Elon Musk dumped $1.1B in Tesla stock, NYCCoin launches with mayor’s blessing and Mastercard pushes crypto-linked cards in Asia: Hodler’s Digest, Nov. 7-13
The “elon musk dogecoin” is a story about Elon Musk dumping $1.1B in Tesla stock, NYCCoin launching with mayor’s blessing and Mastercard pushing crypto-linked cards in Asia: Hodler’s Digest, Nov. 7-13.
Every Saturday, Hodler’s Digest will keep you up to date on all of the major news stories from the previous week. A week on Cointelegraph in one link: the finest (and worse) remarks, adoption and regulatory highlights, top currencies, forecasts, and much more.
This Week’s Top Stories
For the first time, the aggregate market valuation of cryptocurrency marketplaces surpasses $3 trillion.
The aggregate cryptocurrency market worth surpassed $3 trillion for the first time this week. The market has been very volatile this year, peaking at $2.62 trillion in May at the height of the bull run before plummeting to as low as $1.24 trillion in mid-July.
Bitcoin (BTC), Ether (ETH), Polkadot (DOT), and Solana (SOL) all achieved new all-time highs in the second half of 2021, according to CoinGecko’s statistics, which analyzes 10,418 digital assets across 518 cryptocurrency exchanges.
Bitcoin is still the most valuable cryptocurrency, with a market valuation of $1.21 trillion, more than twice that of second-placed Ethereum, which has a market worth of $550 billion. In the meanwhile, the total market capitalization of all other crypto assets is over 40%, or $1.24 trillion.
Mastercard has announced the rollout of crypto-linked cards throughout Asia-Pacific.
Mastercard said on Tuesday that it would deploy crypto-linked payment cards throughout the Asia-Pacific region, allowing consumers to change their digital assets into fiat cash quickly.
Amber Group and Bitkub in Thailand, and CoinJar in Australia, are working together to introduce the cards. At this time, Mastercard has not specified which crypto assets would be enabled, although it has hinted that Bitcoin and Ether will be at the top of the list.
“Rather than sending cryptocurrencies directly to a retailer, cardholders will be able to instantaneously convert their cryptocurrencies into conventional fiat cash that can be spent everywhere Mastercard is accepted throughout the globe, both online and offline,” according to Mastercard.
Mayor-elect Eric Adams has given his permission to the launch of NewYorkCityCoin this week.
NewYorkCityCoin (NYCCoin) went live on Thursday, with Mayor-elect Eric Adams publicly endorsing the coin’s issuers, CityCoins, ahead of the debut. Last week, Adams claimed that he wants to create a CityCoin for New York City that would be similar to Miami’s MiamiCoin.
Despite Adams’ warm greeting to the concept in New York this week, CityCoins has yet to form a formal partnership with the city. The NYCCoin project will send 30% of its mining revenue to a custodied reserve wallet that the local government may use to fund any activities it chooses, so it may wish to do so fast.
“We’re delighted to welcome you to Web3’s worldwide headquarters!” “We’re relying on technology and creativity to propel our community ahead,” Adams added.
Elon Musk sells $1.1 billion in Tesla shares.
Elon Musk, the mercurial billionaire and Tesla CEO, reportedly offloaded more than 934,000 Tesla shares worth roughly $1.1 billion on Thursday, according to SEC filings.
With an average selling price of roughly $1,170, Musk gained a 180 percent profit on his sold shares, making it his greatest fire sale of Tesla stock to date. Over the weekend, the CEO hinted a possible sale by asking his 63 million Twitter followers on whether he should sell 10% of his Tesla shares. The survey was prompted by public outcry over billionaires who may or may not have paid their fair share of taxes.
Musk only sold 1% of his shares, according to the documents, and he intended to sell the stock as part of his tax requirements back in September. The world now awaits his decision on whether or not he would sell another 9% to placate the 58 percent of voters who said yes to his survey.
Zimbabwe might be the next nation to accept Bitcoin as a form of payment.
According to local news reports, Zimbabwe’s government is considering using Bitcoin as legal cash to fulfill the country’s expanding demand.
