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
Bitcoin falls 10% in 12 hours, falling below $ 50,000 for the first time since March
After last weekend’s quick and sudden correction that caused Bitcoin to slip by, things looked clearly bearish for Bitcoin 20% in a single hour.
Within a few minutes last Sunday $ 60,000 became a distant memory … with cops forced into defense $ 55,000 instead. BTC’s estimated $ 1 trillion market cap was also lost, and at one point the dominance dropped below 50% – a milestone not seen since 2018.
In the early hours of Friday as the pressure to sell increased, the world’s largest cryptocurrency succumbed and fell $ 50,000 For the first time since March.
Ether that had managed to hit a new all-time high of $ 2,641.09 was also not immune to the sales in the hours leading up to the crash.
Mass liquidations, an overheated futures market, the decline in the kimchi premium, the sale of whales, and concerns about President Joe Biden’s tax plans Possibly were all factors in the main correction.
PlanB speculates that the fall in Bitcoin prices will not mean the end
There has been no lack of response to Bitcoin’s loss of momentum. PlanB, the analyst behind the stock-to-flow forecast, insisted the price fall below it $ 50,000 does not mean that the current bull run is over.
He pointed out that nothing goes up in a straight line and tweeted: “#Bitcoin has risen 6 months in a row up to this month. This looks like the mid-way dip that we saw in 2013 and 2017 as well. “
ExoAlphas Élie Le Rest also believes there are reasons to be optimistic, saying: “That kind of withdrawal is very healthy This helps to reduce the debt of market participants and creates the basis for more stable growth. “
The next big step in Bitcoin price will prove crucial and help us determine whether this is just an overdue correction or the opening salvo of the next bear market cycle.
The experienced trader and chart guru Peter Brandt wasted little time with a cheeky observation, Write: “The likelihood of a correction in cryptos is directly related to the spread of laser eyes on Twitter. Would you like the correction to end? Get rid of your laser eyes. “
Bitcoin transaction fees in US dollars near all-time high
In other signs of history repeating itself, Bitcoin transaction fees, measured in US dollars, were nearing their all-time highs of 2017.
Data from Blockchair shows that the average cost of a BTC transaction hit $ 58 on Tuesday, nearing the record set in December 2017 of $ 62.
The recent spike in BTC transaction fees is due to a sharp drop in the Bitcoin network’s hash rate, possibly exacerbated by massive power outages in China’s Xinjiang mining center.
And the surge has also prompted some crypto exchanges to urgently introduce lower-cost methods of moving Bitcoin as well.
OKEx has now integrated the Lightning network and Square’s Cash app has raised quietly the minimum bitcoin payout 0.001 BTC – 100,000 Satoshis – significantly higher than that 0.0001 BTC that was in effect before.
“Bitcoin offers incentives for renewable energy,” agree Elon Musk and Jack Dorsey
When frowned crypto traders faced a sea of red, the industry heavyweights focused on how to go green.
Earth Day 2021 took place this weekAs Bitcoin is regularly scourged for the security of the network for its high energy consumption, some of the vocal supporters of the cryptocurrency have spoken out in favor of BTC’s environmental efficiency.
A new report from the Bitcoin Clean Energy Initiative argues that bitcoin mining provides incentives for electricity generation “from renewable carbon-free sources.”
The paper was supported by top crypto stars like Jack Dorsey from Square, Elon Musk from Tesla and Cathie Wood from Ark Invest.
Tether is listed on Coinbase Pro
Coinbase Pro has announced that it will be listing Tether on its platform, paving the way for trading pairs linking the ERC-20 version of USDT to BTC, ETH, USDC, the euro, the British pound and the US dollar.
This is a pretty big deal and it means sharing is not affected about the stablecoin’s earlier regulatory issues or the long-running controversy over the validity of Tether’s support.
Paolo Ardoino, Bitfinex’s Chief Technology Officer, told Cointelegraph: “We are delighted with Coinbase’s decision to add Tether tokens on ERC-20 to its Coinbase Pro platform. It does this as we approach $ 50 billion in market cap and represents another step forward as we grow our community. “
Winner and Loser
At the end of the week, Bitcoin is at $ 49,237.93, Ether at $ 2,203.74 and XRP at $ 1.06. The total market capitalization is $ 1,813,860,544,571.
Among the top 100 cryptocurrencies are the top three altcoin winners of the week Solana, Celo and PancakeSwap. The top three altcoin losers of the week are Bitcoin SV, NEM and ontology.
For more information on crypto pricing, see Market analysis by Cointelegraph.
The most memorable quotes
“Contrary to what you may have been told or asked for, #crypto is not a quick way to get rich.”
