Coming every Sunday, Hodler’s Digest will help you follow all the important news that has happened this week. The best (and worst) quotes, adoption and regulatory highlights, major coins, forecasts and more – a week on Cointelegraph in one link.
Top Stories this week
Bitcoin is bullish – but here’s why the price of BTC can still reach $ 3,900
The BTC has gained more than 10% in the past week, fueling hopes that there is a bullish future for the world’s largest cryptocurrency. Unfortunately, it’s never been easier. There has been a valiant effort to break through the $ 7,200 critical resistance level – but this has sparked huge rejection. It may be a little too early to expect a miraculous rebound at $ 8,000 and beyond. In other developments, a survey suggests that traditional financial institutions are becoming more and more interested in profiting from the recent cryptographic plunge. A whopping 97% plan to trade digital assets over the next two years. Also this week, billionaire CEO of Social Capital said it might be time for Bitcoin to shine and predicted that the cryptocurrency could possibly be seen as a “security leak”.
Binance Announces Acquisition of CoinMarketCap
Big news in the crypto industry this week: one of the biggest mergers in the history of the industry has been signed in dotted lines. Binance, the world’s largest cryptocurrency exchange, has acquired CoinMarketCap, one of the most widely cited crypto data websites. The value of the deal is not being disclosed, but rumor has it that it cost Binance $ 400 million. Binance CEO Changpeng Zhao told Cointelegraph that negotiations have been underway for several months, adding, “The acquisition will allow us to leverage each other’s strengths and continue to grow and bring transparency to the business.” industry. The two companies said CoinMarketCap will continue to operate independently, which means that Binance will have no impact on the ranking of cryptocurrencies. CMC Interim CEO Carylyne Chan added, “We will stick to our registration requirements and make sure everything is fair and impartial for anyone who wants to post anything on CoinMarketCap.
No April Fool – Trump hints at $ 9 of oil after accidentally taking Bitcoin
Last week, Trump inadvertently announced Bitcoin after appearing to suggest that he supported manipulation of the U.S. dollar. This week, the President raised his eyebrows, indicating that he expected oil to collapse at just $ 9. This comes as Russia and Saudi Arabia continue their tiff, both of which plan to increase oil production this month despite a drop in demand caused by the coronavirus. WTI crude prices have dropped more than 50% in the past 30 days alone – and are down 68% from the start of the year. Trump said, “Look, it’s $ 22, but it’s really a lot cheaper than that if you want to negotiate – no one has seen that. It’s like it was in the 1950s, it’s really – to think it was $ 50, $ 60, $ 70, $ 80 – and now it’s $ 22, but you know, if you make a good offer at $ 9, I think you could probably get what you wanted, right? The last time oil circled $ 10 was in 1998.
Pandemic Alters Bitcoin Use “Unexpectedly” Says Chainalysis
The coronavirus pandemic and the global economic downturn are surprisingly affecting the habits of Bitcoin consumers, according to a new report from Chainalysis. Blockchain intelligence firm said BTC market services have shown resilience in recent weeks – and while overall spending levels have dropped, they haven’t fallen as dramatically as expected. The darknet markets are experiencing a particularly miserable period. Their incomes have declined significantly, possibly because global supply chains of illicit substances such as recreational drugs have been hit hard by the COVID-19 crisis. Hubei province, the epicenter of the pandemic, is also a hub for global fentanyl trade – and according to Chainalysis, the disruption “could hinder the ability of darknet sellers to do business.”
Has Apple just killed “burner portfolios”?
The burner wallets – the non-private wallets that store a user’s private key in local browser storage – have just been removed by Apple. It is feared that the recent changes to Intelligent Tracking Protection in iOS on iPhones will definitely jeopardize this model. The change is designed to improve user privacy, with client-side cookies expiring after seven days. This implies that the burner wallets will be destroyed after this short period. A workaround seems to be to add a portfolio of burners to the iPhone home screen, but software engineers have warned that this doesn’t seem like an easy task.
Winners and losers
At the end of the week, Bitcoin is at $ 6,790.33, Ether at $ 144.33 and XRP at $ 0.18. The total market capitalization is $ 191,021,323,529.
Among the 100 largest cryptocurrencies, the top three altcoin winners of the week are Swipe, Digitex Futures and Quant. The top three altcoin losers of the week are Status, WAX and STASIS EURO.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Most memorable quotes
“Our customers generally buy 60% more than they sell, but during the crash it jumped to 67%, taking advantage of market lows and representing a high demand for crypto assets even in the face of extreme volatility.”
