Coming every Saturday, hodler digest Will help you track every single important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.
Top news of the week
Sun, Sea and Satoshi were on the agenda in Florida as the biggest bitcoin event in history.
Organizers were expecting a massive turnout for the sold-out event, with some estimating that there would be more than 50,000 attendees.
On day one, MicroStrategy CEO Michael Sayler revealed more about his experience in the cryptocurrency space so far. He said: “I realized I first bought bitcoin a year ago yesterday, and so this is the end of my rookie year.”
Twitter and Square CEO Jack Dorsey also declared that “Bitcoin changes absolutely everything.” He told the conference: “We don’t need the financial institutions we have today” – and to make money for the world, it has to be developed internationally.
One particularly eye-opening forum discussion came from Brian Brooks, a former regulator turned CEO of Binance.US. He said: “If you’ve never worked at a big bank, you have no idea how bad the problem is.”
For many, Bitcoin 2021 in Miami is the first physical event since the start of the coronavirus pandemic that has enabled celebrities, cryptographers and CEOs to walk shoulder to shoulder. Alas, you can’t please all people all the time.
Mati Greenspan, the founder of Quantum Economics, tweeted how Bitcoin 2021 will be “the biggest crypto conference ever!”
But they were quickly set straight by the likes of Bitcoin Magazine editor Pete Rizzo, who said: “This is a bitcoin convention, about bitcoin. Bitcoin is the subject and hence why it is used as an adjective.”
To be fair, the organizers clarified that this is a bitcoin-only event, meaning no altcoins are allowed.
But as DeFi Pulse founder Scott Lewis wondered… is it really possible to go two days without talking about Ethereum?
While the party is in full swing in Florida, the fact remains that bitcoin is struggling to break even. $40,000 Will undoubtedly put pressure on the proceedings.
That said, Mike McGlone of Bloomberg Intelligence says there are still plenty of reasons to be bullish.
In his latest Bloomberg Galaxy Crypto Index report, he said that BTC is “stronger, greener, and less expanded” than the height of the rally in April.
He also added that the Bitcoin bull run remains intact, with a price target of $100,000 likely to exceed the $20,000 retracement.
Alas, not everyone agrees with McGlone’s forecast, the worst May for the bitcoin price in 10 years, with JPMorgan strategist Nikolaos Panigirtzoglu writing in a research note that weak institutional demand could drag BTC down. . $30,000.
Dogecoin – compared by some to “digital plastic” this week – has enjoyed quite a boom lately. Coinbase announced that it would open its doors to DOGE deposits on June 1, the joke cryptocurrency’s price climbed 40% in a single day, powered by Coinbase.
DOGE boom. shook more than $16 million In an hour worth of bearish gains, the altcoin almost returned to pre-crash highs.
One analyst, @HsakaTrades, announced that a “boring market” was turning to DOGE and spinning out of other altcoins.
We have all become familiar with the endless announcements surrounding the death of bitcoin. Now, with non-fungible token sales plunging 90% since they peaked in early May, some are sounding the death knell for NFTs.
after $102 million How many NFTs were sold in a single day on 3rd May, that’s all $19 million Price sales took place in the past week. up $170 million The NFT price was sold on either side of the market top in a seven-day window, close to . Is equal to 90% decline since then.
There is also less number of NFT wallets showing any sign of activity on a daily basis 70% from the beginning of May, after falling from 12,000 To 3,900.
NFT sales and wallet activity were down across the full range of token categories spanning gaming, decentralized finance, collectibles, art, utility, metaverse and games.
winners and losers
At the end of the week, bitcoin is on $37,733.41, ether at $2,787.12 and on XRP $0.99. total market cap is $1,710,804,430,870.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week theta fuelhandjob Curve DAO Token and siacoin. Top three altcoin losers of the week UNUS SED LEOhandjob Decred and nano.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
most memorable quotations
“Who forgot to invite Elon to the #Bitcoin conference?”
David Gokhshtein, founder of Gokhshtin Media
“Bitcoin is more likely to resume appreciating the $100,000 resistance rather than sustain below $20,000.”
“Right now, if you buy and sell gold, you are taxed, they can do that. If you make a profit in bitcoin, you read stories of people taxing it. You can’t tax money, you can’t tax it.”
ron paul, former presidential candidate
“Digital currencies are not a substitute for gold. If anything, they would be a substitute for copper, they are risk-averse, risk-at-risk assets. They are a substitute for a risk-on inflation hedge, not a risk-free inflation hedge.”
Jeff Curry, Global Head of Commodity Research at Goldman Sachs
“When something gets big enough, things like consumer interest and money laundering come into play. So there is good reason to believe that [regulation] What will happen.”
Stephen Ingweis, Sveriges Riksbank Governor
Now back to Miami, where an eye-opening panel suggested we may be just 10 years away from “hyperbitcoinization” – marking the moment when BTC takes over global finance.
Make no mistake, this will not be an easy feat. This will add billions of new users by 2031. Again, Bitcoin Has Already Been Attracted hundreds of millions Number of users in the last 10 years.
Parker Lewis of Unchained Capital is one of those who have high hopes. He said: “I think based on how bitcoin has been historically adopted and the trillions of dollars the Fed will be printing over the coming months to years, it would be potentially conservative that bitcoin is a unit of account for 10 years.”
Saphedian Ammos, author of The bitcoin standard: a decentralized alternative to central banking, was a bit more conservative. He predicted it would take 16 years…or four more cycles to stop.
And Dan Held of Kraken believes that hyperbitcoinization is at least a decade away… until fiat currencies are “rapidly devalued”.
FUD of the week
Ethereum co-founder Vitalik Buterin has admitted that the long-awaited move to a proof-of-stake consensus mechanism is taking a lot longer than he expected.
Speaking partly in Mandarin at a conference in Hong Kong, he said: “We thought it would take a year to do proof-of-stake, but it actually takes six years. If you’re doing something complex that you think will take some time, it’s actually going to take a lot longer.” Likely to hit.”
Buterin said that there have been several internal team conflicts over the five years that took Ethereum to where it is today.
“One of the biggest problems I’ve had with my project isn’t technical problems — it’s people-related problems,” he said.
The latest roadmap estimates that Eth2 may not have the kind of scalability that large-scale enterprise applications achieve by the end of 2022.
Google has lifted a three-year-old policy prohibiting crypto exchanges from using its advertising services.
But the new policy will not open the door to the vast majority of crypto institutions because “advertisements to promote the buying, selling or trading of cryptocurrency or related products such as initial coin offerings, the DeFi trading protocol, or otherwise” are all prohibited.
Google’s policies regarding crypto ads have often been conflicting and, at some point, experts have called them inappropriate.
Expect a battle between the likes of Binance.US and FTX as they prepare to carve out the state’s market share.
According to a recent court ruling, YouTube is not responsible for crypto-related scams posted on its platform.
Apple co-founder Steve Wozniak failed to 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 a provisional ruling that YouTube and its parent firm Google Communications are protected by section 230 of the Civilization Act — a federal law that protects Internet platforms from responsibility for content posted by users. is.
Best Cointelegraph Features
The latest developments in China have prompted crypto miners to re-evaluate domestic risk as they can now look towards international expansion.
Regulatory hurdles and the economic impact of the pandemic have derailed some CBDC projects, but all hope is not lost.
This is the story of Jay, who created the meme by buying Lamborghini with bitcoin. He went from a poverty-level existence to a good lifestyle – But not without worrying about the safety of his family.