Bitcoin Miami mania, Dogecoin bounces back, Eth2 woes: Hodler’s Digest, May 30–June 5

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

 

Largest Bitcoin event in history kicks off in Miami

Sun, sea and satoshis were on the agenda as the biggest Bitcoin event in history kicked off in Florida.

Organizers were expecting a huge turnout for the sold-out event, with some predicting there would be more than 50,000 attendees.

Day one saw MicroStrategy CEO Michael Saylor reveal more about his experience in the crypto space so far. He said: I realized that I first bought Bitcoin one year ago yesterday, and so this is the end of my rookie year.

Twitter and Square CEO Jack Dorsey also declared that Bitcoin changes absolutely everything. He told the conference: We dont need the financial institutions that we have today and for money to be created for the world, it has to be developed internationally.

One particularly eye-opening on-stage discussion came from Brian Brooks, a former regulator turned CEO of Binance.US. He said: If youve never worked in a big bank, you have no idea how bad the problem is.

 

Its Mati Greenspan versus the Maxis at Shitshow 2021

For many, Bitcoin 2021 in Miami is the first physical event for many since the coronavirus pandemic began, enabling celebrities, cryptographers and CEOs to rub shoulders. Alas, you cant please all the people, all the time.

Quantum Economics founder Mati Greenspan had tweeted an innocuous comment about how Bitcoin 2021 was set to be the Biggest crypto conference ever!

But he was quickly set straight by the likes of Bitcoin Magazine editor Pete Rizzo, who said: It’s a Bitcoin conference, about Bitcoin. Bitcoin is the subject and hence why it’s used as an adjective.

To be fair, organizers were crystal clear that it is a Bitcoin-only event, meaning no altcoins are allowed.

But as DeFi Pulses founder Scott Lewis ponderedis it really possible to go for two days without talking about Ethereum?

 

Discounted Bitcoin more likely to hit $100,000 than $20,000 in 2021, says Bloomberg analyst

Although the party is in full swing in Florida, the fact that Bitcoin has been struggling to break $40,000 will undoubtedly have put a dampener on proceedings.

That said, Bloomberg Intelligences Mike McGlone says there are still plenty of reasons to be bullish.

In his latest Bloomberg Galaxy Crypto Index report, he said BTC is stronger, greener and less extended than during the height of the rally in April.

He also maintained that Bitcoins bull market appears to be intact, with a $100,000 price target more likely than a retrace to $20,000.

Alas, not everyone agrees with McGlones prognosis following the worst May for Bitcoins price in 10 years, with JPMorgan strategist Nikolaos Panigirtzoglou writing in a research note that weakened institutional demand could drag BTC below $30,000.

 

Feast or famine on Dogecoin as Coinbase pump triggers whales return

Dogecoin likened by some to digital plastic this week has enjoyed quite a surge of late. The joke cryptocurrencys price climbed 40% in a single day, driven by Coinbase announcing it would open its door to DOGE deposits on June 1.

DOGEs surge shook out more than $16 million worth of bearish leverage in a single hour, with the altcoin almost returning to a pre-crash high.

One analyst, @HsakaTrades, declared that a bored market was gravitating to DOGE and rotating out of other altcoins.

 

NFT sales down 90% since market peak

Weve all become painfully familiar with the endless declarations surrounding the death of Bitcoin. Now, with the sale of nonfungible tokens sinking 90% since they peaked in early May, some are sounding the death knell for NFTs.

After $102 million worth of NFTs were sold in a single day on May 3, just $19 million worth were sold in the past week. Over $170 million worth of NFTs were sold in the seven-day window on either side of the market top, equating to a near 90% decline since then.

The number of NFT wallets showing any signs of activity on a daily basis is also down 70% since early May, after falling from 12,000 to 3,900.

NFT sales and wallet movements were down across the entire range of token categories, spanning gaming, decentralized finance, collectibles, art, utility, metaverses and sports.

 

Winners and Losers

 

At the end of the week, Bitcoin is at $37,733.41, Ether at $2,787.12 and XRP at $0.99. The total market cap is at $1,710,804,430,870.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Theta Fuel, Curve DAO Token and Siacoin. The top three altcoin losers of the week are UNUS SED LEO, Decred and Nano.

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

 

 

Most Memorable Quotations

 

Who forgot to invite Elon to the #Bitcoin conference?

David Gokhshtein, Gokhshtein Media founder

 

Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000.

Bloomberg Intelligence

 

Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can’t tax money, you don’t tax it.

Ron Paul, former presidential candidate

 

Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, they are pro-risk, risk-on assets. They are a substitute for risk-on inflation hedges, not risk-off inflation hedges.

Jeff Currie, Goldman Sachs global head of commodities research

 

When something gets big enough, things like consumer interests and money laundering come into play. So theres good reason to believe that [regulation] will happen.

Stefan Ingves, Sveriges Riksbank governor

Prediction of the Week

Bitcoin bulls give conservative 10-year estimate for hyperbitcoinization to hit

Back to Miami now, where an eye-opening panel suggested that we may just be 10 years away from hyperbitcoinization marking the moment BTC takes over global finance.

Make no mistake, this would be no easy feat. It would involve billions of new users being onboarded by 2031. Then again, Bitcoin has already attracted hundreds of millions of users over the past 10 years.

Unchained Capitals Parker Lewis is among those with high hopes. He said: I think that based on how Bitcoin has been adopted historically and based on the trillions of dollars that the Fed is going to have to print in the coming months to years, that it would potentially be conservative to say that Bitcoin’s a unit of account in 10 years.

Saifedean Ammous, author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, was a little more conservative. He predicts itll take 16 yearsor four more halving cycles.

And Krakens Dan Held believes hyperbitcoinization is at least a decade awayunless fiat currencies suffer rapid devaluation.

 

FUD of the Week

 

 

Even Vitalik Buterin is surprised at just how long Eth2 is taking

Ethereum co-founder Vitalik Buterin has admitted that the long-awaited move to a proof-of-stake consensus mechanism is taking a lot longer than he anticipated.

Speaking partly in Mandarin at a conference in Hong Kong, he said: We thought it would take one year to do the proof-of-stake, but it actually takes six years. If you are doing a complex thing that you think will take a while, its actually very likely to take a lot more time.