Coinbase, crypto exchange
“I predict – and this is not just the ultimate use case, but the ultimate irony – that once people realize that they cannot get gold, they will start flowing in mass in Bitcoin. “
Max Keizer, TV host
“BTC offers an alternative store of value, and there is no doubt about it. The question is: what is its quality? It all depends on when you buy and when you sell, so there is still a huge element of luck. “
Kevin Dowd, Professor of Finance and Economics, University of Durham
“Bitcoin was innovated to become a haven of peace at times like this. So why don’t we see Bitcoin becoming the safe haven that it has been developed and has been for many years? ”
Jeffrey Tucker, American Institute for Economic Research
“Binance has no impact on the CoinMarketCap ranking. CoinMarketCap remains committed to providing the most accurate, timely and quality cryptocurrency data in the industry while leveraging Binance’s expertise, resources and scale. “
Changpeng Zhao, CEO of Binance
“The nice thing about our country is $ 6.2 trillion – because it’s 2.2 plus 4 – it’s $ 6.2 trillion, and we can manage that easily because of who we are, of what we are. It’s our money; it’s us, it’s our currency. ”
Donald Trump, President
“How much did we pay Trump to advertise Bitcoin?” “
Samson Mow, Blockstream CSO
Prediction of the week
Mike Novogratz could “hang on his spurs” if Bitcoin doesn’t reach $ 20,000 in 2020
Every week on Hodler’s Digest, we see endless predictions of where Bitcoin is going to be in the years to come – $ 1,000, $ 100,000, $ 250,000, $ 1 million… The list goes on and on. There is a bit of a twist this week. Mike Novogratz, a frequent traveler in this column, reiterated his belief that Bitcoin will hit a record high this year – and warned that it could completely abandon BTC if it did not. The CEO of Galaxy Digital, a well-known Bitcoin bull, has expressed confidence that the price of Bitcoin will double at least by October. He also told CNBC, “This is the year of Bitcoin, and if it doesn’t go up by the end of the year, I could just hang my spurs. It should be borne in mind that Novogratz has already made inaccurate forecasts. He incorrectly predicted that Bitcoin would return to $ 20,000 before the end of 2019.
FUD of the week
French football star claims crypto-mocking scam usurped
Paris Saint-Germain player Kylian Mbappé said his name was used without his permission on a network of cryptocurrency scams. The French attacker alleges that false claims attributed to him appeared in advertising campaigns where he is wrongly quoted as saying that people could become millionaires in two or three months. Articles on crypto scams have also started to circulate with the headline: “The latest investment from Kylian Mbappé which put pressure on the experts and scared the big banks. “Local authorities are now investigating the scam and said,” These pages are used to impersonate future victims, save your contact information, and then an alleged vendor calls them to explain the investment process, but it is not there is never a product to invest in. Mbappé has been a victim before. Last April, his official Twitter account was hacked and tweets were published in which his subscribers were encouraged to invest in crypto scams.
SEC of Philippines warns of international Ponzi scheme offering 300% daily return
A Ponzi crypto program targets Filipino, Australian and European investors, according to the Philippines Securities and Exchange Commission. The scheme – known as the “Bitcoin revolution” – offers investors exorbitant compound daily returns on deposited funds. He claims to offer software that produces transactions with a success rate between 88% and 95%, offering a path to seven-digit gains in just 61 days. From an initial deposit of only $ 250, scammers claim that investors can earn 300% a day or 9,000% a month. The SEC warns that anyone involved in the scam will face up to 21 years in prison and / or fines of up to $ 100,000.
FBI Arrests Russian Rapper for Crypto Money Laundering, Cites Overwhelming Instagram
A Russian national has been arrested on suspicion of money laundering, with US authorities designating an Instagram account promoting his rap career as evidence against him. FBI investigators say Maksim Boiko laundered money using cryptocurrencies, including the disgraced BTC-e exchange. He is also alleged to have plotted with QQAAZZ, a transnational organized crime organization. Boiko entered the United States on January 19, taking $ 20,000 in cash. He told airport security that the money came from Bitcoin investments and rental properties in Russia. BTC-e data showed that his account had received deposits worth $ 387,964 – and photos uploaded to his Instagram show him holding large bundles of tickets. The rapper has, uh, 341 YouTube subscribers and 2,619 Instagram followers.
Best Cointelegraph Features
Crypto community broadly endorses Binance’s acquisition of CoinMarketCap
The reaction was mainly optimistic after Binance’s acquisition of CoinMarketCap. Shiraz Jagati has hit the pulse of the industry’s reactions.
Staying anonymous: which crypto privacy solution works best?
Various methods for ensuring the confidentiality of cryptographic transactions have been developed over the years. Andrey Shevchenko examines some of the best known solutions and explores their pros and cons.
How I taught Bitcoin a complete stranger in Kenya
Steven Msoh wrote for Cointelegraph Magazine about educating random foreigners on Bitcoin in Kenya – a country where the M-Pesa mobile money system dominates the market.