Jack Dorsey steps down from Twitter, MicroStrategy snaps up 7K BTC and Square rebrands to Block: Hodler’s Digest, Nov. 28-Dec. 4

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Coming each Saturday, Hodler’s Digest volition assistance you way each azygous important quality communicative that happened this week. The champion (and worst) quotes, adoption and regularisation highlights, starring coins, predictions and overmuch much — a week connected Cointelegraph successful 1 link.

Top Stories This Week

Jack Dorsey has stepped down arsenic Twitter CEO

Twitter co-founder Jack Dorsey announced Monday that helium has stepped down from his relation arsenic CEO. Replacing Dorsey volition beryllium Twitter committee subordinate and main exertion serviceman Parag Agrawal, who was unanimously appointed to CEO by the company’s committee of directors.  

Dorsey besides serves arsenic the CEO and president of crypto-friendly payments tech steadfast Square, and it is unclear if helium near Twitter to solely absorption connected the platform’s plans to make a decentralized Bitcoin (BTC) exchange. He did note, however, that the institution does not request to beryllium founder-led to thrive.  

“I judge it’s truly important to springiness Parag the abstraction helium needs to lead,” said Dorsey. “I judge it’s captious a institution tin basal connected its own, escaped of its founder’s power oregon direction.”

Former Citi banker launches $1.5B crypto fund, taps Algorand arsenic archetypal partner

On Monday, 14-year Wall Street seasoned and erstwhile Citi banking enforcement Matt Zhang announced a $1.5 cardinal multi-strategy money called Hivemind Capital Partners that is aiming to enactment up-and-coming crypto projects.  

In particular, the money volition spot a beardown accent connected crypto infrastructure builders, virtual worlds and Metaverse projects, and programmable money. The fund’s archetypal exertion spouse volition beryllium proof-of-stake-based blockchain Algorand. 

While Hivemind is yet to denote immoderate large funding, Zhang said the steadfast volition enactment crypto entrepreneurs with infrastructure that cannot presently beryllium offered by accepted plus absorption models.

Square rebrands to Block arsenic absorption shifts to blockchain

Speaking of Square, the steadfast revealed connected Wednesday that it had rebranded to Block, suggesting it whitethorn beryllium ramping up its absorption connected the blockchain sector. 

The institution said the rebrand volition bring the payments steadfast unneurotic with Cash App, the decentralized Bitcoin speech task tbDEX, and euphony and video streaming level Tidal. As portion of the rebrand, Square Crypto, the cryptocurrency-focused portion of the payments firm, volition beryllium changing its sanction to Spiral and joining the Block family.

“Block references the vicinity blocks wherever we find our sellers, a blockchain, artifact parties afloat of music, obstacles to overcome, a conception of code, gathering blocks, and of course, tungsten cubes,” said Square.

MicroStrategy purchases $414.4 cardinal worthy of Bitcoin, with full BTC equilibrium eclipsing $3.5 billion

MicroStrategy, the analytics bundle steadfast led by fervent Bitcoin bull Michael Saylor, announced connected Monday that it had snapped up a 7,002 BTC worthy $414.4 million. 

After the purchase, Saylor stated that the company’s full BTC holdings stood astatine a whopping 121,044, acquired for astir $3.57 cardinal astatine an mean terms of $29,534 per BTC. To money that latest buying spree for integer gold, the steadfast sold 571,001 shares of institution banal betwixt Oct. 1 and Nov. 29 astatine $732.16 apiece. 

MicroStrategy archetypal bought Bitcoin backmost successful August 2020 arsenic portion of its treasury strategy, and with Saylor astatine the helm, the steadfast has purchased the plus relentlessly since—regardless of price—and is showing nary signs of slowing down immoderate clip soon.

Meta expands crypto advertisement eligibility connected Facebook

Social media virtual world steadfast Meta expanded the eligibility requirements for moving crypto advertisement campaigns connected Facebook and Instagram this week, enabling companies much state successful moving integer plus product-related promotions. 

Prior to Meta’s latest update of its crypto advertizing guidelines, a constricted fig of crypto firms were capable to advertise connected Facebook arsenic the level lone recognized a tiny fig of regulatory licenses. 

According to the updated policy, crypto exchanges, trading platforms, wallet providers, mining infrastructure firms, crypto lenders and borrowing services tin present person written support to tally ads connected Facebook. The steadfast cited maturation and accrued regularisation of the assemblage arsenic the reasons wherefore it changed its tune.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $55,468, Ether (ETH) astatine $4,407 and XRP astatine $0.95. The full marketplace headdress is astatine $2.54 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are Terra (LUNA) astatine 62.30%, Stacks (STX) astatine 33.85% and Polygon (MATIC) astatine 29.04%. 

The apical 3 altcoin losers of the week are Gala (GALA) astatine -30.67%, WAX (WAXP) astatine -19.18% and Immutable X (IMX) astatine -17.85%.

For much info connected crypto prices, marque definite to work Cointelegraph’s marketplace analysis.

Most Memorable Quotations

“There are definite services that we person that don’t truly acceptable the regulatory mold. So there’s this grey country that the full manufacture exists in, and that’s not circumstantial to us. […] That’s conscionable the quality of the information that we’re dealing with an innovative exertion that truly doesn’t needfully acceptable the criteria that existing regulators comprehend arsenic possible.”

Jonathon Miller, managing manager for Kraken Australia

“A CBDC would beryllium 1 of the tools to combat crypto. […] We presume that radical would find CBDC much credible than crypto. CBDC would beryllium portion of an effort to code the usage of crypto successful fiscal transactions.”

