Coming each Saturday, Hodler’s Digest will enable you to monitor each single vital information story that occurred this week. The very best (and worst) quotes, adoption and regulation highlights, main cash, predictions and way more — every week on Cointelegraph in a single hyperlink.
High Tales This Week
‘Uptober’ closes at record high in best month of 2021 — 5 things to watch in Bitcoin this week
After Bitcoin’s (BTC) first-ever month-to-month shut above $60,000 for October and a brand new all-time excessive (ATH), the bulls are studying the tea leaves to see what November will convey. Plan B — who has been fairly bang on the cash in current months — has forecasted a November shut of $98,000 per BTC.
One thing which will counsel the asset is on the up this month is {that a} robust variety of holders weren’t tempted to promote regardless of BTC reaching its ATH of $67,100. Kraken Intelligence identified as a lot, noting that mass accumulation has continued over the previous two months regardless of the potential to reap mad gainz.
“Notably, whereas long-term holders have been unfazed by the retracement final month and used it as a chance to proceed accumulating, this pattern has not modified regardless of a big rebound in value to new all-time highs close to $67,000,” Kraken Intelligence stated.
NFL quarterback Aaron Rodgers will accept part of $22M salary in Bitcoin
With Bitcoin trying nearly as good as ever, star NFL quarterback Aaron Rodgers has bravely determined to simply accept a bit of his $22.3 million wage in BTC. Unsurprisingly, it was part of a promotional deal, with Money App being the tactic of option to hodl the BTC.
In a video shared by way of Rodgers’ Twitter account, the Inexperienced Bay Packers legend cited his perception in Bitcoin and its vibrant future as the explanations for partnering with Money App, however one would consider it would really be part of what some name a “celeb endorsement deal.” One other courageous soul who vowed to simply accept his wage in Bitcoin this week was Miami Mayor Francis Suarez. The well-known crypto proponent stated on Wednesday that he would take his subsequent paycheck 100% in BTC. Suarez stated that he would like to make use of an app like Bitwage or Strike moderately than make the native authorities work out how one can convert his fiat paycheck into crypto.
Google invests $1B in CME Group along with 10-year Cloud deal
Alphabet, the guardian firm of Google, splurged $1 billion by way of an fairness funding into the Chicago Mercantile Alternate (CME) Group. The change is residence to many crypto derivatives merchandise akin to BTC futures contracts, micro BTC futures, BTC choices, and micro Ether (ETH) futures.
The transfer was introduced on Thursday by way of a word to CME Group buyers. Additionally introduced within the word was a 10-year strategic partnership with Google Cloud aimed toward accelerating the change’s transfer to the cloud and altering the best way international derivatives markets function.
“By this long-term partnership with Google Cloud, CME Group will rework derivatives markets via know-how, increasing entry and creating efficiencies for all market individuals,” stated CME Group chair and CEO Terry Duffy.
Burger King serves up free crypto with meal purchases
Quick Meals large Burger King (BK) signed a “whopper” of a deal this week with retail buying and selling platform Robinhood to present away free crypto to prospects who spend greater than $5 in November.
The U.S.-based promo marketing campaign is operating till Nov. 21, with prospects given free crypto primarily within the type of Dogecoin (DOGE). Just a few fortunate prospects will even have the possibility to win an entire Bitcoin or Ether, however should register with Robinhood Crypto to obtain the reward.
The crypto rewards shall be drawn from a trifecta of two million DOGE, 20 BTC and 200 ETH. Clients can solely declare one prize per day and should make their buy on the BK app, web site or in-store utilizing a code at taking part places.
Commonwealth Bank to enable crypto trading for 6.5M Aussies, ‘other banks will follow’
The Commonwealth Financial institution of Australia (CommBank), one of many native ‘large 4’ banks, introduced on Wednesday that it’s rolling out crypto buying and selling companies straight via its banking app. CommBank stated it can help 10 crypto property in complete, together with Bitcoin, Ether, Bitcoin Money (BCH) and Litecoin (LTC).
