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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

11/14/2021

Coming each Saturday, Hodlers Digest will enable you monitor each single essential information story that occurred this week. The very best (and worst) quotes, adoption and regulation highlights, main cash, predictions and far more per week on Cointelegraph in a single hyperlink.

High Tales This Week

Crypto markets tag $3T mixed market cap for first time

In the beginning of this week, the mixed cryptocurrency market cap broke $3 trillion for the primary time. The market has fluctuated closely this 12 months, beforehand topping out at $2.62 trillion throughout the top of the bull run in Could, earlier than crashing all the way down to as little as $1.24 trillion in mid-July.

CoinGeckos information 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. In the meantime, 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 will likely be launching crypto-linked fee playing cards throughout the Asia-Pacific area that may allow customers to immediately convert their digital property into fiat forex.

The playing cards are being launched in collaboration with three crypto service suppliers: Amber Group and Bitkub in Thailand, and CoinJar in Australia. Mastercard hasnt outlined what crypto property will probably be supported at this stage however did trace that Bitcoin and Ether could be on the high of the checklist.

Slightly than instantly transferring cryptocurrencies to a service provider, cardholders will now be capable of immediately convert their cryptocurrencies into conventional fiat forex which may be spent in all places Mastercard is accepted all over the world, each on-line and offline, Mastercard mentioned.

 

NewYorkCityCoin launching this week with Mayor-elect Eric Adams’ blessing

NewYorkCityCoin (NYCCoin) launched on Thursday, with Mayor-elect Eric Adams giving the cash issuers, CityCoins, a public endorsement forward of the rollout. Adams acknowledged final week that he wished to have a CityCoin for NYC that mirrors Miamis MiamiCoin.

Whereas Adams welcomed the undertaking to New York this week, CityCoins has but to formally associate with the native authorities. It could need to accomplish that quickly, nonetheless, because the NYCCoin undertaking will divert 30% of its mining rewards to a custodied reserve pockets that the native authorities can use to assist no matter initiatives it chooses.

Had been glad to welcome you to the worldwide residence of Web3! Had been relying on tech and innovation to assist drive our metropolis ahead, Adams mentioned.

 

Elon Musk offloads $1.1B in Tesla inventory

In line with filings with the U.S. Securities and Trade Fee, erratic billionaire and Tesla CEO Elon Musk offloaded greater than 934,000 Tesla shares value 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 in opposition to billionaires who could or could not have paid their justifiable share of tax.

This sale solely accounted for 1% of Musks 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 sure to his ballot.

 

Zimbabwe often is the subsequent nation to embrace Bitcoin as authorized tender

Zimbabwes authorities was rumored to be taking a look at using Bitcoin as a authorized tender to fulfill rising demand within the nation, based on 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 way, and was as a substitute exploring central financial institution digital currencies (CBDCs). Zimbabwes minister of data, Monica Mutsvangwa, had the unlucky job of quashing the rumors and offering a serious buzzkill for Bitcoin maxis.

 

 

 

Winners and Losers

 

 

On the finish 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, in accordance to CoinMarketCap.

Among the many greatest 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 highest three altcoin losers of the week are OMG Community (OMG) at -25.57%, Arweave (AR) at -16.86% and Cosmos (ATOM) at -15.68%.

For more information on crypto costs, ensure to learn Cointelegraphs market evaluation.

 

 

Most Memorable Quotations

 

For the second time in 5 months, we introduced the seizure of digital proceeds of ransomware deployed by a transnational legal group. This is not going to be the final time the U.S. authorities will proceed to aggressively pursue the whole ransomware ecosystem and enhance our nations resilience to cyber threats.

Merrick Garland, U.S. legal professional common

 

“If Apple have been so as to add assist for #Bitcoin to the iPhone and convert their treasury to a Bitcoin Commonplace, it will be value not less than a trillion {dollars} to their shareholders.”

Michael Saylor, CEO of MicroStrategy

 

The crypto neighborhood is bold, daring and stuffed with potential. Innovation is about synergy. Its past know-how and about individuals. Its about us.

Kristina Cornr, editor-in-chief at Cointelegraph

 

I consider that within the subsequent three to 5 years, the DeFi trade will develop massively. Its already rising quickly, however some great benefits of peer-to-peer applied sciences can and will probably be extra extensively skilled.

