Come every Saturday, Hodler’s Digest will help you track down every major news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and more – a week on Cointelegraph in one link.
Top stories this week
Coinbase got off to a rocky start when it appeared on the Nasdaq
It was described as awatershed“Milestone for cryptocurrency – the industry’s”Netscape moment. ” This week, Coinbase made its stock market debut.
There was no shortage of excitement in the run-up to Wednesday’s immediate listing on the Nasdaq, with Bitcoin $ 64 863.10 before the openness. COIN’s reference price was only $ 250, with all 1700 staff who each pocket 100 shares.
In true crypto form, it was a fickle debut. Coinbase’s share quickly rose to $ 430 before falling sharply within the first few minutes of the year, closing the first session at a still impressive $ 328. It closed on Friday $ 342, with a market capitalization of $ 67.2 billion.
COIN’s arrival on Wall Street is important because it gives investors indirect exposure to cryptocurrencies. Ark Invest is particularly clumsy on the stock, which raises more than 1 million shares that will be shared by three exchange-traded funds.
Overall performance of the stock has so far been considered positive, especially compared to the performance of IPOs in the past. Will it encourage other exchanges to follow it?
Coinbase may see long-term compensation, expects CEO
As you would expect, the exchange enjoyed a lot of fanfare on the big day and even the title of a New York Times article referring to Joe Biden’s stimulus package embedded in the Bitcoin blockchain. Nevertheless, Coinbase CEO Brian Armstrong wanted to address the issues raised by analysts.
Some fear that the striped $ 100 billion the valuation before listing was too high amid fears that crypto exchanges would soon end up in a bitter competition that would lower fees – and affect overall profitability. Given how it accounts for 96% of Coinbase’s revenue in 2020, that’s a big deal.
On CNBC, Armstrong tried to tackle it from scratch. While he said that the reduction of fees is possible in the long run, the executive does not believe that it is a threatening threat. Plus, by the time he predicts ‘maybe 50% or more’ of the revenue will come from alternative streams like debit cards and crypto-storage.
Dogecoin doubles within a day as YTD gains 5,000% while Bitcoin price falls
Bitcoin cooled as soon as COIN started trading. And while Ether comfortably outperformed the world’s largest cryptocurrency this week (which hit a new high of $ 2,547.56 on Friday), altcoins stole the show.
If Dogecoin is a joke, it definitely wiped the smile off cynics’ faces. DOGE traded just $ 0.07 on Monday, but at an insane 514% climb of $ 0.43 by Friday. It’s a boom of 8.735% since the beginning of the year – and there is little doubt that it would have turned a number of enthusiasts into overnight millionaires.
The madness caused DOGE Bitcoin Cash and Litecoin to jump on the rankings, with a market capitalization twice as large as Deutsche Bank.
Even professional traders are surprised. However, there is one thing we definitely know: Bold predictions of a $ 1 DOGE one day looks less strange.
XRP price rises to new highs following recent legal victories and repeated rumors
With the market capitalization of altcoins surpassing $ 1 trillion, one clear theme emerged this week: Older cryptocurrencies are enjoying something of a renaissance. And it’s not just DOGE that warns … XRP is also racing higher.
XRP has perennial highlights of $ 1.96 this week. Although it is a little past the $ 3.84 all-time high set in January 2018, it still reflects the year-to-date profit of 790%. The latest peak causes a huge $ 420 million of liquidations on derivatives.
Momentum for XRP is building thanks to a series of legal victories for Ripple in its battle with the Securities and Exchange Commission, along with rumors that the sign could be revived on several exchanges.
Elsewhere, two projects that previously tried to challenge Bitcoin and Ethereum for their seats above – Bitcoin Cash and Ethereum Classic – also made three-figure gains. Will other retro cryptocurrencies be next?
Jim Cramer makes up half of his ‘rogue money’ Bitcoin to pay off the mortgage
Enigmatic CNBC host Jim Cramer ran the risk of attracting a flurry of crypto enthusiasts – for two reasons.
Not only did he mention Bitcoin as ‘rogue money’, something that makes the red mist descend for many maximalists, but he also revealed that he sold 50% of his BTC portfolio to pay off a mortgage.
Cramer confirmed that he bought a lot of Bitcoin at $ 12,000 – which means that it increased five times when he downloaded half of it. The anchor then admitted, “I know people are going to be mad at me.”
Some Twitter users are comparing the transition from the one-time crypto critic to the infamous 10,000 BTC pizza purchase. But others praised Cramer’s move, arguing that it was important to take profits off the table and wrote: “Selling 50% after a 5x profit does not sound too stupid.”
Winners and losers
At the end of the week, Bitcoin is up $ 62 272.53, Ether by $ 2,466.78 and XRP by $ 1.69. The total market capitalization is on $ 2 274 625 979 472.
