{"id":6456,"date":"2020-11-21T12:17:03","date_gmt":"2020-11-21T17:17:03","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=6456"},"modified":"2020-11-21T13:37:38","modified_gmt":"2020-11-21T18:37:38","slug":"bitcoin-record-eth-follows-uniswap-drops-nov-15-21","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2020\/11\/21\/bitcoin-record-eth-follows-uniswap-drops-nov-15-21","title":{"rendered":"BTC record in sight, ETH rallies, Uniswap disaster: Hodler\u2019s Digest, Nov. 16\u201321"},"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

<\/h4>\n
\"\"
Ray Dalio might be wrong<\/figcaption><\/figure>\n

Path to $20,000 Bitcoin price now wide open after previous resistance breaks<\/b><\/a><\/h4>\n

Is\u2026 is this happening?! <\/span>After encountering resistance at $18,420 (a price that was unthinkable even a few days ago), Bitcoin surged to new highs of $18,817.<\/b><\/p>\n

The latest boost put BTC within touching distance of <\/span>$20,089 <\/b>\u2014 the all-time high set back in December 2017.<\/span><\/p>\n

\u201cIt\u2019s killing it this year,\u201d<\/b> Fundstrat Global Advisors co-founder Tom Lee enthused. <\/span>He added that 2021 could be a year of \u201cfireworks\u201d for the world\u2019s biggest cryptocurrency.<\/b><\/p>\n

A corporate frenzy has meant that companies <\/span>now hold over <\/span>$15 billion <\/b>in BTC<\/span><\/a>. <\/span>But this surge isn\u2019t just being driven by institutions. <\/b>Data suggests that searches for Bitcoin in November 2020 now <\/span>far outpace what was seen in December 2017<\/span><\/a>.<\/span><\/p>\n

FOMO is growing. <\/b>Glassnode reported that there was <\/span>a major spike<\/span><\/a> in the number of new Bitcoin addresses on Nov. 18 \u2014 <\/span>25,000 an hour,<\/b> to be exact. The co-founder of Morgan Creek Digital <\/span>sold his Chevy<\/span><\/a> to get his hands on more crypto. And the chief information officer of BlackRock says BTC is here to stay\u2026 and will eventually take gold\u2019s place.<\/span><\/p>\n

By all accounts, it looks like Bitcoin has arrived. <\/b>It\u2019s no wonder 73% of millionaires <\/span>want to own digital assets before 2022<\/span><\/a>.<\/span><\/p>\n

 <\/p>\n

Ether hits $500 for the first time since June 2018, outperforming Bitcoin YTD<\/b><\/a><\/h4>\n

It isn\u2019t just Bitcoin that\u2019s starting to return to historic highs.<\/span><\/p>\n

ETH hit $500 for the first time since June 2018 on Friday, with other altcoins also slowly staging a comeback.<\/b><\/p>\n

Reaching this psychologically important barrier delighted traders \u2014 not least because ETH has outperformed BTC so far this year.<\/span><\/p>\n

While Ether\u2019s year-to-date returns stand at <\/span>284%<\/b>, Bitcoin trails behind at <\/span>155%<\/b>. It\u2019s a different story when it comes to how these two assets have appreciated since March, though. ETH\/USD is up <\/span>327% <\/b>from its low point of <\/span>$117<\/b>, while BTC\/USD has ballooned <\/span>411% <\/b>from <\/span>$3,600 <\/b>to <\/span>$18,420<\/b>.<\/span><\/p>\n

Cointelegraph Markets analyst Micha\u00ebl van de Poppe has argued that a realistic top for ETH\u2019s next bull run could be as high as <\/span>$20,000<\/b>, while Nugget News CEO Alex Saunders has forecast that <\/span>Ether could beat its all-time high<\/span><\/a> of <\/span>$1,400 <\/b>by the end of 2021.<\/span><\/p>\n

It\u2019s also been a good week for Litecoin, which has gained more in percentage terms than BTC and ETH combined over the past seven days.<\/span><\/p>\n

 <\/p>\n

Attack of the vampires: Uniswap loses 57% TVL as rivals up rewards<\/b><\/a><\/h4>\n

The celebratory atmosphere isn\u2019t extending across the whole of the crypto sector. <\/span>The total value locked in Uniswap crashed 57.5% after its yield farming incentive program ended \u2014 plummeting by more than $1 billion in less than 24 hours.<\/b><\/p>\n

SushiSwap saw an opportunity to pounce, with the cloned, automated market maker announcing a new scheme covering the same four pairings previously incentivized by Uniswap. <\/span>Its TVL has rocketed by almost 160% in two days, from $407 million to $1.05 billion.<\/b><\/p>\n

