Another week, another crash. This week, the price of bitcoin fell to $3,500—a nearly 50 percent drop from its high of $8,500 just two weeks ago. This marks a low point for the cryptocurrency, which saw a value of $20,000 last December. While bitcoin was the biggest cryptocurrency to fall in value this week, it was not the only one to take a hit: other coins like ripple, ethereum, and cardano all saw similar drops.
A big day for bitcoin traders. As of Friday morning, the cryptocurrency was down by more than 20% over the past seven days and down more than 30% from its Feb. 6 all-time high. While this has become the norm for bitcoin, it is a big drop. The same goes for Ether, which was down by more than 20% over the past seven days and down more than 30% from its Aug. 14 high.
Every Saturday, the Hodler Digest helps you stay on top of all the important news of the week. The best (and worst) quotes, highlights of introduction and regulation, top coins, predictions and more – the week on Cointelegraph in one link.
News of the week
Bitcoin to $57,000 and altcoins on the rise as April draws to a close
The sudden upward movement surprised traders as the month of April came to a close and bitcoin rose from 10% in a matter of hours.
The top at $58,448.34 has erased recent losses, but not completely.
Data from Bybt shows that the price of BTC fell 1.98% last month. This was the first time since 2015 that the world’s largest cryptocurrency ended April in the red.
One factor that may have contributed to the increased activity in the market is MicroStrategy’s amazing revenue growth, which has 91,000 BTC.
Michael Saylor, CEO of MicroStrategy, explains: We will continue to acquire and hold additional bitcoins to create additional shareholder value.
Ethereum’s market value surpasses platinumfor the first time
While Bitcoin lost ground for much of the week, Ether gained ground.
The #2 crypto-currency continues to hit new all-time highs – the latest record of $2,879.75 was set on Saturday.
Overall, 2021 promises to be a pivotal year for the Ethereum blockchain, as the long-awaited Eth2 upgrade takes shape. The network will move away from the proof-of-work consensus algorithm and switch to proof-of-stake, which will save costs and save energy.
Ether’s market capitalization has surpassed industry giants like Procter & Gamble and PayPal, not to mention platinum, and stands at .330 billion.. Digital Property is also close to surpassing The Walt Disney Company and Bank of America.
Tesla earns huge profits from bitcoin sales in Q1
In the first quarter, Tesla sold a portion of its bitcoin stock, generating a profit of $101 million.
The electric car maker announced that it bought $1.5 billion worth of bitcoin in February, a sale that represents about 10% of its cryptocurrencies.
On Twitter, cryptocurrencies reacted unkindly to the news, with comedian Dave Portnoy accusing Elon Musk of profiting from the pumping and dumping caused by his public statements in support of BTC.
Musk denied the allegations and said he had not sold any of his bitcoins. He also explained that Tesla essentially did this transaction to demonstrate the liquidity of bitcoin as an alternative to holding cash on its balance sheet.
Meanwhile, Musk continues to defend Dogecoin on his Twitter – ahead of his appearance on Saturday Night Live on the 8th. May.
Coinbase offers customers a way to buy cryptocurrencies with PayPal
Several important developments took place this week that make it easier to buy cryptocurrencies….. buy them and use them as a means of payment.
Coinbase has announced that users in the US will now be able to purchase digital assets with debit cards and bank accounts linked to their PayPal profiles, giving them a wider choice of digital assets than PayPal alone.
Meanwhile, rival exchange Gemini has announced that it will partner with Mastercard to issue a credit card that allows cryptocurrency holders to spend digital assets and be rewarded with bitcoins.
In addition, Binance announced that it would launch its own NFT trading platform in June – with a premium event category designed to attract high profile participants.
And if you’re hungry: Bubba Gump Shrimp’s seafood restaurants will begin accepting bitcoin and other cryptocurrencies within 90 days.
The Giving Block launches Crypto Giving Pledge to boost‘s fundraising efforts
The leading cryptocurrency donation platform has launched a new initiative to make the digital asset sector the most philanthropic in the world.
The Giving Block has launched the Crypto Giving Pledge, which encourages investors to donate at least 1% of their money to charities each year, and asks companies in the industry to donate 1% of their revenue to similar causes.
Users can participate in the initiative anonymously without having to disclose their contribution. If every cryptocurrency user gave 1% of their money to charity, it would generate $20 billion.
The organization’s co-founder says this will not only raise money for incredible projects that desperately need support, but also remove the tax burden on cryptocurrencies for donors – and end the idea that cryptocurrencies are bad.
