John McAfee’s Tributes, El Salvador’s Bold Plans, Altcoin Fears
Come every saturday Hodler’s digest helps you keep track of all the important news that happened this week. Best (and worst) quotes, introductory and regulatory highlights, top coins, predictions and more – one week on Cointelegraph in one link.
This week’s top news
In memory of John McAfee: Computer programmer and crypto evangelist died at the age of 75
John McAfee was found dead in his cell in Spain after the country’s court ruled he could be extradited to the USA to be charged with tax evasion. He is 75 years old.
He is best known for creating one of the most famous antivirus programs in the world. The entrepreneur also made headlines in the crypto space and mainstream media with his July 2017 prediction that Bitcoin price will hit $ 500,000 by 2020. McAfee ultimately failed to qualify for an extravagant bet claiming he would “eat” [his] seedy on national television “when it doesn’t happen.
The Spanish authorities do not rule out that McAfee committed suicide. The news of his death gave wings Tributes and conspiracy theories.
Former NSA employee and whistleblower Edward Snowden tweeted: “Europe should not extradite people accused of nonviolent crimes to such an unfair judicial system – and such a cruel prison system – that native-born defendants would rather die.
Cardano founder Charles Hoskinson described McAfee as a “deeply problematic person” but praised him as “one of the most enigmatic and interesting people in crypto space and in computer history”.
El Salvador spends $ 30 in Bitcoin for every adult citizen
There can be a contradiction Challenge on President Nayib Bukele’s Bitcoin bill, but it appears that El Salvador’s leader is determined to push ahead with his plan to adopt cryptocurrency as legal tender.
This week, Bukele announced that the government would release $ 30 worth of BTC to citizens who download government-issued crypto wallets. He further confirmed that BTC will officially become legal tender on September 7th.
The announcement was welcomed by Bitcoiners, with influencers speculating that the El Salvador government will have to buy the required amount of BTC it wants to distribute – and more $ 100 million under buying pressure in the market.
Online chain analyst Willy Woo tweeted that the global user base of Bitcoin will grow 2.5% I fall 4.5 million won The people of Salvador make the president’s offer.
Ethereum, altcoins are more at risk of falling than Bitcoin if BTC loses $ 30,000, analyst analyst warns
Bitcoin has fallen again after hitting as high as it is $ 36,059.48 earlier this week.
And according to Flibflib, an independent market analyst, altcoin traders and investors should stay away if the world’s largest cryptocurrency falls below value $ 30,000.
In a tweet released At the end of Friday, they said a 30% crash in the bitcoin market could cause altcoins to double down.
At the time of writing, Bitcoin price is going down 14% during the week, but smaller cap coins fared much worse. Ether drop 21%, Binance Coin has fallen 20%, Dogecoin is lost 19%and XRP feeds losses 25%.
Bitcoin is headed for the worst quarter since the bear market in early 2018
Bitcoin is poised to have its worst quarter since its downtrend began in 2018.
The current quarter is also well on its way to becoming the second worst quarter since the start of 2014 for BTC in nearly eight years.
Bitcoin is currently falling 47% for this quarter – the weakest quarter since Q1 2018, when it fell by approx. 50% its value in just three months amid a decline from its 2017 all-time high.
SEC accuses the XRP Army of making “false statements” against their leadership on social media
XRP token holders have been accused of attacking members of the US Securities and Exchange Commission with false statements on social media.
Among those who appear to be on the XRP Army’s radar is a former SEC director, with the commission warning that doing so could discourage people seeking public service positions.
The SEC filed a lawsuit against Ripple in December, accusing the company, CEO Brad Garlinghouse and co-founder Chris Larsen, of “a continuous, unregistered offering of securities for digital assets” with the sale of their XRP token.
In response to the SEC lawsuit, Ripple stated that XRP is like Bitcoin or Ether – both are classified as a commodity rather than a security by the regulator.
You get up and lose
At the end of the week, Bitcoin was with $ 31,574.31, Ether at $ 1,784.19 and XRP at $ 0.60. The total market capitalization is $ 1,269,500,623,338.
