This week the market opened with bitcoin trading $6,000 and has seen a slight dip in price. The major cryptocurrency is still making its way to pass $10,000 by year-end if history repeats itself. After months of waiting for movement on institutional investments like Bakkt’s futures launch hopes are high that this will be an eventful week in crypto
The “crypto alt season 2021” is a new term that has been circulating in the crypto community. The term is used to describe when Bitcoin and other cryptocurrencies will be trading at a much lower value than they are today.
Every Saturday, Hodler’s Digest will keep you up to date on all of the major news stories from the previous week. A week on Cointelegraph in one link: the finest (and worse) remarks, adoption and regulatory highlights, top currencies, forecasts, and much more.
This Week’s Top Stories
In the finest month of 2021, ‘Uptober’ concludes with a record high — This week in Bitcoin, there are five topics to keep an eye on.
The bulls are reading the tea leaves to see what November will bring after Bitcoin’s (BTC) first-ever monthly closing over $60,000 for October and a new all-time high (ATH). Plan B has predicted a November closing of $98,000 per BTC, which has been very accurate in prior months.
Despite BTC achieving its all-time high of $67,100, a large percentage of investors were not persuaded to sell, which might indicate that the asset is on the rise this month. Kraken Intelligence confirmed this, stating that despite the potential for massive gains, bulk buildup has persisted over the previous two months.
“Notably, despite a huge comeback in price to new all-time highs around $67,000, long-term holders were undeterred by the setback last month and utilized it as a chance to continue accumulating,” Kraken Intelligence stated.
Aaron Rodgers, the quarterback for the Green Bay Packers, has agreed to take a portion of his $22 million paycheck in Bitcoin.
With Bitcoin looking as strong as ever, Aaron Rodgers, the great quarterback for the Green Bay Packers, has courageously opted to take a portion of his $22.3 million paycheck in Bitcoin. It was, unsurprisingly, part of a promotional package, with Cash App being the preferred means of storing BTC.
The Green Bay Packers veteran stated his trust in Bitcoin and its bright future as grounds for working with Cash App in a video published through Rodgers’ Twitter account, although it’s possible that it’s part of a “celebrity endorsement agreement.” Miami Mayor Francis Suarez was another courageous person who pledged to take his salary in Bitcoin this week. On Wednesday, the well-known crypto proponent announced that he will collect his next salary entirely in Bitcoin. Suarez said that rather than having the local government figure out how to convert his fiat income into cryptocurrency, he would prefer to utilize an app like Bitwage or Strike.
CME Group receives a $1 billion investment from Google, as well as a 10-year Cloud agreement.
Alphabet, Google’s parent company, invested $1 billion in the Chicago Mercantile Exchange (CME) Group via a stock transaction. Many crypto derivatives products are available on the exchange, including BTC futures contracts, micro BTC futures, BTC options, and micro Ether (ETH) futures.
The action was revealed in a message to CME Group investors on Thursday. A 10-year strategic relationship with Google Cloud was also revealed in the letter, with the goal of speeding up the exchange’s migration to the cloud and transforming the way global derivatives markets work.
CME Group chair and CEO Terry Duffy stated, “Via this long-term relationship with Google Cloud, CME Group will modernize derivatives markets through technology, extending access and providing efficiency for all market participants.”
Burger King offers free cryptocurrency with the purchase of a meal.
Burger King (BK) and Robinhood, a retail trading platform, inked a “whopper” arrangement this week to give out free bitcoin to consumers who spend more than $5 in November.
Customers are given free crypto in the form of Dogecoin during the U.S.-based advertising campaign, which runs through November 21. (DOGE). A few fortunate clients will even have the opportunity to win a whole Bitcoin or Ether, but they must first join with Robinhood Crypto.
A trifecta of 2 million DOGE, 20 BTC, and 200 ETH will be used to distribute the crypto awards. Customers may only claim one prize each day and must make their purchase using a code at participating locations on the BK app, website, or in-store.
6.5 million Australians will be able to trade cryptocurrency with Commonwealth Bank, and ‘other institutions will follow suit,’ according to the bank.