Buterin added that there had been a number of internal team conflicts in the five years it has taken Ethereum to get to where it is today.

One of the biggest problems Ive found with our project is not the technical problems its problems related with people, he said.

The latest roadmap estimates that Eth2 may not have the kind of scalability that large-scale enterprise applications enjoy until late 2022.

 

Google lifts 2018 ban on crypto exchange, wallet advertisements

Google has lifted a three-year-old policy banning crypto exchanges from using its ad services.

But the new policy wont open the door to the vast majority of crypto institutions as ads for initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products all continue to be prohibited.

Googles policies around crypto ads have often been conflicting and, at points, experts have decried them as unfair.

Expect a battle among the likes of Binance.US and FTX as they vie to carve out stateside market share.

 

Apple co-founder Steve Wozniak loses Bitcoin scam case against YouTube

YouTube is not responsible for crypto-related scams posted on its platform, according to a recent court ruling.

Apple co-founder Steve Wozniak failed to support his lawsuit against YouTube over an advert using his image to promote a fake Bitcoin giveaway.

Santa Clara County Superior Court Judge Sunil Kulkarni said in a tentative ruling that YouTube and its parent firm Google are protected by Section 230 of the Communications Decency Act a federal law shielding internet platforms from responsibility for content posted by users.

 

Best Cointelegraph Features

Death knell for Chinese crypto miners? Rigs on the move after government crackdown

The latest events in China have pushed crypto miners to reevaluate domestic risk as they may now look toward international expansion.

The CBDC promised land: As some governments falter, others press on

Regulatory hurdles and the economic impact of the pandemic have derailed some CBDC projects, but not all hope is lost.

We tracked down the original Bitcoin Lambo guy

This is the story of Jay, who created a meme by buying a Lamborghini with Bitcoin. He went from poverty-level existence to a well-off lifestyle but not without having to worry for his familys safety.

Continue reading

Ether dazzles, Dogecoin fears, Elon Musk’s big night, Bitcoin boosts Square: Hodler’s Digest, May 2–8

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

Altcoins rally as bulls pile into large-cap tokens and layer-one projects

Were well and truly in the throes of altseason now, with Bitcoins dominance showing no signs of diminishing.

Ether delivered a stunning surge that took its price above $3,000 for the very first time, breaking new records throughout the week. On Saturday, ETH remained in uncharted territory after racing to highs of $3,800.

Among those celebrating ETHs spike will be Ethereum co-founder Vitalik Buterin, who has officially become a crypto billionaire. Excitement is continuing to build ahead of a long-awaited upgrade that will overhaul the networks gas fee structure in July.

ETH is in good company, too. EOS rallied by more than 100% this week following a recent protocol that increases the projects inflation rate. Litecoin has hit a one-year high against Bitcoin, with many analysts predicting extended upside momentum. And Bitcoin Cash jumped 68% amid rumors that a looming hard fork could boost the networks user base.

Even Ethereum Classic, the hard fork sparked by disagreements after a devastating 2016 hack, has pumped 130% in the past week.

Of course, theres one altcoin in particular that continues to steal the show

 

May 8 day to watch for Dogecoin amid warning it can suffer an XRP-style crash

DOGE has seemed unstoppable in recent weeks. It hit unprecedented highs of $0.7376 early on Saturday. To put into context how bonkers the joke cryptocurrencys surge really is, $1 invested on Jan. 1 would now be worth $139 at current prices.

Mania over the financial homage to Shiba Inus everywhere may be about to reach a climax when DOGE enthusiast and mega-billionaire Elon Musk hosts Saturday Night Live. Its inevitable that his appearance will feature endless sketches about Dogecoin, and that could pump prices even further.

But not everyone is finding DOGEs surge to be a cause for celebration. Lowstrife, a popular account on Twitter, believes the end is nigh, with the crypto trader spotting eerie similarities between DOGEs current charts and XRP in the heady days of 2018.

Back then, XRP had hit all-time highs of $3.20 that remain true to this day, but then slowly faded to lows of $0.14 a loss of 95.6%.

Warning of an impending apocalypse for DOGE, Lowstrife wrote: Each of DOGEs major rallies this year has been smaller and less aggressive. What took 18 hours at first has been ongoing for 2 days now. I suspect this is the final push before its all over for good. May 8th is the day to watch.

Even Musk himself has been cooling the hype, reminding followers that crypto investments remain speculative.

 

Squares Bitcoin revenue up 1,000% in 12 months

A flurry of earnings results this week powerfully illustrated the impact that Bitcoins sensational first quarter has had.

Square blew analysts expectations by delivering earnings of $0.41 per share between January and March far beyond the $0.16 forecast. Revenue came in at $5.06 billion, dwarfing predictions of $3.36 billion.

Bitcoin alone drove $3.5 billion in revenue, an astonishing increase of 1,000% in just 12 months. Overall, the crypto-friendly companys gross profit also surged 79% year on year to hit $964 million.

Squares also sitting on paper profits of $250 million after making two high-profile Bitcoin purchases one in February and one in October.

PayPal has also been heralding the great results it has been receiving from its crypto service. The platforms earnings and revenue also exceeded predictions in Q1.

 

Coinbase stock plunges to record low, further decoupling from crypto

The celebratory atmosphere isnt universal. Coinbase shares tumbled to fresh lows on Thursday as Wall Street investors continued to cycle out of high-flying tech stocks.

COIN bottomed at $255.15, where it was in danger of breaching the $250 reference price set on the eve of its public listing in April. All of this comes despite the total market cap of all cryptocurrencies surging beyond $2.4 trillion.

FBB Capital Partners director of research, Mike Bailey, told Bloomberg: We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers.

(That said, his assertion that crypto is nursing a bad hangover is misplaced.)

Coinbases woes may be linked to increasing competition among crypto exchanges, which has left retail investors spoiled for choice. Theres a danger that this could eat into the revenues it derives from transaction fees, which make up most of its income.

 

Comedian Bill Maher excoriates environmental impact of crypto

Elon Musks stint on the box this weekend serves as a powerful counterweight to comedian Bill Maher, who didnt leave crypto enthusiasts in stitches during a recent segment.

