Best stories of the week
The bull market for Bitcoin continues, although it is struggling to reach $60,000.
Last Saturday, bitcoin surprised us by reaching a new high at $61,683.86. But the market hasn’t spent much time in record territory, with a sharp rebound pushing prices down to $53,555.03 on Tuesday. Although BTC has recovered somewhat, it now faces strong resistance at the $60,000 level.
Chad Steinglass, head of trading at CrossTower, said some resistance is to be expected, and once these levels are broken, they become support. He added: It will take some effort to get above 60k with an ID.
But it’s worth thinking about the progression of bitcoin. As Michel van de Poppe, market analyst at Cointelegraph, notes, BTC has gone from $11,000 to $60,000 in just six months . He believes that $60,000 is the last major resistance level before the next impulse wave to $68,000 can take place.
Speaking to Cointelegraph, Yoni Assia, CEO of eToro, explained that there are conflicting circumstances contributing to the current bull market, including the economic situation in the US caused by the coronavirus pandemic. Kraken growth manager Dan Held added that BTC is currently going through a super cycle that could take it to $1 million, describing it as a 100-year case.
Morgan Stanley launches bitcoin investment company for its millionaire clients
Institutional bank Morgan Stanley created a furor this week by announcing it would give clients access to bitcoin investments, a major endorsement.
CNBC has reported that a US bank is opening access to three crypto funds… But only under certain conditions. Only clients with accredited investor status and $2 million in capital are open to Morgan Stanley – and even then they can only invest 2.5% of their total assets in these funds.
This week, other financial institutions have responded to bitcoin. Deutsche Bank said bitcoin’s market capitalization of $1 trillion makes the cryptocurrency too big to ignore.
Retailers are buying BTC en masse from large fintech companies, according to JPMorgan Chase. The data shows that consumers bought more than .187,000 BTC this quarter from providers like PayPal and Square, more than institutions bought .173,000 BTC in the same period.
As you might expect, not everyone is impressed. Francisco Blanche, analyst at Bank of America, called bitcoin highly volatile, impractical and environmentally disastrous. He was particularly unimpressed with the fact that BTC can only 1,400 transactions per hour, while Visa can 236 million.
Coinbase has 114.9 million shares listed pending a direct listing on the Nasdaq.
Coinbase registered .114,850,769 shares of Class A common stock in anticipation of a direct listing on Nasdaq. Updated S-1 filing with the U.S. Securities and Exchange Commission assumes a volume-weighted average price per share of $343.58.
Other platforms offering cryptocurrency exchanges also made a move this week. On Tuesday, eToro announced plans to merge with a blank check company and go public at a valuation of $10.4 billion.
Kraken is yet to confirm whether it will follow in Coinbase’s footsteps, but in a statement to Cointelegraph it ruled out using eToro’s approach to take over a company already listed on the stock exchange. We’re too big to go down that road, a spokeswoman told us.
Robinhood, another company considering an IPO, also revealed plans to expand its cryptocurrency trading service as soon as possible. But in a chat on YouTube, CEO Vlad Tenev admitted that it would be several months before the company recovered from the GameStop trading saga.
Beeples NFT’s $69 million buyer at Christie’s reveals his identity
Cointelegraph has launched a new series called Nifty News, which provides a neat overview of the biggest developments in NFT. Here are some of our favorite developments from space this week.
MetaKowan, the mystery bidder who bought Everidea Bipple: The post 5000 days for a cool $69.3 million, was exposed as Vignesh Sundaresan. Before founding Metapurse, he created cryptocurrencies and co-founded the cryptocurrency project BitAccess.
Elsewhere, blockchain-based platform Chiliz has seen tremendous growth recently. The altcoin has risen 1650% in two weeks – a feat that dwarfs bitcoin and ether.
Despite the fact that one of the main selling points of NMTs is that they are not shared, there are increasing plans to split these tokens. Owning just a portion of a digital artwork is becoming increasingly attractive to collectors and may allow NMT owners to achieve some liquidity in their assets without selling the entire work.
Finally, toilet paper is back in the news. Charmin’s brand, Swamp Rolls, has created five varieties of mushroom-free toilet paper – accompanied by a physical display for lucky owners. There will be an auction at the Ribble, with proceeds going to charity.
Tech and Master of Coin – Elon Musk and Tesla’s CFO carry the newtitles
Forget Tesla, the CEO – Elon Musk has been promoted. According to a new SEC filing, the billionaire’s name is now Tesla Technology.
His CFO, Zack Kirkhorn, was also promoted to Master of Coin. Both men will maintain their respective positions.
Musk has reason to celebrate, and the numbers show that Tesla is sitting on $19 million in unrealized profit per day since he announced his $1.5 billion bitcoin purchase. That almost wipes out the $721 million profit from selling 500,000 cars in 2020.
