Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
While Bitcoin had lost its footing for most of the week, Ether has gone from strength to strength.
The No. 2 cryptocurrency continues to break new all-time highs — with the latest record of $2,879.75 set on Saturday.
Overall, 2021 promises to be a crucial year for the Ethereum blockchain as the long-awaited Eth2 upgrade takes shape. The network is set to part ways with its proof-of-work consensus algorithm and shift to proof-of-stake, which is set to cut costs and preserve energy.
At $330 billion, Ether’s market cap has now exceeded industry giants including Procter & Gamble and PayPal — not to mention platinum. The digital asset is also a stone’s throw away from overtaking The Walt Disney Company and Bank of America.
Tesla sold a portion of its Bitcoin holdings in the first quarter, pocketing a profit of $101 million as a result.
The electric vehicle manufacturer announced that it had snapped up Bitcoin worth $1.5 billion in February, and this sale amounts to about 10% of its crypto stash.
Crypto Twitter didn’t react kindly to the news, with comedian Dave Portnoy accusing Elon Musk of profiting from a pump-and-dump engineered by his public statements supporting BTC.
Musk rejected these claims and said that he hasn’t sold any of his Bitcoin. He also explained that Tesla executed this transaction “essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”
There were a series of milestones this week when it comes to simplifying the process of buying crypto… and using it as a payment method.
Coinbase announced that users in the U.S. will now be able to buy digital assets using debit cards and bank accounts linked to their PayPal profiles — giving them a greater choice of digital assets than PayPal alone provides.
A leading crypto donations platform has launched a new initiative that’s designed to help the digital assets sector become the most charitable in the world.
The Giving Block has launched a “Crypto Giving Pledge” that encourages investors to pledge at least 1% of their holdings to charities each year and asks businesses in this space to contribute 1% of their revenue toward similar causes.
Users can join the initiative anonymously and without having to disclose their contributions. If everyone in crypto donated 1% of their holdings to charities, they could collectively raise $20 billion.
As well as raising money for “amazing causes in critical need of support,” the organization’s co-founder also says that this could erase crypto tax burdens for donors — and “put to bed this idea that crypto is bad.”
Winners and Losers
At the end of the week, Bitcoin is at $57,380.31, Ether at $2,880.41 and XRP at $1.56. The total market cap is at $2,212,553,216,270.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Fantom, Polygon and OKB. The only altcoin loser is Celo.
Binance’s attempts to bridge traditional markets with the cryptocurrency space through fractionalized stock tokens have drawn the attention of Germany’s financial regulator.
BaFin has warned that the world’s largest crypto exchange could face heavy fines for launching security-tracking tokens without an accompanying investor prospectus.
Binance launched fractionalized stock tokens for Apple, MicroStrategy and Microsoft on Monday, adding to tokens for Coinbase and Tesla.
The exchange told Cointelegraph: “Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate. We will work with regulators to address any questions they may have.”
With a fortune he vaguely refers to as being in the billions, the Bitcoin Cash proponent intends to switch his investment focus to cryonics over the next decade in the hopes of improving the experimental technology.