On Mahers program, he compared the industry to a virtual game and talked about mining in a derisive tone. Maher also implied that investing in tokens was a childish endeavor, and illustrated his point with quotes from Warren Buffett.

He said: There is something inherently not credible about creating hundreds of billions in virtual wealth with nothing ever actually being accomplished and no actual product made or service rendered. […] Unfortunately, what is real is the unfathomable amount of electricity those massive supercomputers suck up for their mining.

Maher even quipped that Satoshi Nakamoto, the pseudonym used by Bitcoins inventor, is the Japanese term for Monopoly money.

Anthony Pompliano shared the clip along with this caption: Never ask a comedian for investment advice.

Binance CEO Changpeng Zhao replied, writing: Very sad to watch. Feel really hopeless for him. Jokes going to be on him. Time will show.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $58,366.32, Ether at $3,811.20 and XRP at $1.56. The total market cap is at $2,433,633,423,933.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Shiba Inu, Bitcoin Diamond and Telcoin. The top three altcoin losers of the week are Harmony, Huobi Token and Filecoin.

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

 

 

Most Memorable Quotations

 

Looks like Uniswap v3 is more gas expensive than v2, roughly as expected.

Haseeb Qureshi, Dragonfly Capital managing partner

 

With cryptocurrencies already creating incredible worldwide wealth, its real estate that will sustain that wealth and provide buyers with a legacy.

Alex Sapir, Sapir Corp chairman

 

We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers.

Mike Bailey, FBB Capital Partners director of research

 

It definitely can go much higher, I think we can see the price go to $10,000, where a lot of ETH bull price targets begin to kick in and people take profits.

Nikhil Shamapant, retail investor

 

Weve committed to having no HQ, and its important to show our decentralized workforce that no one location is [more] important than the other.

Coinbase

 

Each of DOGEs major rallies this year has been smaller and less aggressive. What took 18 hours at first has been ongoing for 2 days now. I suspect this is the final push before its all over for good. May 8th is the day to watch.

Lowstrife

 

DeFi may lead to a paradigm shift in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure.

Federal Reserve of St. Louis

 

Volatility is everywhere [] It is not unique to crypto.

Changpeng Zhao, Binance CEO

 

Of course I hate the Bitcoin success, and I dont welcome a currency thats so useful to kidnappers and extortionists and so forth.

Charlie Munger, billionaire investor

 

There is something inherently not credible about creating hundreds of billions in virtual wealth with nothing ever actually being accomplished and no actual product made or service rendered.

Bill Maher, comedian

 

Prediction of the Week

They see ETH rollin: Why did Ether price reach $3,500, and whats next?

Ethers booming price has prompted feverish talk about a long-fabled flippening where ETH overtakes BTC as the worlds largest cryptocurrency.

Although thats fanciful right now, there are a number of bullish predictions when it comes to where Ethers price is headed next.

One of them comes from Nikhil Shamapant, a retail investor who recently published a research report where he argued ETH could be worth $150,000 by 2023.

He told Cointelegraph: It definitely can go much higher. I think we can see the price go to $10,000, where a lot of ETH bull price targets begin to kick in and people take profits. I think well head up to that $10,000-to-$25,000 range, hit a lot of supply and could see some big drawdowns and consolidation at that point.

 

FUD of the Week

 

The fees sting, but Uniswap v3 sees more volume on launch day than v2s first month

Data suggests that Uniswap v3 had a successful first 24 hours processing more than twice the volume that v2 did in its first month.

But not everyones been enamored with the latest iteration of the worlds most popular decentralized exchange, with some users complaining about the costs associated with using it.

One person wrote on Twitter: Even more expensive to make mistakes now. Tried to migrate my UNI/ETH liquidity to V3, failed and paid 108.09 usd worth of gas.

Dragonfly Capitals managing partner, Haseeb Qureshi, also wasnt impressed. On Twitter, he wrote: Looks like Uniswap v3 is more gas expensive than v2, roughly as expected. […] Specifically, its about 28% more expensive for single-hop transactions it looks like. For larger transactions that cross multiple ticks/buckets, the gas costs should be slightly larger.

 

New York bill proposes ban on crypto mining for three years over carbon concerns

A Democrat senator in New York, Kevin S. Parker, is proposing a three-year ban on crypto mining.

Data centers would only be allowed to operate if they pass an environmental impact review, amid concerns that BTC mining could cause the state to miss ambitious targets designed to tackle climate change.

New York Senate Bill 6486 said: A single cryptocurrency transaction uses the same amount of energy that an average American household uses in one month, with an estimated level of global energy usage equivalent to that of the country of Sweden.

The bill is yet to receive widespread backing from other senators. However, the Democrats do control the lower house and senate.

 

Employer paid worker in crypto, then demanded it back when price rose

A United States-based business development specialist has claimed that a company that paid them for contract work using cryptocurrency now wants them to return the tokens following a significant rally in the assets price.

The unnamed employee, known only as Crypto Confused, wrote to MarketWatch and said: I am not really sure what to do. I have worked with this person for many years, and he has a tendency to try to change the terms of payment after agreeing on a certain way of operating.

Columnist Quentin Fottrell replied: If the value of the cryptocurrency had fallen by 100% since August 2020, would he want to pay you in dollars? If it suddenly dipped by that amount today, would he follow up with his employees?

 

Best Cointelegraph Features

DOGE as internet money? TikTokers and sports fans see a use case for Dogecoin

As experts pinpoint various groups as Dogecoins vanguard, the coins potential base seems to be a wide coalition.

From nay to yay: JPMorgans path to crypto could shake up finance

After bashing Bitcoin back in 2017, JPMorgan CEO Jamie Dimon seems to have softened his stance on crypto, and so has the firm itself.

As Bitcoins payment options grow, BTCs true future role up for debate

Declaring BTC a store of value gold 2.0 but not a medium of exchange, defies logic. It must first have a use case.

Continue reading

Bitcoin’s comeback, XRP doubles in a week, Coinbase’s big profits: Hodler’s Digest, April 4–10

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

Bitcoin suddenly hits $60,000 as a new resistance battle liquidates $850 million

A bout of long-overdue volatility has hit the crypto markets, propelling Bitcoin to highs of $61,276.67 on Saturday.

