Elon Musk dumps $1.1B in Tesla inventory, NYCCoin launches with mayor’s blessing and Mastercard pushes crypto-linked playing cards in Asia: Hodler’s Digest, Nov. 7-13
Coming each Saturday, Hodler’s Digest will allow you to observe each single vital information story that occurred this week. The finest (and worst) quotes, adoption and regulation highlights, main cash, predictions and rather more — per week on Cointelegraph in a single hyperlink.
Top Stories This Week
Crypto markets tag $3T mixed market cap for first time
At the beginning of this week, the mixed cryptocurrency market cap broke $3 trillion for the primary time. The market has fluctuated closely this yr, beforehand topping out at $2.62 trillion through the top of the bull run in May, earlier than crashing all the way down to as little as $1.24 trillion in mid-July.
CoinGecko’s knowledge tracks 10,418 digital property throughout 518 cryptocurrency exchanges, and the surging momentum within the latter half of 2021 comes on the again of Bitcoin (BTC), Ether (ETH), Polkadot (DOT) and Solana (SOL) all pushing previous new all-time highs.
Bitcoin nonetheless stays the dominant pressure in crypto, with its $1.21 trillion market cap being greater than double that of second-ranked Ethereum at $550 billion. Meanwhile, the mixed capitalization of all different crypto property sits at roughly 40%, or $1.24 trillion.
BREAKING: Mastercard launches crypto-linked playing cards throughout Asia-Pacific
On Tuesday, Mastercard introduced that it is going to be launching crypto-linked cost playing cards throughout the Asia-Pacific area that may allow customers to immediately convert their digital property into fiat currency.
The playing cards are being launched in collaboration with three crypto service suppliers: Amber Group and Bitkub in Thailand, and CoinJar in Australia. Mastercard hasn’t outlined what crypto property will likely be supported at this stage however did trace that Bitcoin and Ether can be on the high of the listing.
“Rather than directly transferring cryptocurrencies to a merchant, cardholders will now be able to instantly convert their cryptocurrencies into traditional fiat currency which can be spent everywhere Mastercard is accepted around the world, both online and offline,” Mastercard stated.
NewYorkCityCoin launching this week with Mayor-elect Eric Adams’ blessing
NewYorkCityCoin (NYCCoin) launched on Thursday, with Mayor-elect Eric Adams giving the coin’s issuers, CityCoins, a public endorsement forward of the rollout. Adams acknowledged final week that he needed to have a CityCoin for NYC that mirrors Miami’s MiamiCoin.
While Adams welcomed the mission to New York this week, CityCoins has but to formally accomplice with the native authorities. It might wish to achieve this quickly, nonetheless, because the NYCCoin mission will divert 30% of its mining rewards to a custodied reserve pockets that the native authorities can use to help no matter initiatives it chooses.
“We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward,” Adams stated.
Elon Musk offloads $1.1B in Tesla inventory
According to filings with the U.S. Securities and Exchange Commission, erratic billionaire and Tesla CEO Elon Musk offloaded greater than 934,000 Tesla shares price round $1.1 billion on Thursday.
Musk made round a 180% achieve on his bought shares with a mean sale worth of round $1,170, marking his largest hearth sale of Tesla inventory up to now. The CEO had teased a possible sale over the weekend after polling his 63 million Twitter followers about whether or not he ought to promote 10% of his Tesla inventory. The ballot was in response to public pushback towards billionaires who might or might not have paid their fair proportion of tax.
This sale solely accounted for 1% of Musk’s holdings, and the filings present that he deliberate to promote the inventory as a part of his tax obligations again in September. The world now awaits if he’ll promote one other 9% to appease the 58% of respondents who voted “yes” to his ballot.
Zimbabwe stands out as the subsequent nation to embrace Bitcoin as authorized tender
Zimbabwe’s authorities was rumored to be taking a look at using Bitcoin as a authorized tender to fulfill rising demand within the nation, in accordance with native information retailers.
