Come every Saturday, Hodler’s summary will help you keep up with every major news item that has occurred this week. Best (and Worst) Quotes, Adoption and Regulatory Highlights, Major Coins, Predictions, and More – One Week on Cointelegraph in One Link.
The best stories this week
John McAfee was found dead in his Spanish jail cell hours after the country’s courts ruled that he could be extradited to the United States face tax evasion charges. He was 75 years old.
He was best known for creating one of the most famous antivirus software in the world. The entrepreneur also made headlines in the crypto space and mainstream media for a July 2017 prediction that the price of Bitcoin would hit $ 500,000 by 2020. McAfee did not end up qualifying for an extravagant bet where he claimed he would “eat [his] dick on national television ”if that did not happen.
Spanish authorities have not ruled out the possibility that McAfee committed suicide. The news of his death sparked a wave of tributes and conspiracy theories.
Former NSA employee and whistleblower Edward Snowden tweeted: “Europe should not extradite those accused of non-violent crimes to a justice system so unfair – and a prison system so cruel – that domestically born defendants would rather die than be subjected to it. “
Cardano founder Charles Hoskinson described McAfee as a “deeply troubled person,” but praised him as “one of the most enigmatic and interesting people in the cryptocurrency and world space. ‘history of computing’.
The opposition can be take a challenge to President Nayib Bukele’s Bitcoin Law, but it appears the Salvadoran leader is determined to push ahead with his plan to adopt cryptocurrency as legal tender.
This week, Bukele announced that the government will drop $ 30 worth of BTC to citizens who download a government issued crypto wallet. He then confirmed that BTC would officially become legal tender on September 7.
The announcement was well received by Bitcoiners, with influencers speculating that the Salvadoran government will have to purchase the required BTC it intends to distribute – adding more $ 100 million in the buying pressure on the markets.
Willy Woo, chain analyst tweeted that Bitcoin’s global user base will grow by 2.5% I fall 4.5 million Salvadorians accept his offer.
Bitcoin retraced again after hitting highs of $ 36,059.48 earlier this week.
And according to Flibflib, an independent market analyst, traders and investors in altcoins should go into hiding if the world’s largest cryptocurrency falls below $ 30,000.
In a tweet published Friday night, they said a 30% crash in the Bitcoin market could cause altcoins to drop twice as hard.
At the time of writing, Bitcoin is down 14% on the week, but coins with a smaller market cap had a lot worse. Ether is down 21%, Binance Coin fell 20%, Dogecoin lost 19%, and XRP supports losses of 25%.
Bitcoin is on the verge of posting its worst performing quarter since the 2018 downtrend began.
The current quarter is also on track to be the second worst on record for BTC in nearly eight years since the start of 2014.
Bitcoin is currently down 47% for the quarter – its weakest quarter since Q1 2018, when it lost about 50% of its value over just three months amid the fallout from the historic highs of 2017.
XRP token holders have been accused of targeting members of the United States Securities and Exchange Commission with false statements on social media.
Among those apparently in the crosshairs of the military’s XRP is a former SEC director, with the commission warning that this could deter people from seeking public service positions.
The SEC filed a lawsuit against Ripple in December, alleging that the company, CEO Brad Garlinghouse and co-founder Chris Larsen conducted an “unregistered and pending digital asset offering” with their sales of XRP tokens. .
In response to the SEC lawsuit, Ripple claimed that XRP looked more like Bitcoin or Ether, which the regulator classified as commodities rather than securities.
Winners and losers
At the end of the week, Bitcoin is at $ 31,574.31, Ether at $ 1,784.19 and XRP at $ 0.60. The total market capitalization is $ 1,269,500 623,338.
Among the 100 largest cryptocurrencies, the only altcoin winner of the week is Forehead. The top three altcoin losers of the week are Kusama, Computer Internet and Amp.
For more information on crypto prices, be sure to read Cointelegraph Market Analysis.
The most memorable quotes
“6 million people added to the crypto ecosystem in one go.”
Changpeng Zhao, CEO of Binance
“It’s unwise to think that governments don’t have the tools in their kits to take on bad guys, they do. if we want this ecosystem to thrive, we have to recognize that we have to operate within the rules set by society. “
Mike Novogratz, CEO of Galaxy Digital
“For Bitcoin to ever overtake gold, it will have to be more of an accepted form of currency – I’m not sure, frankly, if it ever gets there.”
Thomas farley, former director of the New York Stock Exchange
“What we are seeing is a correction, a contraction, and a lot of what is shaken is what we call the paper hands, the weak hands.”
Demirors Meltem, Chief Strategy Officer of CoinShares
“I sold almost all of my Bitcoin. I do not need it.
Jim cramer, CNBC host
Prediction of the week
Not everyone is gloomy about the prospects for Bitcoin – and one of them is PlanB, the creator of the stock-to-flow model.
He says BTC could trade at $ 450,000 by the end of this year… and that $ 135,000 would be the worst-case scenario.
Even though BTC / USD sees several new tests of the lows of recent months, the analyst – and his models – remains firmly set on a much brighter medium-term target for the largest cryptocurrency.
Now even the “worst case scenario” for Bitcoin would still see it trading at $ 47,000 in August. A slight reversal in September places the minimum target at $ 43,000 for this month only to follow by $ 63,000 in October – near current historical highs.
Things heat up then, with $ 98,000 on the cards in November and a giant $ 135,000 by the end of the year.
That being said, PlanB says it is “uncomfortable” about its renowned price predictions due to the recent downtrend in the markets. In a recent poll he conducted on Twitter, 41% of respondents said they believe Bitcoin will stay below $ 100,000 in 2021 – completely invalidating its model.
FUD of the week
Thomas Farley, the former head of the New York Stock Exchange, feels optimistic about Bitcoin – but he had a caveat that cuts the wings of crypto enthusiasts.
While he believes BTC has the potential to rise in the long term, he has expressed doubts about the narrative that this cryptocurrency is ‘digital gold’.
Farley said: “For Bitcoin to ever overtake gold, it will have to be more of an accepted form of currency – I’m not sure, frankly, if it ever gets there.”
To beat gold, Bitcoin would have to trade at more than $ 533,000 with the current power supply.
A New York judge has issued a temporary restraining order to block an alleged attempt by Roc-A-Fella Records Inc. (RAF) co-founder Damon Dash to sell a tokenized version of Jay-Z’s debut album Reasonable doubt with its copyright.
Dash claimed he was only trying to sell his stake in RAF, which he established with the rapper and Kareem Burke in 1995.
The label shared ownership between the three, with the company holding full copyright to the album in question.
A complaint filed on June 18 said: “The result is simple: Dash can’t sell what he doesn’t own. By attempting such a sale, Dash converted a corporate asset and breached its fiduciary duties. “
A judge agreed to stop the NFT sale and prevented Dash from selling the album’s copyright until July 1 at the earliest.
Jim Cramer has liquidated almost all of his Bitcoin holdings.
CNBC’s Mad Money host believes BTC “is not rising for structural reasons,” pointing to China’s new regulatory crackdown.
Cramer warned that the Chinese central government views Bitcoin as a “direct threat” to the regime and its ability to control the flow of money within the country – describing the cryptocurrency as “a system beyond their control.”
The growing ban on crypto mining in China has caused Bitcoin’s hash rate to drop to its lowest level in eight months as mining operations halt or move overseas.
Ignoring the cryptocurrency, which he recently used to pay off a mortgage, Cramer added: “I sold almost all of my Bitcoin. I do not need it.
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