Bitcoin price quickly climbs to $31,000, liquidating $100 million of shorts
One week in review:
Dec. 27–Jan. 2 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bitcoin price quickly climbs to $31,000, liquidating $100 million of shorts | | | As 2021 begins, Bitcoin has been teetering on the edge of $30,000 — continually hitting new all-time highs in the process. | | | There was drama at the start of the week after BTC crashed by 6.5% in a matter of minutes, with a sell wall at $28,400 wiping thousands of dollars off its value. | | | And on Jan. 2, BTC rapidly soared above $31,000 — liquidating a huge number of risky positions in the process and inflicting huge pain on traders betting on a bearish pullback. | | #2. XRP the "third largest collapse of all time," says The TIE's Josh Frank | | | It's been a spectacular fall from grace for XRP since its market cap hit an all-time high of $137 billion in 2018. According to The TIE, the current turmoil has helped the altcoin's valuation fall by 93% since then — dipping under $10 billion. | | | The TIE's CEO, Joshua Frank, said this spectacular descent effectively makes it the third-largest collapse of all time… bigger than Enron and WorldCom, and not far behind the likes of Lehman Brothers and Washington Mutual. | | | Frank told Cointelegraph that it was "sad and unfortunate" for individual investors who have lost "unimaginable amounts of money," adding: | | | "The founders of Ripple continued to dump their tokens for years and made hundreds of millions of dollars." | | #3. 2020 in review: Cointelegraph art team limited edition NFT drop | | | To celebrate a year that ended on a high note for hodlers, the Cointelegraph team of artists has created a poster-sized limited edition NFT commemorating some of the biggest stories of 2020. It's titled "In crypto, hindsight is 20/20" and is available for just 0.02020 ETH. | | #4. Prediction of the Week "Bullish year ahead" — Bitcoin primed for Q1 2021 gains, strength index says | | | Bitcoin's monthly relative strength indicates that the world's biggest cryptocurrency is primed for another rally. | | | The RSI measures whether an asset is overbought or oversold. When the RSI surpasses 75, it signals the asset is overbought, and when it drops below 30, it means the asset is oversold. | | | "Crypto Capo," a pseudonymous trader, said Bitcoin's monthly RSI was close to 80 as December drew to a close. Historically, a strong rally has followed. | | | They wrote: "When this happens, bullish trend continues, with an avg. return of 1010.87%. Each cycle is shorter." | | | Cointelegraph Markets analyst Michaël van de Poppe is among those who have revised their Bitcoin forecasts for 2021. Proclaiming that a bullish year lies ahead, he revealed that he now expects BTC to be between $65,000 and $85,000 by December. | | #5. FUD of the Week Congresspeople chastise the Treasury for rushing new crypto monitoring proposal | | | Nine congresspeople have written to Treasury Secretary Steven Mnuchin, telling him to hold his horses on proposals that would force registered crypto businesses to hold on to more customer information. | | | The mooted measures have been met with widespread outrage from the crypto community. Not only is Mnuchin pushing this rule out weeks before Joe Biden enters the White House, but just 15 days have been set aside for public comment… far short of the typical 60-day consultation period. | | #6. FUD of the Week Cover Protocol announces compensation plan following mining contract attack | | | Cover Protocol has published a compensation plan for token holders and liquidity providers affected by a recent hack. | | | Eligible liquidity providers on Uniswap, SushiSwap and Balancer will receive new Cover tokens based on their share of the liquidity pool on those platforms. | | | All this comes after Cover Protocol suffered an infinite minting attack that triggered a price crash. Several entities exploited the vulnerability, with the first attacker reportedly draining over $4 million from the protocol. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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