Taproot is activated, K-pop enters Metaverse, Staples Center becomes Crypto.com Arena: Hodler’s Digest, November 7-13
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 of the week on one link.
Headlines this week
Bitcoin (Bitcoin) The network has undergone its first major upgrade since 2017. After the Taproot soft fork went live, miners and mining pools reached a 90% lock consensus between blocks 709,488 and 709,632.
Taproot will obviously improve the scripting capabilities and privacy of the Bitcoin network by enabling a concept called Merkel’s abstract syntax tree, which can improve the efficiency of smart contracts without revealing the private data behind the contract when transactions are conducted.
The well-known Bitcoin developer Hampus Sjöberg talked with Cointelegraph and emphasized the importance of the upgrade because he pointed out that Taproot showed that Bitcoin can be upgraded again.
Top NFT game company Animoca Brands has established partnerships with Korean record companies, talent agencies and music production company Cube Entertainment to create the “K-pop Music Festival”.
The deal was announced on Monday, and the two parties will work together to launch NFTs exclusively for K-pop stars and popular actors represented by Cube, such as BtoB, Pentagon, (G)I-DLE and Lightsum.
Animoca stated that the partnership will bring “true digital property rights and other blockchain benefits” to artists on the Cube roster and their fans. Cube CEO Ahn Woo-hyung said that this cooperation will be “an important beginning for leading the global digital culture market and promoting the development of the digital content industry.”
There were reports on Tuesday that Google’s search volume for NFTs soared to a record high in the second half of 2021. According to Google Trends, NFT search volume hit a new high in October, surpassing the previous peak of interest during the initial NFT boom in 2021. Early 2021.
Google’s data also shows that “NFT” has surpassed many keywords that have long dominated encryption-related search traffic, including “DeFi”, “Ethereum” and “blockchain.” Although Dogecoin (dog) Previously attracted the attention of the market in the second quarter. The data showed that as the traffic of memecoin in the third quarter declined, interest shifted to the NFT field.
In terms of geographic segmentation, NFT search traffic is dominated by Asian countries, with China, Uganda, Singapore, Hong Kong and the Philippines topping the search rankings for this keyword.
After confirmation by the Tokyo District Court, this week finalized a compensation plan for creditors of the now-defunct Japanese cryptocurrency exchange Mt. Gox.
Mt. Gox filed for bankruptcy in 2014 because a hacker attack caused a loss of 850,000 BTC worth US$460 million at the time. Creditors have been waiting for compensation for nearly ten years. In 2018, the Japanese court system proposed a replacement plan on behalf of creditors for the first time.
According to an announcement issued by Mt. Gox trustee Nobuaki Kobayashi on Tuesday, the rehabilitation plan originally submitted to the Tokyo District Court in February is now “final and binding.” Although Xiaolin has not sorted out the details of the repayment, it is reported that he has about 150,000 BTC to be repaid to creditors.
Crypto.com (CRO) spent $700 million to purchase the naming rights for the Staples Center for 20 years. The home stadium of the NBA Los Angeles Clippers and Los Angeles Lakers is now officially renamed Crypto.com Arena.
The deal was signed by the arena’s owner, AEG, a multinational sports and entertainment company with multiple facilities and sports franchises such as MLS’s Los Angeles Galaxy.
With the Los Angeles Lakers vs. Brooklyn Nets, this 20,000-seat stadium will adopt the new brand for the first time on Christmas Day. Crypto.com has been in a bullish state recently and at the time of writing, the price has risen by more than 160% in the past 30 days to reach $0.505671.
Winners and losers
Among the 100 largest cryptocurrencies, the top three altcoins rose by WAX this week (wax) 64.82%, sandbox (sand) 64.59% and Crypto.com Coin (CRO) 55.28%.
