Hodler’s Digest, November 28-December. 4
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
Twitter co-founder Jack Dorsey announced on Monday that he has resigned as CEO. To replace Dorsey is Twitter board member and chief technology officer Parag Agrawal, who was unanimously appointed CEO by the company’s board of directors.
Dorsey also serves as the CEO and chairman of Square, a crypto-friendly payment technology company. It is unclear whether he will leave Twitter to focus solely on the platform’s plan to develop decentralized Bitcoin (Bitcoin) exchange. However, he did point out that the company does not need to be led by its founders to thrive.
“I believe it is really important to give Parag the space he needs to lead,” Dorsey said. “I think it is very important for a company to be independent and independent from the influence or guidance of its founder.”
On Monday, Matt Zhang, a veteran who has worked on Wall Street for 14 years and a former Citibank executive, announced a $1.5 billion multi-strategy fund called Hivemind Capital Partners to support emerging crypto projects.
In particular, the fund will focus on crypto infrastructure builders, virtual world and Metaverse projects, and programmable currencies. The fund’s first technology partner will be Algorand, a blockchain based on proof-of-stake.
Although Hivemind has not announced any major financing, Zhang said that the company will support cryptocurrency entrepreneurs through infrastructure that traditional asset management models cannot currently provide.
Speaking of Square, the company revealed on Wednesday that it has changed its name to Block, which indicates that it may be increasing its focus on the blockchain field.
The company stated that the rebranding will allow the payment company to merge with Cash App, the decentralized Bitcoin trading project tbDEX, and the music and video streaming platform Tidal. As part of the rebranding, Square Crypto, the payment company’s cryptocurrency division, will be renamed Spiral and join the Block family.
“Block refers to the block where we find the seller, the blockchain, the block party full of music, obstacles to overcome, a piece of code, building blocks, and of course tungsten cubes,” Square said.
MicroStrategy purchased USD 414.4 million worth of Bitcoin, with a total BTC balance exceeding USD 3.5 billion
MicroStrategy, an analytical software company led by avid Bitcoin bull market Michael Saylor, announced on Monday that it has snapped up 7,002 BTC worth $414.4 million.
After the acquisition, Saylor stated that the company’s total BTC holdings were as high as 121,044, which was acquired at a price of approximately US$3.57 billion, with an average price of US$29,534 per BTC. To fund the latest digital gold shopping spree, the company sold 571,001 shares of the company at a price of $732.16 per share between October 1 and November 29.
MicroStrategy purchased Bitcoin for the first time in August 2020 as part of its financial strategy, and under Saylor’s helm, the company has since relentlessly purchased the asset—regardless of the price—with no indication It will slow down in the short term.
Social media virtual reality company Meta this week expanded the eligibility requirements for running encrypted advertising campaigns on Facebook and Instagram, allowing the company more freedom to run promotional activities related to digital asset products.
Before Meta’s latest update to its crypto advertising guidelines, a limited number of crypto companies will be able to advertise on Facebook because the platform only recognizes a few regulatory licenses.
According to the updated policy, cryptocurrency exchanges, trading platforms, wallet providers, mining infrastructure companies, cryptocurrency lenders, and lending services can now obtain written permission to place ads on Facebook. The company said that the maturity of the industry and the strengthening of supervision were the reasons for its change of tune.
Winners and losers
Among the 100 largest cryptocurrencies, the top three altcoin beneficiaries this week are Terra (Luna) At 62.30%, the stack (STX) At 33.85% and polygon (MATIC) 29.04%.
The top three losers for altcoins this week are Gala (festival) -30.67%, wax (wax) At -19.18% and immutable X (IMX) -17.85%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“Some of the services we provide do not really conform to the regulatory model. So this gray area exists in the entire industry, which is not unique to us. […] This is the nature of the fact that the innovative technology we are dealing with does not actually necessarily meet the standards that existing regulators consider possible. “
Jonathan Miller, Managing Director of Kraken Australia
“CBDC will become one of the tools against cryptocurrency. […] We assume that people will find that CBDC is more trustworthy than encryption. CBDC will be part of the effort to resolve the use of cryptocurrency in financial transactions. “
The great judas, Assistant Governor of Bank Indonesia
“If a coin has a large number of users, then we will list it. This is an overwhelmingly important attribute. For example, consider a meme token; even if I personally don’t understand it, if it is used by a large number of users, we will also list it It. We go to the community, my opinion is not important.”