One of Australia’s ‘big four’ banks, Commonwealth Bank of Australia (CommBank), said on Wednesday that it would provide crypto trading services directly via its banking app. CommBank has announced that it would offer a total of ten crypto assets, including Bitcoin, Ether, Bitcoin Cash (BCH), and Litecoin (LTC).
The CommBank app has roughly 6.5 million users, and the crypto move is being made in collaboration with Chainalysis, a blockchain research business.
Following the encouraging news, Steve Vallas, the CEO of industry association Blockchain Australia, told Cointelegraph that the other big Australian banks would soon follow suit.
“It is unavoidable that other institutions follow suit,” he said. “With problems like licensing being faced head-on by business and governments, clarity in the local regulatory framework is growing.” […] There are less barriers to action and involvement.”
Losers and Winners
Bitcoin (BTC) is at $60,936, Ether (ETH) is at $4,474, and XRP is at $1.15 at the conclusion of the week. According to CoinMarketCap, the entire market cap is $2.69 trillion.
The top three altcoin gainers of the week are Loopring (LRC) at 164.93 percent, The Sandbox (SAND) at 130.89 percent, and Decentraland (MANA) at 94.55 percent among the top 100 cryptocurrencies.
SHIBA INU (SHIB), Curve DAO Token (CRV), and Harmony (ONE) are the top three cryptocurrency losers this week, with losses of -25.22 percent, -13.37 percent, and -13.36 percent, respectively.
Read Cointelegraph’s market analysis for more information on crypto pricing.
The Most Memorable Quotes
“NFTs will be the foundation for everything valuable on the internet.” It might be a monetary worth or a personal value. Because I mentioned your identify previously, an NFT may carry that information for you on the web. It’ll be imperceptible.”
According to Nicholas Julia, CEO and co-founder of Sorare, the nonfingible token sector will be worth $5 billion to $10 billion in five to ten years.
“I’ve never seen an industry so eager for regulation, to my astonishment.” Almost everyone I’ve spoken to in this field understands that regulation will give the industry respect and legitimacy.”
Senator Andrew Bragg of Australia
“The finding of a zero-day vulnerability in the Bitcoin Core code that no one has yet noticed is my worst fear.” The likelihood of this happening decreases significantly with each passing day – but it will never be zero.”
Caitlin Long, the CEO and founder of Avanti Financial Group, discusses her greatest cryptocurrency worry.
“I believe many people will be glad to learn that Mark Zuckerberg and Meta will not own, govern, or choreograph the Metaverse entirely.”
Meta’s vice president of worldwide relations and communications, Nick Clegg
“Stablecoins remain subject to the concurrent and perhaps overlapping authority of a variety of federal and state regulatory regimes in the absence of new legislation.” That’s why any consensus among the various government authorities on who would lead the charge on stablecoin regulation is critical.”
Sujit Raman is a partner at Sidley Austin.
“The SEC’s attitude to bitcoin regulation is too lenient. […] If the SEC can’t explain the apparent significant difference in risk profiles, ETFs based on spot Bitcoin should be allowed to trade.”
Representative Tom Emmer of the United States
“We need a separate committee made up of people from government and business to draft cryptocurrency legislation. Given the multidimensionality of the situation, the CBI or the Security and Exchange Organization are not competent [enough] to develop regulations for cryptos.”
Head of the Iran Blockchain Association, Abbas Ashtiani
“When we first launched this initiative, we didn’t have nearly as much money in our FIDEBITCOIN [state BTC Trust account] as we have today. As a result, we’ve chosen to create the first 20 Bitcoin Schools.”
El Salvador’s president, Nayib Bukele
The Week’s Prediction
If the 2016 halving bull run replicates, Bitcoin will peak at $253K and Ethereum at $22K this cycle.
According to Cointelegraph’s BTC price index, bitcoin has been trading in a range of $60,000 to $64,000 this week. In terms of future price movement, Ecoinometrics, a Twitter account, has created some research that says Bitcoin still has a lot of upside remaining in this halving cycle.
