Comes every Sunday, Hodler’s Digest will help you follow every major news story that happened this week.
Top Stories This Week
The price of Bitcoin stands for its definitive resistance before $ 15,000
It’s been a (somewhat) calmer week for Bitcoin – with the world’s largest cryptocurrency managing to recover from the low $ 11,000’s the last days. Now the $ 11,600– $ 12,000 are a crucial level to break if BTC continues to move higher.
According to Michaël van de Poppe, the resistance zone is at $ 11,800– $ 12,000 is significant because it is the definitive untested level until BTC enters the open air. If there is a breakthrough, he thinks the price of Bitcoin could easily go up $ 15,000 as even $ 16,000 – Reinforce FOMO.
Unfortunately, he believes such a move is likely not. The price of BTC went up vertically as it went down $ 9,500 no $ 12,000 – which means it may lack strength and momentum to go higher.
Also this week, research by Coin Metrics suggested that investors who have averaged dollar costs in Bitcoin since the $ 20,000 peak in 2017 would still be profitable. Continuing to buy BTC over the past three years would have resulted in gains of 61.8%. Indeed, according to Chainalysis, North American investors “disproportionately favor” BTC over other cryptocurrencies.
Meanwhile Bloomberg’s crypto outlook for August suggests that BTC stabilizes at six times the price of an unre gold. Raoul Pal, the CEO and founder of Real Vision, says that his belief levels in Bitcoin are going up by the day. He tweeted: “I now think it might not even be worthwhile to own some assets as a longer term allocation.”
Revealed: The perfect time of week to buy the Bitcoin dip
New data suggests that Sunday nights are the best time to buy Bitcoin – with the Crypto historically seeing higher returns at the start of the work week.
Capriole digital asset manager Charles Edwards, who is releasing the findings, said: ‘Bored on Sunday at midnight? It just so happens to be the best time to buy Bitcoin. ”
There are several reasons that Bitcoin may perform better as the weekend approaches. Lower trading volumes on Saturdays and Sundays increase the chance of high volatility. Traditional markets that facilitate BTC trading close on the weekend – and this can cause a price increase if they reopen.
Indian government is actively working towards new crypto ban
Again, the Indian government is considering a new law banning crypto.
In a fresh blow to exchanges and traders, two ministries and the Reserve Bank of India are actively working on a new legal framework. Officials hope the law could be ratified when parliament reconvenes in late August or early September.
The sector was just starting to get back on its feet. Back in March, the Supreme Court had passed a blank ban on banks dealing with crypto-companies – rules that have been in force since July 2018. Those measures had forced many trading platforms to close their doors for good.
Local news website Moneycontrol said: “Millions of dollars worth of cryptocurrency are being made every week, with the volumes going up.”
Previous proposals to ban crypto in India came with the threat of up to 10 years in prison.
Pump: Goldman Sachs’ interest in blockchain shows innovation out of necessity
Goldman Sachs has hired Mathew McDermott as its new global head of digital assets – and it looks like the banking giant has big plans for the future.
Speaking to CNBC, it emerged that the new implementation revealed that the institution is exploring the commercial viability of creating its very own digital token. He also predicted that we could “see a financial system where all assets and liabilities are natural to a blockchain” within the next five to 10 years.
Elsewhere in the interview, he revealed that Goldman Sachs has seen an ‘uptick in interest’ about institutional clients exploring how they can participate in the crypto sector.
In response to McDermott’s comments, Anthony Pompliano tweeted: “Wall Street is about to learn why technologists say innovate or die.”
Alleged digital hacking of Twitter hacker taken over by pornography and rap music
A digital court hearing for the teen accused of being behind the massive Twitter burglary of July has been held in Florida. It was not about plan.
The lawsuit had to be postponed after a “Zoom bombing.” Infiltrators interrupted the hearing with rap music, film dialogue and shouting. Pornographic material was then projected onto viewers’ computers.
Graham Ivan Clark was arrested on July 31. Earlier this week, he pleaded not guilty to all the charges against him.
It is alleged that the 17-year-old – in addition to a 22-year-old from Orlando and a 19-year-old from the United Kingdom – gained access to at least 130 high-profile Twitter accounts. Elon Musk, Barack Obama and Apple were among those caught in the hack.
These accounts were used to post tweets asking people to send Bitcoin to a specified wallet address, and victims were promised that they would get back twice as much. The scam generated nearly $ 117,000 over the space of three hours.
Winners and losers
At the end of the week, Bitcoin is at $ 11,681.43, Ether at $ 390.59 and XRP at $ 0.29. The total market cap is at $ 356,525,653,710.
Among the top 100 cryptocurrencies are the top three altcoin gainers of the week Band Protocol, Decentraland and Balancer. The top three altcoin losers of the week are Ampleforth, Nexo and Celsius.
For more info on crypto pricing, make sure you read on The Cointelegraph Market Analysis.