Several other DEXs have also launched \u201cvampire\u201d campaigns targeting Uniswap\u2019s liquidity providers\u2026 including Bancor and 1inch.<\/span><\/p>\n

As Uniswap liquidity vanished before their very eyes, token holders pounced on a new governance proposal that sought to reinstate rewards in the form of UNI tokens for liquidity providers. <\/b>The platform is unlikely to go down without a fight.<\/span><\/p>\n

 <\/p>\n

OKEx to resume withdrawals next week with promises of 100% reserves<\/b><\/a><\/h4>\n

After weeks and weeks of waiting, OKEx is finally resuming withdrawals of customer assets.<\/span><\/p>\n

The shock suspension came on Oct. 16, rocking crypto markets, with reports circulating that the exchange\u2019s founder Mingxing Xu was under investigation by Chinese authorities.<\/b><\/p>\n

OKEx has now revealed more details about what happened and stressed that the company has been cleared of any wrongdoing.<\/span><\/p>\n

However, the exchange admitted that existing contingency plans hadn\u2019t covered what would have happened if a private key holder became unreachable due to unforeseen circumstances.<\/span><\/p>\n

OKEx says withdrawals will be back in full by Nov. 27, and users will be able to claim back their funds in full if they wish. <\/b>Acknowledging that trust will need to be rebuilt, the exchange is planning to launch a new loyalty reward program to apologize.<\/span><\/p>\n

 <\/p>\n

Celebrities are catching the Bitcoin bug<\/b><\/a><\/h4>\n

Former <\/span>Game of Thrones <\/span><\/i>actress Maisie Williams certainly caused a scene this week when she asked her 2.7 million Twitter followers whether she should go long on Bitcoin. <\/span>(46.6% said yes, 53.4% said no.)<\/b><\/p>\n

Major investor Mike Novogratz was one of those who weighed into the debate, telling the A-lister: \u201cI bought more BTC last night at 15,800. <\/span>It\u2019s going to 20K and (then) To 65K. <\/b>The network effect has taken over. I see tons of new buyers and there is very little supply. It\u2019s an easier trade here (than) at 11K. <\/span>So YES, buy it.<\/b>\u201d<\/span><\/p>\n

Later in the week, the rapper Logic revealed that <\/span>he, too, had dived into Bitcoin<\/span><\/a>.<\/span><\/p>\n

In a video posted to his Instagram story, the star \u2014 whose real name is Sir Robert Bryson Hall II \u2014 bragged that he \u201cbought 6 million in Bitcoin last month.\u201d<\/span><\/p>\n

Despite his posturing, Logic\u2019s investment could turn out to be a particularly canny financial move. <\/span>Depending on when in October he snapped up the BTC, he\u2019ll be sitting on a profit of between $2 million and $4.4 million.<\/b><\/p>\n

 <\/p>\n

Winners and Losers<\/b><\/h2>\n
\"\"
Winners and Losers of the week<\/figcaption><\/figure>\n

At the end of the week, Bitcoin is at <\/span>$18,675.88<\/b>, Ether at <\/span>$525.95 <\/b>and XRP at <\/span>$0.41<\/b>. The total market cap is at <\/span>$533,641,480,617<\/b>.<\/span><\/p>\n

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are <\/span>Helium<\/b>, <\/span>SushiSwap <\/b>and <\/span>Reserve Rights<\/b>. The top three altcoin losers of the week are <\/span>The Midas Touch Gold<\/b>, <\/span>ABBC Coin <\/b>and <\/span>Blockstack<\/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

\u201cI think we will start seeing lots of traditional players like banks and major payment providers partner with crypto custodians. PayPal will be the first and then more banks and financial institutions will follow.\u201d<\/span><\/p><\/blockquote>\n

Bob Reid<\/b><\/a>, Everest co-founder and CEO<\/b><\/p>\n

 <\/p>\n

\u201cWe are extremely pleased to be able to announce the return of a full service for our users and would like to thank them for their continuous support during this difficult time. We apologize for the inconvenience caused and know that we must continue to work diligently to restore their confidence.\u201d<\/span><\/p><\/blockquote>\n

Jay Hao<\/b><\/a>, OKEx CEO<\/b><\/p>\n

 <\/p>\n

\u201cIt\u2019s either going to keep going like right now in the next few weeks and get to $20,000 very quickly, or it\u2019s going to have its bit of a range now and then hopefully positive into next year.\u201d<\/span><\/p><\/blockquote>\n

Alex Saunders<\/b><\/a>, Nugget\u2019s News CEO<\/b><\/p>\n

 <\/p>\n

\u201cI honestly think that Bitcoin will hit $100,000 in the next five years, and then it\u2019s going to become about, \u2018Well do they actually try and shut it down, or how do they regulate it and trade it?\u2019\u201d<\/span><\/p><\/blockquote>\n

