One week in review:
Oct. 31–Nov. 6 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. 'Uptober' closes at record high in best month of 2021 — 5 things to watch in Bitcoin this week | | | After Bitcoin's (BTC) first-ever monthly close above $60,000 for October and a new all-time high (ATH), the bulls are reading the tea leaves to see what November will bring. Plan B — who has been pretty bang on the money in recent months — has forecasted a November close of $98,000 per BTC. | | | Something that may suggest the asset is on the up this month is that a strong number of holders weren't tempted to sell despite BTC reaching its ATH of $67,100. Kraken Intelligence pointed out as much, noting that mass accumulation has continued over the past two months despite the potential to reap mad gainz. | | | "Notably, while long-term holders were unfazed by the retracement last month and used it as an opportunity to continue accumulating, this trend has not changed despite a significant rebound in price to new all-time highs near $67,000," Kraken Intelligence said. | | #2. Burger King serves up free crypto with meal purchases | | | Fast Food giant Burger King (BK) signed a "whopper" of a deal this week with retail trading platform Robinhood to give away free crypto to customers who spend more than $5 in November. | | | The U.S.-based promo campaign is running until Nov. 21, with customers given free crypto primarily in the form of Dogecoin (DOGE). A few lucky customers will even have the chance to win a whole Bitcoin or Ether, but must register with Robinhood Crypto to receive the reward. | | | The crypto rewards will be drawn from a trifecta of 2 million DOGE, 20 BTC and 200 ETH. Customers can only claim one prize per day and must make their purchase on the BK app, website or in-store using a code at participating locations. | | #3. Commonwealth Bank to enable crypto trading for 6.5M Aussies, 'other banks will follow' | | | The Commonwealth Bank of Australia (CommBank), one of the local 'big four' banks, announced on Wednesday that it is rolling out crypto trading services directly through its banking app. CommBank said it will support 10 crypto assets in total, including Bitcoin, Ether, Bitcoin Cash (BCH) and Litecoin (LTC). | | | The CommBank app has a user base of around 6.5 million people, and the crypto move is being launched in partnership with the blockchain analysis firm Chainalysis. | | | Following the bullish announcement, Steve Vallas, the CEO of industry body Blockchain Australia, told Cointelegraph that it is only a matter of time before the other major Aussie banks follow suit. | | | "It is inevitable that the other banks will follow suit," he said. "Clarity in the local regulatory landscape is emerging with issues such as licensing being tackled head-on by industry and by governments. [...] Impediments to action and participation are being removed." | | #4. Prediction of the week. Bitcoin will peak at $253K, Ethereum at $22K this cycle if 2016 halving bull run repeats | | | Bitcoin ranged in price this week, largely trading between $60,000 and $64,000, according to Cointelegraph's BTC price index. In terms of future price action, one Twitter account by the name of Ecoinometrics drew up some analysis that suggests Bitcoin could have major upside left for this halving cycle. | | | Ecoinometrics tweeted a chart overlaying Bitcoin's current price journey since its 2020 block reward halving against the backdrop of BTC's price run after its 2016 halving. After BTC's 2016 halving, the asset grew in price by a factor of almost 30 when it peaked. Seeing as Bitcoin's price traded at roughly $8,600 around the time of the 2020 halving, it could peak at $253,800 if history repeats, according to Ecoinometrics. | | | Additionally, based on the logic of ETH's price activity in tandem with Bitcoin's halving history timeline, Ecoinometrics forecasts a possible outcome for the price of Ether. The asset could possibly reach a summit of $22,300 per coin based on this idea. | | | Analyst Willy Woo, alternatively, predicted that this current post-halving cycle is the last major four-year cycle for Bitcoin. If that is indeed the case, and if Bitcoin reaches mass adoption and "full saturation," the BTC price in dollar terms would no longer be relevant. | | | Ecoinometrics' theory suggests Bitcoin's price is increasing the same amount as the last halving cycle in terms of multipliers. Bitcoin, however, posted a notably smaller percentage increase in its second halving cycle compared to its first. Will this halving cycle show a smaller percentage increase than the 2016 cycle? | | #5. FUD of the week. Game over! 'Squid Game'-inspired crypto scam collapses as price crashes from $2.8K to zero | | | In what appears to be a rug pull of the ages, the SQUID token inspired by the hit South Korean Netflix show Squid Game dropped essentially 100% right after its price topped $2,850 on Monday. | | | The scammers touted the SQUID token as a play-to-earn crypto inspired by the series' plot, in which people risk their lives to play a series of children's games for the opportunity to win 45.6 billion won, or roughly $38.7 million. But, much like the show, there were serious consequences for "playing." | | | The price of SQUID skyrocketed 75,000% in the space of a week. However, users were complaining during the pump that they could not sell the asset due to "anti-dumping technology" deployed by the creators that limited people from selling their tokens against lower demand. | | #6. FUD of the week. NFT collection's price takes a nosedive as creator's racist cartoons circulate | | | On Tuesday, it was reported that the trading value of the Jungle Freaks NFT project had tanked roughly 80% after a collection of racist cartoons drawn by one of the project's creators in the 1970s circulated online. | | | The creator in question is George Trosley, who rose to fame from his illustration work in Hustler magazine. Trosley's foray into NFTs was off to a good start until the highly offensive illustrations surfaced, with a rare Jungle Freak NFT selling for 24 Ether ($108,000) just two weeks ago. | | | Elijah Wood, who played Frodo Baggins in the beloved The Lord of the Rings movies, even had his hands on the "precious" NFTs before the debacle but, upon hearing the news, he liquidated his holdings and donated the proceeds to charity. | | | "I was made aware of some of the artist's disturbing prior cartoons," he said. "Upon learning this, I immediately sold the NFTs as I wholly denounce any form of racism. I have donated the funds from the sale of the NFT to LDF and Black Lives Matter." | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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