A sudden push allowed BTC/USD to exit the $50,000 price range in the early hours of the morning. This move had been weeks in the making, with the digital asset repeatedly trying (and failing) to break $60,000 for most of March.

Analyst Lex Moskovski said Bitcoin is now grinding up to a new all-time high, writing: Being a bear is expensive.

But its unclear how much staying power this rally has, and as weve seen over recent months, erratic market movements over weekends dont always endure.

The favorable market conditions led to new all-time highs for Ether and Binance Coin on Saturday and another altcoin has also been making a comeback, too.

 

 

XRP surpasses $1 for the first time since 2018: Whats behind the new rally?

XRP has had a remarkable week, and over the past seven days, its almost doubled in price. On Tuesday, the altcoin smashed through the $1 zone for the first time since March 2018, with its price going from strength to strength in the days that followed.

It is currently trading above the next resistance level at about $1.20, prompting some to set their sights on a macro sell-wall of $2 that dates all the way back to December 2017.

XRP has now regained the coveted position of the fourth-largest cryptocurrency by market cap. The uptick in trading volume may have been linked to Ripple unveiling a new acquisition designed to enhance its cross-border payment capabilities.

There was also some upbeat legal news for Ripple this week. Ripple Labs has been granted access to the SECs documents expressing the agencys interpretations or views on the subject of crypto assets.

Counsel representing Ripples CEO, Brad Garlinghouse, believes it may be game over for the SECs suit should they find any evidence that the regulator has deemed XRP akin to Bitcoin or Ether.

Speaking to Cointelegraph, Ripple Labs chief technology officer David Schwartz urged U.S. regulators to look at the rest of the world, warning America risks falling behind when it comes to crypto and blockchain regulation.

 

Coinbases first-quarter revenue hits record $1.8 billion ahead of its Nasdaq listing

Its been a week of upbeat statistics for the crypto sector. We saw the total market cap hit $2 trillion, meaning that the industry is now worth as much as Apple. There was a big milestone as 100 cryptocurrencies all secured their own $1-billion market cap for the first time. It was also revealed that the crypto industry got more funding in Q1 than all of last year.

Next week is also shaping to be a significant one as Coinbase gears up to make its stock market debut. And ahead of Wednesdays direct listing, we got an insight into the companys finances revealing that revenues hit $1.8 billion from January to March.

The exchanges numbers seem very healthy, indeed, undoubtedly because of the bull run that emerged during the first quarter. Net income has been estimated at between $730 million and $800 million for the period with monthly active users now exceeding 6 million.

But not everyone is cracking open the champagne. Some analysts have warned that Coinbases $100-billion valuation is far too high.

David Trainer, CEO of the investment research firm New Constructs, wrote in a note to clients: Its hard to make a straight-faced argument that the firm can justify the lofty expectations baked into its valuation given increasing competition in a mature cryptocurrency trading market and the lack of sustainability in its current market share and margins.

 

 

Paris Hilton drops surprisingly well-informed article about NFTs

Paris Hilton has written an impassioned article about NFTs, declaring that she sees them as the future of the creator economy.

The entrepreneur and former reality star appears to be aiming to position herself as an authority on the NFT space, at least for a mainstream audience, as she readies to release a new drop soon.

Celebrating their role when it comes to digital art and fashion not to mention bringing the world of trading cards into the 21st century she wrote:

Some of these applications might even change the way we live. What if we could use NFTs as collateral for physical items? Or as a way to trade for them?

Hilton sold her first NFT in August 2020 before the mania arrived in 2021 an NFT depicting a painting of her cat, which sold for $17,000. She donated all the proceeds to charity.

 

Couple gets married on Ethereum blockchain for $587 in transaction fees

Coinbase employees Rebecca Rose and Peter Kacherginsky have gotten married using the Ethereum blockchain adding a whole new meaning to the vows for richer or poorer.

In addition to a traditional Jewish wedding ceremony, Kacherginsky wrote an Ethereum smart contract named Tabaat that issued tokenized NFTs, the rings.

The ceremony itself consisted of two transactions: the transfer of the NFT rings from the contract to Rose and Kacherginsky. In total, the ceremony took four minutes to be validated by the Ethereum network and incurred $50 in miner fees.

By contrast, the average physical wedding in the United States costs roughly $25,000.

The NFTs depict an animation of two circles merging to become one and were illustrated by artist Carl Johan Hasselrot.

Rose wrote on Twitter: The blockchain, unlike physical objects, is forever. It is unstoppable, impossible to censor, and does not require anyones permission. Just as love should be. What could possibly be more romantic than that?

 

 

Announcement of the week

 

Markets Pro delivers up to 1,497% ROI as quant-style crypto analysis arrives for every investor

Its now been a month since Cointelegraph Markets Pro launched bringing professional crypto market intelligence to every investor.

New figures this week showed that 41 of the 42 trading strategies tested by Markets Pro are currently beating Bitcoins investment returns, and 36 of them are winning against an evenly weighted basket of the top 100 altcoins.

Two key features are offered to subscribers. The first is the VORTECS Score, which is derived from an algorithm that examines multiple different variables (including sentiment, tweet volume, price volatility and trading volume) and compares those with historically similar marketscapes.

And the second is NewsQuakes: alerts on events that have historically had a significant impact on an assets price over the following 24 hours.

Cointelegraph Markets Pro is available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $60,531.89, Ether at $2,165.46 and XRP at $1.31. The total market cap is at $2,054,795,567,223.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bitcoin Gold, KuCoin Token and XRP. The top three altcoin losers of the week are Klaytn, Holo and Dent.

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

 

 

Most Memorable Quotations

 

Fascinating to see that since inception ETH has outperformed BTC by 250%. It only fell below its initial price in BTC for the first 5 months of its existence in 2015.

Raoul Pal, Real Vision co-founder

 

The pandemic, quite frankly, was a catalyst for institutional adoption, and specifically Bitcoin and the narrative, or use-case, around digital gold.

Tom Jessop, Fidelity

 

Industries from across the global economy are beginning to decarbonize their operations. We can do the same in crypto. We have the opportunity to decarbonize the industry.

