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.
Top Stories This Week
Bitcoin eyes $50K less than a month after BTC price broke its 2017 all-time high
Bitcoin is showing signs of a newfound rally after breaking the $40,000 resistance area, fueling hope that we might be about to see a new all-time high.
It’ll be critical for Bitcoin to stay above this level in the foreseeable future. The uptick came days after MicroStrategy pitched Bitcoin to more than 1,400 companies.
Cointelegraph Markets analyst Michaël van de Poppe says BTC’s strength means its market dominance is rebounding at the expense of most altcoins.
He added: “An apparent breakout above the all-time high above $42,000 however, should propel Bitcoin’s price to $50,000.”
This is the first time that Bitcoin has surged above $40,000 for 23 days, but this time around, market sentiment is a lot calmer, and the derivatives market isn’t as overheated.
Some institutions have used this week’s surge to take some money off the table, with Ruffer Investment booking $650 million in profits after doubling its cash in just two months.
Ether price breakout to $1,750 sees Ethereum network fees hit all-time high
ETH has been building on recent all-time highs this week, climbing ever closer to $2,000.
After hitting $1,756.51, the world’s second-largest cryptocurrency took a little bit of a tumble, falling back to $1,672.99 at the time of writing.
The record high came off the back of intense trading interest in DeFi coins, many of which use the Ethereum network as their basis. Anticipation has also been building over the launch of Ether futures from CME Group.
There’s just one problem: Gas fees are rising. At one point this week, transaction costs surged so high that some exchanges were forced to halt withdrawals altogether.
Amid fears this could affect the smooth running of DeFi protocols, Blockstream developer Grubles warned: “This is a legit crisis. Going to have to stock up on popcorn to see how Ethereum digs its way out of this.”
“Ur welcome” — DOGE soars after Elon Musk returns to Twitter… to shill Dogecoin
To an extent, the surge in crypto prices could be attributed to Elon Musk. For reasons beyond understanding, the world’s richest man is obsessed with Dogecoin.
The Tesla CEO raised eyebrows this week when he shared a doctored photo of himself masquerading as Rafiki from The Lion King, with a shiba inu superimposed onto Simba’s face in the famous scene where the lion cub is held aloft on Pride Rock.
Musk helped DOGE surge this week, but remarks he made on Bitcoin during a Clubhouse discussion failed to have as much of an impact as last Friday when BTC leaped up by thousands of dollars because Musk added #bitcoin to his Twitter bio.
During the Clubhouse chat,…