{"id":6517,"date":"2020-12-19T14:24:58","date_gmt":"2020-12-19T19:24:58","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=6517"},"modified":"2020-12-19T14:25:15","modified_gmt":"2020-12-19T19:25:15","slug":"btc-breaks-record-whats-next-coinbase-ipo-121319","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2020\/12\/19\/btc-breaks-record-whats-next-coinbase-ipo-121319","title":{"rendered":"Bitcoin breaks records, what happens next, Coinbase IPO: Hodler\u2019s Digest, Dec. 13\u201319"},"content":{"rendered":"

Coming every Saturday, <\/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

\"\"<\/b><\/a><\/h4>\n

Another day, another all-time high \u2014 Bitcoin hits $24,000 in weekend surge<\/b><\/a><\/h4>\n

On Dec. 18, 2017, Bitcoin hit an all-time high of $19,891.99. <\/span>Years of price falls and drama followed. Nonetheless, believers remained confident that one day, <\/b>one day, <\/i><\/b>BTC would manage to crack $20,000.<\/b><\/p>\n

And on Dec. 16, 2020, that day finally came. In quick succession, BTC smashed through <\/span>$20,000<\/b>, <\/span>$21,000<\/b>, <\/span>$22,000 <\/b>and <\/span><\/i>$23,000,<\/b> pausing for breath at <\/span>$23,800<\/b>. This stumbling block was eviscerated over the weekend when BTC headed above <\/span>$24,000.<\/b><\/p>\n

In an extraordinary run, Bitcoin\u2019s price has surged by more than <\/span>25% <\/b>in the space of a week, with <\/span>Ether hitting yearly highs<\/span><\/a> and altcoins such as <\/span>Litecoin performing strongly<\/span><\/a>, too.<\/span><\/p>\n

On-chain analyst Willy Woo has proclaimed that $55,000 is the next landmark for Bitcoin to reach \u2014 asserting that $100,000 is a \u201cridiculously low\u201d target. <\/b>Meanwhile, Quantum Economics founder Mati Greenspan believes \u201c<\/span>things are just getting started<\/span><\/a>.\u201d<\/span><\/p>\n

Early miners have been turned into millionaires<\/span><\/a>, with the number of Bitcoin addresses holding at least <\/span>$1 million<\/b> surging by <\/span>150% <\/b>this week. <\/span>And for a time, anyone who had ever bought Bitcoin was officially in profit.<\/b><\/p>\n

Bitcoin\u2019s network fundamentals <\/span>paint a very different picture<\/span><\/a> to the 2017 bull run, but some things never change: as BTC surged beyond <\/span>$20,000<\/b>, both <\/span>Binance and Coinbase suffered outages<\/span><\/a>.<\/span><\/p>\n

 <\/p>\n

Bitcoin price can hit $25,000 before 2021 if this key support level holds<\/b><\/a><\/h4>\n

As the Lambo brochures land on doormats, with the moon in sight, what\u2019s next?<\/span><\/p>\n

Cointelegraph analyst Micha\u00ebl van de Poppe says a drop to the $18,500 region in the short term shouldn\u2019t be ruled out but adds there could be further room to run as price discovery continues.<\/b><\/p>\n

He believes that <\/span>$19,500 <\/b>has now been turned into a critical level to hold. <\/span>The next level of interest is found at $25,800, which could be the next marker for a potential top.<\/b><\/p>\n

Van de Poppe wrote: \u201cSuch vertical rallies aren\u2019t sustainable for long. <\/span>Thus, a correction will occur at some point. <\/b>However, predicting when it happens is anyone\u2019s guess, as Bitcoin may easily run to <\/span>$30,000<\/b> and then see a <\/span>30% <\/b>correction.\u201d<\/span><\/p>\n

It\u2019s also shaping up to be a \u201csignificant quarter\u201d for altcoins. <\/span>Historically, Bitcoin dominance tops out in December, and a strong quarter for smaller cryptocurrencies follows.<\/b> The question now is if, and when, Bitcoin\u2019s violent correction will occur.<\/span><\/p>\n

The options market is <\/b>pricing a potential Bitcoin rally<\/b><\/a> to between $36,000 and $50,000, indicating many traders believe the surge will continue in 2021. <\/b>A larger uptrend in the first half of 2021 would see BTC replicate the post-halving activity it saw in 2017.<\/span><\/p>\n

\u201cNow BTC has finally broken $20k, all bets are off,\u201d <\/b>crypto analyst and trader Cheds told Cointelegraph.<\/span><\/p>\n

