Home » BTC record in sight, ETH rallies, Uniswap disaster: Hodler’s Digest, Nov. 15–21
Market Analysis

BTC record in sight, ETH rallies, Uniswap disaster: Hodler’s Digest, Nov. 15–21

Cointelegraph Magazine

Coming each Sunday, Hodler’s Digest will assist you to observe each single essential information story that occurred this week. The most effective (and worst) quotes, adoption and regulation highlights, main cash, predictions and rather more — every week on Cointelegraph in a single hyperlink.

 

Prime Tales This Week

Ray Dalio is perhaps flawed

Path to $20,000 Bitcoin worth now huge open after earlier resistance breaks

Is… is that this occurring?! After encountering resistance at $18,420 (a worth that was unthinkable even a couple of days in the past), Bitcoin surged to new highs of $18,817.

The newest enhance put BTC inside touching distance of $20,089 — the all-time excessive set again in December 2017.

“It’s killing it this 12 months,” Fundstrat International Advisors co-founder Tom Lee enthused. He added that 2021 may very well be a 12 months of “fireworks” for the world’s greatest cryptocurrency.

A company frenzy has meant that corporations now maintain over $15 billion in BTC. However this surge isn’t simply being pushed by establishments. Information means that searches for Bitcoin in November 2020 now far outpace what was seen in December 2017.

FOMO is rising. Glassnode reported that there was a significant spike within the variety of new Bitcoin addresses on Nov. 18 — 25,000 an hour, to be actual. The co-founder of Morgan Creek Digital bought his Chevy to get his fingers on extra crypto. And the chief info officer of BlackRock says BTC is right here to remain… and can finally take gold’s place.

By all accounts, it appears to be like like Bitcoin has arrived. It’s no surprise 73% of millionaires need to personal digital property earlier than 2022.

 

Ether hits $500 for the primary time since June 2018, outperforming Bitcoin YTD

It isn’t simply Bitcoin that’s beginning to return to historic highs.

ETH hit $500 for the primary time since June 2018 on Friday, with different altcoins additionally slowly staging a comeback.

Reaching this psychologically essential barrier delighted merchants — not least as a result of ETH has outperformed BTC to date this 12 months.

Whereas Ether’s year-to-date returns stand at 284%, Bitcoin trails behind at 155%. It’s a special story relating to how these two property have appreciated since March, although. ETH/USD is up 327% from its low level of $117, whereas BTC/USD has ballooned 411% from $3,600 to $18,420.

Cointelegraph Markets analyst Michaël van de Poppe has argued {that a} reasonable prime for ETH’s subsequent bull run may very well be as excessive as $20,000, whereas Nugget Information CEO Alex Saunders has forecast that Ether might beat its all-time excessive of $1,400 by the tip of 2021.

It’s additionally been a superb week for Litecoin, which has gained extra in share phrases than BTC and ETH mixed over the previous seven days.

 

Assault of the vampires: Uniswap loses 57% TVL as rivals up rewards

The celebratory environment isn’t extending throughout the entire of the crypto sector. The whole worth locked in Uniswap crashed 57.5% after its yield farming incentive program ended — plummeting by greater than $1 billion in lower than 24 hours.

SushiSwap noticed a chance to pounce, with the cloned, automated market maker saying a brand new scheme masking the identical 4 pairings beforehand incentivized by Uniswap. Its TVL has rocketed by nearly 160% in two days, from $407 million to $1.05 billion.

A number of different DEXs have additionally launched “vampire” campaigns focusing on Uniswap’s liquidity suppliers… together with Bancor and 1inch.

As Uniswap liquidity vanished earlier than their very eyes, token holders pounced on a brand new governance proposal that sought to reinstate rewards within the type of UNI tokens for liquidity suppliers. The platform is unlikely to go down and not using a combat.

 

OKEx to renew withdrawals subsequent week with guarantees of 100% reserves

After weeks and weeks of ready, OKEx is lastly resuming withdrawals of buyer property.

The shock suspension got here on Oct. 16, rocking crypto markets, with reviews circulating that the change’s founder Mingxing Xu was underneath investigation by Chinese language authorities.

OKEx has now revealed extra particulars about what occurred and harassed that the corporate has been cleared of any wrongdoing.

Nevertheless, the change admitted that current contingency plans hadn’t coated what would have occurred if a personal key holder turned unreachable resulting from unexpected circumstances.

OKEx says withdrawals can be again in full by Nov. 27, and customers will be capable to declare again their funds in full if they want. Acknowledging that belief will have to be rebuilt, the change is planning to launch a brand new loyalty reward program to apologize.

