Coming every Saturday, Huddler’s Digest Will help you keep track of every important news that happens this week. The best (and worst) quotes, take and control highlights, leading currencies, predictions and much more – one week at Cointelegraph in one link.
This week’s top news
The crypto market boomed after the Fed promised printing, and Evergrand plans to pay its dues.
Crypto markets showed signs of recovery this week as the US Federal Reserve pledged to bear its spending habits, while Chinese real estate giant Evergrand was able to negotiate with bondholders to avoid serious debt obligations.
Evergrand’s potential default on Ver05 billion worth of ON was basically a ticking time bomb that exploded on global financial markets, with some claiming it was China’s Lehman Brothers moment. However, the company is safe for the immediate term, and the news comes with a 11.3% push to Bitcoin (BTCTuesday prices.
The price increase follows remarks by Fed Chairman Jerome Powell, who explained that the central bank plans to continue the ridiculous level of monthly bond purchases for its future. Both reports indicate that FUDs related to the Evergrand and Fed spending habits may now be canceled for a later date.
Old FUD, new BTC price cut-week-old China crypto ‘banned’ $ 42K bitcoin price cut
Speaking of FUD, the recovery of the crypto market seems to be short-lived as old news about China was suddenly picked up on social media, which caused an immediate price catastrophe in the crypto market.
At the time of writing, Bitcoin is down 2.7%, Ether (ETH) 6.4% down, and FUD 100% up. This knee-jerk reaction was the result of a memo from the People’s Bank of China, or PBOC, which criminalized virtually all crypto activities except possession.
Chinese-language commentators, however, noted that the PBOC released the guidelines, which were updated on September 15, but posted them online on Friday.
It seems strange that the market has responded to banning crypto in China again, as local governments have done nothing to raise tensions about digital resources in the country of late. At this stage, they can get it right away and ban possession.
Baisen will nominate an anti-crypto and anti-big bank law professor to run the OCC
On Thursday, reports emerged that the Biden administration wanted to nominate Kazakhstani-American attorney, academic and former policy adviser Sol Omarova as head of the Office of the Monetary Control or OCC.
Omarova, a crypto critic who is also not a big fan of big banks, had previously promised “as we know we will end banking”. Currently employed as a law professor at Colonel Law School, he is expected to shut down crypto with strict controls, as he sees them as a threat to the stability of the industrial economy.
If confirmed, bankers and crypto proponents may remain alike for some hairy moments as Omarova single-handedly works to dismantle both sectors in the guise of defending the economy.
Sports-based NFTs increase gold rush as projects raise 30 930 million a week
To clear the palate, there was bright news in the NFT sector this week as the two companies known for the Tokenized Sports Collective project raised a combined 300 million in funds.
French-based soccer trading card NFT game developer Sorare has closed the $ 800 million Series B funding round led by Softbank for .. 4.3 billion. The team behind Dapper Labs, Flow Blockchain and NBA Top Shot, led by technology-centric hedge fund Kotu, has announced 250 million in funding.
Both Sorare and Dapper Labs have plans to expand their current widely popular NFT projects, as well as expand their tokenized collectible models outside of soccer and basketball, respectively. The total $ 930 million marks a significant bet on the tokenized sports sector when the broader NFT market faces declining sales volumes and floor prices.
John Cena called his own NFT sale a “catastrophic failure.”
WWE Hall-of-Famer John Cena, known for his big “You Can’t See Me” catchphrase, recently saw limited sales among his non-fungi bells.
The professional wrestler said fans bought only 7.4% of his WWE NFT which was dropped last month, marking the sale as a “catastrophic failure” and citing the price point of the gold-level NFT package as too high at $ 1,000.
A total of 500 gold layers were given to the NFT, which was part of a physically collectible package including a hat, shirt, wristband, belt, towel and automatic photo.
“I talk a lot about failure – this idea has failed,” Cena said. “Me and the people of WWE thought $ 1,000 was a fair price point. We were wrong. We were absolutely wrong.”
Winners and losers
At the end of the week, there’s Bitcoin $ 42,223, At Ether 2,905 And in XRP 0.93. The total market cap is 8 1.88 trillion, According to At CoinMarketCap.
Among the top 100 cryptocurrencies, the top three Altcoin recipients of the week are Cello (Front) 49.84%, Cellar Network (CELR) 34.97% and Cosmos (ATOM) 17.34%.
The top three Altcoin damaged hubby tokens of the week (HT) At -32.21%, the sushi swaps (Sushi) -28% and at EOS (EOS) At -26.22%.
For more information on crypto pricing, be sure to read Cointelegraph’s market analysis.
The most memorable quote
“We have absolutely no intention of adopting cryptocurrency. […] On the contrary, we have a separate war, a separate fight against them. We will never support [cryptocurrencies], Because we will move forward with our own currency that has its own identity.
Tayyip Erdogan, President of Turkey
“A Matisse painting can run 100 100 million because a small number of people decide that they are worth 100 100 million. More than 150 million people around the world who have decided that Bitcoin is worth something. That’s enough for me.”