 <\/p>\n

Bitcoin shortage as Wall Street FOMO turns Bitcoin whales into plankton<\/b><\/a><\/h4>\n

Institutions are now making mincemeat of whales \u2014 and they\u2019re beginning to look like plankton. <\/span>As long-term investors rush to offload Bitcoin at a profit, big firms are lining up to snap up their crypto en masse.<\/b><\/p>\n

A shortage of BTC on exchanges, coupled with institutional buying at over-the-counter venues, has laid the foundation for a fight over the remaining supply. <\/span>Price rises are the only logical solution.<\/b><\/p>\n

\u201cI\u2019ll repeat\u2026 liquidity crisis incoming,\u201d <\/b>said Danny Scott, the CEO of U.K. exchange Coin Corner.<\/span><\/p>\n

And there\u2019s no sign of institutional activity slowing down, either, with some indicating that \u201cthere is going to be a generational allocation to this new asset class.\u201d<\/span><\/p>\n

Here\u2019s the thing: Retail buyers aren\u2019t even here. <\/b>Twitter, Wikipedia and even Google search activity <\/span>point to a world<\/span><\/a> that\u2019s unaware of Bitcoin\u2019s surge. (That said, BTC has been getting increased coverage in newspapers \u2014 with my grandmother revealing she read about it over her morning cup of tea on Thursday.)<\/span><\/p>\n

Tweets are only roughly where they were in January 2018; page views on Wikipedia are largely flat; and Google searches for \u201cBitcoin\u201d have been less popular this week than they were in November.<\/b><\/p>\n

BTC just doesn\u2019t seem to have touched mainstream consciousness, and paradoxically, it seems many people are only prepared to buy crypto when it hits all-time highs.<\/span><\/p>\n

 <\/p>\n

The Coinbase IPO is coming, according to a SEC filing<\/b><\/a><\/h4>\n

One of crypto\u2019s most-anticipated initial public offerings is now one step closer.<\/span><\/p>\n

Coinbase has sent its draft registration for an IPO to the Securities and Exchange Commission. <\/b>This is a big deal given how it\u2019s one of the biggest names in crypto, with a reputation for working well with U.S. regulators.<\/span><\/p>\n

According to the research company Messari, Coinbase could fetch <\/span>a valuation of $28 billion<\/span><\/a> if the IPO goes ahead. <\/span>That\u2019s a substantial rise compared with its most recent funding round in October 2018, which gave the company a price tag of $8 billion.<\/b><\/p>\n

Reports suggest that Coinbase <\/span>has approached Goldman Sachs<\/span><\/a> to lead its IPO, but this is yet to be confirmed.<\/span><\/p>\n

 <\/p>\n

It\u2019s here: Treasury proposes rule to monitor crypto going to self-hosted wallets<\/b><\/a><\/h4>\n

The Treasury has released its long-awaited proposal to restrict money services businesses, including U.S.-registered crypto exchanges, from dealing with self-hosted wallets.<\/span><\/p>\n

Under the proposed rules, exchanges would have to verify \u201cthe identity of their customers if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000.\u201d<\/b><\/p>\n

The Treasury has now given stakeholders 15 days to respond with their comments, and Coinbase CEO Brian Armstrong was among the first to express reservations about the rumored plan in November.<\/span><\/p>\n

Several lawmakers <\/b>have expressed opposition<\/b><\/a> to the proposals, which could be regarded as an assault on the nature of peer-to-peer transactions. <\/b>That said, the measures on the table are not as radical as some had feared they would be.<\/span><\/p>\n

Analysts believe that the mooted restrictions <\/span>won\u2019t impact Bitcoin\u2019s rally<\/span><\/a>, arguing that the possibility of extra regulation has already been priced into the crypto market.<\/span><\/p>\n

<\/h4>\n

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

 <\/p>\n

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

At the end of the week, Bitcoin is at <\/span>$23,866.82<\/b>, Ether at <\/span>$663.73 <\/b>and XRP at <\/span>$0.58<\/b>. The total market cap is at <\/span>$674,326,311,469<\/b>.<\/span><\/p>\n

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are <\/span>SwissBorg<\/b>,<\/span> Elrond <\/b>and <\/span>Zilliqa<\/b>. The top three altcoin losers of the week are <\/span>Energy Web Token<\/b>, <\/span>Waves <\/b>and <\/span>Filecoin<\/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

\u201cAll you had to do to be a millionaire today, is mine a *single* #Bitcoin block between 2009 and 2012. You had 210,000 chances to do so.\u201d<\/span><\/p><\/blockquote>\n