According to the announcement, which was released on November 7, talks with local companies are already begun. The source of the rumors was proven to be retired Brigadier Colonel Charles Wekwete, permanent secretary and head of the e-government technology section in the office of the president and cabinet.
However, a few days later, it was revealed that Zimbabwe was not interested in adopting Bitcoin and was instead looking at central bank digital currencies (CBDCs). Monica Mutsvangwa, Zimbabwe’s minister of communication, had the terrible task of dispelling the claims and putting a damper on Bitcoin speculation.
Losers and Winners
Bitcoin (BTC) is now trading at $63,185, Ether (ETH) is trading at $4,577, and XRP is trading at $1.17 at the conclusion of the week. According to CoinMarketCap, the overall market cap is $2.75 trillion.
The top three altcoin gainers of the week are Loopring (LRC) at 100.64 percent, Kadena (KDA) at 99.70 percent, and Livepeer (LPT) at 80.35 percent among the top 100 cryptocurrencies.
OMG Network (OMG), Arweave (AR), and Cosmos (ATOM) are the top three cryptocurrency losers this week, with losses of -25.57 percent, -16.86 percent, and -15.68 percent, respectively.
Read Cointelegraph’s market analysis for more information on crypto pricing.
The Most Memorable Quotes
“We announced the capture of digital revenues of ransomware employed by a global criminal organisation for the second time in five months.” The US government will continue to aggressively pursue the whole ransomware ecosystem in order to strengthen our nation’s resilience to cyber threats.”
Attorney General of the United States Merrick Garland
“It would be worth at least a trillion dollars to Apple’s stockholders if they added support for #Bitcoin to the iPhone and converted their treasury to a Bitcoin Standard.”
MicroStrategy CEO Michael Saylor
“The crypto community is bold, ambitious, and full of promise. Synergy is a key component of innovation. It’s about people rather than technology. “It’s all about us,” says the narrator.
Cointelegraph’s editor-in-chief, Kristina Cornèr
“I predict the DeFi business will explode in the next three to five years.” It’s already booming, but the benefits of peer-to-peer technology can and will be seen more broadly.”
1inch Network co-founder Anton Bukov
“If the findings of this ‘development’ phase show that there is a justification for CBDC and that it is operationally and technologically sound, then the earliest date for the launch of a U.K. CBDC would be in the second part of the decade.”
The Bank of England is the central bank of the United Kingdom.
“We are putting a lot of emphasis on topics like personal data security and the digital yuan, and we’ve made the necessary legal and technical changes to achieve this goal.” For modest transactions using the digital yuan, we have established an anonymity concept, and we will only intervene to control big transactions within the law. When it comes to collecting personal data, we only gather what is absolutely essential and the very minimum of what is legally needed, which is significantly less than what is requested by today’s electronic payment applications.”
Governor of the People’s Bank of China, Yi Gang
“Building a financial system that requires investors to be competent interpreters of complicated code is not realistic.”
Commissioner Caroline Crenshaw of the Securities and Exchange Commission of the United States
“Crypto is becoming a cultural phenomenon, and it’s cool.” […] It used to be that investing in cryptocurrency was considered odd.”
Cuy Sheffield, Visa’s head of crypto
The Week’s Prediction
Bitcoin will surpass $250K in January 2022, but the S2FX BTC pricing model will be ‘invalidated,’ according to a new forecast.
Matthew Hyland, a digital currency specialist, recently tweeted his opinions on Bitcoin’s likely future price behavior. In summary, his multi-tweet write-up basically stated his forecast that BTC would cross $100,000 on its way to $250,000, confirming one common pricing model while disproving another.
PlanB, a pseudonymous Twitter figure noted for his Bitcoin research, created the Stock-to-Flow (S2F) and Stock-to-Flow Cross-Asset (S2FX) pricing models, both of which contain price goals that are likely to be relevant in the near future. According to the S2F model, December 2021 should see a BTC price of at least $100,000 per coin. Before the next halving, which is expected in 2024, the S2FX model predicts a price of roughly $288,000 per BTC.
