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Home > All Crypto > Elon Musk dumps $1.1B in Tesla inventory, NYCCoin launches with mayor’s blessing and Mastercard pushes crypto-linked playing cards in Asia: Hodler’s Digest, Nov. 7-13

Elon Musk dumps $1.1B in Tesla inventory, NYCCoin launches with mayor’s blessing and Mastercard pushes crypto-linked playing cards in Asia: Hodler’s Digest, Nov. 7-13


Coming each Saturday, Hodler’s Digest will make it easier to observe each single vital information story that occurred this week. The most effective (and worst) quotes, adoption and regulation highlights, main cash, predictions and far more — every week on Cointelegraph in a single hyperlink.

High Tales This Week

Crypto markets tag $3T mixed market cap for first time

Initially of this week, the mixed cryptocurrency market cap broke $3 trillion for the primary time. The market has fluctuated closely this yr, beforehand topping out at $2.62 trillion in the course of the peak of the bull run in Could, earlier than crashing right down to as little as $1.24 trillion in mid-July. 

CoinGecko’s information tracks 10,418 digital belongings throughout 518 cryptocurrency exchanges, and the surging momentum within the latter half of 2021 comes on the again of Bitcoin (BTC), Ether (ETH), Polkadot (DOT) and Solana (SOL) all pushing previous new all-time highs.

Bitcoin nonetheless stays the dominant power in crypto, with its $1.21 trillion market cap being greater than double that of second-ranked Ethereum at $550 billion. In the meantime, the mixed capitalization of all different crypto belongings sits at roughly 40%, or $1.24 trillion.

BREAKING: Mastercard launches crypto-linked playing cards throughout Asia-Pacific

On Tuesday, Mastercard introduced that it will likely be launching crypto-linked fee playing cards throughout the Asia-Pacific area that may allow customers to immediately convert their digital belongings into fiat foreign money. 

The playing cards are being launched in collaboration with three crypto service suppliers: Amber Group and Bitkub in Thailand, and CoinJar in Australia. Mastercard hasn’t outlined what crypto belongings shall be supported at this stage however did trace that Bitcoin and Ether could be on the prime of the checklist. 

“Moderately than instantly transferring cryptocurrencies to a service provider, cardholders will now be capable of immediately convert their cryptocurrencies into conventional fiat foreign money which could be spent in all places Mastercard is accepted all over the world, each on-line and offline,” Mastercard stated.

NewYorkCityCoin launching this week with Mayor-elect Eric Adams’ blessing

NewYorkCityCoin (NYCCoin) launched on Thursday, with Mayor-elect Eric Adams giving the coin’s issuers, CityCoins, a public endorsement forward of the rollout. Adams acknowledged final week that he wished to have a CityCoin for NYC that mirrors Miami’s MiamiCoin.  

Whereas Adams welcomed the mission to New York this week, CityCoins has but to formally accomplice with the native authorities. It could wish to accomplish that quickly, nonetheless, because the NYCCoin mission will divert 30% of its mining rewards to a custodied reserve pockets that the native authorities can use to help no matter initiatives it chooses.  

“We’re glad to welcome you to the worldwide residence of Web3! We’re relying on tech and innovation to assist drive our metropolis ahead,” Adams stated.

Elon Musk offloads $1.1B in Tesla inventory

In keeping with filings with the U.S. Securities and Trade Fee, erratic billionaire and Tesla CEO Elon Musk offloaded greater than 934,000 Tesla shares value round $1.1 billion on Thursday. 

Musk made round a 180% acquire on his offered shares with a mean sale worth of round $1,170, marking his largest fireplace sale of Tesla inventory up to now. The CEO had teased a possible sale over the weekend after polling his 63 million Twitter followers about whether or not he ought to promote 10% of his Tesla inventory. The ballot was in response to public pushback towards billionaires who might or might not have paid their justifiable share of tax. 

This sale solely accounted for 1% of Musk’s holdings, and the filings present that he deliberate to promote the inventory as a part of his tax obligations again in September. The world now awaits if he’ll promote one other 9% to appease the 58% of respondents who voted “sure” to his ballot.