The information, reported on Nov. 7, instructed that discussions with native companies are already underway. Retired Brigadier Colonel Charles Wekwete, everlasting secretary and head of the e-government know-how unit within the workplace of the president and cupboard, was confirmed because the supply of the hypothesis.
A few days later, nonetheless, information additionally surfaced that Zimbabwe was not seeking to undertake Bitcoin in any respect, and was as a substitute exploring central financial institution digital currencies (CBDCs). Zimbabwe’s minister of knowledge, Monica Mutsvangwa, had the unlucky job of quashing the rumors and offering a significant buzzkill for Bitcoin maxis.
Winners and Losers
At the top of the week, Bitcoin (BTC) is at $63,185, Ether (ETH) at $4,577 and XRP at $1.17. The whole market cap is at $2.75 trillion, according to CoinMarketCap.
Among the most important 100 cryptocurrencies, the highest three altcoin gainers of the week are Loopring (LRC) at 100.64%, Kadena (KDA) at 99.70% and Livepeer (LPT) at 80.35%.
The high three altcoin losers of the week are OMG Network (OMG) at -25.57%, Arweave (AR) at -16.86% and Cosmos (ATOM) at -15.68%.
For extra data on crypto costs, be sure to learn Cointelegraph’s market evaluation.
Most Memorable Quotations
“For the second time in five months, we announced the seizure of digital proceeds of ransomware deployed by a transnational criminal group. This will not be the last time — the U.S. government will continue to aggressively pursue the entire ransomware ecosystem and increase our nation’s resilience to cyber threats.”
Merrick Garland, U.S. lawyer normal
“If Apple were to add support for #Bitcoin to the iPhone and convert their treasury to a Bitcoin Standard, it would be worth at least a trillion dollars to their shareholders.”
Michael Saylor, CEO of MicroStrategy
“The crypto community is ambitious, daring and full of potential. Innovation is about synergy. It’s beyond technology and about people. It’s about us.”
Kristina Cornèr, editor-in-chief at Cointelegraph
“I believe that in the next three to five years, the DeFi industry will grow massively. It’s already growing rapidly, but the advantages of peer-to-peer technologies can and will be more widely experienced.”
Anton Bukov, co-founder of 1inch Network
“If the results of this ‘development’ phase conclude that the case for CBDC is made, and that it is operationally and technologically robust, then the earliest date for launch of a U.K. CBDC would be in the second half of the decade.”
The Bank of England
“We are taking a high degree of focus on issues surrounding the security of personal information and the digital yuan and have made relevant regulatory and technological adjustments to meet this objective. We have adopted a principle of anonymity for small transactions regarding the digital yuan and will only step in to regulate under the law for large transactions. When it comes to collecting personal data, we seek only to collect what is necessary and the minimum of what is legally required, which is far less than electronic payment apps of today.”
Yi Gang, People’s Bank of China governor
“It is not reasonable to build a financial system that demands investors also be sophisticated interpreters of complex code.”
Caroline Crenshaw, U.S. Securities and Exchange Commission commissioner
“Crypto is becoming cultural, it’s becoming cool. […] It used to be that if you were investing in crypto, you were kind of weird.”
Cuy Sheffield, head of crypto at Visa
Prediction of the Week
Bitcoin to hit $250K in January 2022 however ‘invalidate’ S2FX BTC worth mannequin — New prediction
Digital currency analyst Matthew Hyland just lately tweeted his ideas about Bitcoin’s potential upcoming worth motion. In quick, his multi-tweet write-up primarily defined his prediction that BTC will surpass $100,000 on its solution to $250,000, validating one fashionable worth mannequin and invalidating one other.
The Stock-to-Flow (S2F) and Stock-to-Flow Cross-Asset (S2FX) worth fashions, constructed by PlanB, a pseudonymous Twitter persona recognized for his Bitcoin evaluation, every have worth targets of upcoming relevancy. December 2021 ought to faucet right into a BTC worth of no less than $100,000 per coin, in accordance with the S2F mannequin. The S2FX mannequin notes a worth expectancy of round $288,000 per BTC earlier than the subsequent halving, which ought to happen in 2024.
