{"id":7623,"date":"2021-04-17T15:56:47","date_gmt":"2021-04-17T19:56:47","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=7623"},"modified":"2021-04-17T15:57:07","modified_gmt":"2021-04-17T19:57:07","slug":"coinbase-frenzy-doge-dazzle-btc-records-cramer-paperhands-041117","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2021\/04\/17\/coinbase-frenzy-doge-dazzle-btc-records-cramer-paperhands-041117","title":{"rendered":"Coinbase frenzy, DOGE dazzles, Bitcoin breaks records, Jim Cramer sells: Hodler\u2019s Digest, April 11\u201317"},"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

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

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Coinbase gets off to a rocky start as it lists on the Nasdaq<\/b><\/a><\/h4>\n

It was billed as a \u201c<\/span>watershed<\/span><\/a>\u201d milestone for cryptocurrency \u2014 the industry\u2019s \u201c<\/span>Netscape moment<\/span><\/a>.\u201d <\/span>This week, Coinbase made its stock market debut.<\/b><\/p>\n

There was no shortage of excitement in the run-up to Wednesday\u2019s direct listing on the Nasdaq, with Bitcoin rallying to <\/span>$64,863.10 <\/b>before the open. <\/span>COIN\u2019s reference price was set at just $250, with <\/b>all 1,700 staff pocketing 100 shares each<\/b><\/a>.<\/b><\/p>\n

In true crypto form, it was a volatile debut. <\/span>Coinbase\u2019s stock quickly rose to $430 before falling sharply within the first few minutes of trading, closing its inaugural session at a still-impressive $328. <\/b>It wrapped up Friday at <\/span>$342<\/b>, with a market cap of <\/span>$67.2 billion.<\/b><\/p>\n

COIN\u2019s arrival on Wall Street is significant because of how it gives investors indirect exposure to cryptocurrencies. <\/span>Ark Invest is especially bullish<\/b><\/a> on the stock, snapping up more than 1 million shares that will be shared across three exchange-traded funds.<\/b><\/p>\n

Overall, the stock\u2019s performance <\/span>has been hailed as positive so far<\/span><\/a>, especially compared with how IPOs have performed in the past. <\/span>Will this embolden other exchanges to follow suit?<\/b><\/p>\n

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Coinbase could see fee compression in long term, CEO expects<\/b><\/a><\/h4>\n

As you\u2019d expect, <\/span>the exchange enjoyed much fanfare<\/span><\/a> on the big day and even embedded the title of a New York Times article referencing Joe Biden\u2019s stimulus package into the Bitcoin blockchain. <\/span>Nonetheless, Coinbase CEO Brian Armstrong was keen to address some of the concerns raised by analysts.<\/b><\/p>\n

Some fear that the mooted <\/span>$100-billion <\/b>valuation ahead of the listing was too high amid fears crypto exchanges will soon end up in bitter competition that will drive down fees \u2014 and affect overall profitability. <\/span>Given how this accounted for 96% of Coinbase\u2019s revenue in 2020, it\u2019s kind of a big deal.<\/b><\/p>\n

On CNBC, Armstrong sought to tackle this head on. While he said that fee reductions are possible in the long term, the executive doesn\u2019t believe it\u2019s an imminent threat. <\/span>Plus, by the time it is, he predicts \u201cmaybe 50% or more\u201d of revenues will come from alternative streams such as debit cards and crypto custody.<\/b><\/p>\n

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Dogecoin doubles in a day as YTD gains hit 5,000%, while Bitcoin price dips<\/b><\/a><\/h4>\n

Bitcoin cooled once COIN started trading. <\/span>And while Ether has comfortably outperformed the world\u2019s biggest cryptocurrency this week (securing a new all-time high of $2,547.56 on Friday), altcoins have been stealing the show.<\/b><\/p>\n

If Dogecoin is a joke, it\u2019s certainly wiped the smile off cynics\u2019 faces. <\/span>DOGE was trading at just $0.07 on Monday but began a frenzied 514% climb to highs of $0.43 by Friday. <\/b>That\u2019s a surge of <\/span>8,735% <\/b>since the start of the year \u2014 and there\u2019s little doubt it will have turned a number of enthusiasts into overnight millionaires.<\/span><\/p>\n

The frenzy saw DOGE leapfrog Bitcoin Cash and Litecoin in the rankings, with a market cap that\u2019s twice as big as Deutsche Bank\u2019s.<\/span><\/p>\n

Even professional traders have been caught by surprise. <\/b>There\u2019s one thing we know for certain, though: Bold predictions of a <\/span>$1 <\/b>DOGE one day are now looking less outlandish.<\/span><\/p>\n

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XRP price soars to new highs after recent legal victories and relisting rumors<\/b><\/a><\/h4>\n

With the market cap of altcoins surpassing <\/span>$1 trillion<\/b>, one clear theme has emerged this week: Older cryptocurrencies are enjoying something of a renaissance. <\/span>And it isn\u2019t just DOGE that\u2019s mooning\u2026 XRP is racing higher, too.<\/b><\/p>\n