Crypto Climate Accord

 

What we need is for the United States to be the leader here. We need to embrace this, so we need to make sure that we use this technology to continue to be a leader on the global stage.

Anthony Pompliano, Morgan Creek Digital co-founder

 

Even though Im a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether if at this point, Bitcoin should also be thought of in part as a Chinese financial weapon against the U.S.

Peter Thiel, PayPal co-founder

 

Im not using crypto to buy fiat; Im not using crypto to buy houses. I just want to keep crypto. And I dont plan to convert my crypto into cash in the future.

Changpeng Zhao, Binance CEO

 

Not for nothing, $XRP technically has taken all necessary strides to be bullish. After the exchange delistings and write-off by most of CT, this essentially left the market short from both a positional and sidelined standpoint. This can move much higher.

Cantering Clark, crypto derivatives trader

 

If you look at gold as a $10 trillion market cap, Bitcoin is about 10% of that, and if we believe Bitcoin is a 100 times better version than that, then its fairly safe to say that theres a stark chance that Bitcoin captures a lot of gold and market share, and more.

Yassine Elmandjra, Ark Invest analyst

 

Prediction of the Week

Ark Invest and JPMorgan expect Bitcoin to hit $130,000$470,000

JPMorgan Chase expects Bitcoin to reach $130,000, while Ark Invest anticipates the market valuation of BTC to surpass that of gold.

The optimistic macro prediction from both funds revolves around the scarcity of Bitcoin, which has buoyed its popularity as a safe-haven asset.

Bloomberg Intelligence also has high hopes when it comes to the second quarter of 2021. This week, it predicted that the second quarter was more likely to deliver a further surge to $80,000 than a capitulatory move to $40,000.

 

FUD of the Week

 

Bitcoin to zero? Not while this Redditor has $187,000 to spend

There have long been doomsday predictions that well see Bitcoin prices plummet to zero, but one person has vowed that this wont happen, not on their watch.

Reddit user u/Substantial-Ad-5012 wrote: Bitcoin will never go to zero in my lifetime. Because I am willing and able to buy all the Bitcoin ever mined at one cent each.

In the unlikely event that Bitcoin does in fact drop to $0.01, it would cost a mere $187,000 to pick up every coin in circulation not accounting for the fact that up to 20% of all Bitcoin are inaccessible.

Theyre not alone. Binance CEO Changpeng Zhao told his followers last March that they shouldnt be worried about BTC hitting zero. So long as I have a penny left, it wont happen, he wrote.

 

Paxful denies reports of customer data leak

An anonymous online source was recently spotted trying to sell private customer and employee data allegedly obtained from crypto exchange Paxful.

However, a spokesperson from the company has told Cointelegraph that no customer data has been jeopardized.

Explaining that Paxful hasnt fallen victim to a data breach, the spokesperson added: The employee data that the person claims to have was obtained illegally from a third party supplier that Paxful previously used; Paxful terminated its contract with this supplier in September 2020.

The person attempting to sell the information claimed to have phone numbers, names and addresses, as well as other private information belonging to users and the dump purportedly boasted more than 4.8 million entries.

Ledger faces class action from phishing scam victims

Ledger and Shopify have been hit by a class-action lawsuit over a major data breach that saw the personal data of 270,000 hard wallet customers stolen between April and June 2020.

Phishing scam victims John Chu and Edward Baton filed the lawsuit in California against the crypto wallet provider and its e-commerce partner Shopify on Tuesday.

The plaintiffs alleged that the firms negligently allowed, recklessly ignored, and then intentionally sought to cover up the data breach.

The data was stolen when rogue employees of Shopify accessed the companys e-commerce and marketing database for Ledger, with the hackers then selling the data on the dark web.

Had Ledger acted responsibly during this period, much of that loss could have been avoided, they claim.

Chu lost $267,000 worth of Bitcoin and Ether, and Baton lost $75,000 worth of Stellar in phishing scams that impersonated correspondence from the firms.

 

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DeFis critical missing piece: Credit scores

Traditional finance is built not on collateral but on reputation, and DeFi will grow by following suit, Rafael Cosman argues.

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Since the start of April, the surge in price of XRP has been backed by high tweet volumes, which approached relative highs.

Crypto at risk after Facebook leak: Heres how hackers can exploit data

Attacks on digital asset exchanges and trading platforms have decreased drastically in recent years, but data leaks still leave users vulnerable.

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$400K Bitcoin predicted this year, NFT warning, Instagram influencer in trouble: Hodler’s Digest, March 21–27

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

Stock-to-flow creator doesnt think Bitcoins bull market is done

Bitcoins price seems to have stalled below $60,000 after surging to all-time highs earlier in March. But on the bright side, Fridays $6-billion expiration of options a record-breaking sum didnt deliver the slump that some were dreading.

The ever-optimistic PlanB says that we are nowhere near the end of the bull run, tweeting: Bitcoin is just getting started.

YouTuber and derivatives trader Tone Vays also believes the best is yet to come, telling Cointelegraph: While it is still possible for Bitcoin to make a lower low for the month in the $48,000 range, I believe we will go up to above $70,000 before June.

In recent days, BTC plunged to depths of $51,212.85 the lowest price seen in two weeks. Soon afterward, Michal van de Poppe warned that BTC needed to regain the $53,200$53,800 area to revive bullish momentum in the near term, or else more downside was possible. So far this weekend, that threat appears to have been averted.

 

 

Elon Musk says Tesla now accepts Bitcoin from U.S. customers

With tech stocks also taking a hammering at certain points this week, even Elon Musks announcement that Tesla now accepts Bitcoin from U.S. customers only delivered a temporary boost to BTCs price.

The billionaire CEO and Technoking said that the electric vehicle manufacturer would hold on to the Bitcoin it accumulates through sales rather than convert it into fiat. He also confirmed that support for crypto payments would be rolled out internationally later this year.

Teslas decision to shun fork products such as Bitcoin Cash proved calamitous for BCH, which tumbled to new all-time lows against BTC.