The worth fashions are based mostly round Bitcoin’s block reward halving cycles. Bitcoin halvings happen each 210,000 blocks — which takes about 4 years. The time in between is the halving cycles.
Essentially, Hyland thinks BTC will hold tempo with the S2F mannequin in hitting $100,000, however the asset will solely attain about $250,000 through the current halving cycle (concluding in 2024) — the results of massive gamers promoting early earlier than $288,000. Big gamers will possible get retail buyers hyped for BTC after $100,000 is reached according to the S2F mannequin, in accordance with Hyland, main these mainstream of us to look subsequent towards the $288,000 worth goal of the S2FX mannequin.
This week produced notable pleasure within the Bitcoin worth class. The asset turned in a brand new all-time excessive just under $69,000 earlier than dropping barely under $63,000, all on Wednesday, in accordance with Cointelegraph’s BTC worth index.
FUD of the Week
Nigeria’s central financial institution reportedly freezes crypto merchants’ accounts
The Central Bank of Nigeria (CBN) was reportedly laying on the FUD this week after it ordered native business banks to freeze accounts tied to no less than two crypto merchants. The CBN banned banks from servicing native crypto exchanges over considerations of volatility, cash laundering and terrorism financing.
Local media outlet Peoples Gazette reported the information on Nov. 7, stating that CBN’s director of banking supervision, J.Y. Mammanand, laid down the legislation, directing his financial institution to close down the naughty crypto merchants’ accounts and transfer their funds to “suspense accounts.”
The crackdown is reportedly a part of a broader transfer from banking regulators to instantly shut the accounts of Nigerian residents or firms “transacting in or operating cryptocurrency exchanges” utilizing native banks, as CBN execs assume that almost all of those transactions are nefarious.
Coinbase shares to open decrease after 75% drop in internet earnings in Q3
Coinbase (COIN) shares promptly dipped round 13.1% in after-hours buying and selling following the discharge of underwhelming third-quarter monetary outcomes on Thursday. The agency posted $1.235 billion price of income in Q3, falling effectively under FactSet’s estimates of $1.614 billion.
The agency’s income equated to $406 million, which marked a 74.7% lower in comparison with the second quarter however did beat analysts’ expectations of $380 million. Coinbase additionally reported earnings of $1.62 per share, which got here in 10% wanting the consensus estimate. The agency gave the impression to be unfazed by the outcomes, and the report highlighted that Coinbase is targeted on the long run.
“Coinbase is not a quarter-to-quarter investment, but rather a long-term investment in the growth of the crypto economy and our ability to serve users through our products and services. We encourage our investors to take this point of view,” the report learn.
Beeple’s Discord compromised, timed to coincide with Christie’s public sale
An admin account for Beeple’s official Discord channel was hacked on Wednesday, leading to a pretend NFT drop being promoted to the group that noticed customers duped out of an estimated 38 ETH.
An admin account with the deal with “Multi” confirmed to the group on Wednesday that their account had been compromised regardless of having two-factor authentication settings switched on. The hacker went on to impersonate an admin and the Beeple Announcements Bot, and promote a pretend and “cheap” NFT drop from Beeple on Nifty Gateway.
The members of the group have been anticipating an affordable NFT drop to be launched on the again of Beeple’s most up-to-date $29 million public sale, because the artist has performed such a factor earlier than to cater to all audiences. However, not solely did the members partake in a pretend drop, they didn’t even obtain any NFTs for his or her hassle.
Best Cointelegraph Features
Meme tokens and dogcoins flood the market as worth wars warmth up
Latinx communities are driving ahead adoption, as crypto is confirmed to fulfill their numerous wants in a means that conventional finance can’t.
Blockchain metaverse startups: Unparalleled funding potential
Think of how important the web is to on a regular basis life now — that’s what the Metaverse may develop into in loads much less time than the web did.
Crypto children struggle Facebook for the soul of the Metaverse
“The Metaverse doesn’t start in virtual reality — it starts with ownership of assets, [the] ability for anyone to create and trade value.”