XRP hit multi-year highs of <\/span>$1.96 <\/b>this week. <\/span>Although that\u2019s some way off the all-time record of $3.84 set in January 2018, this still reflects year-to-date gains of 790%. <\/b>The latest spike caused <\/span>a whopping <\/span>$420 million <\/b>of liquidations<\/span><\/a> on derivatives exchanges.<\/span><\/p>\n

Momentum for XRP has been building thanks to a series of legal victories for Ripple in its battle with the Securities and Exchange Commission, along with rumors that the token may be relisted on multiple exchanges.<\/span><\/p>\n

Elsewhere, two forked projects that once sought to challenge Bitcoin and Ethereum for their seats at the top \u2014 Bitcoin Cash and Ethereum Classic \u2014 <\/span>also racked up triple-digit gains<\/span><\/a>. <\/span>Will other retro cryptocurrencies be next?<\/b><\/p>\n

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Jim Cramer cashes out half his \u201cphoney money\u201d Bitcoin to pay off mortgage<\/b><\/a><\/h4>\n

Enigmatic CNBC host Jim Cramer risked attracting the ire of crypto enthusiasts this week \u2014 for two reasons.<\/span><\/p>\n

Not only did he refer to Bitcoin as \u201cphoney money,\u201d something that causes the red mist to descend for many maximalists, but he also revealed he has sold 50% of his BTC portfolio to pay off a mortgage.<\/b><\/p>\n

Cramer confirmed he had bought a lot of Bitcoin at <\/span>$12,000<\/b> \u2014 meaning it had risen fivefold by the time he offloaded half of it. <\/span>The anchor subsequently admitted: \u201cI know people are going to be angry with me.\u201d<\/b><\/p>\n

Some Twitter users likened the one-time crypto critic\u2019s move to the infamous pizza purchase for 10,000 BTC. <\/span>But others have praised Cramer\u2019s move and argued that it\u2019s important to take profits off the table, writing: \u201cSelling only 50% after a 5x gain doesn\u2019t sound toooo silly.\u201d<\/b><\/p>\n

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

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At the end of the week, Bitcoin is at <\/span>$62,272.53<\/b>, Ether at <\/span>$2,466.78 <\/b>and XRP at <\/span>$1.69<\/b>. The total market cap is at <\/span>$2,274,625,979,472<\/b>.<\/span><\/p>\n

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are <\/span>Dogecoin<\/b>, <\/span>Ethereum Classic <\/b>and <\/span>Siacoin<\/b>. The top three altcoin losers of the week are <\/span>KuCoin Token<\/b>, <\/span>Klaytn<\/b> and <\/span>Celsius<\/b>.<\/span><\/p>\n

For more info on crypto prices, make sure to read <\/span>Cointelegraph\u2019s market analysis<\/span><\/a>.\u00a0<\/span><\/p>\n

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

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\u201cThis is a really important day for the whole crypto world. This is saying \u2018this is an asset class, and it\u2019s an asset class that\u2019s here to stay.\u2019\u201d<\/span><\/p><\/blockquote>\n

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

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\u201cWe haven\u2019t seen any margin compression yet, and I actually wouldn\u2019t expect to see it in the short and the midterm. Longer term, yes I do think there could be fee compression just like in every other asset class out there.\u201d<\/span><\/p><\/blockquote>\n

Brian Armstrong<\/b><\/a>, Coinbase CEO<\/b><\/p>\n

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\u201cPayPal really wants to use cryptocurrency as a funding source for everyday transactions. The endgame, though, is a more noble vision of this inclusive economy, and things will be done much differently than today.\u201d<\/span><\/p><\/blockquote>\n

Dan Schulman<\/b><\/a>, PayPal CEO<\/b><\/p>\n

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\u201cBitcoin is looking strong at RSI 92. Still not above RSI 95 like 2017, 2013 and 2011 bull markets.\u201d<\/span><\/p><\/blockquote>\n

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

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\u201cYou gotta buy Coinbase when that deal comes. Even though it\u2019s a $100 billion deal, this has become common knowledge that there are many companies that are going to switch. MicroStrategy has always been the leader, so others would want to follow.\u201d<\/span><\/p><\/blockquote>\n

Jim Cramer<\/b><\/a>, CNBC host<\/b><\/p>\n

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\u201cCoinbase is the watershed moment in terms of legitimizing some valuations you see in crypto.\u201d<\/span><\/p><\/blockquote>\n

Ben Lilly<\/b><\/a>, Jarvis Labs co-founder<\/b><\/p>\n

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\u201cCoinbase IPO May Boost #Bitcoin to $70,000, Like #Tesla to $60,000 \u2014 The lowest 30-day volatility since October indicates Bitcoin is ripe to exit its cage and bull-market continuation is favored for the next $10,000 move.\u201d<\/span><\/p><\/blockquote>\n

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

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\u201cTruth be told I seriously think we\u2019ve entered the final leg of this $btc bull market. To be clear, final leg could be 2-3 weeks or even more. Price could reach 200k or even more who knows. Just don\u2019t make irrational life decisions based on unrealized PnL.\u201d<\/span><\/p><\/blockquote>\n