But some experts have warned that snapping up a Tesla using crypto might not be a smart move for now, at least. Ark Invest founder Cathie Wood has urged investors not to use their BTC for purchases until the Internal Revenue Service introduces some more sensible tax policies on crypto assets.

The U.S. currently regards Bitcoin as property rather than currency. This means that irrespective of whether you sell BTC for profit or use it to buy a shiny car, its considered to be a taxable event.

 

The NFT of record: New York Times raises $500,000 for charity in NFT column sale

Its now time for our whistle-stop tour of NFT news. You ready? Here goes.

First up, a New York Times reporter got a pleasant surprise when he decided to try and auction off one of his articles as an NFT. Just one day later, it sold for 350 ETH (worth almost $600,000 as of Saturday) with the proceeds going to charity.

Another big sale came when Twitter CEO Jack Dorsey sold a tokenized representation of his first-ever tweet for more than $2.9 million, also for good causes.

Data from Google Trends suggests that interest in nonfungible tokens has now surged to levels last seen during the ICO craze of 2017. Lego also dropped a hint that it may be getting involved in this flourishing sector after writing a cryptic tweet that said: Zeros and ones but still a brick.

Inevitably though, it wasnt all good news. SEC commissioner Hester Peirce also known as Crypto Mom has warned that selling fractionalized NFTs could end up breaking the law as this could result in the creation of an investment product.

 

 

Thetas mainnet 3.0 launch delayed until June, causing tokens price to sink

The crypto-powered esports streaming app Theta announced this week that it was delaying the launch of mainnet 3.0 until June.

In an announcement, the company said that it is still working to incorporate some building blocks for a nonfungible token marketplace. This is one of the reasons why a more thorough code review and testing is required, prompting the expected launch date to be pushed back from April 21 to June 30.

The network added: While delays are never ideal, we think this change is the prudent way forward to ensuring a successful mainnet 3.0 launch.

Investors in Theta took a dim view of the announcement. The token had hit all-time highs of $14.99 on Wednesday, but it fell by more than 25% in the 24 hours that followed.

 

Technoking and master of coin Elon Musk and Tesla CFO adopt new titles

Forget Tesla CEO Elon Musk has been promoted. According to a new SEC filing, the billionaire should now be referred to as Technoking of Tesla.

His chief financial officer, Zach Kirkhorn, has also been given a promotion to Master of Coin. Both men are going to retain their respective positions.

Musk has reason to celebrate, with figures suggesting that Tesla has been sitting on close to $19 million in unrealized profit per day since announcing its $1.5-billion Bitcoin purchase. This almost eclipses the $721 million in profit it made from selling 500,000 cars in 2020.

The billionaire also waded into the trendy world of nonfungible tokens this week when he announced he was planning to sell a musical NFT, with lyrics based on the hype surrounding the technology Its verified, its guaranteed. Very catchy.

Despite bids exceeding $1.1 million on the Valuables platform, Musk later took his ball home, tweeting: Actually, doesnt feel quite right selling this. Will pass.

What a shame.

 

 

Announcement of the week

 

Markets Pro delivers up to 1,497% ROI as quant-style crypto analysis arrives for every investor

Its now been a month since Cointelegraph Markets Pro launched bringing professional crypto market intelligence to every investor.

New figures this week showed that 41 of the 42 trading strategies tested by Markets Pro are currently beating Bitcoins investment returns, and 36 of them are winning against an evenly weighted basket of the top 100 altcoins.

Two key features are offered to subscribers. The first is the VORTECS Score, which is derived from an algorithm that examines multiple different variables (including sentiment, tweet volume, price volatility and trading volume) and compares those with historically similar marketscapes.

And the second is NewsQuakes: alerts on events that have historically had a significant impact on an assets price over the following 24 hours.

Cointelegraph Markets Pro is available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $55,261.18, Ether at $1,705.62 and XRP at $0.56. The total market cap is at $1,739,387,070,168.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Dent, Ankr and AscendEX. The top three altcoin losers of the week are Avalanche, SushiSwap and Ren.

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

 

 

Most Memorable Quotations

 

By banning crypto, India will end up with the lowest reserve of the most important currency the world has ever seen.

Raj Chowdhury, HashCash CEO

 

Dont try to act like Saylor wont take profits eventually, cause he will along with every other fund on the planet. Then theyll buy back lower.

Michael Saylor, MicroStrategy CEO

 

I think that it would be very likely that you will have [Bitcoin], under a certain set of circumstances, outlawed the way gold was outlawed.

Ray Dalio, hedge fund founder

 

Im not a big fan myself of encouraging or asking or wanting us to participate in the issuing of currency.

Brad Smith, Microsoft president

 

There is little social value in helping Elon Musk earn yet another $1 million.

Vitalik Buterin, Ethereum co-founder

 

You made me a ton of money.

Jim Cramer, CNBC host

 

Prediction of the Week

Bitcoin can reach $400,000 in 2021 as risk-off reserve asset Bloomberg

Bloomberg Intelligence senior commodity strategist Mike McGlone believes 2021 marks a watershed moment for the worlds biggest cryptocurrency.

He says BTC is well on its way to becoming a global digital reserve asset and it may be transitioning toward a risk-off asset.

Based on previous behavior, his analysis suggests that prices could peak at $400,000 this year. That eclipses other estimates such as the stock-to-flow model, which calls for an average of $288,000 between now and 2024.

 

FUD of the Week

 

Microsoft president says fintechs should leave currency to central banks

Microsoft president Brad Smith has said fintech firms have no business issuing private digital currencies, arguing that money matters should be left to central banks and governments.

Speaking at an online conference organized by the Bank for International Settlements, he said: I am not a big fan myself of encouraging or asking or wanting us [tech firms] to participate in the issuing of currency.

The remarks put Microsoft at odds with Facebook, which is continuing to pursue the launch of its Diem stablecoin project. Formerly known as Libra, the project sparked fierce criticism from financial regulators with many of them warning the digital asset could pose significant risks to the global economy.

 

Instagram influencer charged over duping followers out of Bitcoin worth $2.5 million

An Instagram influencer has been charged with wire fraud after he allegedly scammed followers out of Bitcoin worth $2.5 million.