The top three altcoin losers this week are OMG Network (OMG) -20.43%, Algorand (something) -18.24% and Zcash (ZEC) -17.73%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“[Cryptocurrencies] The growth is very fast, and it is more and more integrated into what I call the traditional financial system. […] Therefore, the point at which they constitute a risk is getting closer. I think regulators and legislators need to consider this very seriously. “
Sir Jon Cunliffe, The Bank of England’s Deputy Governor for Financial Stability
“There are a lot of people in Congress now trying to pass laws to solve things they don’t necessarily understand. Because of this, you will see regulations that have no real meaning. […] Cryptocurrency should not be a partisan issue. It is too big. “
Matt West, U.S. Democratic congressional candidate
“Only with clear communication and cooperation between private and public participants can we develop an effective policy framework for cryptocurrency.”
Susan Friedman, Head of Public Policy at Ripple
“We believe that compliance will allow more users to use us.”
Changpeng Zhao, Binance CEO
“No matter how many billion dollars Crypto.com pays for naming rights, it will always be called the Staples Center.”
Brian Kalbroski, USA Today reporter
“There must be illegal stablecoin issuers. […] There are also regulated stablecoin issuers, and it is possible to create more federal agencies to regulate stablecoins. I think we have no legal loopholes there-we just have loopholes in law enforcement. “
Peter Van Valkenburg, Research Director, Coin Center
“However, as written today, BIF will increase uncertainty in the cryptocurrency industry, pick winners and losers, and hinder the efforts of the Internal Revenue Service (IRS) to accurately tax cryptocurrencies, while weakening our country and others. The country’s competitive advantage in the digital asset market.”
letter Several U.S. representatives signed the Bipartisan Infrastructure Framework (BIF) signature
“We take an extremely negative stance on cryptocurrencies as private currencies that claim to be currencies. But when people need alternatives, we should solve this problem with the help of our projects. As I have already said, we should develop digital ruble.”
Elvira Nabiurina, Governor of the Central Bank of Russia
Forecast this week
Bitcoin has stagnated, but this is why professional traders still expect to reach $80,000 by January
The price of Bitcoin has fallen sharply recently, falling from around US$66,300 to approximately US$55,700 this week, based on Cointelegraph’s BTC price index.
Marcel Pechman of Cointelegraph looked at various data to understand the behavior of market participants. Pechman observed that as of Tuesday, Bitcoin futures data only showed moderate confidence in the digital currency.
In his view, BTC’s option data indicates that the digital asset’s prospects are neutral. In addition, Pechman also attached a chart showing that the price of Bitcoin is traveling in an ascending channel-an upward sloping range.
FUD this week
The controversial US$1 trillion infrastructure bill was signed by President Joe Biden on Monday. The bill aims to fund major infrastructure projects across the United States and several other spending plans.
Since the bill was announced a few months ago, crypto proponents have prepared a pitchfork because it imposes stricter regulations on crypto businesses and broker reporting requirements. The bill also stipulates that crypto transactions in excess of $10,000 must be reported to the IRS.
“For a long time, we have been talking about having the best economy in the world. […] Today, we have finally completed this work,” the President of the United States said, adding that this bill will somehow make citizens’ lives “better.”
Miramax filed a lawsuit against iconic film director Quentin Tarantino on Tuesday after the 58-year-old derailed and announced that his own NFT content portrays from pulp Fiction, His 1994 blockbuster.
Tarantino said that NFT sales will go online next month, but it seems that Miramax is angry at not having the opportunity to deduct some extra royalties from the films it produces. Miramax accused Tarantino’s team of pursuing “short-term plunder,” even though the company itself plans to do the same.
Miramax said: “This group of people chose to be reckless, greedy, and deliberately ignoring the agreement signed by Quentin, instead of following a clear legal and ethical approach and simply communicating with Miramax about his ideas.”
Changpeng Zhao, CEO of Binance, revealed that the company will “know your customer” process mandatory requirements “for global users, for each function” in order to attract new traders as a business that meets regulatory requirements, the company lost 3% User base.
Zhao made the above comments in an interview with Bloomberg News on Tuesday, noting that his company’s shift to compliance has begun to attract regulators rather than forcing them to release hounds, which shows that he doesn’t feel any FUD.
“When people see me with their own eyes, they will say,’Look, CZ is reasonable, calm, and not a lunatic.’ So it helps to build their trust faster,” he said.
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