 

Celebrities are catching the Bitcoin bug

Former Sport of Thrones actress Maisie Williams actually brought about a scene this week when she requested her 2.7 million Twitter followers whether or not she ought to go lengthy on Bitcoin. (46.6% mentioned sure, 53.4% mentioned no.)

Main investor Mike Novogratz was a kind of who weighed into the controversy, telling the A-lister: “I purchased extra BTC final evening at 15,800. It’s going to 20Okay and (then) To 65Okay. The community impact has taken over. I see tons of latest consumers and there’s little or no provide. It’s a neater commerce right here (than) at 11Okay. So YES, purchase it.

Later within the week, the rapper Logic revealed that he, too, had dived into Bitcoin.

In a video posted to his Instagram story, the star — whose actual title is Sir Robert Bryson Corridor II — bragged that he “purchased 6 million in Bitcoin final month.”

Regardless of his posturing, Logic’s funding might turn into a very canny monetary transfer. Relying on when in October he snapped up the BTC, he’ll be sitting on a revenue of between $2 million and $4.Four million.

 

Winners and Losers

Winners and Losers of the week

On the finish of the week, Bitcoin is at $18,675.88, Ether at $525.95 and XRP at $0.41. The whole market cap is at $533,641,480,617.

Among the many greatest 100 cryptocurrencies, the highest three altcoin gainers of the week are Helium, SushiSwap and Reserve Rights. The highest three altcoin losers of the week are The Midas Contact Gold, ABBC Coin and Blockstack.

For more information on crypto costs, ensure that to learn Cointelegraph’s market evaluation.

 

Most Memorable Quotations

 

“I believe we are going to begin seeing numerous conventional gamers like banks and main cost suppliers associate with crypto custodians. PayPal would be the first after which extra banks and monetary establishments will observe.”

Bob Reid, Everest co-founder and CEO

 

“We’re extraordinarily happy to have the ability to announce the return of a full service for our customers and wish to thank them for his or her steady assist throughout this troublesome time. We apologize for the inconvenience brought about and know that we should proceed to work diligently to revive their confidence.”

Jay Hao, OKEx CEO

 

“It’s both going to maintain going like proper now within the subsequent few weeks and get to $20,000 in a short time, or it’s going to have its little bit of a spread from time to time hopefully optimistic into subsequent 12 months.”

Alex Saunders, Nugget’s Information CEO

 

“I actually suppose that Bitcoin will hit $100,000 within the subsequent 5 years, after which it’s going to turn into about, ‘Nicely do they really try to shut it down, or how do they regulate it and commerce it?’”

Alex Saunders, Nugget’s Information CEO

 

“If it’s allowed to simply proceed on its mission and soak up all the cash from world wide and turn into a worldwide reserve forex… I believe we will get to $1 million per coin within the subsequent, no matter that’s, 15 years.”

Alex Saunders, Nugget’s Information CEO 

 

“Proper now we’re seeing loads of different tasks launching incentives after Uniswap’s ended.”

Sergej Kunz, 1inch CEO and co-founder

 

“You have got the hardcore ‘I’m a cryptocurrency investor’ group nevertheless it hasn’t actually expanded as a result of it’s been so risky, there have been so many questions round safety and what rules may do. The variety of questions I get on it now could be a fraction of what I bought a few years in the past when it was actually sizzling.”

Kathy Jones, Charles Schwab chief fastened revenue strategist

 

“I believe DeFi is right here to remain. Even now, with Bitcoin’s reputation rising once more, DeFi remains to be well-liked. We predict there’s loads of progress potential in DeFi.”

Changpeng Zhao, Binance CEO

 

“Ought to I’m going lengthy on Bitcoin?”

Maisie Williams, actress

 

“I purchased extra BTC final evening at 15,800. It’s going to 20Okay and (then) To 65Okay. The community impact has taken over. I see tons of latest consumers and there’s little or no provide. It’s a neater commerce right here (than) at 11Okay.”

Mike Novogratz, investor

 

“Grayscale Bitcoin Belief now holds greater than 500,000 $BTC. Sure, you learn that proper.”

Grayscale Investments

 

“$20,000 #Bitcoin Is Main Hurdle Towards $1 Trillion Market Cap — The digital model of #gold however with more-limited provide and a historical past of including zeros, seems to be in an early price-discovery stage and should merely proceed its ascent in 2021. Mainstream adoption is rising.”