Most memorable quotes
“Despite Bitcoin still trading 30% below ATHs, dollar costs would average the peak of the market in December. 2017 [sic] 61.8%, as 20.1% annually. Similar to Ethereum (still 71% off its peak), dollar costs would return on average from Jan 2018 [sic] 87.6%, or 27.9% annually. ”
Coinmetrics
“Unfortunately, ransomware will remain a problem for as long as ransom continues to be paid, and this is what organizations need to keep in mind. When they choose to pay, they help ensure that other organizations will be affected in the future, and that organizations may be the ones providing critically important services. “
Brett Callow, Emsisoft threat analyst
“My beliefs in Bitcoin are rising every day. I have been irresponsible for a long time. I think now that it might not even be worthwhile to own one or another asset as a longer term allocation of assets, but that’s a story for another day. ”
Raoul Pal, Founder and CEO of Real Vision
“What is the strategy for professional and institutional investors in North America when it comes to cryptocurrency? The first thing we see from the data is that North American investors disproportionately favor Bitcoin. ”
Chainalysis
“My general reaction is that it will grow by 209% in nine years, I think it will grow by at least 209% in the next few years and that puts you at $ 100,000, probably in two years; but I think that will happen. ”
Dan Morehead, CEO of Pantera Capital
“ETC should just switch to proof of stake. Even considering the risk averse culture, at this point it seems to make jumping lower risk than not making it. “
Vitalik Buterin, Co-founder of Ethereum
Bitconnect, Charles Ponzi, Ethereum, Onecoin, Cardano, Ripple, Bernie Madoff, Stellar, Dan Larmer. Everyone looks very similar to me. ”
Adam Back, CEO of Blockstream
“This is probably the most pivotal moment we have seen for the US Dollar since its bottom in 2008. This channel has been intact for more than 10 years. If it breaks, then hide your kids and buy a metric ton of Bitcoin. ”
Scott Melker, crypto-traders
Forecast of the week
Founder of Pantera predicts $ 100,000 + Bitcoin on the horizon
The world’s oldest Bitcoin investment company has made a bold prediction that BTC will have hit $ 115,000 by August 2021. Pantera Capital’s ambitious projection is based on the stock-to-flow model.
For the forecast to pan out, Bitcoin would have to grow by 900% over the next 12 months. That’s a big question – even for a cryptocurrency famous for its volatility.
Dan Morehead, the founder of the company, is a bit muddy when it comes to his prediction. He said: “My overall reaction is that it is growing by 209% in nine years. I think it will grow at least 209% over the next few years, and that sets you up $ 100,000, probably in two years; but I think that will happen. ”
FUD of the week
Is ETC 102% screwed after the second attack of 51%?
Ethereum Classic has suffered a minor attack of 51% in less than one week, which calls into question the continued security of the network.
A reorganization attack last week saw a hacker reap 2,800% returns on investment of $ 192,000 in leased hash power. The attacker spent 807,260 ETC worth $ 5.6 million in less than 24 hours.
In response to the growing 51% of ETC-targeted attacks, Ethereum co-founder Vitalik Buterin tweeted: “ETC should just switch to proof of stake. Even considering the risk averse culture, at this point it seems to make jumping lower risk than not making it. “
Despite the drama, ETC has actually risen by 2.3% in the past seven days.
Ethereum Classic is among 45 cryptocurrencies that are instantly vulnerable to 51% attacks with only hash power rented from NiceHash. ETC also had a 51% attack in January 2019.
Blockstream’s Adamstream beats Ethereum as a Ponzi scheme
Computer scientist and CEO of Blockstream Adam Back has compared Ethereum and other high-cap altcoins to Ponzi schemes.
In a Twitter tirade, he wrote: Bitconnect, Charles Ponzi, Ethereum, Onecoin, Cardano, Ripple, Bernie Madoff, Stellar, Dan Larmer. Everyone looks very similar to me. ”
Charles Ponzi and Bernie Madoff are two of the most famous creators of Ponzi schemes, while Bitconnect and OneCoin are famous cryptocurrency projects that were revealed to Ponzis.
Vitalik Buterin retaliated, calling his views “tired of old propaganda.”
German police seized $ 30 million in crypto from streaming site operator
Crypto-value of more than 25 million euros has been seized by German police, with the help of the FBI.
The haul is associated with the illegal movie streaming site movie2k.to, which was shut down in spring 2013 due to copyright infringement concerns.
The site’s two main operators are accused of distributing more than 880,000 pirated copies of films, along with their monsters, between 2013 and 2018.
One of them, the site’s programmer, collaborated in forgetting $ 29.6 million in Bitcoin and Bitcoin Cash.
Best Cointelegraph features
State of play: the crypto industry in India is preparing for a billion users
While regulatory uncertainty continues to create barriers, the prevailing feeling is that India is slowly evolving into a crypto-economic powerhouse. Anupam Varshney of Cointelegraph Magazine explains why.
Crypto, meet fiat. You two sometimes need to get a coffee
Can fiat and crypto put their differences on the page and just get along? Paul de Havilland of Cointelegraph Magazine looks at the obstacles that lie ahead as digital assets take steps in mainstream adoption.
Cryptocurrency cards: An unnecessary solution that needs to be stopped
Crypto cards have become a must-have for many crypto services, but Alex Axelrod claims that they are a placebo that does not solve the problems faced by users and fintech companies.