Zimbabwe stands out as the subsequent nation to embrace Bitcoin as authorized tender

Zimbabwe’s authorities was rumored to be taking a look at using Bitcoin as a authorized tender to satisfy rising demand within the nation, in response to native information retailers. 

The information, reported on Nov. 7, prompt that discussions with native companies are already underway. Retired Brigadier Colonel Charles Wekwete, everlasting secretary and head of the e-government know-how unit within the workplace of the president and cupboard, was confirmed because the supply of the hypothesis. 

A few days later, nonetheless, information additionally surfaced that Zimbabwe was not seeking to undertake Bitcoin in any respect, and was as an alternative exploring central financial institution digital currencies (CBDCs). Zimbabwe’s minister of knowledge, Monica Mutsvangwa, had the unlucky job of quashing the rumors and offering a serious buzzkill for Bitcoin maxis.

Winners and Losers

On the finish of the week, Bitcoin (BTC) is at $63,185, Ether (ETH) at $4,577 and XRP at $1.17. The full market cap is at $2.75 trillion, in accordance to CoinMarketCap. 

Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Loopring (LRC) at 100.64%, Kadena (KDA) at 99.70% and Livepeer (LPT) at 80.35%. 

The highest three altcoin losers of the week are OMG Community (OMG) at -25.57%, Arweave (AR) at -16.86% and Cosmos (ATOM) at -15.68%.

For more information on crypto costs, make certain to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“For the second time in 5 months, we introduced the seizure of digital proceeds of ransomware deployed by a transnational felony group. This is not going to be the final time — the U.S. authorities will proceed to aggressively pursue the whole ransomware ecosystem and improve our nation’s resilience to cyber threats.”

Merrick Garland, U.S. legal professional normal

“If Apple have been so as to add help for #Bitcoin to the iPhone and convert their treasury to a Bitcoin Normal, it will be value no less than a trillion {dollars} to their shareholders.”

Michael Saylor, CEO of MicroStrategy

“The crypto neighborhood is bold, daring and stuffed with potential. Innovation is about synergy. It’s past know-how and about individuals. It’s about us.”

Kristina Cornèr, editor-in-chief at Cointelegraph

“I consider that within the subsequent three to 5 years, the DeFi trade will develop massively. It’s already rising quickly, however some great benefits of peer-to-peer applied sciences can and shall be extra extensively skilled.”

Anton Bukov, co-founder of 1inch Community

“If the outcomes of this ‘growth’ part conclude that the case for CBDC is made, and that it’s operationally and technologically sturdy, then the earliest date for launch of a U.Ok. CBDC could be within the second half of the last decade.”

The Financial institution of England

“We’re taking a excessive diploma of concentrate on points surrounding the safety of private info and the digital yuan and have made related regulatory and technological changes to satisfy this goal. We now have adopted a precept of anonymity for small transactions concerning the digital yuan and can solely step in to manage below the regulation for giant transactions. In terms of gathering private information, we search solely to gather what is important and the minimal of what’s legally required, which is much lower than digital fee apps of immediately.”

Yi Gang, Individuals’s Financial institution of China governor

“It isn’t cheap to construct a monetary system that calls for traders even be subtle interpreters of complicated code.”

Caroline Crenshaw, U.S. Securities and Trade Fee commissioner 

“Crypto is turning into cultural, it’s turning into cool. […] It was once that in case you have been investing in crypto, you have been sort of bizarre.”

Cuy Sheffield, head of crypto at Visa

Prediction of the Week 

Bitcoin to hit $250K in January 2022 however ‘invalidate’ S2FX BTC worth mannequin — New prediction

Digital foreign money analyst Matthew Hyland just lately tweeted his ideas about Bitcoin’s potential upcoming worth motion. In brief, his multi-tweet write-up basically defined his prediction that BTC will surpass $100,000 on its approach to $250,000, validating one standard worth mannequin and invalidating one other. 