Rafael Schultze-Kraft<\/b><\/a>, Glassnode CTO<\/b><\/p>\n

 <\/p>\n

\u201cOne of Robinhood\u2019s primary selling points was that it did not charge its customers trading commissions. In reality, however, \u2018commission free\u2019 trading at Robinhood came with a catch.\u201d<\/span><\/p><\/blockquote>\n

The U.S. Securities and Exchange Commission<\/b><\/a><\/p>\n

 <\/p>\n

\u201cWe are not at the all-time-high juncture where the BTC Top Cap Model starts curving upwards. Let\u2019s see how high she runs in 2021. $100k is a ridiculously low target at the current trajectory. $55k is the next landmark -> Bitcoin becomes a $1T macro asset bucket.\u201d<\/span><\/p><\/blockquote>\n

Willy Woo<\/b><\/a>, on-chain analyst<\/b><\/p>\n

 <\/p>\n

\u201cI\u2019ll repeat… liquidity crisis incoming.\u201d<\/span><\/p><\/blockquote>\n

Danny Scott<\/b><\/a>, Coin Corner<\/b><\/p>\n

 <\/p>\n

\u201c$ETH has started its run every December the last 3 years with at least 100%+ ROI over the following months. What makes you think this year will be any different? #Ethereum to $1000+ within the next few months IMO.\u201d<\/span><\/p><\/blockquote>\n

Altcoin Sherpa<\/b><\/a>, crypto analyst<\/b><\/p>\n

 <\/p>\n

\u201cSettle in, because we will be visiting the $20-$22K level at least half a dozen times before we break through to the $30K range later in 2021.\u201d<\/span><\/p><\/blockquote>\n

Alex Mashinsky<\/b><\/a>, Celsius Network CEO<\/b><\/p>\n

 <\/p>\n

\u201cSustained growth is likely from here, at least for the time being. We are being driven by corporations and billionaires now, not just retailers.\u201d<\/span><\/p><\/blockquote>\n

Brandon Mintz<\/b><\/a>, Bitcoin Depot CEO<\/b><\/p>\n

 <\/p>\n

\u201c#Bitcoin just popped. Experienced some scaling issues. Should be fixed for now. Underestimated demand. Adding A LOT more \u2018servers\u2019 still.\u201d<\/span><\/p><\/blockquote>\n

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

 <\/p>\n

\u201cWe have been waiting for this moment for years, and now that $BTC #Bitcoin has finally broken 20k, all bets are off.\u201d<\/span><\/p><\/blockquote>\n

Cheds<\/b><\/a>, crypto trader and analyst<\/b><\/p>\n

 <\/p>\n

\u201cGlad I bought Bitcoin. Next stop $50k. Wall of institutional money coming 2021. Buy below $20k. If you missed Bitcoin, buy silver.\u201d<\/span><\/p><\/blockquote>\n

Robert Kiyosaki<\/b><\/a>, <\/b>Rich Dad, Poor Dad<\/i><\/b> author<\/b><\/p>\n

 <\/p>\n

\u201cI would NEVER recommend anyone take out a personal loan to buy ETH or other ethereum assets.\u201d<\/span><\/p><\/blockquote>\n

Vitalik Buterin<\/b><\/a>, Ethereum co-founder<\/b><\/p>\n

<\/h2>\n

\"\"<\/b><\/h2>\n

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

 <\/p>\n

DeVere CEO says Bitcoin will rise 50% and \u201cpossibly double\u201d in 2021<\/b><\/a><\/h4>\n

There are oh so many predictions doing the rounds about what\u2019s going to happen next.<\/span><\/p>\n

DeVere Group CEO Nigel Green has proclaimed that Bitcoin will have another \u201crecord-breaking year\u201d in 2021.\u00a0<\/b><\/p>\n

Green believes prices will explode by <\/span>50%<\/b> and hinted that they could even double. <\/span>On this basis, he expects BTC to trade between $34,500 and $46,000 at some point next year.<\/b><\/p>\n

Robert Kiyosaki \u2014 the bestselling author of <\/span>Rich Dad, Poor Dad <\/span><\/i>\u2014 <\/span>has also thrown his hat<\/span><\/a> into the prediction ring. <\/span>\u201cA wall of institutional money\u201d is coming to Bitcoin in 2021, he said, setting a target of $50,000.<\/b><\/p>\n

There\u2019s one man who is relieved that one of his predictions finally came true. <\/b>Back in April, Mike Novogratz warned he may \u201c<\/span>hang his spurs<\/span><\/a>\u201d if BTC failed to reach <\/span>$20,000 <\/b>in 2020. <\/span>He\u2019s since tweeted to say he\u2019s \u201cglad I don\u2019t need to.\u201d<\/b><\/p>\n