Changpeng Zhao, CEO of Binance
“Bitcoin is up 600% in the last year. Gold is up 3% in the last year. No more tweeting until gold can beat inflation, Peter! ”
Anthony Pompliano, Bitcoin advocates
“Without a strong catalyst, it seems difficult to break above $ 60,000 right now, and a break below $ 50,000 can bring Bitcoin down to $ 30,000. Traditional markets showing signs of exhaustion can also hurt the recovery of the crypto markets. “
David Lifchitz, ExoAlpha Chief Investment Officer
“ETH is quickly becoming the currency of the digital world and BTC is the pristine security and base layer.”
Raoul Pal, Real Vision CEO
“I think the crypto room is amazing right now. It is the best kept secret in the world, and perhaps the history of the financial markets. “
Thomas Farley, President of the New York Stock Exchange
“DOGE is relatively well suited for payments. It’s extremely fast and efficient – transactions cost less than a dime. “
Jason Lau, OKCoin Chief Operating Officer
Luke Martin, Blockchain developer
“We have no appetite for dealing with customers, whether we are taking them on as new customers or having a lasting relationship with people whose main business is supported by an exchange for cryptocurrencies or otherwise transacting with cryptocurrencies as their main activity.”
Morten Friis, NatWest Head of the Risk Committee
“I would argue that such a change is vital for Bitcoin to remain the world’s dominant cryptocurrency. The current energy demand and the CO2 footprint of PoW are already not sustainably high. “
Chris Larsen, Ripple co-founder
“The likelihood of a correction in cryptos is directly related to the spread of laser eyes on Twitter. Would you like the correction to end? Get rid of your laser eyes. “
Peter Brandt, experienced dealer
“70% of our time should be focused on core work, 20% on strategic betting and 10% on innovative experimentation.”
“I think we could go back to $ 20,000-30,000 on Bitcoin, which is a 50% decrease. The interesting thing about Bitcoin, however, is that we’ve seen these kinds of drops before.”
Scott Minerd, Guggenheim Chief Investment Officer
“Could Bitcoin Really Be Stopped by the Government? I actually think that maybe it could be. “
Curtis Spencer, Co-founder of Electric Capital
Forecast of the week
Guggenheim’s CIO is reiterating the $ 20,000 Bitcoin price prediction as BTC has doubled since the last warning
Guggenheim’s chief investment officer has reiterated his warning that Bitcoin will crash $ 20,000.
Speaking to CNBC, Scott Minerd said: “Given the massive move we had in Bitcoin in the short term, things are very frothy and I think we need to make a major correction in Bitcoin. “
It’s worth noting that Minerd firmly believes that Bitcoin could hit $ 400,000 in the long run. He said: “I think we could go back to $ 20,000-30,000 on Bitcoin, which is a 50% decrease. The interesting thing about Bitcoin, however, is that we’ve seen these kinds of drops before.”
Many Bitcoin proponents have rejected proposals that lower losses were inevitable, citing a combination of factors, including strong indicators in the chain. Minerd has been wrong before. Back in January, he said Bitcoin had hit a price cap for 2021 … and it has more than doubled since then.
FUD of the week
Not so sure? SafeMoon’s parabolic rally is unsustainable, traders warn
A token for the Binance Smart Chain has received a lot of attention from crypto enthusiasts on TikTok, but there are warnings that the recent rally is unsustainable.
SafeMoon’s price rose from $ 0.00000029 to $ 0.0000074 in just three weeks – an increase of 2,200%. The altcoin then dropped a dramatic 50% in two days.
Luke Martin, a well-known cryptocurrency trader, called SafeMoon’s price development “unSAFEMOON” after falling 65% in a short period of time on April 22nd.
Another UK bank is providing anti-crypto notifications to customers
The British bank NatWest has announced that it will not serve business customers who accept cryptocurrency payments.
In a report in The Guardian, the head of the bank’s risk committee, Morten Friis, was quoted as saying: “We have no appetite for dealing with customers, whether we are taking them on as new customers or having a lasting relationship with people whose main business is supported by an exchange for cryptocurrencies or otherwise transacting with cryptocurrencies as their main activity.”
Friis’ comments reflect similar sentiments recently attributed to HSBC, another UK bank, which used identical statements to announce their decision to forbid customers from buying MicroStrategy stock. Due to HSBC’s anti-crypto stance, the bank also refused to allow account holders to deposit profits from cryptocurrency exchanges earlier in the year.
Governments can stop Bitcoin by stopping mining, says Electric Capital Exec
Curtis Spencer, co-founder and partner of Electric Capital, has hinted that the Bitcoin network may owe its survival to the grace of world governments.
Speaking in a panel at the web summit of the collision conference on Tuesday, Spencer said lawmakers are giving Bitcoin a chance to grow by not placing stricter restrictions on mining operations in their respective countries.
He argued, “Could Bitcoin really be stopped by the government? I actually think that maybe it could be. If you think about the cost of attacking the network, nation states cannot do it. “
Spencer then pointed out what had happened in Xinjiang, where a power outage dramatically affected Bitcoin’s hash rate.
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