Jay Mazini who had close to 1 million followers and was known for cash giveaways is accused of promising victims that he would buy Bitcoin off them at inflated prices. But its claimed that, when the crypto was sent, he didnt transfer the funds as promised.

An FBI official said: A quick search of the interwebs today will reveal an entirely different image of this multi-million-dollar scammer.

Mazini is currently being held on state charges in New Jersey and will face New York courts at a later date. If convicted, he faces up to 20 years imprisonment.

 

The last dip is the deepest as wife leaves husband for buying more Bitcoin

And we end with a sorry tale that suggests Bitcoin has caused a break-up.

A man on Reddit claims his wife left him after he refused to sell his Bitcoin when prices hit $60,000 and loaded up on more during the recent dip.

The user, u/Parking_Meater, said his wife packed her bags and has now gone to live with her sister.

He wrote: She super mad that I didnt sell at 60k and looks at the price often scolding me. I keep telling her we dont need the money and have the cash. We live nice. However today she caught me buying the dip and was so pissed she almost hit me!

Uh oh.

 

Best Cointelegraph Features

 

Microsoft waffling over Bitcoin? BTCs return to Xbox unlikely to spur adoption

While it could be a good sign for the industry if Microsoft accepts Bitcoin for its Xbox Games Store, Shiraz Jagati argues it is unlikely to have a major impact.

Crypto media runs with the bulls as new entrants compete against established brands

How has the Bitcoin bull run changed crypto media?

Ethereum network in a fee spin: Can the Berlin upgrade save the day?

The upcoming Berlin update contains EIPs aimed at reducing transaction costs, but it may not provide a long-term solution.

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NFT special! Beeple’s millions, Banksy profits, problems for Kings of Leon: Hodler’s Digest, March 7–13

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

Beeple NFT auction closes at record-setting $69.3 million

Theres plenty to discuss in the crypto markets, but this week, nonfungible tokens have stolen the limelight for multiple reasons.

Digital artist Mike Winkelmann, also known as Beeple, has made history after his latest piece Everydays: The First 5000 Days sold for a whopping $69.3 million following an auction at Christies.

Only two other living artists, Jeff Koons and David Hockney, have created more expensive works and as you might expect, this is the priciest NFT ever sold.

Its a pretty special one at that. Everydays consists of 5,000 unique images, produced every day for 13-and-a-half years. The collage shows Beeples evolution as an artist and his shift to becoming a political cartoonist.

 

 

NFT representing incinerated Banksy painting fetches nearly $400,000

Beeple isnt the only one laughing all the way to the crypto exchange. A group of crypto investors known as Burnt Banksy has made a tidy profit after a daring stunt involving one of the graffiti artists creations.

They bought a real-life Banksy painting for $100,000 last month. Morons satirizes the art industry and depicts a bustling auction for a framed canvas, adorned with the words: I cant believe you morons buy this shit.

Last week, they set the painting on fire during a Twitter livestream in Brooklyn and turned it into an NFT instead. Now, its sold on the NFT marketplace OpenSea for 228 ETH worth over $400,000 at the time of writing.

Other big sales this week included a former DC Comics artist who made $1.85 million in four days by selling Wonder Woman NFTs. But not everyone has a price. A collector turned down a staggering $1 million for an NBA Top Shot moment they originally bought for $100,000.

 

Breaking new ground is never easy Kings of Leons NFT sale takes in $2 million

Kings of Leon have reportedly made a cool $2 million through sales of their tokenized album with $600,000 going to a fund thats designed to support live music crews affected by the coronavirus pandemic.

Alas, the event hasnt been without teething problems. Many of the bands fans are complete newcomers to crypto and NFTs and it can be a steep learning curve. This prompted Kings of Leon to extend their sale to March 20.

The NFTs have been released in collaboration with YellowHeart, a blockchain-based ticketing platform that is handling the auction on NFT marketplace OpenSea.

Six golden tickets have been released giving fans front row seats for life, their own driver to gigs, and the chance to enjoy meet-and-greets with the band. One of the golden tickets fetched a whopping 89 ETH.

In other music news, the Russian punk feminist group Pussy Riot has revealed it is releasing four NFTs for its latest single to support a shelter for victims of domestic violence.

 

Bitcoin hits new record highs after agonizing two-week wait

What a difference a year makes. Twelve months ago, Bitcoiners were licking their wounds after a devastating flash crash that took it below $4,000. Fast forward to now, and BTC has now set a new all-time high above $59,000.

It took a couple of weeks to reach this milestone, with BTC falling below $45,000 along the way. But the bounceback indicates that bullish momentum remains unshaken. What remains to be seen is whether this spike is the product of weekend volatility, or the start of something bigger.

Of course, there are reasons to be cautious. ExoAlphas David Lifchitz said this week that, despite Bitcoins price being in a long-term uptrend, there are some reasons for a more bearish outlook for the short term.

Tax season in the U.S. could prompt investors to sell off their holdings. Its also March, traditionally a bearish month for the crypto sector.

 

Solution to scale Ethereum 100X is imminent and will get us through until Eth2, Vitalik says

With DeFi protocols flocking to rival blockchains with Binance Smart Chain a big beneficiary of this exodus Ethereum needs to take swift action to boost capacity and clamp down on sky-high transaction fees.

Eth2 remains some time away yet, but Vitalik Buterin has revealed that a temporary fix may be just around the corner: rollups.

Speaking on The Tim Ferriss Show podcast, he said Optimisms layer-two solution could help Ethereum scale by a factor of 100. And by the time any additional capacity is needed, sharding will have already been ready for a long time by then, Buterin added.

Rollups process and store transaction data on a designated sidechain before bundling batches of transactions together onto Ethereums mainnet. This helps mitigate the blockchains scaling woes, where fierce competition for bandwidth on the Ethereum mainnet has resulted in exorbitant fees.

Optimisms solution is set to launch in about a month, and the rollups are expected to be embraced by industry leaders in DeFi, with rumors suggesting the feature will be heavily utilized by V3 of Uniswap.

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $60,539, Ether at $1,936 and XRP at $0.44. The total market cap is at $1.8 trillion.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Chiliz, Theta Fuel and Ankr. The top three altcoin losers of the week are NEM, Fantom and Voyager Token.

