This edition of the 5 crypto news of the week is presented by the PrimeXBT trading platform.
Here are the five crypto news that caught our attention this week:
Bitcoin settles on Wall-Street
It has caused a stir this week and is likely, at least in part, responsible for the recent surge in Bitcoin. Last Tuesday the first American ETF on Bitcoin-based futures was launched on the New York Stock Exchange, with the approval of the United States financial police, the SEC. We won’t go into the technical details of an ETF here, but we simply have to remember that this investment vehicle does not directly replicate Bitcoin but rather a set of futures contracts that are traded on the CME, Chicago’s centralized stock exchange. Therefore, we are far from the philosophy of Bitcoin and, in particular, we do not really invest in BTC with this product, but it is a significant milestone in the history of Satoshi Nakamoto’s crypto that, remember, has been despised., Treatise on the death of rats. , Ponzi scheme and other niceties since he started talking about it. What will be the next step on the road to Bitcoin adoption? To follow…
The price of Bitcoin: a new all-time high (ATH)
Bitcoin price on Binance hit $ 67,000
That’s it, on Wednesday October 20, Bitcoin literally exploded its previous all-time price high ($ 64,800), an ATH dating back to last April. The new high is $ 67,000 (on Binance). It is difficult to have a final price because depending on the crypto exchange you choose, the price will be different and on some platforms it has only approached $ 67K. But regardless, we will recall that the queen of cryptocurrencies shows insolent form, her capitalization has also reached the record level of $ 1.194 billion at the time of writing this article. For many crypto analysts, this new ATH may not hold for long. In fact, like PlanB, the inventor of the Stock-To-Flow (S2F) prediction model, many specialists see Bitcoin reaching $ 100,000 before the end of the year. Whether in El Salvador or elsewhere, the adoption of Bitcoin continues and goes through the New York Stock Exchange …
Ethereum proof of stake could arrive in May-June 2022
We have news about the long-awaited Ethereum Protocol (ETH) update that will eventually change from a proof of work consensus to a proof of stake consensus. It is in 2022, around the months of May or June, when this should happen. The computer code could be completed in February, according to the developers. Specifically, we will see a merger between the current mainnet (the mainnet) and the Beacon Chain proof-of-stake system. What is called a Difficulty Bomb or “Ice Age” will make mining on Ethereum impossible. This difficulty bomb corresponds to increasing the difficulty level of mining through proof of work. This increase in the difficulty of the calculations would remarkably result in much lower rewards for the miners. But the developers have warned that the difficulty bomb setting could be postponed again if the developers are ultimately not ready. Therefore, we will have to wait until February to find out if the proof of stake will finally be implemented on Ethereum. Ethereum 2.0 is a bit like the Arlesian of the cryptosphere …
Crypto “Uber Eats” turns out to be a scam
Photo: Vice (SCRE)
We can’t repeat it enough, you have to be very careful when setting foot in the cryptosphere, because scams are numerous there. Here’s the last one that made noise this week. It is a fake food delivery platform, Crypto Eats, which has managed to steal half a million dollars from hapless users. The scammers, therefore, found themselves planted, goodbye to money, but they were able to keep T-shirts and promotional material with the effigy of the Yip project. Several UK-based TikTok influencers helped promote the scam that was supposed to compete with Uber Eats, including the ability for customers to pay in crypto. The creators of the fake service did well with a great online promotional campaign, cute logo merchandise, and even threw a launch party. The scammers claimed to have raised $ 8 million in Series A funds. Everything was wrong and you know what? Wade Philips, the founder of Crypto Eats, just didn’t exist. So for all crypto newbies: Caution, Caution, and more … Caution!
Will Bitcoin Replace Gold?
Could gold lose its status as a store of value and bulwark against inflation in favor of Bitcoin? Several cryptosphere watchers think so because they see that many investors in gold are now increasingly turning to BTC. For analysts at JPMorgan bank, Bitcoin is in a good position at the moment due to concerns about inflation. “The perception of Bitcoin as a better hedge against inflation than gold is the real reason for the price surge and this has prompted a shift from gold ETFs to Bitcoin funds since September,” they said. The Financial Times reports that more than $ 10 billion has been withdrawn from this year’s largest gold ETF. It should also be noted that legendary hedge fund trader and manager Paul Tudor Jones has said that inflation is here to stay and that he prefers crypto assets to gold to hedge against it. “Cryptocurrencies have their place. It is clear that they are winning the race against gold right now,” said Jones, who also advises having 5% of Bitcoin in his portfolio.
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