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Hodlers Digest, Oct. 31-Nov. 5

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Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.

Top Stories This Week

‘Uptober’ closes at record high in best month of 2021 5 things to watch in Bitcoin this week

After Bitcoins (BTC) first-ever monthly close above $60,000 for October and a new all-time high (ATH), the bulls are reading the tea leaves to see what November will bring. Plan B who has been pretty bang on the money in recent months has forecasted a November close of $98,000 per BTC.

Something that may suggest the asset is on the up this month is that a strong number of holders werent tempted to sell despite BTC reaching its ATH of $67,100. Kraken Intelligence pointed out as much, noting that mass accumulation has continued over the past two months despite the potential to reap mad gainz.

Notably, while long-term holders were unfazed by the retracement last month and used it as an opportunity to continue accumulating, this trend has not changed despite a significant rebound in price to new all-time highs near $67,000, Kraken Intelligence said.

 

NFL quarterback Aaron Rodgers will accept part of $22M salary in Bitcoin

With Bitcoin looking as good as ever, star NFL quarterback Aaron Rodgers has bravely decided to accept a chunk of his $22.3 million salary in BTC. Unsurprisingly, it was a part of a promotional deal, with Cash App being the method of choice to hodl the BTC.

In a video shared via Rodgers Twitter account, the Green Bay Packers legend cited his belief in Bitcoin and its bright future as the reasons for partnering with Cash App, but one would believe it might actually be a part of what some call a celebrity endorsement deal. Another brave soul who vowed to accept his salary in Bitcoin this week was Miami Mayor Francis Suarez. The well-known crypto proponent said on Wednesday that he would take his next paycheck 100% in BTC. Suarez said that he would prefer to use an app like Bitwage or Strike rather than make the local government figure out how to convert his fiat paycheck into crypto.

 

Google invests $1B in CME Group along with 10-year Cloud deal

Alphabet, the parent company of Google, splurged $1 billion via an equity investment into the Chicago Mercantile Exchange (CME) Group. The exchange is home to many crypto derivatives products such as BTC futures contracts, micro BTC futures, BTC options, and micro Ether (ETH) futures.

The move was announced on Thursday via a note to CME Group investors. Also announced in the note was a 10-year strategic partnership with Google Cloud aimed at accelerating the exchanges move to the cloud and changing the way global derivatives markets operate.

“Through this long-term partnership with Google Cloud, CME Group will transform derivatives markets through technology, expanding access and creating efficiencies for all market participants,” said CME Group chair and CEO Terry Duffy.

 

Burger King serves up free crypto with meal purchases

Fast Food giant Burger King (BK) signed a whopper of a deal this week with retail trading platform Robinhood to give away free crypto to customers who spend more than $5 in November.

The U.S.-based promo campaign is running until Nov. 21, with customers given free crypto primarily in the form of Dogecoin (DOGE). A few lucky customers will even have the chance to win a whole Bitcoin or Ether, but must register with Robinhood Crypto to receive the reward.

The crypto rewards will be drawn from a trifecta of 2 million DOGE, 20 BTC and 200 ETH. Customers can only claim one prize per day and must make their purchase on the BK app, website or in-store using a code at participating locations.

 

Commonwealth Bank to enable crypto trading for 6.5M Aussies, ‘other banks will follow’

The Commonwealth Bank of Australia (CommBank), one of the local big four banks, announced on Wednesday that it is rolling out crypto trading services directly through its banking app. CommBank said it will support 10 crypto assets in total, including Bitcoin, Ether, Bitcoin Cash (BCH) and Litecoin (LTC).

The CommBank app has a user base of around 6.5 million people, and the crypto move is being launched in partnership with the blockchain analysis firm Chainalysis.

Following the bullish announcement, Steve Vallas, the CEO of industry body Blockchain Australia, told Cointelegraph that it is only a matter of time before the other major Aussie banks follow suit.

It is inevitable that the other banks will follow suit, he said. Clarity in the local regulatory landscape is emerging with issues such as licensing being tackled head-on by industry and by governments. […] Impediments to action and participation are being removed.

 

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin (BTC) is at $60,936, Ether (ETH) at $4,474 and XRP at $1.15. The total market cap is at $2.69 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Loopring (LRC) at 164.93%, The Sandbox (SAND) at 130.89% and Decentraland (MANA) at 94.55%.

