Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
On Oct. 31, 2008, Satoshi Nakamoto released a white paper setting out his vision for Bitcoin.
Fast forward 12 years, and BTC has hit $14,000 for the first time since January 2018 — a rally fueled by institutional investors. Bitcoin’s monthly candle also closed above $13,000, indicating a technical breakout.
The question now is this: What’s going to happen next?
It seems like the likelihood of a new bull cycle is heavily increasing, as the price of Bitcoin continues to make new higher highs and higher lows. Crucial levels to watch include the current resistance zone surrounding the $14,000 threshold.
Breaking through this level would initiate further strength to the next threshold around $16,500–$17,000. “These two levels are the final hurdles before a possible new all-time high,” Cointelegraph analyst Michaël van de Poppe said, adding that current market behavior is comparable to the cycle seen in 2016.
The enthusiasm surrounding the world’s biggest cryptocurrency right now is palpable.
Overall, the crypto market cap has managed to edge above $400 billion at the time of writing, and according to a survey by Grayscale Investments, 39% of U.S. consumers say they find BTC more appealing in light of the COVID-19 pandemic.
Alas, not everyone is convinced. One of them is Ajay Banga, the CEO of Mastercard.
Speaking at the Fortune Global Forum conference, he said he is deeply skeptical about cryptocurrencies and far more enthusiastic about central bank digital currencies.
Banga also warned that Bitcoin…