Comes every Saturday, Hodler’s Digest will help you track every single important news that happened this week. The best (and worst) quotes, adoption and regulatory highlights, leading coins, predictions and much more – a week on the Cointelegraph in one link.
Top stories this week
Jack Dorsey has resigned as Twitter chief
Twitter co-founder Jack Dorsey announced Monday that he has resigned from his role as CEO. As a replacement for Dorsey, Twitter’s board member and chief technology officer Parag Agrawal, who was unanimously appointed CEO of the company̵[ads1]7;s board.
Dorsey also serves as CEO and chairman of the cryptocurrency-friendly payment technology company Square, and it is unclear whether he left Twitter to focus only on the platform’s plans to develop a decentralized Bitcoin (BTC) Exchange. However, he noted that the company does not have to be a founding member to thrive.
“I think it’s very important to give Parag the space he needs to lead,” said Dorsey. “I think it’s crucial that a company can stand on its own, free of the founder’s influence or direction.”
Former Citi banker launches $ 1.5 billion cryptocurrency, choosing Algorand as its first partner
On Monday, 14-year-old Wall Street veteran and former Citi banker Matt Zhang announced a $ 1.5 billion multi-strategy fund called Hivemind Capital Partners, which aims to support upcoming crypto projects.
In particular, the fund will place great emphasis on crypto infrastructure builders, virtual worlds and Metaverse projects, and programmable money. The fund’s first technology partner will be proof-of-stake-based blockchain Algorand.
While Hivemind has not yet announced any major financing, Zhang said the company will support crypto-entrepreneurs with infrastructure that currently cannot be offered by traditional asset management models.
Square rebrands for Block when focus shifts to blockchain
When we talk about Square, the company revealed on Wednesday that it had renamed Block, which indicates that it can increase the focus on the blockchain sector.
The company said that rebrand will bring the payment company together with the Cash App, the decentralized Bitcoin exchange project tbDEX, and the music and video streaming platform Tidal. As part of the rebrand, Square Crypto, the cryptocurrency company’s cryptocurrency-focused unit, will change its name to Spiral and join the Block family.
“Block refers to the neighborhood blocks where we find our vendors, a blockchain, block parties full of music, obstacles to overcome, a code section, building blocks and of course tungsten cubes,” Square said.
MicroStrategy buys Bitcoin worth $ 414.4 million, with a total BTC balance exceeding $ 3.5 billion
MicroStrategy, the analytics software company led by the avid Bitcoin bull Michael Saylor, announced Monday that it had acquired $ 7002 million worth $ 414.4 million.
Following the acquisition, Saylor stated that the company’s total BTC holdings were as high as 121,044, purchased for approximately $ 3.57 billion at an average price of $ 29,534 per BTC. To fund the latest digital gold shopping spree, the company sold 571,001 shares in the company between October 1 and November 29 for $ 732.16 apiece.
MicroStrategy first bought Bitcoin back in August 2020 as part of its financial strategy, and with Saylor at the helm, the company has bought the asset mercilessly since – regardless of price – and shows no signs of declining in the future.
Meta expands eligibility for crypto advertising on Facebook
Social media virtual reality firm Meta expanded its qualification requirements to run crypto advertising campaigns on Facebook and Instagram this week, giving companies greater freedom to run product-related campaigns for digital assets.
Prior to Meta’s last update of its crypto advertising guidelines, a limited number of crypto companies were able to advertise on Facebook, as the platform only recognized a small number of regulatory licenses.
According to the updated policy, crypto exchanges, trading platforms, wallet providers, mining infrastructure companies, crypto borrowers and loan services can now get written permission to run ads on Facebook. The company cited maturation and increased regulation of the sector as the reasons why it changed tune.
Winners and losers
At the end of the week, Bitcoin (BTC) is at $ 55,468, Ether (ETH) at $ 4407 and XRP on $ 0.95. The total market value is on $ 2.54 billion, according to CoinMarketCap.
Among the 100 largest cryptocurrencies, the three best altcoin winners of the week are Terra (LUNA) at 62.30%, stacks (STX) at 33.85% and polygon (MATIC) of 29.04%.
This week’s three best altcoin losers are the Gala (GALA) at -30.67%, GROW (WAXP) at -19.18% and immutable X (IMX) at -17.85%.
For more information on cryptocurrencies, be sure to read on Cointelegraphs market analysis.
Most memorable quotes
“There are certain services we have that do not really suit the form of regulation. So it is this gray area that the whole industry exists in, and it is not specific to us. […] It’s just the nature of the fact that we are dealing with an innovative technology that does not really necessarily fit the criteria that existing regulators perceive as possible. “
Jonathan Miller, CEO of Kraken Australia
A CBDC would be one of the tools to combat crypto. […] We assume that people will find CBDC more credible than crypto. The CBDC will be part of an effort to address the use of crypto in financial transactions. “
Great Judah, Assistant Governor of Bank Indonesia
“If a coin has a large number of users, we will list it. It is the overwhelmingly significant feature. Think, for example, of meme tokens; although I personally do not understand it, if used by a large number of users, we list we go after the community, my opinion does not matter. “
Changpeng Zhao, CEO of Binance
“There is always hope for the Chinese crypto industry. We still have sources of information and we are getting more and more users, evangelists, developers and others. There is nothing to worry about. Everything is happening for the best.”
