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
As 2021 began, Bitcoin was teetering on the edge of $30,000 — continually hitting new all-time highs in the process.
There was drama at the start of the week after BTC crashed by 6.5% in a matter of minutes, with a sell wall at $28,400 wiping thousands of dollars off its value.
Bitcoin still had plenty of fight left. As New Year neared, a high-volume surge helped the world’s biggest cryptocurrency waltz past $28,500 and surpass $29,000.
And on Jan. 2, BTC rapidly soared above $31,000 — liquidating a huge number of risky positions in the process and inflicting huge pain on traders betting on a bearish pullback.
As Hodlers celebrated cracking this psychologically important milestone, figures suggested shorters on BitMEX alone lost $10 million.
In another milestone, Bitcoin hit an all-time high against gold — hitting 15.40 gold ounces and surpassing the previous peak from December 2017.
BTC’s newfound market cap above $580 billion wasn’t lost on crypto enthusiasts, either, who were quick to point out that its valuation now exceeds that of Warren Buffett’s finance giant Berkshire Hathaway. Buffett famously described Bitcoin as “rat poison squared.”
Grayscale rounded off 2020 with yet another extravagant Bitcoin purchase. In December, the company snapped up 72,950 BTC — far more than the 28,112 BTC generated by miners.
Overall, Grayscale’s total assets under management across its various crypto funds now stand at $20 billion — a stark contrast to the $2 billion it controlled one year ago.
All of this powerfully…