Among the top 100 cryptocurrencies are the top three altcoin earners of the week Dogecoin, Ethereum Classic and Siacoin. The top three altcoin losers of the week are KuCoin token, Klaytn and Celsius.
Read the information for more information on crypto prices Cointelegraph Market Analysis.
The most memorable quotes
‘This is a very important day for the whole crypto world. It says, ‘it’s an asset class, and it’s an asset class that is here to stay.’ ‘
Mike Novogratz, Founder and CEO of Galaxy Digital
‘We have not seen any compression yet, and I would not really expect to see it in the short and medium term. Long-term, yes, I do think, there can be compression, just like in every other asset class out there. ”
Brian Armstrong, Coinbase CEO
PayPal really wants to use cryptocurrency as a source of financing for everyday transactions. However, the end game is a nobler vision on this inclusive economy, and things will be done very differently than today. ‘
Dan Schulman, PayPal CEO
“Bitcoin looks strong at RSI 92. Still not above RSI 95 like bull markets 2017, 2013 and 2011.”
PlanB
‘You need to buy Coinbase when the transaction comes. Although this is a $ 100 billion deal, it is well known that many companies are going to switch. MicroStrategy has always been the leader, so others will want to follow. ”
Jim Cramer, CNBC Host
“Coinbase is the watershed moment in terms of legitimizing some of the valuations you see in crypto.”
Ben Lilly, Co-founder of Jarvis Labs
Coinbase IPO could raise #Bitcoin to $ 70,000, like #Tesla to $ 60,000 – The lowest 30-day volatility since October indicates Bitcoin is ripe to leave its cage and the continuation of the bull market is preferred for the next move of $ 10,000. “
Mike McGlone, Bloomberg Intelligence
‘To tell the truth, I seriously think we have entered the last leg of this $ btc bull market. To be clear, the last leg can be 2-3 weeks or even longer. The price can reach 200k or even more know who. Just do not make irrational life decisions based on unrealized PnL. ‘
Mohit Sorout, Founding Member of Bitazu Capital
“Clearly, an ETF is a bigger issue than Coinbase is listed.”
Eric Crown, entrepreneur
Forecast of the week
Ethereum could rise to $ 10,000 in 2021 and outperform Bitcoin, says veteran trader
Now back to Ether, which was on the rise next week an irreversible hard fork aimed at delivering some reforms to the transaction fees. Data on the chain indicates that the price of ETH may double between now and the end of May, but some analysts go even further.
In an exclusive interview with Cointelegraph, Scott Melker said that exposure to ETH “is like investing in the internet in the early 1990s.”
Although its price target for $ 10,000 By the end of this year, it may seem strange, he added: “I do not see why it’s crazy. It’s basically just less than five times from here. […] Bitcoin did so almost three times last year. ”
FUD of the week
r / Wallstreetbets finally allows crypto threads … then ban them again
There seems to have been a major breakthrough this week when r / Wallstreetbets announced that Bitcoin, Ether and Dogecoin can be discussed daily in Reddit.
The new policy lasted a day, and the reason why the ban was reintroduced raised eyebrows.
Bloomberg claimed that r / Wallstreetbets had ‘digital’ assets by opening the off-stock discussion, something that really deleted a moderator.
A new post reads: ‘Because of the article written [by] Bloomberg who somehow felt that ‘WallStreetBets Bows to Crypto.’ Crypto discussion is prohibited indefinitely. I have read many dumb articles written about wsb. This one takes the cake. PS As always. Please be respectful. ”
Despite the plea for respect, many Reddit users were not happy with the dramatic turnaround.
Turkey to ban cryptocurrency payments
A new ban in Turkey will ban crypto holders from using their digital assets for payments, in addition to preventing payment providers from offering fiat rides for crypto exchanges.
The ban takes effect on April 30, making the settlement of cryptocurrencies and partnerships illegal.
According to Turkey’s central bank, “any direct or indirect use of cryptocurrencies in payment services and electronic money issuance” is prohibited.
Banks have been excluded from the regulation, meaning users can still deposit Turkish lira on crypto exchanges through bank transfers from their bank accounts.
The ECB endangers itself by waiting for digital euro, says ConsenSys
According to the executive branch of ConsenSys, the European Central Bank will endanger itself if it waits too long to launch a digital euro.
With a digital currency from the central bank that is years away, Monica Singer said such projects are an opportunity for central banks to correct their mistakes and fix a broken financial system.
She warned that if international banks missed this opportunity, alternatives to private technology giants such as Facebook could make fiat currencies obsolete.
Singer added: ‘If the central bank in Europe is going to wait until 2028, there is no central bank yet. Because who is going to use the euro in its current form? There will be so many choices. ‘
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