The Inventory-to-Circulate (S2F) and Inventory-to-Circulate Cross-Asset (S2FX) worth fashions, constructed by PlanB, a pseudonymous Twitter character identified for his Bitcoin evaluation, every have worth targets of upcoming relevancy. December 2021 ought to faucet right into a BTC worth of no less than $100,000 per coin, in response to the S2F mannequin. The S2FX mannequin notes a worth expectancy of round $288,000 per BTC earlier than the subsequent halving, which ought to happen in 2024. 

The worth fashions are based mostly round Bitcoin’s block reward halving cycles. Bitcoin halvings happen each 210,000 blocks — which takes about 4 years. The time in between is the halving cycles.  

Basically, Hyland thinks BTC will maintain tempo with the S2F mannequin in hitting $100,000, however the asset will solely attain about $250,000 in the course of the current halving cycle (concluding in 2024) — the results of large gamers promoting early earlier than $288,000. Huge gamers will doubtless get retail traders hyped for BTC after $100,000 is reached according to the S2F mannequin, in response to Hyland, main these mainstream of us to look subsequent towards the $288,000 worth goal of the S2FX mannequin. 

This week produced notable pleasure within the Bitcoin worth class. The asset turned in a brand new all-time excessive just under $69,000 earlier than dropping barely under $63,000, all on Wednesday, in response to Cointelegraph’s BTC worth index.

FUD of the Week 

Nigeria’s central financial institution reportedly freezes crypto merchants’ accounts

The Central Financial institution of Nigeria (CBN) was reportedly laying on the FUD this week after it ordered native industrial banks to freeze accounts tied to no less than two crypto merchants. The CBN banned banks from servicing native crypto exchanges over issues of volatility, cash laundering and terrorism financing.   

Native media outlet Peoples Gazette reported the information on Nov. 7, stating that CBN’s director of banking supervision, J.Y. Mammanand, laid down the regulation, directing his financial institution to close down the naughty crypto merchants’ accounts and transfer their funds to “suspense accounts.”

The crackdown is reportedly a part of a broader transfer from banking regulators to instantly shut the accounts of Nigerian residents or firms “transacting in or working cryptocurrency exchanges” utilizing native banks, as CBN execs assume that almost all of those transactions are nefarious.

Coinbase shares to open decrease after 75% drop in web earnings in Q3

Coinbase (COIN) shares promptly dipped round 13.1% in after-hours buying and selling following the discharge of underwhelming third-quarter monetary outcomes on Thursday. The agency posted $1.235 billion value of income in Q3, falling nicely under FactSet’s estimates of $1.614 billion. 

The agency’s income equated to $406 million, which marked a 74.7% lower in comparison with the second quarter however did beat analysts’ expectations of $380 million. Coinbase additionally reported earnings of $1.62 per share, which got here in 10% wanting the consensus estimate. The agency seemed to be unfazed by the outcomes, and the report highlighted that Coinbase is concentrated on the long run. 

“Coinbase is just not a quarter-to-quarter funding, however quite a long-term funding within the development of the crypto financial system and our capacity to serve customers by way of our services. We encourage our traders to take this standpoint,” the report learn.

Beeple’s Discord compromised, timed to coincide with Christie’s public sale

An admin account for Beeple’s official Discord channel was hacked on Wednesday, leading to a faux NFT drop being promoted to the group that noticed customers duped out of an estimated 38 ETH. 

An admin account with the deal with “Multi” confirmed to the group on Wednesday that their account had been compromised regardless of having two-factor authentication settings switched on. The hacker went on to impersonate an admin and the Beeple Bulletins Bot, and promote a faux and “low-cost” NFT drop from Beeple on Nifty Gateway. 

The members of the group have been anticipating an inexpensive NFT drop to be launched on the again of Beeple’s most up-to-date $29 million public sale, because the artist has accomplished such a factor earlier than to cater to all audiences. Nevertheless, not solely did the members partake in a faux drop, they didn’t even obtain any NFTs for his or her bother.

Finest Cointelegraph Options

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“The Metaverse doesn’t begin in digital actuality — it begins with possession of belongings, [the] capacity for anybody to create and commerce worth.”



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