Coming every Saturday, Hodler’s Digest can help you track every single important news story that occurred this week. The best (and worst) quotes, regulation and adoption highlights, leading coins, predictions and even more — weekly in one link.
Top Stories This Week
Altcoins rally as bulls heap into large-cap tokens and layer-one jobs
Ether delivered a gorgeous surge that required its price over $3,000 for the very first time, breaking new documents throughout the week. On Saturday, ETH remained in uncharted land after racing to highs of $3,800.
Among those celebrating ETH’s spike will be Ethereum co-founder Vitalik Buterin, that has formally turned into a crypto billionaire. Excitement is ongoing to build ahead of a long-awaited upgrade which will overhaul the system’s gas fee arrangement in July.
ETH is in great company, too. EOS rallied by more than 100% this week after a current routine that increases the job’s inflation rate. Litecoin has hit a one-year high against Bitcoin, with many analysts predicting extended upside momentum. And BTC Cash jumped 68 percent amid rumors that a looming hard disk could boost the community’s user base.
Even Ethereum Classic, the tricky fork sparked by disagreements following a devastating 2016 hack, has pumped 130% in the past week.
Of course, there’s one altcoin specifically that continues to steal the show…
May 8″day to watch” for Dogecoin amid warning it may suffer an XRP-style crash
DOGE has seemed unstoppable in recent weeks. It hit unprecedented highs of 0.7376 early on Saturday.
It is inevitable that his look will feature endless sketches about Dogecoin, and that could pump costs even further.
However, not everyone is finding DOGE’s surge to be a cause for celebration. Lowstrife, a popular accounts on Twitter, believes the end is nigh, with the crypto trader spotting spooky similarities between DOGE’s present charts and XRP at the heady days of 2018.
Warning of an impending apocalypse for DOGE, Lowstrife wrote:”Each of DOGE’s significant rallies this season has been smaller and not as aggressive. What required 18 hours first has been continuing for two days now. I suspect this is the last push before it is all over once and for all. May 8th is the day to watch.”
Even Musk himself has been cooling the hype, reminding followers which crypto investments remain insecure.
Square’s BTC revenue up 1,000% in 12 months
A flurry of earnings results this week powerfully illustrated the effect that BTC’s sensational first quarter has had.
Square blew analysts’ expectations by delivering earnings of $0.41 per share between January and March — way beyond the 0.16 prediction. Revenue came in at $5.06 billion, dwarfing forecasts of $3.36 billion.
BTC alone drove $3.5 billion in revenue, an astounding increase of 1,000% in just 12 months. Total, the crypto-friendly firm’s gross profit also surged 79% year on year to reach $964 million.
Square’s also sitting on newspaper profits of $250 million after making two high profile BTC buys — one in February and one in October.
PayPal has also been heralding the”great results” it’s been getting from its crypto service. The platform’s earnings and revenue also surpassed forecasts in Q1.
Coinbase stock plunges to record low, additional decoupling from crypto
The celebratory air isn’t universal. Coinbase shares tumbled to fresh lows on Thursday as Wall Street investors continued to cycle out of high-tech stocks.
All of this comes despite the entire market cap of all cryptocurrencies slumping beyond $2.4 trillion.
(That said, his assertion that crypto is nursing a”poor hangover” is misplaced.)
Coinbase’s woes might be linked to increasing competition among crypto exchanges, which has abandoned retail investors spoiled for choice. There is a risk that this could eat to the revenues it derives from transaction fees, which constitute most of its earnings.
Comedian Bill Maher excoriates ecological impact of crypto
Elon Musk’s stint on the box this weekend functions as a potent counterweight to comic Bill Maher, who didn’t leave crypto enthusiasts in stitches during a current segment.
On Maher’s program, he compared the business to a digital game — and talked about mining at a derisive tone. Maher also suggested that investing in tokens was a childish undertaking, and illustrated his point with quotes from Warren Buffett.
He said:”There is something inherently not credible about producing countless billions in virtual wealth with nothing ever actually being accomplished without a actual product made or service rendered. […] Unfortunately, what is real is the unfathomable amount of electricity those massive supercomputers suck up for their mining.”
Maher even quipped that Satoshi Nakamoto, the pseudonym used by BTC’s inventor, is the Japanese term for”Monopoly money.”
Anthony Pompliano shared with the clip along with this caption:”Never ask a comic for investment advice.”
Binance CEO Changpeng Zhao responded, writing: “Very sad to watch. Feel really hopeless for him. Joke’s going to be about him. Time will show.”
Among the biggest 100 cryptocurrencies, the best three altcoin gainers of the week are Shiba Inu, BTC Diamond and Telcoin.
