Brace for impact? After hitting $42,000, Bitcoin price volatility may rise
One week in review:
Jan. 3–9 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Brace for impact? After hitting $42,000, Bitcoin price volatility may rise | | | Another week, another spate of all-time highs. Bitcoin managed to crack $42,000 on Friday, surging by 9% in just three hours. | | | A sharp correction soon followed, with prices tumbling by 7% in the following eight hours. This may seem rather tame in percentage terms — but that's a drop of almost $3,000. | | | Key metrics to observe right now include Bitcoin outflows from Coinbase and stablecoin inflows into major exchanges. | | #2. ETH en route to overtake its 2018 all-time high | | | Bullish fervor surrounding Ether intensified this week, with the world's second-largest cryptocurrency breaking above $1,200 for the first time in three years. | | | Year-to-date, ETH has surged by a staggering 66.5%, continuing last year's theme, where it handsomely outperformed BTC. | | | Google searches for "Ethereum" have now hit an all-time high, prompting some optimistic pundits to suggest that ETH could smash its previous record of $1,432.88 between Jan. 10 and 16. | | #3. Can Coinbase keep up with the crypto rally? | | | Coinbase has been under the microscope this week, not least because the U.S. crypto exchange is known for experiencing serious connectivity issues during periods of peak trading activity. | | | The disruption has occasionally prevented traders from taking advantage of price gains and dips — robbing them of profit-taking and reentry opportunities. | | | Coinbase is not the only major exchange to suffer issues during price rallies. Binance also routinely goes offline when BTC clocks up big gains. | | #4. Prediction of the Week Mike Novogratz predicts young people will buy Bitcoin with their stimulus checks | | | Joe Biden has said he is working on a multi-trillion-dollar package that will deliver $2,000 stimulus checks to U.S. citizens, helping them to weather the economic repercussions of COVID-19. | | | And according to Mike Novogratz, such measures could be further good news for the markets. He said: "When it comes into young people's hands, they're going right to their Robinhood accounts. One of the most unique things last time was seeing how many people bought Bitcoin with the exact amount of stimulus. Boom, boom." | | | In his interview with CNBC, he added: "You've got to watch for the cracks. One day we'll wake up, and markets will be reversing, and then they'll reverse hard. I just don't know when that is." | | #5. FUD of the Week Rapper Hiiikey confirms YouTube channel hack, fake crypto giveaway steals $70,000 | | | A YouTube page belonging to U.S. rapper Hiiikey was hacked this week and taken over by fraudsters promoting a fake Bitcoin and Ether giveaway. | | | His page was rebranded as "[Ethereum FUND]" and a livestream featuring an old video of Ethereum co-founder Vitalik Buterin was launched. | | | At one point, the livestream had more than 56,000 viewers, and the hackers received at least 39.1 ETH, which was worth almost $50,000 at the time of writing. | | | Worryingly, the fraudulent livestream was active for several hours before being taken down. | | #6. FUD of the Week Bitcoiner loses almost $100,000 of BTC in wallet transfer bungle | | | A crypto enthusiast has issued a warning to "overconfident" hodlers after losing the password to their wallet by not acting cautiously enough. | | | Reddit user Onnar said they had lost access to 2.6 BTC while attempting to transfer a wallet to a new computer purchased over the holidays. The user claimed they formatted the drive of their old system without double-checking whether the password manager still contained the password needed to access the private keys. | | | Many Reddit users were sympathetic to Onnar's plight, and some stepped up with advice to avoid similar accidents in the future. | | | "The standard now is to use a hardware wallet and write down the seed on paper plus on a metal plate. The standard is not to encrypt your seed words in a computer file for very good reasons," one wrote. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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