The top three altcoin losers of the week are SHIBA INU (SHIB) at -25.22%, Curve DAO Token (CRV) at -13.37% and Harmony (ONE) at -13.36%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

NFTs will be the underlying technology for everything of value on the web. It could be monetary value or it could be personal value. I was mentioning your identity earlier on, so thats something an NFT could carry for you on the web. Its going to be invisible.

Nicholas Julia, Sorare CEO and co-founder, said of the nonfingible token industry within five to ten years

 

To my surprise, Ive never seen an industry so keen for regulation. Almost everyone Ive spoken to in this industry understood that regulation would bring credibility and validity to this sector.

Andrew Bragg, Australian senator

 

My worst nightmare is the discovery of a zero-day exploit in the Bitcoin Core code that no one has discovered yet. Every day that goes by, the probability of this diminishes exponentially but it will never be zero.

Caitlin Long, CEO and founder of Avanti Financial Group on her biggest crypto-related fear

 

The Metaverse, I think many people might be relieved to know, is not going to be wholly owned, administered and orchestrated by Mark Zuckerberg and Meta.

Nick Clegg, global affairs and communications vice president at Meta

 

In the absence of new legislation, stablecoins remain subject to the concurrent and potentially overlapping jurisdiction of a number of federal and state regulatory regimes. That is why any agreement among the relevant federal agencies about who will take the lead in regulating stablecoins is important.

Sujit Raman, partner at Sidley

 

The SECs approach to cryptocurrency regulation has been unacceptable. […] If the SEC cannot outline the perceived material difference in risk profiles, then they should allow ETFs based on spot Bitcoin to be traded.

Tom Emmer, U.S. representative

 

We need a special council of representatives from state bodies and private enterprise to craft regulations for cryptocurrencies. The CBI or the Security and Exchange Organization are not qualified [enough] to set rules for cryptos given the multidimensionality of the issue.

Abbas Ashtiani, head of the Iran Blockchain Association

 

When this project was started, we had not made as much money in FIDEBITCOIN [state BTC Trust account] as we have made now. So we have decided to make the first 20 Bitcoin Schools.

Nayib Bukele, president of El Salvador

 

Prediction of the Week

 

Bitcoin will peak at $253K, Ethereum at $22K this cycle if 2016 halving bull run repeats

Bitcoin ranged in price this week, largely trading between $60,000 and $64,000, according to Cointelegraphs BTC price index. In terms of future price action, one Twitter account by the name of Ecoinometrics drew up some analysis that suggests Bitcoin could have major upside left for this halving cycle.

Ecoinometrics tweeted a chart overlaying Bitcoins current price journey since its 2020 block reward halving against the backdrop of BTCs price run after its 2016 halving. After BTCs 2016 halving, the asset grew in price by a factor of almost 30 when it peaked. Seeing as Bitcoins price traded at roughly $8,600 around the time of the 2020 halving, it could peak at $253,800 if history repeats, according to Ecoinometrics.

Additionally, based on the logic of ETHs price activity in tandem with Bitcoins halving history timeline, Ecoinometrics forecasts a possible outcome for the price of Ether. The asset could possibly reach a summit of $22,300 per coin based on this idea.

Analyst Willy Woo, alternatively, predicted that this current post-halving cycle is the last major four-year cycle for Bitcoin. If that is indeed the case, and if Bitcoin reaches mass adoption and full saturation, the BTC price in dollar terms would no longer be relevant.

Ecoinometrics theory suggests Bitcoins price is increasing the same amount as the last halving cycle in terms of multipliers. Bitcoin, however, posted a notably smaller percentage increase in its second halving cycle compared to its first. Will this halving cycle show a smaller percentage increase than the 2016 cycle?

 

FUD of the Week

 

Aussie firm to launch $100M class action over dodgy QOIN token

Earlier this week, it was reported that a law firm based in Queensland was going after a local crypto company that issues a token that can only be sold in batches of $125 per day.

The firm, BPS Financial, and its QOIN token are only supported on the Block Trade Exchange. Users can spend between $100 and $10,000 on QOIN, but the platform reportedly doesnt allow withdrawals larger than $125 in one sitting.