Alex Saunders<\/b><\/a>, Nugget\u2019s News CEO<\/b><\/p>\n

 <\/p>\n

\u201cIf it\u2019s allowed to just continue on its mission and absorb all the money from around the world and become a global reserve currency\u2026 I think we can get to $1 million per coin in the next, whatever that is, 15 years.\u201d<\/span><\/p>\n

Alex Saunders<\/b><\/a>, Nugget\u2019s News CEO\u00a0<\/b><\/p><\/blockquote>\n

 <\/p>\n

\u201cRight now we\u2019re seeing a lot of other projects launching incentives after Uniswap\u2019s ended.\u201d<\/span><\/p><\/blockquote>\n

Sergej Kunz<\/b><\/a>, 1inch CEO and co-founder<\/b><\/p>\n

 <\/p>\n

\u201cYou have the hardcore \u2018I\u2019m a cryptocurrency investor\u2019 group but it hasn\u2019t really expanded because it\u2019s been so volatile, there have been so many questions around security and what regulations might do. The number of questions I get on it now is a fraction of what I got a couple of years ago when it was really hot.\u201d<\/span><\/p><\/blockquote>\n

Kathy Jones<\/b><\/a>, Charles Schwab chief fixed income strategist<\/b><\/p>\n

 <\/p>\n

\u201cI think DeFi is here to stay. Even now, with Bitcoin\u2019s popularity rising again, DeFi is still popular. We think there is a lot of growth potential in DeFi.\u201d<\/span><\/p><\/blockquote>\n

Changpeng Zhao<\/b><\/a>, Binance CEO<\/b><\/p>\n

 <\/p>\n

\u201cShould I go long on Bitcoin?\u201d<\/span><\/p><\/blockquote>\n

Maisie Williams<\/b><\/a>, actress<\/b><\/p>\n

 <\/p>\n

\u201cI bought more BTC last night at 15,800. It\u2019s going to 20K and (then) To 65K. The network effect has taken over. I see tons of new buyers and there is very little supply. It\u2019s an easier trade here (than) at 11K.\u201d<\/span><\/p><\/blockquote>\n

Mike Novogratz<\/b><\/a>, investor<\/b><\/p>\n

 <\/p>\n

\u201cGrayscale Bitcoin Trust now holds more than 500,000 $BTC. Yes, you read that right.\u201d<\/span><\/p><\/blockquote>\n

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

 <\/p>\n

\u201c$20,000 #Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap \u2014 The digital version of #gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021. Mainstream adoption is rising.\u201d<\/span><\/p><\/blockquote>\n

Mike McGlone<\/b><\/a>, Bloomberg analyst<\/b><\/p>\n

\"\"
Vitalik likes to move fast<\/figcaption><\/figure>\n

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

<\/h4>\n

Bloomberg\u2019s McGlone thinks Bitcoin could hit $170,000 over the next two years<\/b><\/a><\/h4>\n

It\u2019s been a <\/span>huge <\/span><\/i>week for predictions. <\/span>Bloomberg Intelligence analyst Mike McGlone suggested that the next year or two \u201ccould add a zero\u201d to the end of Bitcoin\u2019s price \u2014 taking it to $180,000 at current levels.<\/b><\/p>\n

Earlier this week, McGlone also said that a <\/span>$1-trillion <\/b>market cap (about <\/span>$47,000 <\/b>a coin) was \u201c<\/span>the next big resistance<\/span><\/a>\u201d for Bitcoin\u2026 as long as it could surmount the \u201cprimary hurdle\u201d of reaching <\/span>$20,000 <\/b>first. <\/span>\u201cMainstream adoption is rising,\u201d he tweeted.<\/b><\/p>\n

Elsewhere, Nugget News CEO Alex Saunders \u2014 who we mentioned earlier \u2014 told Cointelegraph that BTC can hit <\/span>$100,000 <\/b>in five years<\/span><\/a> and <\/span>$1 million <\/b>by 2035. He described current market conditions as the \u201cperfect backdrop\u201d for new highs.<\/span><\/p>\n

Last but not least, a Citibank analyst said BTC has seen \u201cunthinkable rallies followed by painful corrections\u201d \u2014 and suggested that <\/span>highs of <\/span>$318,000<\/b><\/a> could be seen some time in December 2021.<\/span><\/p>\n

 <\/p>\n

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

 <\/p>\n

Bitcoin price drop in 3, 2\u2026 1? Fear & Greed Index nears dangerous record high<\/b><\/a><\/h4>\n

As the markets surged, there\u2019s one thing that\u2019s worth keeping an eye on: the Fear & Greed Index.<\/span><\/p>\n