The billionaire also delved into the hip world of non-fiction tokens this week by announcing he was going to sell the musical NFT, whose lyrics are based on the hype surrounding the technology – It’s tested, it’s guaranteed. Very catchy.
Although the platform Valuables bet more than $1.1 million , Musk then took his ball and tweeted: Actually, it’s not a good idea to sell this. It will happen.
It’s a disgrace.
Winners and losers
At the end of the week, Bitcoin stands at $59,206.87, Ether at $1,845.28 and XRP at $0.49. Total market capitalization is 1,830,431 252,324.
Among the top 100 crypto-currencies, the top three altcoins of the week are Harmony, BitTorrent and Siacoin. The three biggest losers of the week are Chiliz, SwissBorg and Voyager Token.
For more information on crypto currency prices, be sure to read Cointelegraph’s market analysis.
Most memorable quotes
NFT art is so hard to explain because it makes no sense.
John Carvalho, former communications manager at Bitrefill
Bitcoin is also correlated to risky assets, it is not linked to inflation, and it remains extremely volatile, making it impractical as a store of wealth or a means of payment.
Francisco Blanche, analyst at Bank of America
Sometimes the best bathroom experiences go beyond the seat. That’s why we are launching the world’s first NFT art under the toilet paper brand.
If Kraken decides to go public, it will be through a direct listing and not a SPAC as we are too big to go that route.
Collectors who buy NFTs with their profits from cryptocurrencies may face a high tax bill this year for transactions that were likely considered tax-free.
Robert Frank, CNBC
As the stock of memes, fueled by Reddit kool-aid, and novelty items like digital art installations reach record highs, retailers – some now armed with 1,400 incentive checks – are taking control.
Ed Moya, Senior Market Analyst at Oanda Corp
Bitcoin is the investment choice of choice for check recipients.
From 15. In March 2021, Elon Musk and Zach Kirkhorn’s titles became Tesla Technician and Parts Master, respectively.
$288,000 in December? Bitcoin won’t stop at $100,000, saysstock maker.
PlanB has again doubled down on its bitcoin pricing model, claiming that bitcoin still has plenty of room to grow in its current bull-run and will not stop at $100,000.
Many investors were curious about where the bull market might end in 2021. Depending on the price indicator used, the summit may be uncomfortably close or still far away. But for campaign supporters, the answer remains a solid bar: Compared to previous cycles, 2021 is just the beginning.
PlanB says December is a realistic date for BTC to reach $288,000 , and claims the bitcoin price will follow its pattern like clockwork. He added that this forecast is only an average, meaning that the peak of this cycle could be double these numbers or more.
We are only three and a half months into the bitcoin bull market, he wrote.
FUD of the week
Phishing attack uses PancakeSwap and Cream domains to steal money
Two decentralized financial projects were attacked by DNS spoofing on Monday.
Creamer Funding and Pancake Replacement, both used in the Binance smart chain, were affected by the capture incident.
In the case of Cream, a fake window was loaded asking the user to enter their private key. There are almost no instances where the user needs to type their startup phrase into the browser application, especially when interacting with the DeFi.
Both sites seem to be registered with GoDaddy. One possible explanation is that the ISP team’s accounts were compromised, allowing the attacker to officially change the DNS routing point for the domains.
Both projects noted that the funds were secure until users entered their private keys, and both were then able to regain control of their sites.
Arthur Hayes asks a Hawaiian court for voluntary surrender on $10 million bail
Lawyers acting on behalf of Arthur Hayes, one of four BitMEX executives accused of violating the Bank Secrecy Act, filed a motion on the 6th. April finalized the terms of his alleged voluntary surrender in a Hawaii court.
The bail conditions submitted to the court for approval mean that Hayes, who has resided in Singapore since January 2020, can be released on the basis of a $10 million personal surety bond with $1 million in cash signed by his mother.
Among other proposed conditions, Hayes must retain his passport to travel between Singapore and the United States and must waive extradition in a form mutually agreed upon by the government and Hayes’ defense.
Judgedenies XRP a seat at the table in SEC v. Ripple
A judge has denied a motion filed over the weekend on behalf of more than 6,000 XRP holders seeking to join the SEC’s case against Ripple as a third-party defendant.
The motion to intervene argued that the interests of token holders – in this case, the XRP Army – were not adequately represented in the lawsuit against Ripple and its officers.
Attorney John Deaton said XRP holders suffered $15 billion in losses after the SEC announced its legal action against Ripple, leading to Altar’s collapse.
U.S. District Judge Analisa Torres denied the motion without prejudice, meaning that attorneys representing XRP investors may be able to file a new motion in the future.
Best coin features
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Unpopular opinion? Blockchain-Blockchain Game Problem.
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