Changpeng Zhao, Binance CEO
“China’s encryption industry is always full of hope. We still have information sources, and we continue to get more and more users, communicators, developers, and others. There is nothing to worry about. Everything is for the best. “
anonymous, The executive officer of Chinese cryptocurrency publications
“It is one thing to say that the stablecoin issuer itself must be a regulated bank-I think this may be a bit overkill, because non-bank institutions have completely effective ways to satisfy our legitimate regulatory concerns, but at least in existing banks. The regulatory framework and the specific measures that stablecoin issuers must take to operate safely. However, it is another matter to consider that wallet providers may need to be completely separated from commercial companies.”
Randall Quarles, Withdraw from the Federal Reserve Board of Governors
“Innovation is coming soon. Proof of rights is more computationally efficient and consumes less energy. Innovation is the key here. It is coming soon.”
Gary Natal, Emerging Technology Consultant of Distyltics
“Cryptocurrencies may be difficult to understand, but the value of converting major cryptocurrency donations into cash is not the case.”
James Lawrence, Co-founder and CEO of Engiven
“There is no doubt that Metaverse Land is the next big hit in the NFT field. With record sales figures and rising NFT prices, the virtual world is the new top commodity in the encryption field.”
Forecast this week
Starting the week of November 28, Bitcoin fell from nearly $55,000 to nearly $53,300, and then rose to more than $58,000. Cointelegraph’s Bitcoin Price IndexAfter Sunday’s price movement, BTC traded between $55,800 and $59,300 for most of the rest of the week.
In a tweet on Wednesday, cryptocurrency trader Michaël van de Poppe expressed his views on the cryptocurrency market and pointed out that he hopes to see less than $60,000 BTC turn to support.
“It’s very simple. Below $60,000, I have been cautious/bearish because I want to see the area flip,” he wrote on Twitter. “Focus on the level of buying; #Bitcoin’s $53K-54K area and $47-50K area,” he added. “When to buy #altcoins? December. No changes in the past few weeks.”
In another tweet on Wednesday, van de Poppe also provided his views on some possible price targets at the top of the bull market cycle, and pointed out that the price range of Bitcoin is between $350,000 and $450,000, and the price range of Ethereum is 10,000. Between USD and 17,500 USD, and the range of other assets as well. As early as April 2021, he published the same list with the same numbers, except for Elrond, which provided an updated possible price range target for the new list.
FUD this week
Russian President Vladimir Putin (Vladimir Putin) is notorious and must have never engaged in any evil activities. This week he took time out of his busy schedule to express his concerns about the risky nature of cryptocurrency speculation.
According to local media reports on Tuesday, Putin’s spearhead was directed at “Russia’s call!” Moscow Investment Forum. The 69-year-old called for stronger monitoring and supervision of cryptocurrencies in Russia, and keenly pointed out that certain countries are adopting a large number of digital currencies.
“It doesn’t have any support, [and] The volatility is huge, so the risk is very high,” he said. “We also think that we need to listen to those who talk about high risk. “
Bitcoin failed to pass the “worst case” monthly closing for the first time, and it was below $57,000 since December
Bitcoin failed to reach the November closing price of $98,000 required by the so-called “floor model” of Twitter celebrity PlanB. The price of Bitcoin on November 30 was $57,000, and the actual price was approximately 71% lower than the predicted price.
In a Twitter post on Wednesday, PlanB stated that he would give his famous model for another month, but when he pointed out the S2F model, he insisted that by the end of the year, 100,000 USD per BTC is still “on the right track”. He further explained:
“No model is perfect, but this is a huge mistake and the first in 10 years! Outliers/Black Swan? I will give the floor model for another month. The S2F model is not affected, and it is expected to reach $100,000 . Beware of trolls confuses Floor and S2F models!”
According to reports, the DeFi protocol BadgerDAO suffered a US$120 million security breach this week. Users on Twitter highlighted an “annoying front-end attack”, that is, at around 2 AM on Thursday, people used “carpet approval” from people’s Withdraw funds from the wallet.
Although BadgerDAO did not formally confirm the attack at the time, it stated that all smart contracts on the platform have been suspended to prevent additional potentially malicious withdrawals.
The malicious actors targeted the agreement on the Ethereum network with the contract address 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107, urging users who interact with the contract to revoke the permission of their wallet.
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