 <\/p>\n

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

 <\/p>\n

Shock survey suggests most investors think Bitcoin won\u2019t top $50,000 by 2030<\/b><\/a><\/h4>\n

Unrelenting optimism over how Bitcoin will perform in 2021 doesn\u2019t appear to be matched by everyday investors.<\/span><\/p>\n

A Genesis Mining survey of 1,000 current and former U.S.-based Bitcoin investors suggests that just 17% believe BTC prices will exceed $50,000 in 10 years\u2019 time. <\/b>That\u2019s despite the fact that this would only require an increase of <\/span>108% <\/b>from current levels \u2014 with BTC surging by <\/span>230% <\/b>year-to-date.<\/span><\/p>\n

In total, <\/span>50.1% <\/b>of those who took part in the poll believe that Bitcoin will be worth <\/span>$20,000 <\/b>or less by 2030; a third think it\u2019ll be under <\/span>$10,000<\/b>; and a tenth fear prices will fall below <\/span>$1,000<\/b>.<\/span><\/p>\n

 <\/p>\n

Trading app Robinhood settles SEC charges for $65 million<\/b><\/a><\/h4>\n

Robinhood has staved off a lawsuit from the Securities and Exchange Commission by agreeing to pay <\/span>$65 million<\/b>.<\/span><\/p>\n

The SEC had accused the trading app of deceiving users as to where its money was actually coming from between 2015 and 2018.<\/span><\/p>\n

Regulators wrote: <\/span>\u201cOne of Robinhood\u2019s primary selling points was that it did not charge its customers trading commissions. In reality, however, \u2018commission free\u2019 trading at Robinhood came with a catch: Robinhood\u2019s customers received inferior execution prices compared to what they would have received from Robinhood\u2019s competitors.\u201d<\/b><\/p>\n

Speaking to Cointelegraph, the head of Robinhood\u2019s legal team stressed that this is all in the past, explaining: <\/span>\u201cThe settlement relates to historical practices that do not reflect Robinhood today.\u201d<\/b><\/p>\n

Unfortunately, Robinhood\u2019s legal woes may not end here, with reports emerging that securities regulators in Massachusetts are weighing up whether to file a case against the company for subjecting inexperienced investors to \u201cunnecessary trading risks.\u201d<\/span><\/p>\n

 <\/p>\n

IRS tax form question leaves U.S. crypto users confused and concerned<\/b><\/a><\/h4>\n

Crypto users in the U.S. have been left confused and frustrated over the wording of a question about digital currencies on this year\u2019s tax return form.<\/span><\/p>\n

Form 1040 asks: \u201cAt any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?\u201d<\/b><\/p>\n

This question has now been placed much more prominently \u2014 near the top of the form. But here\u2019s the problem: There\u2019s a lack of explicit guidance on the definition of a \u201cvirtual currency.\u201d<\/span><\/p>\n

One crypto tax specialist has likened the question to a \u201cperjury trap.\u201d<\/span><\/p>\n

 <\/p>\n

<\/h2>\n

\"\"<\/b><\/h2>\n

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

<\/h4>\n

How to build an exemplary crypto exchange<\/b><\/a><\/h4>\n

Building a crypto exchange can be a daunting process, but there\u2019s one question that\u2019s often overlooked: How do you build an excellent exchange? <\/span>Cointelegraph Magazine takes a look.\u00a0<\/b><\/p>\n

<\/h4>\n

When will Ethereum 2.0 fully launch? Roadmap promises speed, but history says otherwise<\/b><\/a><\/h4>\n

What updates have been added, and how soon can they be implemented? Here\u2019s Julia Magas.<\/span><\/p>\n

<\/h4>\n

Traditional crypto custodians ramp up security to accommodate institutional demand<\/b><\/a><\/h4>\n

Offline storage solutions are necessary for traditional custodians and banks supporting digital assets, as Rachel Wolfson explains.<\/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":6521,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"mc4wp_mailchimp_campaign":[],"_links_to":"","_links_to_target":""},"categories":[35,2413],"tags":[2741,2722,2731,2727,2751,2749,2750],"yst_prominent_words":[225,1220,222,2382],"_links":{"self":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/6517"}],"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=6517"}],"version-history":[{"count":1,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/6517\/revisions"}],"predecessor-version":[{"id":6523,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/6517\/revisions\/6523"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media\/6521"}],"wp:attachment":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media?parent=6517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/categories?post=6517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/tags?post=6517"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/yst_prominent_words?post=6517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}