{"id":6408,"date":"2020-11-01T15:02:54","date_gmt":"2020-11-01T20:02:54","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=6408"},"modified":"2020-11-01T15:03:38","modified_gmt":"2020-11-01T20:03:38","slug":"14k-taken-uni-say-no-trump-hacked-oct26-nov1","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2020\/11\/01\/14k-taken-uni-say-no-trump-hacked-oct26-nov1","title":{"rendered":"Bitcoin hits $14K, UNI airdrop rejected, scammers target Trump: Hodler\u2019s Digest, Oct. 26\u2013Nov. 1"},"content":{"rendered":"

Coming every Sunday, <\/i><\/b>Hodler\u2019s Digest<\/i><\/b><\/a> 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 \u2014 a week on Cointelegraph in one link.<\/i><\/b><\/p>\n

 <\/p>\n

Top Stories This Week<\/b><\/h2>\n

 <\/p>\n

<\/b>Bitcoin price hits $14,000 \u2014 Exactly 12 years after white paper released<\/a><\/b>
\n<\/b><\/h4>\n

On Oct. 31, 2008, Satoshi Nakamoto released a white paper setting out his vision for Bitcoin.<\/span><\/p>\n

Fast forward 12 years, and BTC has hit $14,000 for the first time since January 2018 \u2014 a rally fueled by institutional investors. <\/b>Bitcoin\u2019s <\/span>monthly candle also closed above <\/span>$13,000<\/b><\/a>, indicating a technical breakout.<\/span><\/p>\n

The question now is this<\/span><\/a>: What\u2019s going to happen next?<\/span><\/p>\n

It seems like the likelihood of a new bull cycle is heavily increasing, as the price of Bitcoin continues to make new higher highs and higher lows. <\/span>Crucial levels to watch include the current resistance zone surrounding the $14,000 threshold.\u00a0<\/b><\/p>\n

Breaking through this level would initiate further strength to the next threshold around <\/span>$16,500\u2013$17,000<\/b>. \u201cThese two levels are the final hurdles before a possible new all-time high,\u201d Cointelegraph analyst Micha\u00ebl van de Poppe said, adding that current market behavior is comparable to the cycle seen in 2016.<\/span><\/p>\n

 <\/p>\n

\"\"<\/a>
A different kind of election prediction<\/figcaption><\/figure>\n

Bitcoin can\u2019t help bank the unbanked, claims Mastercard CEO<\/a><\/b><\/h4>\n

The enthusiasm surrounding the world\u2019s biggest cryptocurrency right now is palpable.<\/span><\/p>\n

Overall, the crypto market cap has managed to edge above $400 billion at the time of writing, and according to a survey by Grayscale Investments, 39% of U.S. <\/b>consumers say they find BTC more appealing<\/b><\/a> in light of the COVID-19 pandemic.<\/b><\/p>\n

Alas, not everyone is convinced. <\/span>One of them is Ajay Banga, the CEO of Mastercard.<\/b><\/p>\n

Speaking at the Fortune Global Forum conference, he said he is deeply skeptical about cryptocurrencies and far more enthusiastic about central bank digital currencies.<\/span><\/p>\n

Banga also warned that Bitcoin cannot help the unbanked and foster financial inclusion.\u00a0<\/b><\/p>\n

He said: \u201cCan you imagine someone who is financially excluded, trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? <\/span>That\u2019s not a way to get them [included]. That\u2019s a way to make them scared of the financial system.<\/b>\u201d<\/span><\/p>\n

 <\/p>\n

Digital yuan will work with WeChat and Alipay, says bank exec<\/a><\/b><\/h4>\n

Speaking of CBDCs, we\u2019re starting to learn more details about China\u2019s digital yuan.<\/span><\/p>\n

This week, a senior executive at the People\u2019s Bank of China said its new digital asset will be compatible with major mobile payment wallets such as WeChat Pay and Alipay.<\/b><\/p>\n

Mu Changchun also stressed that the CBDC is not designed to compete with these companies, adding: <\/span>\u201cThey don\u2019t belong to the same dimension. WeChat and Alipay are wallets, while the digital yuan is the money in the wallet.\u201d<\/b><\/p>\n

