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
As the Federal Reserve promised to maintain its spending habits, the cryptocurrency market showed signs of recovery this week, and the Chinese real estate giant Evergrande was able to reach an agreement with bondholders to avoid defaulting on its huge loan obligations.
Evergrande may default on debts worth US$305 billion. This is essentially a time bomb in the global financial market. Some people have asserted that this is China’s Lehman Brothers moment. However, the company is safe in the short term, and this news coincides with Bitcoin (Bitcoin) Prices on Tuesday.
After Fed Chairman Jerome Powell made comments, prices soared, explaining that the Fed plans to continue its absurd monthly bond purchase levels for the foreseeable future. Both reports indicate that FUD related to Evergrande and the Fed’s spending habits can now be shelved for future use.
The old FUD, the new BTC price fell-a few weeks ago China’s crypto “ban” triggered a $42,000 bitcoin price drop
Speaking of FUD, the recovery of the crypto market seems to be short-lived, because old news about China suddenly appeared on social media, triggering an instant price plunge in the entire crypto market.
At the time of writing, Bitcoin is down 2.7% and Ethereum (Ethereum) Fell 6.4%, and FUD rose 100%. This knee-jerk reaction is the result of a memo from the People’s Bank of China (PBOC) that criminalizes almost all cryptocurrency activities, but does not include possession.
However, Chinese commentators pointed out that the People’s Bank of China issued updated guidelines on September 15 but posted them online on Friday.
It seems strange that the market reacted to China’s ban on cryptocurrency again, as the local government has not recently taken any measures to promote the country’s excitement in digital assets. At this stage, they can also overcome and prohibit possession.
On Thursday, there were reports that the Biden administration intends to nominate Saule Omarova, a Kazakh-American lawyer, scholar, and former policy adviser, as the head of the Office of the Comptroller of Currency (OCC).
Omarova is a cryptocurrency critic. He also doesn’t like big banks very much. He previously vowed to “end the banking industry as we know it.” Currently employed by Cornell Law School as a law professor, she is expected to crack down on encryption through stricter supervision because she believes the industry threatens economic stability.
If confirmed, bankers and cryptocurrency supporters may be in trouble because Omarova single-handedly dismantled these two departments under the guise of protecting the economy.
In order to purify the taste buds, there was good news in the NFT field this week. Two companies, known for their tokenized sports collection projects, raised a total of US$930 million.
French football trading card NFT game developer Sorare completed a US$680 million Series B financing led by SoftBank, valued at US$4.3 billion. Dapper Labs, the team behind Flow Blockchain and NBA Top Shot, also announced a $250 million financing led by technology-focused hedge fund Coatue.
Both Sorare and Dapper Labs outlined plans to expand their tokenized collection models beyond football and basketball, respectively, while expanding their currently popular NFT projects. With the broader NFT market facing declining sales and reserve prices, a total of US$930 million marks a major bet on the tokenized sports field.
John Cena is a member of the WWE Hall of Fame and is known for his boasted “You Can’t See Me” slogan. He has recently seen limited sales during his involvement in irreplaceable products.
The professional wrestler stated that fans only bought 7.4% of his WWE NFT last month, calling the sale a “catastrophic failure” and pointed out that the price of the gold NFT package was too high, at $1,000.
A total of 500 Gold NFTs are provided, which are part of a package containing physical collections, including hats, shirts, wristbands, belts, towels, and autographed photos.
“I often talk about failure-the idea has failed,” Senna said. “Myself and the people at WWE think that $1,000 is a reasonable price point. We were wrong. We were totally wrong.”
Winners and losers
This weekend, Bitcoin is located at 42,223 USD, Ether USD 2,905 And XRP in 0.93 USD. Total market capitalization 1.88 trillion US dollars, according to To CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoins gaining this week are Celo (forehead) 49.84%, Celer Networks (CELR) 34.97% and Cosmos (atom) 17.34%.
The top three altcoin losers this week are Huobi tokens (HT) -32.21%, SushiSwap (Sushi) -28% and EOS (EOS) -26.22%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“We have absolutely no intention of accepting cryptocurrency. […] On the contrary, we have separate wars and fight them alone.We will never support [cryptocurrencies], Because we will continue to use our own currency with our own identity. “
Taip Erdogan, President of Turkey
“A painting by Matisse can be sold for $100 million because a few people think they are worth $100 million. More than 150 million people around the world think Bitcoin is valuable. It’s enough for me.”
Mike Novogratz, CEO of Galaxy Digital
“Stable coins are now almost like poker chips in a casino.”