Salerno Law is planning to file a lawsuit against BPS for engaging in misleading and deceptive conduct, pyramid scheme-style antics, and failing to comply with service regulations.

 

NFT collection’s price takes a nosedive as creator’s racist cartoons circulate

On Tuesday, it was reported that the trading value of the Jungle Freaks NFT project had tanked roughly 80% after a collection of racist cartoons drawn by one of the project’s creators in the 1970s circulated online.

The creator in question is George Trosley, who rose to fame from his illustration work in Hustler magazine. Trosleys foray into NFTs was off to a good start until the highly offensive illustrations surfaced, with a rare Jungle Freak NFT selling for 24 Ether ($108,000) just two weeks ago.

Elijah Wood, who played Frodo Baggins in the beloved The Lord of the Rings movies, even had his hands on the precious NFTs before the debacle but, upon hearing the news, he liquidated his holdings and donated the proceeds to charity.

I was made aware of some of the artists disturbing prior cartoons, he said. Upon learning this, I immediately sold the NFTs as I wholly denounce any form of racism. I have donated the funds from the sale of the NFT to LDF and Black Lives Matter.

 

Game over! ‘Squid Game’-inspired crypto scam collapses as price crashes from $2.8K to zero

In what appears to be a rug pull of the ages, the SQUID token inspired by the hit South Korean Netflix show Squid Game dropped essentially 100% right after its price topped $2,850 on Monday.

The scammers touted the SQUID token as a play-to-earn crypto inspired by the series plot, in which people risk their lives to play a series of childrens games for the opportunity to win 45.6 billion won, or roughly $38.7 million. But, much like the show, there were serious consequences for playing.

The price of SQUID skyrocketed 75,000% in the space of a week. However, users were complaining during the pump that they could not sell the asset due to anti-dumping technology deployed by the creators that limited people from selling their tokens against lower demand.

 

Best Cointelegraph Features

Latinx communities continue to rise above Bitcoin adoption obstacles

Latinx communities are driving forward adoption, as crypto is proven to meet their diverse needs in a way that traditional finance cannot.

Bitcoin white paper turns 13 years old: The journey so far

The Bitcoin white paper only has nine pages, yet it contained enough to change the world. Here’s how it came to be 13 years ago.

Beyond the NFT hype: Creating lasting business models for artists

Digital creators and artists have been able to make a living by selling NFTs for high prices, but how long will this business model last?

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Uzbekistan Allows Residents to Trade Cryptocurrencies on Local Exchanges – Exchanges Bitcoin News

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Changes to the rules governing activities of crypto exchanges in Uzbekistan now allow residents to trade coins on licensed platforms. Uzbekistanis could previously only sell their digital assets. The new provisions also regulate the issuance of tokens and their listing.

Uzbekistan Loosens Restrictions on Domestic Crypto Trading

Uzbekistanis will be able to trade digital currencies on the country’s licensed crypto exchanges. This has become possible after the National Agency for Project Management (NAPM) under President Shavkat Mirziyoyev recently amended the rules pertaining to local cryptocurrency trade.

According to the new regulations, residents of Uzbekistan can buy, sell, and exchange crypto assets domestically for their national currency, Forklog reported, quoting a decree issued by the agency’s director. Non-residents are allowed to exchange cryptocurrencies for foreign fiat as well.

Uzbekistan legalized crypto trading in 2018 but in late 2019 the government banned local residents from purchasing cryptocurrencies. They could only sell. The regulatory body explained that the lifting of the restrictions has to do with citizens changing their approach to crypto investing which has become “more rational and balanced.”

In September this year, the NAPM warned against trading on unregistered platforms, reminding residents that in accordance with the presidential decree “On measures to develop the digital economy in the Republic of Uzbekistan” and the law “On licensing and notification procedures,” crypto exchange operations are subject to licensing.

The amendments further concern the issuance and trading of digital tokens. The National Agency for Project Management prohibits the listing of unsecured tokens on local exchanges. The regulations define tokens as a unit of account secured by tangible or other property and used to attract investment, NAPM detailed.

Authorities in Tashkent have maintained a generally positive attitude toward the crypto space. In January 2020, they announced plans to establish а national mining pool, create a blockchain valley, introduce crypto tax exemptions, and establish a cryptocurrency exchange. Uznex, a digital asset trading platform operated by the South Korean entity Kobea Group, was launched later the same month.

