted the price of NFT Will eventually crash Because tokens lack the legal scarcity of “real art”.
He warned: “Since the cost of creating another NFT is almost zero, the market will eventually be overwhelmed by the NFTs of artists trying to profit from this frenzy. Supply will overwhelm demand and prices will eventually collapse.”
Dogecoin fell 23% as Elon Musk beat the DOGE Rich List
DOGE’s resounding and unmistakable bark has become exhausted this week and prices have fallen 19% In the past seven days.
Dogecoin sinks twenty three% On Monday, Elon Musk drew attention to the highly unequal distribution of DOGE tokens and urged major holders to sell within a few hours.
Dogecoin is one of the most unequal coin distributions in the cryptocurrency field, with only one person holding 28.7% of the shares, and the top 12 holders owning nearly 50% of the supply.
The CEO of Tesla, who was dissatisfied with the statistics, wrote on Twitter: “If the major Dogecoin holders sell most of their coins, it will have my full support. Too much attention is the only real problem with imo.”
It is worth noting that this kind of callback cannot depend solely on Musk’s proposition. At the beginning of this week, there was a huge correction in the entire altcoin market, as Bitcoin promoted new historical high absorption from smaller coins.
Winners and losers
This weekend, Bitcoin is $ 57,387.27,ether $ 2,017.56 And XRP in $0.55.The total market value is 1,752,064,723,211 USD.
Among the 100 largest cryptocurrencies, the top three altcoins rose by Ravencoin, Dodo And PancakeSwap.The top three altcoin losers this week are Dogecoin, avalanche with Algorand.
For more information about cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
The most memorable quote
“I think that now, after experiencing all the hacking attacks, we basically understand that if you conduct two audits and three audits, it does not mean you are safe.”
Emiliano Bonassi, Co-founder of DeFi Italy
“Since January, the amount of Bitcoin consolidation is unreal. This really allows the fundamentals to catch up and reset the indicators. It looks like $48k is now $35k.”
Young Aleman and Young Harper, Co-founder of Glassnode
“There are now more than 94,000 #Bitcoin addresses holding at least $1 million in BTC. The sharp rise in mid-December marked the point where BTC broke through $20,000-making all early miner addresses (50 BTC rewards) millionaire addresses.”
“Although Bitcoin is likely to continue to fluctuate in the short term, in the long term, we believe that Bitcoin has 10 times the current level of potential, which is part of a diversified investment portfolio.”
“North Korean agents use keyboards instead of guns, steal cryptocurrency digital wallets instead of cash, and are the world’s largest bank robbers.”
John Demers, U.S. Assistant Attorney General
“Big Picture $BTC Bitcoin is experiencing its third parabolic development in the past ten years. Parabolic rises on the arithmetic scale are extremely rare, and the third-order rise on the logarithmic scale is historic.”
Peter Brandt, Senior businessman
“Crimes related to cryptocurrency are on the decline. It accounts for a small proportion of the entire cryptocurrency economy and is smaller than the amount of illegal funds involved in traditional finance.”
“Financial leaders who are responsible for ensuring financial stability are not easy to speculate into uncharted territory.”
Alexander Bent, Gartner Research Director
“You don’t want to use a non-uniform currency when you enter Starbucks. Maybe you will pay with Ethereum, maybe you will pay with Ripple, maybe you will pay with Bitcoin, maybe you will pay with a dollar-this is not how we do it.”
James Brad, Governor of the Federal Reserve Bank of St. Louis
“Since the cost of creating another NFT is almost zero, eventually the market will be flooded with NFTs that artists are trying to profit from this boom. Supply will overwhelm demand and prices will eventually collapse.”
Charlie LeeFounder of Litecoin
“If the major Dogecoin holders sell most of their coins, it will have my full support. Too much attention is the only real problem with imo.”
Elon MuskTesla CEO
Forecast for the week
Motley Fool adds Bitcoin to “10x portfolio”-target price is $500,000
Motley fool announces that it will invest 5 million USD Into BTC and predict that Bitcoin will rise to $ 500,000 In the next 15 years.
The financial and investment advisory giant stated that it will buy bitcoin directly instead of getting investment in “high-priced ETFs.”
Motley Fool pointed out the three core reasons behind the purchase. He said that Bitcoin stores value better than gold. It is an effective hedge against inflation and may become a trading asset.
The company added: “Although Bitcoin is likely to continue to fluctuate in the short term, in the long term, we believe that Bitcoin has the potential to be 10 times higher than today’s levels. This is part of a diversified investment portfolio. We plan to invest in this Bitcoin Hold for many years.”
FUD this week
The chairman of the Federal Reserve says people don’t want a “non-uniform currency” like Bitcoin
The president of the Federal Reserve Bank of St. Louis does not seem to understand why many people see cryptocurrency as a medium of exchange rather than a unified currency like the US dollar.
In an interview with CNBC, James Bullard expressed optimism about the prospects of the U.S. dollar and said that the U.S. dollar will not be affected by Bitcoin or gold.
He expressed concern about privately issued currencies, and he added: “You don’t want to use a non-uniform currency when you enter Starbucks. Maybe you will pay with Ethereum, maybe you will pay with Ripple, maybe you will pay with Bitcoin, maybe you will pay with a dollar-this is not how we do it.”
Brad also warned that private currencies cannot maintain a stable value relative to commodities and other currencies, and the future supply is “completely unclear.”
The U.S. charged three North Korean hackers with encryption attacks and WannaCry ransomware allegations
The US Department of Justice has announced the charges against three North Korean hackers.
Assistant Attorney General John Demers did not interrupt him when he announced the news. He announced: “North Korean agents use keyboards instead of guns, steal cryptocurrency digital wallets instead of cash, and are the world’s largest bank robbers.”
Since a country is largely isolated by the international economy, North Korea’s hacker program has always been an important source of income.
Many people associate hacker income from sources such as WannaCry malware and cryptocurrency exchange Coincheck with nuclear weapons programs.
The YouTuber regrets that 37 BTC (now worth $1.8 million) was spent on a second-hand Honda
Regarding this, Honda enthusiasts didn’t think about it. He spent 30.5 BTC on two used cars on Valentine’s Day 2017, calling himself an “idiot”.
Chris Cut believes that given how BTC was traded at a price of $1,000 per coin, his “high price” at that time was $30,500. But fast forward to today, his cryptocurrency could have surpassed $1.7 million.
The YouTuber stated that he didn’t need to worry about buying a car with Bitcoin at the time-but four years later, his huge loss of profits was settled.
He said: “I started to do some math calculations, which made me feel very frustrated and at a loss.”
Add after cutting: “Obviously, I regret it because I can buy a lot of NSX at this price today. […] In fact, I turned 37 bitcoins into 2 bitcoins. “
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