The CommBank app has a person base of round 6.5 million folks, and the crypto transfer is being launched in partnership with the blockchain evaluation agency Chainalysis.
Following the bullish announcement, Steve Vallas, the CEO of trade physique Blockchain Australia, instructed Cointelegraph that it is just a matter of time earlier than the opposite main Aussie banks observe swimsuit.
“It’s inevitable that the opposite banks will observe swimsuit,” he stated. “Readability within the native regulatory panorama is rising with points akin to licensing being tackled head-on by trade and by governments. […] Impediments to motion and participation are being eliminated.”
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $60,936, Ether (ETH) at $4,474 and XRP at $1.15. The overall market cap is at $2.69 trillion, according to CoinMarketCap.
Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Loopring (LRC) at 164.93%, The Sandbox (SAND) at 130.89% and Decentraland (MANA) at 94.55%.
The highest three altcoin losers of the week are SHIBA INU (SHIB) at -25.22%, Curve DAO Token (CRV) at -13.37% and Concord (ONE) at -13.36%.
For more information on crypto costs, be certain that to learn Cointelegraph’s market analysis.
Most Memorable Quotations
“NFTs would be the underlying know-how for every thing of worth on the internet. It could possibly be financial worth or it could possibly be private worth. I used to be mentioning your id earlier on, in order that’s one thing an NFT may carry for you on the internet. It’s going to be invisible.”
Nicholas Julia, Sorare CEO and co-founder, stated of the nonfingible token trade inside 5 to 10 years
“To my shock, I’ve by no means seen an trade so eager for regulation. Nearly everybody I’ve spoken to on this trade understood that regulation would convey credibility and validity to this sector.”
Andrew Bragg, Australian senator
“My worst nightmare is the invention of a zero-day exploit within the Bitcoin Core code that nobody has found but. Every single day that goes by, the chance of this diminishes exponentially — however it can by no means be zero.”
Caitlin Long, CEO and founding father of Avanti Monetary Group on her largest crypto-related worry
“The Metaverse, I feel many individuals is likely to be relieved to know, is just not going to be wholly owned, administered and orchestrated by Mark Zuckerberg and Meta.”
Nick Clegg, international affairs and communications vp at Meta
“Within the absence of latest laws, stablecoins stay topic to the concurrent and doubtlessly overlapping jurisdiction of a lot of federal and state regulatory regimes. That’s the reason any settlement among the many related federal companies about who will take the lead in regulating stablecoins is vital.”
Sujit Raman, associate at Sidley
“The SEC’s method to cryptocurrency regulation has been unacceptable. […] If the SEC can’t define the perceived materials distinction in danger profiles, then they need to permit ETFs primarily based on spot Bitcoin to be traded.”
Tom Emmer, U.S. consultant
“We want a particular council of representatives from state our bodies and personal enterprise to craft rules for cryptocurrencies. The CBI or the Safety and Alternate Group should not certified [enough] to set guidelines for cryptos given the multidimensionality of the problem.”
Abbas Ashtiani, head of the Iran Blockchain Affiliation
“When this undertaking was began, we had not made as a lot cash in FIDEBITCOIN [state BTC Trust account] as we have now made now. So we have now determined to make the primary 20 Bitcoin Faculties.”
Nayib Bukele, president of El Salvador
Prediction of the Week
Bitcoin will peak at $253K, Ethereum at $22K this cycle if 2016 halving bull run repeats
Bitcoin ranged in value this week, largely buying and selling between $60,000 and $64,000, in line with Cointelegraph’s BTC price index. By way of future value motion, one Twitter account by the title of Ecoinometrics drew up some evaluation that means Bitcoin may have main upside left for this halving cycle.
Ecoinometrics tweeted a chart overlaying Bitcoin’s present value journey since its 2020 block reward halving in opposition to the backdrop of BTC’s value run after its 2016 halving. After BTC’s 2016 halving, the asset grew in value by an element of just about 30 when it peaked. Seeing as Bitcoin’s value traded at roughly $8,600 across the time of the 2020 halving, it may peak at $253,800 if historical past repeats, in line with Ecoinometrics.
