GameStop mayhem, Robinhood scandal and other news

Rob from the poor and give to the rich? Robinhood prompts furious backlash after restricting trades

View this email in your browser One week in review:  Jan. 24–30 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. Rob from the poor and give to the rich? Robinhood prompts furious backlash after restricting trades Day traders have helped GameStop stock surge from $17.25 on Jan. 4 to highs of $483 this week — a 2,700% rise for a retailer struggling to survive in an online world. This inflicted billions of dollars of pain on established investors caught up in the short squeeze. But Robinhood caused controversy when it restricted trades on GME stock, as well as other r/Wallstreetbets targets, including AMC Entertainment, BlackBerry and Nokia. The investing app, which has proven popular with millennials, was accused of preventing average investors from fighting back against hedge funds manipulating the market. The SEC is now looking into Robinhood's handling of GameStop trading, with Congress announcing hearings into the practice of short selling. Read more #2. Bitcoin soars by $5,000 in minutes — BTC hits $38,000 after Elon Musk's 'Dogecoin treatment' The GameStop saga can be linked to several of the other top stories this week. Tesla CEO Elon Musk has been among those cheering on r/Wallstreetbets, and this week, he offered a ringing endorsement of crypto as an alternative. The world's richest man quietly added "#bitcoin" to his Twitter bio… with BTC surging by more than $5,000 within minutes as a result. This helped turn the fortunes of the world's biggest cryptocurrency around, as it had been at peril of losing support at $30,000. Read more #3. Ripple demands to know why Ether isn't a security as XRP defense gets desperate The embattled firm has filed a Freedom of Information Act request that demands information "about how the SEC determined the status of Ether as a non-security." Representatives at the SEC have said that, while Ether's presale may have been a securities offering at the time, ETH is now sufficiently decentralized and qualifies as a commodity. Read more #4. Prediction of the week: Guggenheim says institutional demand not enough to keep BTC above $30,000 Speaking to Bloomberg, Guggenheim's Scott Minerd said: "Right now, the reality of the institutional demand that would support a $35,000 price or even a $30,000 price is just not there. I don't think the investor base is big enough and deep enough right now to support this kind of valuation." Minerd also believes that the downward pressure has a lot further to go, explaining that it is "not uncommon to see squeezes like this." On Jan. 20, Minerd told CNBC that he expects prices to retrace back to $20,000. Read more #5. FUD of the week: Apple updates iOS to fix crypto wallet security vulnerabilities Apple has issued new security updates for its mobile operating system after the iPhone maker discovered vulnerabilities that could compromise crypto wallets. The security updates, which were released Tuesday, affect iOS 14.4 and iPadOS 14.4. The vulnerabilities reportedly allowed hackers to gain remote access to a target system, thereby exposing the user's cryptocurrency wallet. Read more #6. FUD of the week: Crypto crime dropped 57% in 2020, but DeFi hacks surged, CipherTrace says Crimes targeting the virtual currency sector decreased by more than half in 2020, according to blockchain security firm CipherTrace. Overall losses from crypto theft, hacks and fraud fell 57% in 2020 to $1.9 billion, due mainly to improved security systems — but it wasn't all good news. Last year also saw a surge in crime related to decentralized finance, and the majority of incidents were "rug pulls." This is where a token is artificially hyped and inflated, with the creators and early investors pulling the plug after the pump, leaving the latecomers out of pocket. CipherTrace's report warned that 50% of all crypto hacks were linked to DeFi protocols, with 99% of major fraud volume in the second half of 2020 stemming from rug pulls. Read more Feel free to explore the most important news with Hodler's Digest: Read more 1.5 million people follow us on social media Download our official app:

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Bitcoin in jeopardy, Ether briefly breaks records and other news

Three reasons Bitcoin tumbled below $30,000 in a surprise overnight correction

View this email in your browser One week in review:  Jan. 17–23 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. Three reasons Bitcoin tumbled below $30,000 in a surprise overnight correction Intensifying sell pressure saw Bitcoin briefly plummet below $29,000 for the first time since Jan. 5. The fall from $37,000, which happened within 48 hours, resulted in the biggest daily candle ever. Bitcoin has lost 14% of its value over the past seven days. But over this period, many major altcoins haven't been suffering sell-offs to the same extent. Ether is down just 2.6% on the week, Polkadot is actually up 1.5%, and XRP has fallen by 5.6%. Read more #2. ETH finally beats its 2018 all-time high, surpassing $1,428 It's been a long time coming. This week, ETH finally reached new all-time highs against the dollar — surpassing $1,428 on Bitstamp. Unfortunately, the major altcoin didn't spend much time in uncharted territory — falling as low as $1,050 in the days that followed. Strategists at Fundstrat Global Advisors believe that 2021 could be a year to remember for ETH. According to its researchers, the second-largest cryptocurrency could climb more than sevenfold to $10,500. Read more #3. President Biden freezes FinCEN's proposed crypto wallet regulations Joe Biden wasted little time in getting to work following his inauguration on Jan. 20. One of the first actions the new president took on his first day in office was to freeze the federal regulatory process — and this is good news for the crypto community. Compound Finance's general counsel Jake Chervinsky lauded the move, declaring: "We fought hard & earned the right to take a breath & reset. Janet Yellen isn't Steve Mnuchin. I'm optimistic." Read more #4. Prediction of the week: Hedge fund predicts $115,000 Bitcoin price and the fall of "speculative" altcoins New data from Pantera Capital this week suggested that Bitcoin's current price action is closely following the stock-to-flow model's trajectory. The firm's analysts believe BTC will have reached $115,212 by Aug. 1 and that its price will gain an average of more than $10,000 a month, hitting six figures in the early summer. Pantera believes that a significant difference between this rally and 2017 is linked to the overall market composition and where value is located — with altcoins losing out. Read more #5. FUD of the week: More institutions will warm up to crypto once market cap hits $2 trillion, eToro says Researchers at Aite Group said the crypto market could reach a $2-trillion market cap if more institutional players were to get on board amid more favorable conditions. These firms would be more likely to adopt crypto if there was less regulatory uncertainty, a developed market infrastructure, and less risk surrounding security. Tomer Niv, head of business development at eToro, said: "Only by widening the playing field and facilitating more participation will crypto reach and maintain a market cap of $2 trillion and beyond." Read more #6. FUD of the week: 83% of cryptocurrencies that peaked in 2018 are still down by 90% More than 80% of crypto assets that hit all-time highs in January 2018 are still down by at least 90%, according to data from Messari. The data set included 410 assets that posted record prices during 2017 or later, with 2018's 157 star coins performing the worst with an average of -90.71% since the previous ATH. 2017's top cryptos have since crashed by 82% on average, while 2019's crop is down 72%, and 2020's standouts have shed 53%. Read more Feel free to explore the most important news with Hodler's Digest: Read more 1.5 million people follow us on social media Download our official app:

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