However, the use of cryptocurrencies as a means of payment for goods and services is still prohibited in the Central Asian country. In September, the Central Bank of Uzbekistan ruled out the idea that bitcoin and the rest could be recognized as legal tender in the country. That’s unlikely to ever change, a high-ranking official was quoted as stating.

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Bitcoin, central asia, Coins, Crypto, crypto assets, crypto exchanges, crypto trading, Cryptocurrencies, Cryptocurrency, Digital Assets, digital coins, Exchanges, Investors, licensed exchanges, licenses, licensing, non-residents, permission, residents, restrictions, Traders, Trading Platforms, Uzbekistan, Uzbekistani

Do you expect Uzbekistan to further loosen its crypto regulations? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Ethereum Gains Momentum, Dips Turn Attractive In Near-Term

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Ethereum gained pace above the $4,350 resistance against the US Dollar. ETH could accelerate higher if there is a clear break above the $4,550 resistance zone.

  • Ethereum is trading in a bullish zone above the $4,350 level.
  • The price is now well above $4,250 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $4,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue higher if it stays above the $4,350 support level in the near term.

Ethereum Price Extends Gains

Ethereum extended increase above the $4,350 resistance level. ETH price even broke the $4,440 level and settled well above the 100 hourly simple moving average.

There was a steady increase and the even climbed above $4,500. A high was formed near $4,552 and the price is now correcting lower. It traded below the $4,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $4,169 swing low to $4,552 high.

Ether price is now well above $4,250 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $4,360 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An initial resistance on the upside is near the $4,500 level. The first major resistance is near the $4,550 level. A close above the $4,500 and $4,550 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,620 level. Any more gains could lift the price towards the $4,750 zone in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,500 level, it could extend its downside correction. An initial support on the downside is near the $4,400 level.

The first key support is now forming near the $4,350 level, the trend line, and the 100 hourly simple moving average. The trend line is near the 50% Fib retracement level of the upward move from the $4,169 swing low to $4,552 high. A downside break below the trend line could lead the price towards the $4,250 support.

Technical Indicators

Hourly MACD The MACD for ETH/USD is gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now correcting lower towards the 40 level.

Major Support Level $4,350

Major Resistance Level $4,550

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Russians transact $5B in crypto each year, Bank of Russia says

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Russian people are among the worlds most active participants of the cryptocurrency market, according to the countrys central bank.

The Bank of Russia published a fresh review on financial stability on Thursday, pointing out the countrys growing role in the $2.8 trillion market.

Citing estimations reported by major local banks in July 2021, the Bank of Russia suggested that the total annual volumes of crypto transactions of the Russian population amount to 350 billion rubles, or $5 billion.

It is unclear whether the Bank of Russia has converted these estimations as the price of Bitcoin (BTC) has almost doubled since July, surging from around $30,000 to over $60,000 in November.

In the report, the Bank of Russia also noted that the Russian Federation is among global leaders in terms of visits to the Binance cryptocurrency exchange. According to data from the digital intelligence provider SimilarWeb, Russia is the second bigg in terms of total traffic on Binance after Turkey.

The Russian central bank also noted that Russia is one of the worlds largest Bitcoin mining countries, ranking third in terms of national hash rates, according to Cambridge Bitcoin Electricity Consumption Index as of August 2021.

Despite admitting Russias leading position in the global cryptocurrency market, the Bank of Russia still outlined major risks associated with the industry, including those associated with financial stability, investor protection, money laundering and criminal financing as well as ESG risks.

The central bank did not suggest any immediate measures to address these risks but said that it would be closely monitoring the market to identify potential threats:

The relationship between digital currencies and the financial sector remains limited at the moment. However, the rapid growth and the widespread adoption of digital currencies would pose higher risks both globally and for the Russian financial market.

Related: Russian crypto market worth $500B despite bad regulation, says exec

The Bank of Russia has taken a hard stance on cryptocurrencies, with governor Elvira Nabiullina arguing that responsible governments should not drive crypto adoption. The central bank is known for not allowing local banks to deal with crypto and promoting the use of its own digital currency instead. This has led to a situation where no Russian crypto exchange can now offer its services legally.

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