Moreover, primarily based on the logic of ETH’s value exercise in tandem with Bitcoin’s halving historical past timeline, Ecoinometrics forecasts a potential end result for the value of Ether. The asset may presumably attain a summit of $22,300 per coin primarily based on this concept.
Analyst Willy Woo, alternatively, predicted that this present post-halving cycle is the final main four-year cycle for Bitcoin. If that’s certainly the case, and if Bitcoin reaches mass adoption and “full saturation,” the BTC value in greenback phrases would not be related.
Ecoinometrics’ idea suggests Bitcoin’s value is rising the identical quantity because the final halving cycle when it comes to multipliers. Bitcoin, nonetheless, posted a notably smaller percentage increase in its second halving cycle in comparison with its first. Will this halving cycle present a smaller share improve than the 2016 cycle?
FUD of the Week
Aussie firm to launch $100M class action over dodgy QOIN token
Earlier this week, it was reported {that a} legislation agency primarily based in Queensland was going after an area crypto firm that points a token that may solely be offered in batches of $125 per day.
The agency, BPS Monetary, and its QOIN token are solely supported on the Block Commerce Alternate. Customers can spend between $100 and $10,000 on QOIN, however the platform reportedly doesn’t permit withdrawals bigger than $125 in a single sitting.
Salerno Legislation is planning to file a lawsuit in opposition to BPS for participating in deceptive and misleading conduct, pyramid scheme-style antics, and failing to adjust to service rules.
NFT collection’s price takes a nosedive as creator’s racist cartoons circulate
On Tuesday, it was reported that the buying and selling worth of the Jungle Freaks NFT undertaking had tanked roughly 80% after a group of racist cartoons drawn by one of many undertaking’s creators within the Seventies circulated on-line.
The creator in query is George Trosley, who rose to fame from his illustration work in Hustler journal. Trosley’s foray into NFTs was off to begin till the extremely offensive illustrations surfaced, with a uncommon Jungle Freak NFT promoting for twenty-four Ether ($108,000) simply two weeks in the past.
Elijah Wooden, who performed Frodo Baggins within the beloved The Lord of the Rings motion pictures, even had his fingers on the “treasured” NFTs earlier than the debacle however, upon listening to the information, he liquidated his holdings and donated the proceeds to charity.
“I used to be made conscious of a number of the artist’s disturbing prior cartoons,” he stated. “Upon studying this, I instantly offered the NFTs as I wholly denounce any type of racism. I’ve donated the funds from the sale of the NFT to LDF and Black Lives Matter.”
Game over! ‘Squid Game’-inspired crypto scam collapses as price crashes from $2.8K to zero
In what seems to be a rug pull of the ages, the SQUID token impressed by the hit South Korean Netflix present Squid Sport dropped primarily 100% proper after its value topped $2,850 on Monday.
The scammers touted the SQUID token as a play-to-earn crypto impressed by the collection’ plot, wherein folks danger their lives to play a collection of kids’s video games for the chance to win 45.6 billion gained, or roughly $38.7 million. However, very like the present, there have been severe penalties for “taking part in.”
The worth of SQUID skyrocketed 75,000% within the area of every week. Nonetheless, customers have been complaining through the pump that they may not promote the asset as a result of “anti-dumping know-how” deployed by the creators that restricted folks from promoting their tokens in opposition to decrease demand.
Finest Cointelegraph Options
Latinx communities continue to rise above Bitcoin adoption obstacles
Latinx communities are driving ahead adoption, as crypto is confirmed to satisfy their various wants in a method that conventional finance can’t.
Bitcoin white paper turns 13 years old: The journey so far
The Bitcoin white paper solely has 9 pages, but it contained sufficient to vary the world. Right here’s the way it got here to be 13 years in the past.
Beyond the NFT hype: Creating lasting business models for artists
Digital creators and artists have been in a position to make a residing by promoting NFTs for prime costs, however how lengthy will this enterprise mannequin final?