Bitcoin’s current price voyage since its 2020 block reward halving is shown against the background of BTC’s price run since its 2016 halving, according to Ecoinometrics. When BTC was halved in 2016, the asset’s price had increased by almost a factor of 30 by the time it peaked. According to Ecoinometrics, Bitcoin’s price peaked at about $8,600 around the time of the 2020 halving, and it might reach $253,800 if history repeats itself.
Ecoinometrics also projects a probable conclusion for the price of Ether based on the logic of ETH’s price activity in conjunction with Bitcoin’s halving historical timeline. Based to this theory, the asset might reach a high of $22,300 per coin.
Analyst Willy Woo, on the other hand, believes that the current post-halving cycle is Bitcoin’s last big four-year cycle. If such is the case, and Bitcoin achieves widespread acceptance and “full saturation,” the BTC price in US dollars will become irrelevant.
According to Ecoinometrics, Bitcoin’s price is growing at the same rate as the last halving cycle in terms of multipliers. Bitcoin, on the other hand, had a far less percentage growth in its second halving cycle than it did in the first. Will this year’s halving cycle result in a lower percentage rise than the previous one?
The Week’s FUD
A $100 million class action lawsuit has been filed in Australia over the shady QOIN coin.
It was reported earlier this week that a Queensland legal firm was pursuing a local crypto business that creates a token that can only be sold in batches of $125 each day.
The Block Trade Exchange is the only place where BPS Financial and its QOIN coin are supported. Users may spend between $100 and $10,000 on QOIN, although withdrawals higher than $125 are supposedly not allowed in one session.
BPS will be sued by Salerno Law for misleading and deceptive activity, pyramid scheme-style antics, and failure to comply with service requirements, according to Salerno Law.
As the creator’s racist drawings spread, the price of the NFT collection plummets.
On Tuesday, it was claimed that the Jungle Freaks NFT project’s trading value had plummeted by over 80% when a collection of racist cartoons produced by one of the project’s designers in the 1970s surfaced online.
George Trosley, whose art work in Hustler magazine made him famous, is the creator in question. Until the very obscene pictures appeared, Trosley’s debut into NFTs was off to a promising start, with a rare Jungle Freak NFT selling for 24 Ether ($108,000) only two weeks ago.
Before the catastrophe, Elijah Wood, who portrayed Frodo Baggins in the popular Lord of the Rings films, had his hands on the “valuable” NFTs, but when he heard the news, he sold them and gave the earnings to charity.
He said, “I was made aware of some of the artist’s distressing previous drawings.” “When I learned of this, I immediately sold the NFTs since I despise racism in any form. The proceeds from the sale of the NFT have been given to LDF and Black Lives Matter.”
The game is done! A crypto fraud based on the ‘Squid Game’ has collapsed, with the price plummeting from $2.8K to nothing.
The SQUID token, which was inspired by the iconic South Korean Netflix comedy Squid Game, plunged over 100% when its price exceeded $2,850 on Monday, in what seems to be a rug pull for the ages.
Scammers marketed the SQUID token as a play-to-earn cryptocurrency based on the narrative of the show, in which individuals risk their lives to play a series of children’s games in exchange for a chance to win 45.6 billion won ($38.7 million). However, “playing” has significant implications, just as it did on the program.
In the span of a week, the price of SQUID increased by 75,000%. During the pump, however, consumers complained that they were unable to sell the asset owing to the designers’ usage of “anti-dumping technology,” which prevented them from selling their tokens against reduced demand.
Cointelegraph’s Best Features
Latinx groups continue to overcome barriers to Bitcoin adoption.
Latinx groups are driving adoption because crypto has shown that it can address their various requirements in a manner that conventional banking cannot.
The Bitcoin white paper has been around for 13 years: Here’s how far it’s come.
Despite the fact that the Bitcoin white paper is just nine pages long, it contains enough information to transform the world. This is how it began 13 years ago.
Beyond the buzz of the NFT: Developing Long-Term Business Models for Artists
Selling NFTs for high rates has allowed digital innovators and artists to earn a livelihood, but how long can this economic model last?
The “altcoin moon” is a term used to describe the moment when a cryptocurrency’s market cap surpasses that of Bitcoin. It usually happens after a pump or dump in the price of a particular coin, and it often leads to an increase in interest from investors.
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