For more information on crypto costs, make sure to read Cointelegraph’s market evaluation .
Most Memorable Quotations
“Seems like Uniswap v3 is more gas expensive than v2, roughly as anticipated.”
Haseeb Qureshi, Dragonfly Capital managing partner
“With cryptocurrencies already creating incredible worldwide wealth, it is real estate which will maintain that wealth and provide buyers with a legacy.”
“We watched a mini-bubble at SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers.”
Mike Bailey, FBB Capital Partners director of study
“It certainly can go considerably higher, I believe we may see the price go to $10,000, where a great deal of ETH bull price targets start to kick in and people take gains .”
Nikhil Shamapant, retail buyer
“We’ve committed to having no HQ, and it is important to demonstrate our decentralized workforce that no one place is [more] important than another.”
“Each of DOGE’s significant rallies this season has been smaller and not as aggressive. What required 18 hours first has been continuing for two days now. I suspect this is the last push before it is all over once and for all. May 8th is the day to watch.”
“DeFi may result in a paradigm change in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure.”
Federal Reserve of St. Louis
“Volatility is everywhere […] It is not unique to crypto.”
“Obviously I despise the BTC success, and I don’t welcome a currency that is so useful to kidnappers and extortionists etc.”
“There is something inherently not credible about producing countless billions in virtual wealth with nothing ever actually being accomplished without a actual product made or service rendered.”
Bill Maher, comedian
Prediction of the Week
They see ETH rollin’: Why did Ether price reach $3,500, and what is next?
Ether’s flourishing price has prompted frenzied talk about a long-fabled”flippening” where ETH overtakes BTC since the world’s biggest cryptocurrency.
Though that is fanciful right now, there are quite a few bullish predictions in regards to where Ether’s price is headed .
One of these comes in Nikhil Shamapant, a retail agent who lately published a study report where he argued ETH could be worth $150,000 by 2023.
He told Cointelegraph:“It certainly can go considerably higher. I think we may see the price go to $10,000, where a great deal of ETH bull price targets start to kick in and people take profits. I think we’ll head up to this $10,000-to-$25,000 range, hit a great deal of supply and could see some huge drawdowns and consolidation at that point.”
FUD of the Week
The fees sting, however, Uniswap v3 sees greater volume on launch day than v2’s month
Data indicates that Uniswap v3 had a successful first 24 hours processing greater than double the volume that v2 did in its first month.
However, not everyone’s been enamored with the most recent iteration of the planet’s most popular decentralized exchange, with a few users complaining about the costs associated with using it.
One person wrote on Twitter: “more costly to make mistakes today. Tried to migrate my UNI/ETH liquidity to V3, paid and failed 108.09 usd worth of gasoline.”
On Twitter, he wrote: “Seems like Uniswap v3 is more gasoline expensive than v2, roughly as anticipated. […] Specifically, it is about 28% more costly for single-hop transactions it looks like. For larger transactions that cross numerous ticks/buckets, the gasoline costs should be slightly larger.”
New York bill proposes ban on crypto mining for three decades over carbon issues
A Democrat senator in New York, Kevin S. Parker, is proposing a three-year ban on crypto mining.
Data centers could just be permitted to operate if they pass an environmental impact review, amid worries which BTC mining could get the condition to overlook ambitious aims designed to tackle climate change.
New York Senate Bill 6486 said:”A single cryptocurrency transaction utilizes exactly the same amount of energy that an average American home uses in one month, with an estimated amount of international energy use equal to all the nation of Sweden.”
The bill is yet to get widespread backing from other senators. However, the Democrats do restrain the lower house and senate.
Employer paid employee in crypto, then demanded it back when price rose
A United States-based small business development specialist has promised that a company which paid them for contract work utilizing cryptocurrency now wants one to return the tokens after a significant rally in the asset’s price.
The unnamed worker, known just as”Crypto Confused,” wrote to MarketWatch and said: “I am not really sure what to do. I have worked with this person for many decades, and he has a tendency to try to change the terms of payment after agreeing on a certain way of working”
Columnist Quentin Fottrell responded: “If the value of the cryptocurrency had dropped by 100% since August 2020, could he need to cover you ? If it suddenly dipped by that amount today, would he follow up with his workers?”
As experts pinpoint different groups as Dogecoin’s vanguard, the coin’s possible base seems to be a broad coalition.
From nay to yay: JPMorgan’s route to crypto could shake up finance
After hammering BTC back in 2017, JPMorgan CEO Jamie Dimon seems to have softened his position on crypto, and so has the company .
Since BTC’s payment choices grow, BTC’s true future role up for debate
It must first have an application case.