Anonymous, head of a Chinese crypto publication
“It’s one thing to say that a stablecoin issuer itself must be a regulated bank – I think that’s probably overkill, since there are perfectly effective ways for non-banks to meet our legitimate regulatory concerns, but there is at least one “There is a clear link between the existing banking regulatory framework and the specific measures that stable coin issuers need to take to operate safely. However, it is quite another thing to keep in mind that wallet providers may need to be completely separated from commercial firms.”
Randal Quarles, leaving the US Federal Reserve Governor
“Innovations are coming, proof-of-effort is much more computationally efficient and low energy consumption. Innovation is the key here, and it is coming.”
Gary Nuttall, new technology consultant at Distyltics
“Cryptocurrency can be difficult to understand, but the value of a large cryptocurrency donated to cash is not.”
James Lawrence, co-founder and CEO of Engiven
“Undoubtedly, metaverse countries are the next big hit in the NFT area. With record high sales figures and ever-increasing NFT prices, virtual worlds are the new top product in the crypto area.”
The prediction of the week
Bitcoin tests traders’ nerves when analysts reissue 400,000 BTC price forecast
Bitcoin started the week of November 28 with a fall from almost 55,000 dollars down to almost 53,300 dollars, followed by a push up over 58,000 dollars, according to Cointelegraphs Bitcoin Price Index. Following Sunday’s price action, BTC traded in the $ 55,800 to $ 59,300 range for most of the rest of the week.
In a Wednesday tweet, crypto trader Michaël van de Poppe gave his thoughts on the crypto market, noting a desire to see less than $ 60,000 BTC go to support.
‘It’s very simple. Under $ 60,000 I have been cautious / bearish as I want to see the area turn around, he tweeted. «Levels to look for buy; $ 53K-54K zone and $ 47-50K zones for #Bitcoin, “he added.” When to buy #altcoins? December. Nothing has changed in recent weeks. ”
In a separate tweet on Wednesday, van de Poppe also gave his thoughts on some possible price targets for the bull cycle peak, noting price ranges between $ 350,000 and $ 450,000 for Bitcoin and between $ 10,000 and $ 17,500 for Ethereum, as well as areas for other assets as well. He tweeted out the same list with the same numbers back in April 2021, with the exception of Elrond, for whom the new list provided an updated possible price range target.
FUD of the week
Vladimir Putin says cryptocurrencies “carry high risk”
Russian President Vladimir Putin, a man with a squeaky reputation who has absolutely never engaged in any malicious activity, took time out of his busy schedule this week to express his concern about the risky nature of cryptocurrency speculation.
According to local media reports on Tuesday, Putin criticized the “Russia call!” investment forum in Moscow. The 69-year-old called for greater monitoring and regulation of crypto in Russia and pointed out sharply that some countries see significant use of digital currencies.
“It’s not supported by anything, [and] volatility is colossal, so the risk is very high, “he said.” We also believe we need to listen to those who talk about the high risks. “
Bitcoin fails in ‘worst-case scenario’ monthly closing for first time, starting December below $ 57K
Bitcoin failed to reach the closing price of 98,000 dollars in November, which was demanded by the Twitter personality PlanB’s so-called “floor model”. With Bitcoin at $ 57,000 on November 30, the actual price was about 71% below the forecast price.
In a Wednesday Twitter post, PlanB noted that he would give his famous model another month, but was adamant in saying that $ 100,000 per BTC is still “on track” at year-end when he pointed to the S2F model. He further explained:
“No model is perfect, but this is a big miss and the first in 10 years! Outlier / black swan? I will give the floor model 1 more month. The S2F model is unaffected and on the way to $ 100,000. Watch out for trolls who confuse Floor and S2F model! »
BadgerDAO has reportedly suffered security breaches and lost $ 120 million
BadgerDAO’s DeFi protocol has reportedly suffered a $ 120 million security breach this week, with Twitter users highlighting a “disgusting front-end attack” in which money had been taken out of people’s wallets using “carpet approval” around 02.00 UTC Thursday .
Although BadgerDAO had not officially confirmed the attack at the time, it said all smart contracts on the platform had been paused to prevent further potentially malicious withdrawals.
The malicious actors target the protocol on the Ethereum network at the contract address 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107, and users who have interacted with this contract are encouraged to withdraw permission from their wallet.
Best Cointelegraph Features
NFT art will never be a mass market – NFT licenses can be
NFT sales of digital art generate headline after headline, although this is not the real mass market use of this new technology.
Lines in the sand: The US Congress brings party politics to crypto
“There are too many members of Congress who do not have enough understanding. Congress must come in and bring regulations to this room.”
Wear-to-earn NFTs target the fashion industry for billions of dollars
Here’s how “wear-to-earn” NFTs will affect the fashion sector and what can happen if they become a trend.