Among the 100 largest cryptocurrencies, the only altcoin is the one that rose in price over the course of the week Celo. The three best bearish altcoins of the week are Kusama, Internet computer and amp.
For more information on cryptocurrency pricing, be sure to read Cointelegraph Market Analysis.
The most memorable quotes
“6 million people were added to the crypto ecosystem at once.”
Changpeng Zhao, CEO of Binance
“It is unwise to believe that governments have no tools with them to hunt down the bad guys, they do. If we want this ecosystem to thrive, we have to recognize that we have to operate within the rules set by society. “
Mike Novogratz, CEO Galaxy Digital
“In order for Bitcoin to one day outperform gold, it has to become a more accepted form of currency – to be honest, I’m not sure that it will get there.”
Thomas Farley, former director of the New York Stock Exchange
“What we see is a correction, a contraction, and a lot of that shaky thing we call paper hands, weak hands.”
Meltem Demirors, Chief Strategy Officer CoinShares
“I’ve sold almost all of my bitcoins. Do not need. “
Jim Cramer, CNBC host
Predictions for the week
Bitcoin price could reach US $ 450,000 in 2021 – US $ 135,000 is the “worst case”, says PlanB
Not everyone sees the outlook for Bitcoin bleak – and one of them is PlanB, the creator of the stock-to-flow model.
He says BTC could trade a tempting $ 450,000 by the end of the year … and $ 135,000 would be the worst case scenario.
Even as BTC / USD experiences multiple re-tests of multi-month lows, the analyst – and his models – remains firmly fixated on a much better medium-term target for crypto’s biggest death.
Now Bitcoin is still too traded even in the “worst case” $ 47,000 in August. A slight trend reversal in September sets a minimum target of $ 43,000 for this month only follows $ 63,000 in October – near the current all-time high.
Then it gets hot with $ 98,000 on the map in November and a giant $ 135,000 at the end of the year.
That being said, PlanB said it found its famous price predictions “uncomfortable” due to the recent downtrend in the market. In a recent poll on Twitter, he said 41% among respondents said they believe Bitcoin will be below that $ 100,000 in 2021 – and completely invalidates its model.
FUD of the week
Bitcoin on the up, but BTC could never beat Gold’s $ 10K market cap – former NYSE boss
Thomas Farley, the former head of the New York Stock Exchange, is optimistic about Bitcoin – but he has a word of warning for ardent crypto enthusiasts.
While he believes BTC has long-term upside potential, he expressed doubts about the narrative that the cryptocurrency is “digital gold”.
Farley says: “In order for Bitcoin to one day outperform gold, it has to become a more accepted form of currency – to be honest, I’m not sure that it will get there.”
To beat gold, bitcoin has to trade higher $ 533,000 with power supply.
Richter blocks the sale of Jay-Z’s first album and its copyrights as an NFT
A New York judge has issued an injunction over an alleged attempt by the co-founder of Roc-A-Fella Records Inc. (RAF) to sell an encrypted version of Jay-Z’s first album Reasonable doubt with its copyright.
Dash has stated that he is only trying to sell his stake in RAF, which he formed with rapper and Kareem Burke in 1995.
The record label has split ownership between the three, with the company owning all rights to the album in question.
A complaint filed on June 18 stated: “The bottom line is simple: Dash can’t sell what he doesn’t own. In attempting such a sale, Dash has converted corporate value and violated its duty of loyalty. “
A judge agreed to stop the sale of NFT and limit Dash’s sales of the rights to the album until July 1 at the earliest.
The CNBC host boldly reveals that it sold its BTC in the middle of the bear market
Jim Cramer liquidated almost all of his bitcoins.
The host of CNBC’s Mad Money believes BTC “hasn’t risen for structural reasons,” underscoring China’s new regulatory reluctance.
Cramer warned China’s central government to view Bitcoin as a “direct threat” to the regime and its ability to control the flow of money in the country – and described the cryptocurrency as “a system that got out of hand”.
China’s escalating crypto mining ban …