Mohit Sorout<\/b><\/a>, Bitazu Capital founding partner<\/b><\/p>\n

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\u201cAn ETF would be a bigger deal, obviously, than Coinbase getting listed.\u201d<\/span><\/p><\/blockquote>\n

Eric Crown, entrepreneur<\/b><\/p>\n

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

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Ethereum could go to $10,000 in 2021 and outperform Bitcoin, says veteran trader<\/b><\/a><\/h4>\n

Back to Ether now, which has been in the ascendancy this week following <\/span>an irreversible hard fork<\/span><\/a> that aims to deliver some reforms to transaction fees. <\/span>On-chain data suggests<\/b><\/a> that ETH\u2019s price could double between now and the end of May \u2014 but some analysts are going even further.<\/b><\/p>\n

In an exclusive interview with Cointelegraph, Scott Melker said gaining exposure to ETH was \u201clike investing in the internet in the early 1990s.\u201d<\/span><\/p>\n

Even though his price target for <\/span>$10,000 <\/b>by the end of this year may seem outlandish, he added: <\/span>\u201cI don\u2019t see why that\u2019s crazy. It\u2019s basically just under a 5x from here. […] Bitcoin did almost three times that last year.\u201d<\/b><\/p>\n

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

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r\/Wallstreetbets finally allows crypto threads\u2026<\/b><\/a> then bans them again<\/b><\/a><\/h4>\n

This week, there seemed to be a major breakthrough when r\/Wallstreetbets announced that it would allow Bitcoin, Ether and Dogecoin to be discussed in a daily thread on Reddit.<\/span><\/p>\n

The new policy lasted a day, and the reason why the ban has been reimposed has raised eyebrows.<\/b><\/p>\n

Bloomberg had claimed that r\/Wallstreetbets was \u201cbowing\u201d to digital assets by opening up the discussion beyond stocks, something that <\/span>really<\/span><\/i> pissed off one moderator.<\/span><\/p>\n

A new post read: <\/span>\u201cDue to the article that was written [by] Bloomberg who somehow felt that \u2018WallStreetBets Bows to Crypto.\u2019 Crypto discussion is banned indefinitely. I\u2019ve read a lot of dumb articles written about wsb. This one takes the cake. P.S. Like always. Please be respectful.\u201d<\/b><\/p>\n

Despite the plea for respect, many Reddit users weren\u2019t pleased with the dramatic reversal.<\/span><\/p>\n

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Turkey to ban cryptocurrency payments<\/b><\/a><\/h4>\n

A new ban in Turkey will prohibit crypto holders from using their digital assets for payments in addition to preventing payments providers from providing fiat onramps for crypto exchanges.<\/span><\/p>\n

The ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.<\/b><\/p>\n

According to Turkey\u2019s central bank, \u201cany direct or indirect usage of crypto assets in payment services and electronic money issuance\u201d will be forbidden.<\/span><\/p>\n

Banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts.<\/b><\/p>\n

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ECB endangers itself by waiting around on digital euro, says ConsenSys exec<\/b><\/a><\/h4>\n

The European Central Bank will put itself in jeopardy if it waits around to launch a digital euro for too long, according to a ConsenSys executive.<\/span><\/p>\n

With a central bank digital currency set to be years away, Monica Singer said such projects are a chance for central banks to repair their mistakes and fix a broken financial system.<\/b><\/p>\n

She warned that if global banks miss this opportunity, alternatives from private tech giants like Facebook could make fiat currencies obsolete.<\/span><\/p>\n

Singer added: \u201cIf the central bank in Europe is gonna wait until 2028, by then there won\u2019t be a central bank. Because who\u2019s gonna use the euro in its current form? There are gonna be so many choices.\u201d<\/b><\/p>\n

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

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A cure for copyright ills? NFTs promise to empower creative economies<\/b><\/a><\/h4>\n

NFTs are not an immediate solution to all IP rights issues, but eventually, they can give creators more power than they ever had.<\/span><\/p>\n

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Life beyond Ethereum: What layer-one blockchains are bringing to DeFi<\/b><\/a><\/h4>\n

Ethereum is the dominant force in DeFi, and layer-two solutions are a promising alternative, but the layer-one blockchains are not done just yet.<\/span><\/p>\n

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All that mined is not green: Bitcoin\u2019s carbon footprint hard to estimate<\/b><\/a><\/h4>\n

The impact of BTC mining on the environment has turned into a debate \u2014 here\u2019s what academics think… and if \u201cgreen Bitcoin\u201d is possible.<\/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":7627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"mc4wp_mailchimp_campaign":[],"_links_to":"","_links_to_target":""},"categories":[35,2413],"tags":[2722,2914,2731,2735,2795,2736,2737],"yst_prominent_words":[2012,225,941,731,222,834,701,560,837,1497,2236,950],"_links":{"self":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/7623"}],"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=7623"}],"version-history":[{"count":1,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/7623\/revisions"}],"predecessor-version":[{"id":7629,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/7623\/revisions\/7629"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media\/7627"}],"wp:attachment":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media?parent=7623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/categories?post=7623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/tags?post=7623"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/yst_prominent_words?post=7623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}