Coming every saturday Hodler Summary It will help you keep track of each and every major news that happened this week. Best (and Worst) Quotes, Adoption and Regulation Highlights, Leading Coins, Predictions, and More – A Week on Cointelegraph on a Link.
Featured News This Week
The “largest Bitcoin event in history” begins in Miami
The sun, the sea and the satoshis were on the agenda when the biggest Bitcoin event in history began in Florida.
Organizers expected a large turnout for the sold-out event, with some predicting there would be more than 50,000 attendees.
The first day saw MicroStrategy CEO Michael Saylor reveal more about his experience in the crypto space thus far. He said: “I realized that I first bought Bitcoin a year ago yesterday, so this is the end of my rookie year.”
Twitter and Square CEO Jack Dorsey also stated that “Bitcoin changes absolutely everything.” He said at the conference: “We don’t need the financial institutions we have today,” and for money to be created for the world, it has to develop internationally.
One particularly revealing onstage discussion came from Brian Brooks, a former regulator turned Binance.US CEO. He said: “If you’ve never worked in a large bank, you have no idea how serious the problem is.”
It’s Mati Greenspan against Maxis in “Shitshow” 2021
For many, Bitcoin 2021 in Miami is the first physical event for many since the coronavirus pandemic began, allowing celebrities, cryptographers, and CEOs to rub shoulders. Unfortunately, you can’t please all people, all of the time.
Quantum Economics founder Mati Greenspan tweeted an innocuous comment on how Bitcoin 2021 was going to be the “biggest crypto conference ever!”
But it was quickly cleared up by people like Bitcoin magazine editor Pete Rizzo, who said: “It’s a Bitcoin conference, about Bitcoin. Bitcoin is the subject and that is why it is used as an adjective. “
In fairness, the organizers made it very clear that this is a Bitcoin exclusive event, which means no altcoins are allowed.
But as DeFi Pulse founder Scott Lewis mused … is it really possible to go two days without talking about Ethereum?
“Discounted” Bitcoin More Likely to Hit $ 100,000 Than $ 20,000 in 2021, Bloomberg Analyst Says
Although the party is in full swing in Florida, the fact that Bitcoin has been struggling to break $ 40,000 it will undoubtedly have put a brake on the proceedings.
With that said, Mike McGlone of Bloomberg Intelligence says there are still plenty of reasons to be optimistic.
In its latest Bloomberg Galaxy Crypto Index report, it said that BTC is “stronger, greener, and less widespread” than it was during the height of the rally in April.
He also argued that the Bitcoin bull market appears to be intact, with a price target of $ 100,000 more likely than a pullback to $ 20,000.
Unfortunately, not everyone agrees with McGlone’s forecast after May’s worst price for Bitcoin in 10 years, with JPMorgan strategist Nikolaos Panigirtzoglou writing in a research note that weakened institutional demand could drag BTC underneath. $ 30,000.
Feast or famine at Dogecoin as Coinbase bomb triggers whale return
Dogecoin, compared by some to “digital plastic” this week, has enjoyed a huge surge of late. The price of the joke cryptocurrency surged 40% in a single day, fueled by Coinbase which announced that it would open its door to DOGE deposits on June 1.
The wave of DOGE shook more than $ 16 million Bearish leverage value in a single hour, with the altcoin almost returning to a pre-crash high.
One analyst, @HsakaTrades, stated that a “boring market” was gravitating towards DOGE and exiting other altcoins.
NFT sales fell 90% from market peak
We have all become painfully familiar with the endless statements surrounding the death of Bitcoin. Now, with the sale of non-fungible tokens plummeting 90% since they peaked in early May, some are sounding the death sentence for NFTs.
Later $ 102 million worth of NFT were sold in a single day on May 3, only $ 19 million they were sold last week. On $ 170 million worth of NFT were sold in the seven-day window on either side of the top of the market, which equates to one 90% decline since then.
The number of NFT wallets showing signs of activity on a daily basis has also decreased 70% since the beginning of May, after falling from 12,000 to 3,900.
NFT sales and wallet moves declined across the gamut of token categories, spanning gaming, decentralized finance, collectibles, art, utility, metaverses, and sports.
