Welcome to the latest edition of Hodler’s Digest, where we bring you the top headlines in the world of cryptocurrencies. It has been an eventful and exciting week for the crypto space, with significant developments and news coming in from all corners of the industry. From new partnerships to major market movements, there is a lot to catch up on in the world of digital currencies. So, let’s dive right in and explore the latest crypto news from December 3-9.
Bitcoin reaches all-time high as crypto market surges
The crypto market witnessed a significant surge this week, with the total market cap reaching a new all-time high of over $500 billion. Bitcoin, the world’s largest cryptocurrency, led the way by smashing through the $19,000 mark and reaching a new peak of $23,000 before dropping back down. The rise in Bitcoin’s price is largely attributed to the increased institutional buying and adoption, with major players like PayPal, Square, and MassMutual investing in the digital currency. This surge in Bitcoin’s price also had a ripple effect on other cryptocurrencies, causing many to reach new highs as well.
Ethereum 2.0 successfully launches
After years of development and anticipation, Ethereum 2.0 finally launched its Beacon Chain this week, marking a significant milestone for the world’s second-largest cryptocurrency. The update is expected to bring improvements in terms of scalability, efficiency, and security to the Ethereum network. This launch is the first step towards the full implementation of Ethereum 2.0, which is expected to be completed in the coming years.
Samsung Blockchain Wallet adds support for Stellar
Samsung, one of the world’s leading smartphone manufacturers, has added support for Stellar (XLM) on its Blockchain Wallet. This move will allow Samsung users to store, send, and receive XLM on their devices, further promoting the adoption of this cryptocurrency. Samsung has been a major proponent of blockchain technology and has continued to add support for various cryptocurrencies on its devices, making it easier for users to access and use digital currencies.
Coinbase files IPO paperwork
In what is being hailed as a major milestone for the crypto industry, Coinbase has filed paperwork with the United States Securities and Exchange Commission (SEC) for its initial public offering (IPO). This move will make Coinbase the first major cryptocurrency exchange to go public, and is expected to bring in a surge of mainstream investors into the crypto space. The IPO is expected to take place in early 2021, and it will be interesting to see the impact it has on the cryptocurrency market as a whole.
HODLers rejoice as Bitcoin surpasses six figures
The recent rise in Bitcoin’s price has brought joy to HODLers (a term used to describe long-term holders of cryptocurrencies), as Bitcoin surpassed $100 billion in overall gains this week. This means that anyone who has held onto Bitcoin for more than three years has seen an impressive return on their investment, with some estimating it to be as high as 168% annually. This reinforces the idea of Bitcoin being a long-term investment and further solidifies its position as a store of value.
Facebook’s Libra undergoes a rebrand
After facing numerous regulatory hurdles and criticisms, the much-anticipated Libra project by Facebook is undergoing a rebrand and will now be known as Diem. The organization behind Diem has also made a number of modifications to the project, such as simplifying its structure and introducing a multi-currency stablecoin, in an attempt to gain approval from regulators. With this rebrand, Facebook is hoping to finally launch its digital currency in 2021 and revolutionize the way we use money online.
Crypto YouTuber sentenced to 8 years in jail for $26 million Ponzi scheme
In a shocking development this week, crypto YouTuber Trevon James has been sentenced to eight years in jail for his involvement in a Ponzi scheme that defrauded investors of over $26 million. He and his accomplices promoted the fraudulent BitConnect project, convincing thousands of unsuspecting individuals to invest in the cryptocurrency. This case serves as a reminder to always do thorough research and be cautious of fraudulent schemes and scams in the crypto space.
The past week has been filled with exciting developments and news in the world of cryptocurrencies. From record-breaking market surges to major launches and regulatory developments, the industry continues to make strides towards mainstream adoption. As we approach the end of the year, it will be interesting to see how these latest developments shape the future of cryptocurrencies and the blockchain technology behind them. Stay tuned for next week’s edition of Hodler’s Digest for all the latest crypto news.