Comes every saturday Hodler’s digest will help you keep track of every single important message that happened this week. The best (and worst) quotes, highlights of adoption and regulation, leading coins, predictions, and more – one week on Cointelegraph in one link.
Top Stories This Week
Bulls buy Bitcoin’s $ 35,000 support retest when altcoins go up
Scream if you want to go faster The crypto markets have been a roller coaster ride this week – with the price of Bitcoin to more than fall $ 10,000 to lows of $ 30,549.60 On Monday.
Analysts claimed that the correction “healthy and necessary, ”With the heavy sell-offs that caused the total market cap for crypto to more than drop $ 200 billion.
David Lifchitz, CIO of ExoAlpha, said the crash would “remove the excessive growth of the past 10 days and allow Bitcoin to build a new base towards $ 50,000 and up.”
And in fact, Bitcoin refused to die. BTC hit just three days after the sudden downturn $ 40,000 again on Coinbase amid new evidence of new big buys on exchanges. Tyler Winklevoss had a clear message: “Don’t listen to the noise, stay focused.”
Unfortunately it seems so $ 40,000 is now becoming a tough nut to crack. Despite Joe Biden revealing one Eye whitening stimulus package value $ 1.9 trillionBitcoin’s price hadn’t risen much. In fact, BTC actually fell under $ 35,000 in one place.
eToro warns users that there is no more crypto available to trade due to unprecedented demand
An email sent by eToro indicates that the exchange is struggling to keep up with users searching for Bitcoin.
A message to customers warned that “an unprecedented demand for crypto coupled with limited liquidity” means that restrictions on crypto buy orders may need to be enforced over the weekend.
It seems that the company was a victim of its own success. The email came a day after Brad Michelson, eToro’s Marketing Manager, revealed it 380,000 Users had opened accounts in the first eleven days of January – with crypto trading volume 25 times higher than the previous year.
Mati Greenspan, founder of Quantum Economics – a former market analyst at eToro – told Cointelegraph that the warning was “a symptom of a possible impending liquidity crisis” and advised users not to remove funds from the platform.
An eToro spokesperson told Cointelegraph: “Our experience with the 2017 crypto rally shows that we understand the potential consequences of extreme volatility in the crypto markets. We want to ensure that our customers fully understand the potential risks. “
DOT flip: Polkadot overtakes XRP and becomes the fourth largest cryptocurrency
There were some big changes when the crypto market rally resumed and Polkadots DOT token is among them.
DOT flipped Ripple’s XRP in terms of market cap after gaining a massive 29% in the past 24 hours. This makes it the new fourth largest cryptocurrency with a market capitalization of $ 15.6 billion at the time of writing. Over the past week, DOT is up an impressive 83.26%.
Polkadot is a fully interoperable platform that allows other blockchains to connect to the network. It has been called the “Ethereum Killer” because it can process thousands of transactions per second.
The most recent update that may have boosted the momentum was the launch of the Rococo Parachute Testnet, which went live in late December.
Other driving factors are the problems with DeFi on Ethereum as the demand for scaling increases.
The programmer has two more password guesses to avoid losing Bitcoin $ 262 million
Two exciting stories popped up this week – both with a similar theme.
One man told the New York Times that he forgot the password for a hard drive 7,002 BTC – a crypto route that is worth a breathtaking view $ 262 million at the time of writing.
Stefan Thomas only has 10 guesses before the hard drive is encrypted forever … and so far he has made eight of these attempts without success.
On the other side of the Atlantic, a Welshman offers the city of Newport a graduation $ 72 million Help locate hard drive space 7,500 BTC. There is only one problem: it was thrown away a few years ago and languishes in a landfill. Unfortunately for James Howells, the Council has said it is unwilling to help with concerns that the search may be polluting. That means he’ll miss one $ 280 million Capital.
Fortunately, it’s not all bad news. One student has claimed that he found private keys that he accidentally hodled back in 2011, unlocking $ 4 million in the process.
ECB President Lagarde once again calls for global regulation of Bitcoin
The President of the European Central Bank has doubled the call for global regulation of Bitcoin.
Christine Lagarde said at the Reuters Next conference: “[Bitcoin] is a highly speculative asset that has done some fun business and some interesting and completely reprehensible money laundering activity. “
During the interview, Lagarde reportedly made no reference to any specific money laundering-related cases involving Bitcoin, but alluded to her awareness of criminal investigations into illegal activities related to its use.