Winners and losers
At the end of the week, Bitcoin is in $ 37,733.41, Ether in $ 2,787.12 and XRP in $ 0.99. Total market capitalization is $ 1,710,804,430,870.
Among the top 100 cryptocurrencies, the top three altcoin winners of the week are Theta Fuel, DAO curve token Y Siacoin. The top three altcoin losers of the week are ONLY IN THE LEON, Decred Y Elder brother.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
Most memorable quotes
“Who forgot to invite Elon to the #Bitcoin conference?”
David gokhshtein, Founder of Gokhshtein Media
“Bitcoin is more likely to appreciate again towards $ 100,000 resistance rather than stay below $ 20,000.”
“Right now, if you buy and sell gold, tax it, they can do that. If you make a profit on Bitcoin, read stories about people paying taxes on it. It cannot tax money, it does not tax it. “
Ron Paul, former presidential candidate
“Digital currencies are not a substitute for gold. In any case, they would be a substitute for copper, they are pro-risk assets, with risk. They are a substitute for inflation risk hedges, not inflation risk hedges. “
Jeff Currie, Global Director of Commodity Research, Goldman Sachs
“When something gets big enough, things like consumer interests and money laundering come into play. So there are good reasons to believe that [regulation] it will happen.”
Stefan ingves, Governor of the Sveriges Riksbank
Prediction of the week
Bitcoin bulls give a “conservative” 10-year estimate for hyperbitcoinization to occur
Back to Miami now, where a revealing panel suggested that we could be only 10 years away from “hyperbitcoinization,” marking the time that BTC takes over global finance.
Make no mistake, this would not be an easy task. It would involve the addition of billions of new users by 2031. On the other hand, Bitcoin has already attracted hundreds of millions users in the last 10 years.
Parker Lewis of Unchained Capital is among those with high hopes. He said: “I think based on how Bitcoin has been adopted historically and based on the trillions of dollars that the Fed will have to print in the coming months or years, it would be potentially conservative to say that Bitcoin is a unit of account in 10 years.”
Saifedean Ammous, author of The Bitcoin standard: the decentralized alternative to central banking, was a bit more conservative. He predicts it will take 16 years … or four more cycles of halving.
And Kraken’s Dan Held believes hyperbitcoinization is at least a decade away … unless fiat currencies suffer a “rapid devaluation.”
FUD of the week
Even Vitalik Buterin is surprised how long Eth2 takes
Ethereum co-founder Vitalik Buterin has admitted that the long-awaited move towards a proof-of-stake consensus mechanism is taking much longer than he anticipated.
Speaking partially in Mandarin at a conference in Hong Kong, he said: “We thought it would take a year to do the proof of stake, but it actually takes six years. If you’re doing something complex that you think will take a while, it will actually take a lot longer. “
Buterin added that there have been a number of internal team conflicts in the five years that it has taken Ethereum to get to where it is today.
“One of the biggest problems that I encountered with our project is not the technical problems, it is the people-related problems,” he said.
The latest roadmap estimates that Eth2 may not have the kind of scalability that large-scale enterprise applications enjoy until the end of 2022.
Google lifts 2018 ban on cryptocurrency exchange and wallet ads
Google has lifted a three-year policy that prohibits crypto exchanges from using its advertising services.
But the new policy will not open the door to the vast majority of crypto institutions, as “announcements of initial coin offerings, DeFi trading protocols, or promoting the purchase, sale, or trade of cryptocurrencies or related products” remain prohibited. . .
Google’s policies around encryption ads have often been conflicting and, at some points, have been denounced as unfair by experts.
Expect a battle between the likes of Binance.US and FTX as they compete for market share in the United States.
Apple Co-Founder Steve Wozniak Loses Bitcoin Scam Case Against YouTube
YouTube is not responsible for cryptocurrency-related scams posted on its platform, according to a recent court ruling.
Apple co-founder Steve Wozniak did not support his lawsuit against YouTube over an ad that used his image to promote a fake Bitcoin giveaway.
Santa Clara County Superior Court Judge Sunil Kulkarni said in an interim ruling that YouTube and its parent company Google are protected by Section 230 of the Communications Decency Act, a federal law that protects platforms. of responsibility for the content published by users.
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