This metric has been firmly in the \u201cextreme greed\u201d category for some time. <\/b>It was flashing a score of <\/span>86 <\/b>on Friday and an eye-watering <\/span>94 <\/b>on Thursday. That\u2019s close to the all-time high of <\/span>95 <\/b>points out of <\/span>100 <\/b>seen on June 26, 2019.<\/span><\/p>\n

Compiled using multiple estimates of investor sentiment, the Crypto Fear & Greed Index delivers a normalized score out of 100 to gauge how overbought or oversold cryptocurrency markets really are. <\/span>The closer the number is to 100, the greater the chance that the market is due for a pullback.<\/b><\/p>\n

Heavily tied to price action, the index has succeeded in calling price tops with considerable accuracy since its launch in early 2018.<\/span><\/p>\n

 <\/p>\n

\u201cCoordinated media FUD\u201d about Bitcoin from Financial Times to Fox Business<\/b><\/a><\/h4>\n

Mainstream media outlets are finally reporting on the recent rally that saw Bitcoin creep close to its all-time high, <\/span>but some commentators appear to be determined to spread FUD.<\/b><\/p>\n

The Financial Times published an editorial that warned Bitcoin\u2019s \u201cstatus as a safe haven is more theoretical than anything else.\u201d<\/span><\/p>\n

Fox Business also noted Bitcoin\u2019s price rise with apparent alarm and set about warning its readers away from investing in the cryptocurrency. <\/span>It rounded up Bitcoin haters including gold bug Peter Schiff, Roubini Macro Associates CEO Nouriel Roubini and Bridgewater Associates founder Ray Dalio.<\/b><\/p>\n

However, there was some support for Bitcoin in the media from an unexpected party \u2014 China, a country well-known for its tight stance restricting the digital asset. <\/span>The recent price rally even hit the national news, on state-run CCTV.<\/b><\/p>\n

 <\/p>\n

Binance files U.S. lawsuit against Forbes and two cryptocurrency journalists<\/b><\/a><\/h4>\n

Binance has filed a lawsuit against Forbes Media and two of its journalists, Michael del Castillo and Jason Brett.<\/span><\/p>\n

The exchange alleges that an article published under the title \u201cLeaked \u2018Tai Chi\u2019 Document Reveals Binance\u2019s Elaborate Scheme To Evade Bitcoin Regulators\u201d was defamatory, false and misleading \u2014 and caused millions of dollars in losses.<\/b><\/p>\n

The article in question reported that the \u201cTai Chi\u201d document contained details of a scheme designed to \u201cintentionally deceive regulators\u201d in the United States.<\/span><\/p>\n

While Forbes says it stands by its reporting, Binance is now demanding compensatory and punitive damages, and there\u2019s no doubt that the company is getting serious.<\/span><\/p>\n

The exchange has <\/b>retained the services<\/b><\/a> of Charles Harder, the attorney best known for representing Hulk Hogan in a suit against Gawker Media. <\/b>He procured a reward of <\/span>$140 million<\/b>, and this directly led to the downfall of the media group.<\/span><\/p>\n

<\/h2>\n
\"\"
Bitcoin climbs higher<\/figcaption><\/figure>\n

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

 <\/p>\n

<\/h4>\n

Bitcoin price breaks past $18,800 as bears and bulls map out its path<\/b><\/a><\/h4>\n

The price of Bitcoin has stabilized above $18,000 and broken out of the critical $18,500 level. Analysts discuss short-term bull and bear cases.<\/span><\/p>\n

<\/h4>\n

Uniswap fights back as competitors drain value from the DEX<\/b><\/a><\/h4>\n

Even as incentives continue to dry up on Uniswap, TVL across the board seems to have remained steady.<\/span><\/p>\n

<\/h4>\n

Who watches the watchmen? Crypto may not be as trustless as it seems<\/b><\/a><\/h4>\n

Crypto is often seen as trustless and failproof. But as more regulation, venues and developers come aboard, just how trustless is it really?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 one week on Cointelegraph in one link!<\/p>\n","protected":false},"author":15,"featured_media":6460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"mc4wp_mailchimp_campaign":[],"_links_to":"","_links_to_target":""},"categories":[35,2413],"tags":[2722,2732,2731,2728,2735,2734,2733,2729,2730],"yst_prominent_words":[225,2236],"_links":{"self":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/6456"}],"collection":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/comments?post=6456"}],"version-history":[{"count":2,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/6456\/revisions"}],"predecessor-version":[{"id":6463,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/6456\/revisions\/6463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media\/6460"}],"wp:attachment":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media?parent=6456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/categories?post=6456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/tags?post=6456"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/yst_prominent_words?post=6456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}