Juda Agung, adjunct politician of Bank Indonesia

“If a coin has a ample fig of users, past we volition database it. That’s the overwhelming important attribute. Consider, for example, meme tokens; adjacent though I personally don’t get it, if it’s utilized by a ample fig of users, we database it. We spell by the community, my sentiment doesn’t matter.”

Changpeng Zhao, CEO of Binance

“There’s ever anticipation for the Chinese crypto industry. We inactive person accusation sources and we support getting much and much users, evangelists, developers and others. There’s thing to interest about. Everything happens for the best.”

Anonymous, enforcement astatine a Chinese crypto publication 

“It is 1 happening to accidental that a stablecoin issuer itself indispensable beryllium a regulated slope — I deliberation that is astir apt overkill, arsenic determination are perfectly effectual ways for nonbanks to conscionable our morganatic regulatory concerns, but determination is astatine slightest a wide narration betwixt the existing model of slope regularisation and the circumstantial measures that stablecoin issuers indispensable code to run safely. It is, however, rather different happening to contemplate that wallet providers whitethorn request to beryllium wholly separated from commercialized firms.”

Randal Quarles, exiting U.S. Federal Reserve governor

“Innovations are coming, proof-of-stake is overmuch much computational businesslike and debased connected vigor consumption. Innovation is cardinal present and it is coming.”

Gary Nuttall, emerging exertion advisor astatine Distyltics

“Cryptocurrency whitethorn beryllium tricky to understand, but the worth of a large crypto donation converted into currency is not.”

James Lawrence, co-founder and CEO of Engiven

“Undoubtedly, metaverse onshore is the adjacent large deed successful the NFT space. Outputting grounds income numbers and perpetually expanding NFT prices, virtual worlds are the caller apical commodity successful the crypto space.”

DappRadar post

Prediction of the Week 

Bitcoin tests traders’ nerves arsenic expert reissues $400K BTC terms forecast

Bitcoin started the week connected Nov. 28 with a driblet from astir $55,000 down to astir $53,300, followed by a propulsion up past $58,000, according to Cointelegraph’s Bitcoin terms index. Following Sunday’s terms action, astir of the remainder of the week saw BTC commercialized successful a scope betwixt $55,800 and $59,300.

In a Wednesday tweet, crypto trader Michaël van de Poppe gave his thoughts connected the crypto market, noting a tendency to spot sub-$60,000 BTC crook to support. 

“It’s precise simple. Below $60K I’ve remained cautious/bearish arsenic I’d similar to spot that country flip,” helium tweeted. “Levels to ticker for buys; $53K-54K portion and $47-50K zones for #Bitcoin,” helium added. “When to bargain #altcoins? December. Nothing has changed past weeks.” 

In a abstracted tweet connected Wednesday, van de Poppe besides provided his thoughts connected a fewer imaginable terms targets for the bull rhythm top, noting terms ranges betwixt $350,000 and $450,000 for Bitcoin and betwixt $10,000 and $17,500 for Ethereum, successful summation to ranges for different assets arsenic well. He tweeted retired the aforesaid database with the aforesaid numbers backmost successful April 2021, with the objection of Elrond, for which the caller database gave an updated imaginable terms scope target.

FUD of the Week 

Vladimir Putin says cryptocurrencies ‘bear precocious risks’

Russian President Vladimir Putin, a antheral with a squeaky-clean estimation who has astir surely ne'er engaged successful immoderate nefarious activity, took clip retired of his engaged docket this week to dependable his concerns implicit the risky quality of crypto speculation. 

According to reports from section media outlets connected Tuesday, Putin aimed disapproval astatine the “Russia Calling!” concern forum successful Moscow. The 69-year-old called for greater monitoring and regularisation of crypto successful Russia and astutely pointed retired that definite countries are seeing important adoption of integer currencies.

“It is not backed by anything, [and] the volatility is colossal, truthful the risks are precise high,” helium said. “We besides judge that we request to perceive to those who speech astir those precocious risks.”

Bitcoin fails ‘worst-case scenario’ monthly adjacent for the archetypal time, starts December sub-$57K

Bitcoin failed to deed the November closing terms of $98,000 demanded by Twitter property PlanB’s alleged “floor model.” With Bitcoin sitting astatine $57,000 connected Nov. 30, the existent terms was astir 71% beneath the forecast price.

In a Wednesday Twitter post, PlanB noted that helium would springiness his celebrated exemplary 1 much month, but was adamant successful stating that $100,000 per BTC is inactive “on track” by year-end arsenic helium pointed to the S2F model. He further explained:

“No exemplary is perfect, but this is simply a large miss and the archetypal successful 10y! Outlier/black swan? I volition springiness Floor exemplary 1 much month. S2F exemplary unaffected and connected way to $100K. Watch retired for trolls confusing Floor and S2F model!”

BadgerDAO reportedly suffers information breach and loses $10M

DeFi protocol BadgerDAO reportedly suffered a $10 cardinal information breach this week, with users connected Twitter highlighting a “nasty frontend attack” wherever funds had been taken retired of people’s wallets utilizing “rug approval” astatine astir 2 a.m. UTC connected Thursday. 

While BadgerDAO hadn’t officially confirmed the onslaught astatine the time, it said that each astute contracts connected the level had been paused to forestall further perchance malicious withdrawals.

The malicious actors targeted the protocol connected the Ethereum web astatine declaration code 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107, and users that person interacted with this declaration are urged to revoke support from their wallet.

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“There are excessively galore members of Congress that don’t person capable of a basal of understanding. Congress needs to travel successful and bring regulations to this space.”

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