Mike McGlone, Bloomberg analyst

Vitalik likes to maneuver quick

Prediction of the Week

Bloomberg’s McGlone thinks Bitcoin might hit $170,000 over the subsequent two years

It’s been a large week for predictions. Bloomberg Intelligence analyst Mike McGlone steered that the subsequent 12 months or two “might add a zero” to the tip of Bitcoin’s worth — taking it to $180,000 at present ranges.

Earlier this week, McGlone additionally mentioned {that a} $1-trillion market cap (about $47,000 a coin) was “the subsequent massive resistance” for Bitcoin… so long as it might surmount the “major hurdle” of reaching $20,000 first. “Mainstream adoption is rising,” he tweeted.

Elsewhere, Nugget Information CEO Alex Saunders — who we talked about earlier — informed Cointelegraph that BTC can hit $100,000 in 5 years and $1 million by 2035. He described present market situations because the “good backdrop” for brand new highs.

Final however not least, a Citibank analyst mentioned BTC has seen “unthinkable rallies adopted by painful corrections” — and steered that highs of $318,000 may very well be seen a while in December 2021.

 

FUD of the Week 

 

Bitcoin worth drop in 3, 2… 1? Concern & Greed Index nears harmful document excessive

Because the markets surged, there’s one factor that’s price keeping track of: the Concern & Greed Index.

This metric has been firmly within the “excessive greed” class for a while. It was flashing a rating of 86 on Friday and an eye-watering 94 on Thursday. That’s near the all-time excessive of 95 factors out of 100 seen on June 26, 2019.

Compiled utilizing a number of estimates of investor sentiment, the Crypto Concern & Greed Index delivers a normalized rating out of 100 to gauge how overbought or oversold cryptocurrency markets actually are. The nearer the quantity is to 100, the larger the possibility that the market is due for a pullback.

Closely tied to cost motion, the index has succeeded in calling worth tops with appreciable accuracy since its launch in early 2018.

 

“Coordinated media FUD” about Bitcoin from Monetary Instances to Fox Enterprise

Mainstream media shops are lastly reporting on the current rally that noticed Bitcoin creep near its all-time excessive, however some commentators look like decided to unfold FUD.

The Monetary Instances printed an editorial that warned Bitcoin’s “standing as a secure haven is extra theoretical than the rest.”

Fox Enterprise additionally famous Bitcoin’s worth rise with obvious alarm and set about warning its readers away from investing within the cryptocurrency. It rounded up Bitcoin haters together with gold bug Peter Schiff, Roubini Macro Associates CEO Nouriel Roubini and Bridgewater Associates founder Ray Dalio.

Nevertheless, there was some assist for Bitcoin within the media from an sudden occasion — China, a rustic well-known for its tight stance proscribing the digital asset. The current worth rally even hit the nationwide information, on state-run CCTV.

 

Binance information U.S. lawsuit in opposition to Forbes and two cryptocurrency journalists

Binance has filed a lawsuit in opposition to Forbes Media and two of its journalists, Michael del Castillo and Jason Brett.

The change alleges that an article printed underneath the title “Leaked ‘Tai Chi’ Doc Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators” was defamatory, false and deceptive — and brought about hundreds of thousands of {dollars} in losses.

The article in query reported that the “Tai Chi” doc contained particulars of a scheme designed to “deliberately deceive regulators” in the US.

Whereas Forbes says it stands by its reporting, Binance is now demanding compensatory and punitive damages, and there’s little doubt that the corporate is getting severe.

The change has retained the providers of Charles More durable, the lawyer finest recognized for representing Hulk Hogan in a go well with in opposition to Gawker Media. He procured a reward of $140 million, and this straight led to the downfall of the media group.

Bitcoin climbs greater

Finest Cointelegraph Options

 

Bitcoin worth breaks previous $18,800 as bears and bulls map out its path

The worth of Bitcoin has stabilized above $18,000 and damaged out of the crucial $18,500 degree. Analysts talk about short-term bull and bear circumstances.

Uniswap fights again as rivals drain worth from the DEX

At the same time as incentives proceed to dry up on Uniswap, TVL throughout the board appears to have remained regular.

Who watches the watchmen? Crypto might not be as trustless because it appears

Crypto is commonly seen as trustless and failproof. However as extra regulation, venues and builders come aboard, simply how trustless is it actually?

Credit score: Source link

Spread the love

Related posts

Bitcoin options still bullish despite this week’s $900 BTC price drop

admin

Bullish for Bitcoin: Federal Reserve branch researches “controlled rise of inflation”

admin

Bitcoin price holds key support level as focus shifts back to $12,000

admin

Leave a Comment