She told reporters: “There has to be regulation. This has to be applied and agreed […] on a global level, because if there is an escape, that escape is used. “
Winner and Loser
At the end of the week, Bitcoin is at $ 37,271.25, Ether at $ 1,255.16 and XRP at $ 0.28. The total market capitalization is $ 1,038,320,969,138.
Among the top 100 cryptocurrencies are the top three altcoin winners of the week HedgeTrade, Voyager token and IOST. The top three altcoin losers of the week are Bitcoin SV, EOS and Verge.
For more information on crypto pricing, see Market analysis by Cointelegraph.
The most memorable quotes
“They said #Bitcoin died on Monday, but it’s now over 37,000. Don’t listen to the noise, stay focused.”
Tyler Winklevoss, Gemini co-founder
“Did Nocoiner really think #Bitcoin wasn’t going to bounce back? This is the year of the Metal Bull. $ 100,000 is inevitable.”
Samson Mow, Blockstream CSO
“This whole idea of being your own bank – let me put it this way, do you make your own shoes? The reason we have banks is because we don’t want to get involved in all of the things banks do. “
Stefan Thomas, blocked from 7,002 BTC
“The unprecedented demand for crypto coupled with limited liquidity is challenging our ability to support buy orders over the weekend.”
“[Bitcoin] is a highly speculative asset that has done some fun business and some interesting and completely reprehensible money laundering activity. “
Christine Lagarde, President of the European Central Bank
“I look at the asset value of Bitcoin compared to the asset value of all things traded, and Bitcoin is still a nothing burger – a huge nothing burger.”
Forecast of the week
Pantera Capital CEO doubles his Bitcoin forecast from $ 115,000 for 2021
Dan Morehead has maintained his optimistic forecast for 2021. Pantera Capital CEO claims Bitcoin is on the right track 800% until August and met $ 115,000.
The CEO first made this prediction in August 2020 when Bitcoin was trading at around $ 11,600. At the time of writing, it is now worth it $ 37,000.
He explained why Bitcoin has a lot of room for growth, adding: “Is Bitcoin Overvalued? I would say no. […] Bitcoin has spent three years well below its long-term average annual growth trendline, it’s still below, and although Bitcoin has risen sharply over the past six months, I think it is fairly valued. “
FUD of the week
The British financial advisor calls on the government to ban crypto transactions
A seasoned financial advisor has asked the UK government to ban crypto transactions.
Neil Liversidge started a petition asking local tax authorities to stop Bitcoin payments in the UK.
He argued that digital assets have no intrinsic value, adding that they can “have a destabilizing impact on society and are often used for criminal activity”.
In an interview with Professional Adviser, Liversidge urged retail investors to withdraw immediately.
Liversidge needs 10,000 Signatures for a government response. At the time of writing he just did 112.
Ledger owners report deterrent threats after 20,000 more records leak
Ledger users receive threatening emails after the hardware wallet maker reports that another 20,000 more of its customers have been hit by another massive data breach.
One Reddit user said his father, who owns a Ledger wallet, received a message with his name, home address and phone number. The blackmailer demanded 0.3 BTC or 10 ETH worth around $ 12,000 or else he would face physical violence.
The Redditor wrote, “I know those scammers who send hundreds of emails are only trying their luck by creating fear, but when it comes to your family’s safety it’s a different story.”
In another email, the scammer wrote, “Can you imagine all the possible consequences that you and your loved ones could face? Hope you don’t ruin every little thing for yourself by making the wrong choices. “
Bitcoin payments are the “second dumbest idea I’ve ever heard,” says Stephen Colbert
Stephen Colbert, the charismatic host of CBS ‘The Late Show, doesn’t hold back his punches or jokes when it comes to Bitcoin.
He referred to a recently released Vice report that revealed how hackers had taken control of internet-connected chastity cages – devices worn by men to prevent them from engaging in sexual activity – and asked Bitcoin to unlock them.
With an ironic smile he said: “Get paid with Bitcoin? It’s the second dumbest idea I’ve heard. “
Colbert first reported on Bitcoin on his show in April 2014 when Bitcoin wavered between these $ 50 and 300 dollars. Since then, BTC has increased by more than 40,000%.
Best Cointelegraph properties
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This is how institutional investors sparked the Bitcoin rally to $ 40,000
In this article by Benjamin Pirus, experts take a look at the key events from 2020 that have most impacted the price of Bitcoin.
Strap in: New institutions are waiting for the end of the Bitcoin price roller coaster
The volatility of the Bitcoin market discourages new institutional investors, but old ones keep buying up the BTC dips. This is Shiraz Jagati.