This appears to be a U-turn from earlier reports that suggested Beijing intends its digital currency to serve as an alternative to these hugely popular platforms. <\/span>Together, WeChat Pay and Alipay have 94% of China\u2019s market cornered.<\/b><\/p>\n

In other developments, Huawei announced that its upcoming Mate40 smartphone series will include an <\/span>integrated hardware wallet for the digital yuan<\/span><\/a> \u2014 the first smartphone to do so. <\/span>The tech giant said users will be able to protect their anonymity and complete offline transactions, enabling the transfer of funds with friends and family by touching their devices together.<\/b><\/p>\n

 <\/p>\n

<\/b>Uniswap vote on new five million UNI airdrop defeated<\/a><\/b><\/h4>\n

There was a buzz this week after Uniswap held its second-ever governance proposal. <\/span>If approved, it would have seen 12,619 wallet addresses that interacted with Uniswap via a proxy contract receive 400 UNI tokens each.<\/b><\/p>\n

The treasure chest of 5.05 million UNI would have been distributed among users of MyEtherWallet, Argent, Dharma, DeFi Saver and others. <\/span>Dharma had put forward the proposal, claiming its users felt \u201cleft out\u201d by the initial distribution of 150 million UNI.<\/b><\/p>\n

Final results show that voters were overwhelmingly in favor of the measures: 37,555,068 voted for the airdrop, and just 1,280,632 voted against. <\/span>Despite this, the proposal was defeated because it fell 1.1 million votes short of a quorum. <\/b>The same thing happened with Uniswap\u2019s first governance vote.<\/span><\/p>\n

The airdrop would have been worth $908 at the time of writing, substantially less than the cash value of the first airdrop seen in September.<\/span><\/p>\n

 <\/p>\n

Indian bank to offer crypto services across its 34 branches<\/a><\/b><\/h4>\n

An Indian bank has announced plans to offer crypto banking services online and across its 34 physical branches in the country\u2019s north.<\/span><\/p>\n

The United Multistate Credit Cooperative Society has teamed up with Cashaa for the new service, which comes amid India\u2019s uncertain crypto regulations.<\/b><\/p>\n

While the Supreme Court of India took down the crypto banking ban put in place by the Reserve Bank of India in March, most banks are still skeptical of providing services to crypto companies and individuals dealing in digital currencies.<\/span><\/p>\n

The new venture \u2014 called Unicas \u2014 will allow United account holders to integrate cryptocurrency wallets directly with their accounts. <\/b>Customers will also be able to directly buy Bitcoin, Ether, XRP and Cashaa, and they\u2019ll be able to take out loans against cryptocurrencies if they so wish.<\/span><\/p>\n

 <\/p>\n

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 <\/p>\n

Winners and Losers<\/b><\/h2>\n

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\"\"<\/span><\/p>\n

At the end of the week, Bitcoin is at <\/span>$13,807.80<\/b>, Ether at <\/span>$388.95 <\/b>and XRP at <\/span>$0.23<\/b>. The total market cap is at <\/span>$402,023,178,116<\/b>.<\/span><\/p>\n

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are <\/span>Kusama (18.95%)<\/b>, <\/span>Nexo<\/b> (18.15%)and <\/span>Velas (10.11%)<\/b>. The top three altcoin losers of the week are <\/span>ABBC Coin (-35.39%)<\/b>, <\/span>Yearn.finance (29.85%) <\/b>and <\/span>Band Protocol (26.98%)<\/b>.<\/span><\/p>\n

For more info on crypto prices, make sure to read <\/span>Cointelegraph\u2019s market analysis<\/span><\/a>. <\/span><\/p>\n

 <\/p>\n

Most Memorable Quotations<\/b><\/h2>\n

 <\/p>\n

\u201cBitcoin has held above $10,000 for over 90 days now, currently ~30% higher than this key level. This is the longest period in its history.\u201d<\/span><\/p><\/blockquote>\n

