One week in review:
Nov. 28–Dec. 4 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Jack Dorsey has stepped down as Twitter CEO | | | Twitter co-founder Jack Dorsey announced Monday that he has stepped down from his role as CEO. Replacing Dorsey will be Twitter board member and chief technology officer Parag Agrawal, who was unanimously appointed to CEO by the company's board of directors. | | | Dorsey also serves as the CEO and chairman of crypto-friendly payments tech firm Square, and it is unclear if he left Twitter to solely focus on the platform's plans to develop a decentralized Bitcoin (BTC) exchange. He did note, however, that the company does not need to be founder-led to thrive. | | | "I believe it's really important to give Parag the space he needs to lead," said Dorsey. "I believe it's critical a company can stand on its own, free of its founder's influence or direction." | | #2. MicroStrategy purchases $414.4 million worth of Bitcoin, with total BTC balance eclipsing $3.5 billion | | | MicroStrategy, the analytics software firm led by fervent Bitcoin bull Michael Saylor, announced on Monday that it had snapped up a 7,002 BTC worth $414.4 million. | | | After the purchase, Saylor stated that the company's total BTC holdings stood at a whopping 121,044, acquired for roughly $3.57 billion at an average price of $29,534 per BTC. To fund that latest shopping spree for digital gold, the firm sold 571,001 shares of company stock between Oct. 1 and Nov. 29 at $732.16 apiece. | | | MicroStrategy first bought Bitcoin back in August 2020 as part of its treasury strategy, and with Saylor at the helm, the firm has purchased the asset relentlessly since—regardless of price—and is showing no signs of slowing down any time soon. | | #3. Former Citi banker launches $1.5B crypto fund, taps Algorand as first partner | | | On Monday, 14-year Wall Street veteran and former Citi banking executive Matt Zhang announced a $1.5 billion multi-strategy fund called Hivemind Capital Partners that is aiming to support up-and-coming crypto projects. | | | In particular, the fund will place a strong emphasis on crypto infrastructure builders, virtual worlds and Metaverse projects, and programmable money. The fund's first technology partner will be proof-of-stake-based blockchain Algorand. | | | While Hivemind is yet to announce any major funding, Zhang said the firm will support crypto entrepreneurs with infrastructure that cannot currently be offered by traditional asset management models. | | #4. Prediction of the week: Bitcoin tests traders' nerves as analyst reissues $400K BTC price forecast | | | Bitcoin started the week on Nov. 28 with a drop from nearly $55,000 down to almost $53,300, followed by a push up past $58,000, according to Cointelegraph's Bitcoin price index. Following Sunday's price action, most of the rest of the week saw BTC trade in a range between $55,800 and $59,300. | | | In a Wednesday tweet, crypto trader Michaël van de Poppe gave his thoughts on the crypto market, noting a desire to see sub-$60,000 BTC turn to support. | | | "It's very simple. Below $60K I've remained cautious/bearish as I'd like to see that area flip," he tweeted. "Levels to watch for buys; $53K-54K zone and $47-50K zones for #Bitcoin," he added. "When to buy #altcoins? December. Nothing has changed past weeks." | | | In a separate tweet on Wednesday, van de Poppe also provided his thoughts on a few possible price targets for the bull cycle top, noting price ranges between $350,000 and $450,000 for Bitcoin and between $10,000 and $17,500 for Ethereum, in addition to ranges for other assets as well. He tweeted out the same list with the same numbers back in April 2021, with the exception of Elrond, for which the new list gave an updated possible price range target. | | #5. FUD of the week: Vladimir Putin says cryptocurrencies 'bear high risks' | | | Russian President Vladimir Putin, a man with a squeaky-clean reputation who has most certainly never engaged in any nefarious activity, took time out of his busy schedule this week to voice his concerns over the risky nature of crypto speculation. | | | According to reports from local media outlets on Tuesday, Putin aimed criticism at the "Russia Calling!" investment forum in Moscow. The 69-year-old called for greater monitoring and regulation of crypto in Russia and astutely pointed out that certain countries are seeing significant adoption of digital currencies. | | | "It is not backed by anything, [and] the volatility is colossal, so the risks are very high," he said. "We also believe that we need to listen to those who talk about those high risks." | | #6. FUD of the week. Bitcoin fails 'worst-case scenario' monthly close for the first time, starts December sub-$57K | | | Bitcoin failed to hit the November closing price of $98,000 demanded by Twitter personality PlanB's so-called "floor model." With Bitcoin sitting at $57,000 on Nov. 30, the actual price was roughly 71% below the forecast price. | | | In a Wednesday Twitter post, PlanB noted that he would give his famous model one more month, but was adamant in stating that $100,000 per BTC is still "on track" by year-end as he pointed to the S2F model. He further explained: | | | "No model is perfect, but this is a big miss and the first in 10y! Outlier/black swan? I will give Floor model 1 more month. S2F model unaffected and on track to $100K. Watch out for trolls confusing Floor and S2F model!" | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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