The pricing models are based on the halving of Bitcoin’s block reward cycles. Bitcoin halvings happen every 210,000 blocks, or every four years. The halve cycles are the intervals between the halving cycles.
Essentially, Hyland believes that BTC will exceed $100,000 in line with the S2F model, but that the currency would only reach roughly $250,000 during the current halving cycle (which ends in 2024) as a consequence of significant players selling before the price reaches $288,000. According to Hyland, when $100,000 is achieved in accordance with the S2F model, big players will likely get retail investors excited about BTC, driving those mainstream consumers to go toward the $288,000 price objective of the S2FX model.
The Bitcoin price category generated a lot of buzz this week. According to Cointelegraph’s BTC price index, the currency hit a fresh all-time high just around $69,000 before dipping just below $63,000 on Wednesday.
The Week’s FUD
Crypto traders’ accounts are purportedly frozen by Nigeria’s national bank.
The Central Bank of Nigeria (CBN) is apparently spreading fear after ordering local commercial banks to freeze accounts linked to at least two crypto dealers this week. Concerns about volatility, money laundering, and terrorist funding prompted the CBN to prohibit banks from providing services to local crypto exchanges.
According to the news, CBN’s director of banking supervision, J.Y. Mammanand, handed down the law, ordering his bank to close the guilty crypto traders’ accounts and send their cash to “suspense accounts,” according to Peoples Gazette.
According to reports, the crackdown is part of a larger drive by banking authorities to terminate accounts of Nigerian citizens or firms “transacting in or managing cryptocurrency exchanges” using local banks, since CBN officials believe the bulk of these transactions are illegal.
After a 75% decline in net profits in the third quarter, Coinbase shares are expected to start lower.
Following the publication of disappointing third-quarter financial data on Thursday, Coinbase (COIN) shares dropped roughly 13.1 percent in after-hours trade. In the third quarter, the company brought in $1.235 billion in sales, considerably behind FactSet’s expectation of $1.614 billion.
The company’s earnings were $406 million, down 74.7 percent from the previous quarter but higher than analysts’ projections of $380 million. Coinbase also posted profits of $1.62 per share, which fell 10% short of analysts’ expectations. Coinbase seems unmoved by the findings, and the article said that the company is focused on the long term.
“Coinbase is a long-term investment in the expansion of the crypto economy and our capacity to serve customers via our products and services, not a quarter-to-quarter investment.” The report said, “We urge our investors to adopt this point of view.”
Beeple’s Discord has been hacked, and the sale has been scheduled to coincide with Christie’s.
On Wednesday, an admin account for Beeple’s official Discord channel was hacked, resulting in the promotion of a bogus NFT drop to the group, which fooled people out of an estimated 38 ETH.
Despite having two-factor authentication turned on, an admin account with the name “Multi” verified to the group on Wednesday that their account had been hijacked. The hacker then pretended to be an admin and the Beeple Announcements Bot on Nifty Gateway, promoting a phony and “cheap” NFT drop from Beeple.
The members of the group were anticipating a low-cost NFT drop after Beeple’s recent $29 million auction, as the artist has done in the past to appeal to a wide range of people. The members, on the other hand, not only took part in a phony drop, but they also didn’t get any NFTs in return.
Cointelegraph’s Best Features
As the pricing wars heat up, meme tokens and dogcoins flood the market.
Latinx groups are driving adoption because crypto has shown that it can address their various requirements in a manner that conventional banking cannot.
Startups in the blockchain metaverse have unrivaled investment potential.
Consider how important the internet has grown in recent years – that’s what the Metaverse may become in a fraction of the time.
Crypto youngsters battle Facebook for the Metaverse’s soul.
“The Metaverse doesn’t begin with virtual reality; it begins with asset ownership, with anyone’s power to generate and sell value.”
Elon Musk has dumped $1.1B in Tesla stock and NYCCoin launched with mayor’s blessing, Mastercard pushes crypto-linked cards in Asia. Reference: cointelegraph elon musk.
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