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Author: StanNordFX   |   Latest post: Wed, 20 Jan 2021, 11:21 AM

 

CryptoNews of the Week

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- Matt Maley, strategist at financial services firm Miller Tabak, believes the cryptocurrency market will face a major setback next year. According to him, the main coin may fall in price by about 25-30 percent in the first months of 2021
Bitcoin's capitalization currently stands at approximately $441 billion. According to Maley, the market is overheated due to large-scale investments, which is why corrections by one or several thousand dollars may become a norm next year.
“I consider cryptocurrencies to be a promising asset, but the minimum correction size next year will be 10%. At the same time, the fall may be at the level of 30% or even more. Therefore, it is worth being prudent before large-scale investments,” the specialist warns.

- Popular analyst and founder of Quantum Economics, Mati Greenspan, expressed an opposite view. In his opinion, the December rise does not mean that the market is "overheated", and a large-scale collapse awaits us. “We are at the very beginning of the period of massive entry of investors into the crypto sphere. This phase of the industry's development is qualitatively different from the rise and fall phases of 2017 and 2018. If demand continues to rise from current levels, and supply is constrained, then there is a possibility that we will see growth of 250% or more."
At the same time, Mati Greenspan excludes a scenario in which BTC will soar to $400,000. “The rally will certainly continue, but there is no need to talk about any astronomical figures yet,” the analyst summed up.

- 190 computers were stolen from the NATO military airbase in Emari (Estonia), which were illegally used to extract cryptocurrency. The Estonian Ministry of Defense reported that mining on the territory of the base was carried out by a certain employee who had access to classified documents. He worked for NATO for 14 years, after which he quit and decided to take the equipment with him. He took out the first computers from the base back in 2015, providing documents on their write-off. The remaining several dozen devices on the territory of Emari were networked and used for mining. In total, this "specialist" was able to mine cryptocurrencies worth 30,000 euros. The Ministry of Defense clarified that about 60% of these earnings would have gone to pay for electricity, but the attacker was using state resources.

- According to the analytical service Glassnode, the number of addresses with cryptocurrency worth more than $1,000,000 has reached 66,500. The increase in the second decade of December alone was about 150%. Analysts noted that some miners have not withdrawn funds from their wallets since the time when one pizza cost several hundred bitcoins. Now they have become dollar millionaires.

- Tesla and SpaceX founder Elon Musk once again spoke on Twitter regarding cryptocurrencies. There, he again confessed his love for Dogecoin and posted a frivolous picture, comparing bitcoin to fiat money and considering it "the same crap."
Recall that in 2019, Musk became the winner of a comic April Fools' poll, in which users were asked to vote for the most suitable candidate for the position of Dogecoin CEO. And last July, Musk spoke on Twitter about the prospect of using Dogecoin technology as a global financial system. After his tweet, the price of the token went up 17%.

- The legendary bitcoin meme HODL is seven years old. It was first used by a user under the nickname GameKyuubi in his post on the BitcoinTalk forum, who later became known as Mr.HODL. On December 18, 2013, being a little drunk by his own admission, he wrote that as a bad trader he prefers to “hodl” so as not to incur financial losses.
“I typed the title twice because I made a mistake the first time. Still a mistake. A girlfriend is stuck in a lesbian bar, bitcoin is falling, so why do I hold? I'll tell you why. Because I'm a bad trader and I know it. Yes, of course, you good traders can see the highs and lows and playfully make a million dollars,” GameKyuubi wrote at the time.
On that day Bitcoin fell in price by almost 40%, GameKyuubi tried to simultaneously talk to his girlfriend and trade bitcoin through a heavily lagging app. After several failed attempts, he went to his room and started drinking.
Hodl, Hodler, is an Internet meme, a slang name for those who buy cryptocurrencies and hold them (do not sell) regardless of the market situation. For the first time, this variant of the spelling appeared as a typo in the word holding.

- MicroStrategy, a mobile software company, announced the completion of the last stage of the allocation of reserve assets, during which it invested $650 million raised from investors into 29.646 BTC at an average of $21.925 per coin.
It now owns almost 70,470 bitcoins in total, having spent $1.125 billion at an average price of $15.964 per bitcoin.
The $650 million raised in December was raised through the sale of convertible bonds with a maturity of five years. “The purchase of additional coins confirms our confidence in bitcoin as the most widely used cryptocurrency and a reliable store of value,” said Michael Saylor, CEO of MicroStrategy.

- Mill Hill Books has released a 340-page book, Kicking the Hornet's Nest, containing all emails, forum posts, and other entries by the anonymous bitcoin creator Satoshi Nakamoto. All entries are collected in chronological order and, according to the publishers, have been published "with almost no editorial comment." The printed version of the edition sells for $29, and it can also be purchased on Amazon.

- Scott Minerd, investment director of Guggenheim Investments, considers bitcoin to be a grossly undervalued asset, even at current price levels of around $23,000. “Our fundamental work shows that bitcoin should be worth about $400,000,” he said in a conversation with Bloomberg TV.
Analysts at Guggenheim Investments came to this conclusion based on two factors: the limited emission of bitcoin and its value relative to gold. There are many common characteristics that cryptocurrency shares with the precious metal, Minerd said, but bitcoin, unlike gold, "has extraordinary value in the context of transactions."
At the same time, Minerd noted that buying bitcoin above $20,000 seems to him "a little more problematic." His company began investing in bitcoin at a rate of about $10,000.


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