The TIE<\/b><\/a><\/p>\n

 <\/p>\n

\u201cThe majority of the investors definitely want to see a straight line toward $200,000, but that\u2019s simply not happening.\u201d<\/span><\/p><\/blockquote>\n

Micha\u00ebl van de Poppe<\/b><\/a>, Cointelegraph analyst<\/b><\/p>\n

 <\/p>\n

\u201cIf stocks crash, Bitcoin powered by its large adoption s-curve, swallowing ever more capital, will present perfectly good safe haven properties.\u201d<\/span><\/p><\/blockquote>\n

Willy Woo<\/b><\/a>, crypto statistician<\/b><\/p>\n

\"\"
Can’t hack this<\/figcaption><\/figure>\n

\u201cAlthough this guidance has been coming out over the last year and we\u2019ve seen enforcement, the IRS really hasn\u2019t understood crypto.\u201d<\/span><\/p>\n

Wendy Walker<\/b><\/a>, Sovos solution principal<\/b><\/p>\n

 <\/p>\n

\u201cInterest is on the rise: More than half of U.S. investors are interested in investing in Bitcoin.\u201d<\/span><\/p><\/blockquote>\n

Grayscale<\/b><\/a><\/p>\n

 <\/p>\n

\u201cIf another country has one and we don\u2019t, that could certainly create some problems. So we want to make sure we\u2019re ready. Currencies move across borders, and so we certainly wouldn\u2019t want to be surprised by some other country.\u201d<\/span><\/p><\/blockquote>\n

Tiff Macklem<\/b><\/a>, Bank of Canada Governor<\/b><\/p>\n

 <\/p>\n

\u201cBought $100 in BTC on @PayPal! Great milestone for the market!\u201d<\/span><\/p><\/blockquote>\n

Jeremy Allaire<\/b><\/a>, Circle CEO<\/b><\/p>\n

 <\/p>\n

\u201cWe [need] to prevent dollarization. This is one of the major designing points of the Chinese DCEP.\u201d<\/span><\/p><\/blockquote>\n

Zhou Xiaochuan<\/b><\/a>, former People\u2019s Bank of China governor\u00a0<\/b><\/p>\n

 <\/p>\n

\u201cCan you imagine someone who is financially excluded trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? That\u2019s not a way to get them [included]. That\u2019s a way to make them scared of the financial system.\u201d<\/span><\/p><\/blockquote>\n

Ajay Banga<\/b><\/a>, Mastercard CEO<\/b><\/p>\n

 <\/p>\n

\u201cOn a risk-adjusted basis, BTC is an easier bet today than it has ever been. It\u2019s being de-risked daily.\u201d<\/span><\/p><\/blockquote>\n

Mike Novogratz<\/b><\/a>, Galaxy Digital CEO<\/b><\/p>\n

 <\/p>\n

\u201cWe haven\u2019t made any decision on whether or not to launch a retail CBDC. But we are exploring the pros and cons with interest.\u201d<\/span><\/p><\/blockquote>\n

Tom Mutton<\/b><\/a>, Bank of England fintech director<\/b><\/p>\n

 <\/p>\n

\u201cDigital currency could create value and we should think about how to establish a new type of financial system through digital currency.\u201d<\/span><\/p><\/blockquote>\n

Jack Ma<\/b><\/a>, Alibaba Group founder<\/b><\/p>\n

 <\/p>\n

\u201cCash, or government-printed money also called fiat, is actually becoming worthless, while Bitcoin\u2019s value remains constant. There will never be less fiat printed than is now. Cash is only going to get more and more worthless.\u201d<\/span><\/p><\/blockquote>\n

Bill Barhydt<\/b><\/a>, Abra CEO<\/b><\/p>\n

 <\/p>\n

 <\/p>\n

Prediction of the Week<\/b><\/h2>\n

<\/h4>\n

Market is proving Bitcoin is \u201cultimate safe haven\u201d \u2014 Anthony Pompliano<\/a><\/b><\/h4>\n

Anthony Pompliano has claimed that Bitcoin \u201ccould not be more uncorrelated\u201d with the stock market \u2014 and says the world\u2019s biggest cryptocurrency is leaving macro assets behind.<\/span><\/p>\n