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission
“Ninety-nine percent is about being in the right circle, having the right information at the right time. In the NFT field, you have been frustrated because you missed the opportunity to make a billion dollars.”
Gautier Zuping, Nonfungible.com Chief Operating Officer NFT Investment
“I know that crypto enthusiasts never want to hear me say’sell’, but if you make a huge profit like me, then I beg you. Don’t let it become a loss; sell some. Just wait and see, Let’s see if China will change its attitude towards Evergrande’s aid.”
Jim Cramer, Host I am crazy about money At CNBC
“I think we should always keep an open mind. Therefore, I am very interested in all new creations and expressions in the art world. The meta universe will appear, but I still believe that physical art will always remain in everyone’s collection. Very special location.”
Elio Deanna, Founder of HOFA
“When evaluating central bank digital currencies and other digital innovations, the final test we will apply is,’Are there clear and tangible benefits that exceed any costs and risks?'”
Jerome Powell, Chairman of the Federal Reserve Board
“I feel uncomfortable that any non-physical currency is the only currency.”
Lord PipenellTexans and Redditor
Forecast this week
Bitcoin’s “blockbuster breakthrough” fractal indicates that the price of BTC may reach US$250,000 to US$350,000 in 2021
A Bitcoin analyst named Bit Harington recently posted a chart on Twitter indicating that if history repeats itself, BTC may be about to see a price increase.
Harington drew a horizontal line on top of the Bitcoin price chart of Buy Bitcoin Worldwide and Twitter user PlanB. After Bitcoin’s 2012 and 2016 halvings, Harrington’s level basically shows the resistance level of Bitcoin’s price. In both cases, the price retreated from the resistance level, gathered momentum, and then subsequently broke through that level, leading to a sharp rise.
After these price increases, Bitcoin eventually returned to those breakthrough levels and used them as support. Harington listed the new resistance at $60,000 on their chart. So far, the chart shows that Bitcoin refused to leave this level, then found support and looked upward towards resistance levels.
Harington pointed out that BTC is about 6 times higher than the previous two resistance levels each time. Analyst Michaël van de Poppe took a look at the chart, analyzed some numbers, and determined that BTC may rise by nearly $250,000 to $350,000, and then if BTC reacts similarly to the past, it will fall back by nearly $65,000.
However, this week Bitcoin is facing a series of price drops and Comments that indicate future bearish expectations Cryptocurrencies have surfaced.
FUD this week
According to Turkish President Recep Tayyip Erdogan, the country is at war with cryptocurrency, but it likes blockchain technology very much.
Erdogan held a question-and-answer event in Mersin, Turkey. Innocent young people from all over the country did not know that cryptocurrency was posing a threat to their sovereignty. When asked about his views on cryptocurrencies and whether the central bank will accept encryption, Erdogan said unceremoniously: “We have absolutely no intention of accepting cryptocurrencies.”
“On the contrary, we have a separate war, a separate fight against them. We will never support [cryptocurrencies]Because we will continue to use our own currency with our own identity,” he added.
After Australian crypto investors were told that they had 90 days to close their positions in futures, options, and leveraged tokens, Binance, the world’s largest crypto exchange, once again restricted its services in another country.
As of Friday, Australians cannot increase or open new Binance derivatives positions. However, they can still replenish the margin balance to prevent liquidation and margin calls during this period.
According to the latest announcement, Binance’s crypto futures and options market will cease on December 23 as the company reorganizes to achieve its regulatory compliance goals.
“We are committed to our industry for a long time, and we want to ensure that our products are welcomed by users and local regulatory agencies,” a Binance spokesperson told Cointelegraph.
The latest DeFi hacker against BSC discovered that $12.7 million in Bitcoin was stolen from pNetwork
The cross-chain DeFi platform pNetwork became the latest protocol to be hacked on the Binance Smart Chain after the team reported that it lost approximately $12.7 million worth of Bitcoin on Monday.
According to a Twitter post published by pNetwork, hackers stole 277 pBTC from the exchange-most of the network’s collateral. The team pointed out that the attack was executed by exploiting a bug in its code base, adding that it was already being fixed.
If the stolen funds are returned, the pNetwork team is also very friendly to provide hackers with a $1.5 million bounty.
Best Cointelegraph features
As the “Ethereum Killer” network continues to gain more attention, the issue of high oil prices has once again attracted the attention of the Ethereum community.
Mastercard’s upcoming acquisition of CipherTrace shows that payment giants need to cooperate with crypto companies to achieve digital asset innovation.
Unlike Russia, Ukraine has passed laws that will simplify the adoption of cryptocurrencies in the country.