Mike Novogratz, CEO of Galaxy Digital
“Stablecoins are now working like poker chips in casinos.”
Gary Gensler, Chairman of the US Securities and Exchange Commission
“Ninety-nine percent is about being in the right circle, having the right information at the right time. In the NFT space, you are living with the constant frustration that you missed the opportunity to earn $ 1 billion.
Gauthier Jupinger, Chief Operating Officer of Nonfungible.com at NFT Investments
“I know crypto lovers never want to hear me say ‘sell’, but if you make a big profit like me, okay, I’m begging you. Don’t let it be a loss; sell something. Stay long at rest, then wait.” And see if China changes its attitude towards an evergreen bailout.
Jim Kramer, Host Hard earned money On CNBC
“I think we should always have an open mind and as such, I am very interested in all the new creations and expressions in the art world. Metaverses will emerge, but I still believe that the physical art will always reserve a special place in everyone’s collection.
Elio D’Anna, Founder of HOFA
“The final test we will apply when evaluating a central bank’s digital currency and other digital innovations is, ‘Are there any obvious and practical benefits that outweigh any costs and risks?'”
Jerome Powell, Chairman of the US Federal Reserve
“I’m uncomfortable because no non-physical currency is the only currency.”
Lord PimpernellTexan and Redditter
Forecast of the week
Bitcoin ‘Heavy Breakout’ Fractal suggests that BTC could hit দাম 250K– $ 350K in 2021
A Bitcoin analyst named Bit Harrington recently posted a chart on Twitter suggesting a possible upcoming BTC rally if history repeats itself.
Harrington draws to the top of the Bitcoin price chart from Bitcoin Worldwide and Twitter user PlanB. Harrington’s levels after the first half of 2012 and 2016 of Bitcoin basically showed the level of price resistance of Bitcoin. In both cases, the price rejects the resistance level, collects steam and then breaks down the layers, resulting in significant assembly.
After this price rally, Bitcoin finally returns to that breakout level, finding them as support. Harrington listed the new resistance level on their charts as 60,000. So far, the chart shows that Bitcoin rejects that level, then seeks support and looks back upwards towards the resistance level.
Harrington noted that BTC has risen above the previous two resistance levels by about six factors each time. Analyst Michael Van de Pop looked at the chart, narrowed some numbers and determined that BTC could reach close to $ 250,000 to $ 350,000, then if BTC showed the same reaction as in the past, it would drop to around 65 65,000.
This week, however, Bitcoin faced many downward prices and Comments indicate future recession expectations For crypto publishing.
FUD of the week
Turkish President Recep Tayyip Erdogan says “we are at war” with crypto
According to Turkish President Recep Tayyip Erdogan, the country is at war with cryptocurrencies but prefers blockchain technology.
Erdogan hosted a Q&A event in Mersin, Turkey, where there were innocent young people from all over the country who had no idea that crypto was a threat to their sovereignty. Asked about his views on cryptocurrency, and whether the central bank would accept cryptocurrencies, Erdogan could not cut his words when he said, “We have absolutely no intention of adopting cryptocurrencies.”
“On the contrary, we have a separate war, a separate fight against them. We will never support [cryptocurrencies], Because we will move forward with our own currency that has its own identity, ”he added.
Bananas for closing crypto futures and options in Australia
Binance, the world’s largest crypto exchange, has again limited its services to other countries after giving crypto investors in Australia 90 days to close their positions for futures, options and leveraged tokens in their home country.
As of Friday, Aussie is no longer able to expand or open new locations for derivatives products in Bianca. However, they will still be able to top-up their margin balances to prevent already liquidation and margin calls.
According to the latest announcement, Binance’s crypto futures and options market will close on December 23 as the firm restructures itself to reach its regulatory compliance goals.
“We are committed to our industry in the long run and we want to ensure that our product offers are welcomed by users and local regulators,” a spokesman for Benson told Quintelegraph.
The latest DFI hack targeting BSc sees $ 12.7 million stolen in Bitcoin from P Network
Cross-chain DFI Platform P Network became the latest protocol The team reported about .7 12.7 million in bitcoin losses on Monday after the Beyonc স্ম smart chain was hacked.
According to a Twitter thread published by PNetwork, hackers swiped 277 pBTC from the exchange – most of the network’s collateral. The group noted that the attack was carried out using a bug in its codebase, adding that a correction was already in progress.
The P-Network team was also kind enough to reward the hacker with ড 1.5 million in return for the stolen money.
Best Cointelegraph Features
Ethereum killer or just pretending? But Ether has remained king for the time being
High gas fees continue to attract more attention for “etherium killer” networks, again raising their heads for the etherium community.
Adapt or die: Payment giants partner with crypto firms to ensure security
CipherTrace’s upcoming acquisition of MasterCard demonstrates the need for payment giants to partner with crypto companies to enable digital asset innovation.
Ukraine joins committee of crypto-friendly nations with new regulations
Unlike Russia, Ukraine has passed legislation that would make it easier to adopt cryptocurrencies within the country.