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

 

Most Memorable Quotations

Golds ability to hedge against inflation has been somewhat exaggerated. While it is a reasonable store of value over the very long-term think centuries it is less reliable across most investment horizons.

Russ Koesterich, BlackRock portfolio manager

 

The fact that Oracle hasnt bought yet is very bullish and signalling how early it still is.

Jeff Booth, entrepreneur

 

Tesla in Rear View, About $80,000 Bitcoin Eyes Amazon Market Cap Once Bitcoins back-and-fill process around the $1 trillion market cap is complete, we see internet pioneer Amazon.com as a potential next threshold.

Mike McGlone, Bloomberg Intelligence analyst

 

Lets Make History together with the first ever NFT for REAL ESTATE!

Ivan Malpica, investor

 

Youd have over $10,000 if you bought #bitcoin with your stimulus check.

@BitcoinStimulus

 

DOGE does certainly already have a use case as a niche currency with avid fans, and adoption can certainly grow from here. But for it to genuinely be considered future money, the narrative of DOGE as a meme coin will have to erode.

Kadan Stadelmann, Komodo chief technology officer

 

Last year, @Ripple and I sued @YouTube for failing to enforce its own policies by allowing fake accounts (impersonating my/Ripples verified accounts) to conduct XRP giveaway scams. Weve now come to a resolution to work together to prevent, detect and take down these scams.

Brad Garlinghouse, Ripple CEO

 

Rollups are coming very soon. Were fully confident that by the time that we need any more scaling of that, sharding will have already been ready for a long time by then.

Vitalik Buterin, Ethereum co-founder

 

Gold will always have a place in jewelry and coin collections, but most indicators point to an accelerating pace of Bitcoin replacing the metal as a store of value in investor portfolios.

Mike McGlone, Bloomberg senior commodity strategist

 

Its so cool to see women and girls in the cryptocurrency space. Its important for us to have empowered financial futures.

Lily Knight, three-year-old Bitcoin educator

 

If blockchain designs and infrastructure get done at the enterprise level and there arent enough women, there wont be anything created by female thinking patterns. This is the biggest issue we face today.

Efi Pylarinou, blockchain and fintech adviser

 

Even if you dislike Bitcoin, you should still buy it just in case it pans out.

Dan Held, Kraken

 

Prediction of the Week

Mark Cuban sees $1 written in DOGEs tea leaves

Just three days after the Dallas Mavericks started accepting Dogecoin for merchandise, the basketball teams billionaire owner, Mark Cuban, was exceedingly bullish.

The Shark Tank star is predicting that DOGEs price will eventually hit $1 meaning Elon Musk isnt the only megarich entrepreneur whos in love with the joke coin.

Last weekend, he said customers had used more than 20,000 DOGE in transactions with the Dallas Mavericks, making it the largest Dogecoin merchant in the world.

The Mavericks were one of the first NBA franchises to recognize crypto as a form of payment for tickets and merchandise, having started accepting Bitcoin through wallet company BitPay two years ago.

Fans can also pay for gear and souvenirs with Bitcoin Cash, USD Coin, Gemini Dollar, Paxos Standard and Binance USD.

 

FUD of the Week

 

OpenSea collector pulls the rug on NFTs to highlight arbitrary value

Returning to NFTs now, and some are expressing fears that the market is overheated and engaging in daring stunts to prove their point.

A crypto artist known as Neitherconfirm listed 26 NFTs for sale on OpenSea, featuring people and animal faces in a stained glass style. But things took an unexpected turn on Tuesday when they changed the images associated with each token into photos of literal carpets.

Neitherconfirm said no one was hurt by the move, explaining: All discussions about the value of NFTs are meaningless as long as the token is not inseparable from the artwork itself. What is the meaning of creating an unforgeable token on a highly secured network if somebody can alter, relink or destroy your possession? As long as the value of your artwork is reliable on a central service you do not own anything.

 

Peter Schiffs son moves 100% of his portfolio into Bitcoin

Weve known for a long time that Peter Schiff is a crypto skeptic and a gold bug. But this week, his son made a powerful statement that shows he couldnt agree less with his father.

Spencer Schiff seems to have decided to move his portfolio investments into Bitcoin, with his dad expressing concern after he went all in. Peter wrote: If my own son is this brainwashed imagine how vulnerable most kids are. Hes HODLing to infinity or bust.

Snarky comments came in thick and fast, with Morgan Creek Digital co-founder Anthony Pompliano replying: At least someone in your family is growing their wealth this year.

Schiff went on to suggest that he needs to disinherit his son: Otherwise he will squander my hard earned wealth on more Bitcoin.

His criticisms of BTC have often proven to be well off the mark. Indeed, in 2019, he confidently declared that the worlds biggest cryptocurrency would never hit $50,000.

 

Ripple ends YouTube lawsuit over XRP giveaway scams, says CEO

As the SEC lawsuit over the sale of XRP tokens rumbles on, Ripple is dialing down its legal action elsewhere. This week, the company announced that it has ended its lawsuit against YouTube for the video-sharing sites alleged complicity in a spate of XRP giveaway scams.

Ripple CEO Brad Garlinghouse had taken YouTube to task for failing to enforce its own policies by allowing fake accounts to conduct XRP giveaway scams fraudulent profiles that often impersonated his official page or other verified Ripple channels. Both sides have now reached a resolution that will see them work together to prevent, detect and take down these scams.

On Twitter, he added: Social platforms are starting to acknowledge their role in allowing crypto scams to persist and recognize the need to be part of the solution.In other developments, Ripple and Moneygram have officially terminated their partnership, but both companies expressed hope that theyll get to work together again in the future.

 

Best Cointelegraph Features

 

Too little, too late? Ethereum losing DeFi ground to rival blockchains

Decentralized exchanges explore alternatives as Ethereum continues to be overloaded. Is this the beginning of the end for the blockchain?

Black Thursday anniversary: Can crypto markets see another huge crash?

The market may witness flash crashes in the near term, and another March 12 drop is not completely off the map.

True or false? A single NFT can power a European household for 1.5 months

NFTs are coming under scrutiny as more attention is drawn to the carbon footprint of PoW blockchains.

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