The Morgan Creek Digital co-founder also rejected critics\u2019 claims that Bitcoin is a poor store of value, writing: \u201cSo how did Bitcoin do during an economic downturn? It outperformed stocks, bonds, gold, oil, and pretty much everything else.\u201d<\/b><\/p>\n

As Cointelegraph reported, a consensus has been building that Bitcoin is not only abandoning its correlation with stocks. Last week, crypto statistician Willy Woo tweeted: <\/span>\u201cThe decoupling is upon us.\u201d<\/b><\/p>\n

Unfortunately, we might not be there just yet. <\/span>On Oct. 30, the price of Bitcoin <\/b>abruptly dropped<\/b><\/a> by 4% from the day\u2019s peak as sell-offs on Wall Street intensified \u2014 fueled by uncertainty about the U.S. presidential election.<\/b><\/p>\n

 <\/p>\n

FUD of the Week\u00a0<\/b><\/h2>\n

 <\/p>\n

<\/b>Crypto scammers deface Trump campaign website, one week before election<\/a><\/b><\/h4>\n

<\/h4>\n

The website for Donald Trump\u2019s re-election campaign was taken over by hackers this week.<\/span><\/p>\n

The scammers managed to replace donaldjtrump.com\u2019s usual campaign rhetoric with a page spoofing the FBI and declaring: \u201cThis site has been seized.\u201d<\/b><\/p>\n

The attackers went on to claim that they have obtained \u201cstrictly classified information\u201d and encouraged people to make donations to two Monero wallets if they wanted this data to be released.<\/span><\/p>\n

It was even claimed that the hackers had proof that Trump\u2019s administration \u201cis involved in the origin of the coronavirus.\u201d<\/b><\/p>\n

The communication director for the president\u2019s campaign, Tim Murtaugh, said: <\/span>\u201cThere was no exposure to sensitive data because none of it is actually stored on the site. The website has been restored.\u201d<\/b><\/p>\n

\"\"<\/a>
The Hoff has thoughts<\/figcaption><\/figure>\n

Tax professional explains the most important thing for U.S. crypto holders<\/a><\/b><\/h4>\n

An expert has told Cointelegraph that crypto enthusiasts in the U.S. need to have greater awareness of their obligations come tax season.\u00a0<\/span><\/p>\n

Wendy Walker, solution principal at the tax compliance company Sovos, described reporting as the most important aspect of tax filing.<\/b><\/p>\n

\u201cEven if you don\u2019t owe income taxes, you still have to report details of the transactions,\u201d she explained.<\/span><\/p>\n

Walker added that the IRS has some catching up to do when it comes to regulating this space, warning: \u201cAlthough this guidance has been coming out over the last year, and we\u2019ve seen enforcement, the IRS really hasn\u2019t understood crypto.\u201d<\/b><\/p>\n

In other developments this week, Gemini \u2014 the exchange founded by the Winklevoss twins \u2014 said it is <\/span>partnering with a tax compliance firm<\/span><\/a> to ensure its users can count their crypto taxes in real time, as well as reduce their liabilities.<\/span><\/p>\n

 <\/p>\n

Best Cointelegraph Features<\/b><\/h2>\n

 <\/p>\n

Back on track: U.S. macro events unlikely to fully derail Bitcoin price gains<\/b><\/a><\/h4>\n

As the U.S. stock market enters earnings season, analysts explain how Bitcoin could perform after earnings and the presidential election.<\/span><\/p>\n

 <\/p>\n

Gotta collect \u2018em all: An overview of NFT marketplaces<\/b><\/a><\/h4>\n

As NFTs gain traction, here are some of the top marketplaces for finding NFTs, as well as the future outlook of this industry.<\/span><\/p>\n

 <\/p>\n

Indian crypto industry expanding, but regulators seem reluctant to engage<\/b><\/a><\/h4>\n

As Cashaa launches crypto banking services in India, the cryptocurrency industry continues to grow despite uncertain regulations.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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