Coming every Saturday, 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
The crypto markets had started the week with a spring in their step.
Last Sunday, Elon Musk revealed that Tesla would be prepared to accept Bitcoin as a payment method again — once it could be proved that 50% of the energy used by miners comes from clean, renewable sources.
Traders reacted positively to the tweet, and there were green candles aplenty. Upbeat sentiment helped drive Bitcoin above $40,000 for the first time in over a fortnight. Unfortunately, though, it seems prices above this level were unsustainable.
A new wave of selling reared its ugly head days later after Federal Reserve chairman Jerome Powell suggested that interest rates may rise in 2023 — a year earlier than planned. Other officials went further, indicating the first increase could happen in late 2022.
Bitcoin wasn’t alone in suffering the sell-off. Stocks and gold also fell, eating away at the narrative that BTC is an uncorrelated asset.
With prices falling as low as $35,000, there are now fears that a “death cross” may be forming for Bitcoin. Some traders are forecasting that $32,500 could be the next stop before BTC revisits the swing low at $30,000.
As determined as El Salvador’s president may be to introduce Bitcoin as legal tender, a series of unfortunate events this week showed that it’s harder than it looks.
The World Bank has refused to assist the country in its transition, citing “the environmental and transparency shortcomings” associated with the digital asset.
Although prominent Bitcoiners weren’t pleased with the World Bank’s refusal, it’s fair…