Anton Bukov, co-founder of 1inch Community

 

If the outcomes of this improvement part conclude that the case for CBDC is made, and that it’s operationally and technologically strong, then the earliest date for launch of a U.Okay. CBDC could be within the second half of the last decade.

The Financial institution of England

 

We’re taking a excessive diploma of give attention to points surrounding the safety of non-public info and the digital yuan and have made related regulatory and technological changes to fulfill this goal. We’ve got adopted a precept of anonymity for small transactions relating to the digital yuan and can solely step in to control below the regulation for giant transactions. With regards to accumulating private information, we search solely to gather what is important and the minimal of what’s legally required, which is way lower than digital fee apps of at present.

Yi Gang, Peoples Financial institution of China governor

 

It isn’t cheap to construct a monetary system that calls for buyers even be subtle interpreters of complicated code.

Caroline Crenshaw, U.S. Securities and Trade Fee commissioner

 

Crypto is changing into cultural, its changing into cool. […] It was once that if you happen to have been investing in crypto, you have been type of bizarre.

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 forex analyst Matthew Hyland lately tweeted his ideas about Bitcoins potential upcoming worth motion. Briefly, his multi-tweet write-up primarily defined his prediction that BTC will surpass $100,000 on its strategy to $250,000, validating one fashionable worth mannequin and invalidating one other.

The Inventory-to-Circulation (S2F) and Inventory-to-Circulation Cross-Asset (S2FX) worth fashions, constructed by PlanB, a pseudonymous Twitter character recognized for his Bitcoin evaluation, every have worth targets of upcoming relevancy. December 2021 ought to faucet right into a BTC worth of not less than $100,000 per coin, based on the S2F mannequin. The S2FX mannequin notes a worth expectancy of round $288,000 per BTC earlier than the following halving, which ought to happen in 2024.

The value fashions are primarily based round Bitcoins block reward halving cycles. Bitcoin halvings happen each 210,000 blocks which takes about 4 years. The time in between is the halving cycles.

Primarily, Hyland thinks BTC will maintain tempo with the S2F mannequin in hitting $100,000, however the asset will solely attain about $250,000 throughout the current halving cycle (concluding in 2024) the results of huge gamers promoting early earlier than $288,000. Large gamers will doubtless get retail buyers hyped for BTC after $100,000 is reached consistent with the S2F mannequin, based on Hyland, main these mainstream people 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 beneath $63,000, all on Wednesday, based on Cointelegraphs BTC worth index.

 

 

FUD of the Week

 

Nigeria’s central financial institution reportedly freezes crypto merchants’ accounts

The Central Financial institution of Nigeria (CBN) was reportedly laying on the FUD this week after it ordered native industrial banks to freeze accounts tied to not less than two crypto merchants. The CBN banned banks from servicing native crypto exchanges over issues of volatility, cash laundering and terrorism financing.

Native media outlet Peoples Gazette reported the information on Nov. 7, stating that CBNs director of banking supervision, J.Y. Mammanand, laid down the regulation, 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 right away shut the accounts of Nigerian residents or firms transacting in or working cryptocurrency exchanges utilizing native banks, as CBN execs suppose that almost all of those transactions are nefarious.

 

Coinbase shares to open decrease after 75% drop in internet revenue 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 value of income in Q3, falling nicely beneath FactSets 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 shouldn’t be a quarter-to-quarter funding, however somewhat a long-term funding within the progress of the crypto financial system and our capacity to serve customers by means of our services. We encourage our buyers to take this viewpoint, the report learn.

 

Beeple’s Discord compromised, timed to coincide with Christie’s public sale

An admin account for Beeples 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 Bulletins Bot, and promote a pretend and low cost NFT drop from Beeple on Nifty Gateway.

The members of the group have been anticipating an inexpensive NFT drop to be launched on the again of Beeples most up-to-date $29 million public sale, because the artist has accomplished such a factor earlier than to cater to all audiences. Nonetheless, not solely did the members partake in a pretend drop, they didnt even obtain any NFTs for his or her bother.

 

Greatest Cointelegraph Options

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 various wants in a method that conventional finance can’t.

Blockchain metaverse startups: Unparalleled funding potential

Consider how important the web is to on a regular basis life now thats what the Metaverse may turn into in rather a lot much less time than the web did.

Crypto children battle Fb for the soul of the Metaverse

The Metaverse doesnt begin in digital actuality it begins with possession of property, [the] capacity for anybody to create and commerce worth.