Winners and losers
At the end of the week Bitcoin is at $57,380.31, Ether at $2,880.41 and XRP at $1.56. The total value of the contract is $2,212,553,216,270.
In the top 100 cryptocurrencies, the three altcoins that gained the most this week were Fantom, Polygon and OKB. The only altcoin to lose is Celo.
For more information on crypto currency prices, be sure to check out Cointelegraph’s market analysis.
Most memorable quotes
Ripple will go public after the settlement of the ongoing lawsuit. That’s what the current CEO wants to do. Chris wants to do it.
Yoshitaka Kitao, CEO, SBIGroup
Facebook bought 0 bitcoins for a total price of $0 as part of a business strategy to have fun while staying poor.
If you sold #Bitcoin because Facebook didn’t buy it in Q1 and you’re also looking for a GMI, I have bad news for you.
Travis Kling, Executive Director Ikigai
HMRC suspects that a growing amount of hidden wealth is escaping its notice thanks to the rise of cryptocurrencies.
David Jones, Director, UHY Hacker Young
In blockchain analytics, we always talk about how all this activity stays on this ledger forever, and if you did something wrong 10 years ago, you can be caught and arrested for it today.
Sarah Meiklejohn, computer scientist
Instead of investing in cryptocurrencies, I want to focus on extreme life extension technologies, because if you die, you can’t enjoy life anymore.
Roger Wehr, founder of Bitcoin.com
The recent rally in altcoins market capitalization is much sharper than the rally that followed the February correction.
Ether will always remain in second place behind bitcoin, according to Kevin O’Leary of Shark Tank
Despite ETH’s further strengthening against BTC this week, Shark Tank star Kevin O’Leary still thinks bitcoin will remain at the top of the cryptocurrency rankings.
He said to CNBC: Bitcoin will always be gold, Ethereum will always be silver.
The Shark Tank star said he has owned cryptocurrencies since 2017 and announced last month that he is allocating 3% of his portfolio to bitcoin.
However, he has previously referred to digital assets as cryptocurrency and bitcoin as not a real currency.
FUD of the week
DeFi hacks and exploits totaled $285 million as of 2019, according to Messari.
The growing popularity of decentralized finance since 2019 has led to this emerging market segment becoming the target of unscrupulous hackers and speculators.
Crypto-currency research firm Messari says DeFi protocols have lost more than $284 million to hacks and other mining attacks since 2019.
Nearly half of the DeFi hacks reported in Messari’s report were flash credit attacks, while others exploited temporary vulnerabilities in pricing oracles.
New Jersey county gets 250% return on cryptocurrencies seized in 2018.
US prosecutors have sold the cryptocurrencies they seized in 2018.
The digital assets seized in the drug bust were originally valued at $57,000. Three years have passed and they have made a profit of $ $141,000.
Monmouth County Attorney Christopher Gramiccioni said the county is the first agency in the state to seize and liquidate cryptocurrency assets.
This will serve as an effective model for government enforcement in the cryptocurrency market, a place where the proceeds of crimes are expected to remain hidden, he added.
Binance could face heavy fines for its share tokens, warns German regulator
Binance’s attempts to connect traditional markets to the cryptocurrency space through fractional exchange tokens have caught the attention of Germany’s financial regulator.
BaFin has warned that the world’s largest cryptocurrency exchange could face heavy fines for launching security-related tokens without an accompanying prospectus for investors.
On Monday, Binance introduced fractional share tokens for Apple, MicroStrategy and Microsoft, and added tokens for Coinbase and Tesla.
The stock exchange told Cointelegraph: Binance takes its compliance obligations very seriously and is committed to meeting the requirements of local regulatory authorities wherever we operate. We will work with regulators to resolve any issues.
The Next Life of Roger Vera Cryogenics meets crypto
With a fortune he vaguely describes as billions, the bitcoin cash developer plans to shift his investments to cryonics over the next decade in hopes of improving experimental technology.
100 fascinating facts about the last 100 days of cryptocurrencies
A $100 investment in DOGE 100 days ago would be worth $2,742 today, while the same investment in BTC would be worth $130 today.
Will Biden’s capital gains tax plan drive cryptocurrencies to the moon?
Tax increases may cause volatility in the short term, but in the long term you could see more demand for DeFi apps and other bailout options.
This source has been very much helpful in doing our research. Read more about bitcoin bearish or bullish and let us know what you think.
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