This Week In Crypto is a weekly segment from the Live Coin Watch News team, providing readers with a fun, succinct, and pertinent summary of the most important Bitcoin-related events in the past seven days.
What a week it has been for this newfangled industry. Bitcoin (BTC) has seen a crazy week of price action. On Sunday, just after we published our last edition of this weekly update, BTC shot up to $8,800, breaking out of a triangle formation that had bulls’ downfall for the better part of three weeks. While the bullish momentum has since tapered, with the cryptocurrency falling to $8,550, many are still decidedly bullish.
In a recent segment on Bloomberg TV, Jehan Chu of Kenetic Capital explained that BTC could rally by 230% into the end of the year. Chu chalked up this prediction to the fact that Silicon Valley and Wall Street are FOMOing in; the block reward reduction for Bitcoin is now less than one year out; and investors are looking for riskier plays, like digital assets.
Regardless of the movement of digital assets, the underlying space saw an array of interesting developments.
This Week In Crypto
- Big Four’s EY Looks To Make Ethereum Transactions Private: According to CoinDesk, Ernst & Young (EY), one of the world’s largest professional services firms (Big Four), has just released a project called “Nightfall”. The venture is a set of protocols that, if enabled, will allow for certain Ethereum (ETH) transactions to be private. This is purportedly done through a “set of smart contracts and microservices” and an implementation of ZK-snarks that allow for “standard ERC-20 and ERC-721 tokens to be transacted on the Ethereum blockchain with complete privacy.” This comes after Vitalik Buterin, the co-founder of the blockchain, suggested on online forums that Ethereum developers should look to integrate an on-chain tumbling/mixer solution for ETH transactions.
- Bitcoin SV Spikes After “Fake News” Circulates In China: Earlier this week, Bitcoin Satoshi’s Vision (BSV) suddenly began to spike, nearly doubling within 24 hours. This led some to ask, “why?” According to reports, an entity, which remains unknown, managed to photoshop a news alert from Chinese trade publication Coinbull that claimed that Australian cryptographer Craig Wright had managed to prove himself as Satoshi Nakamoto, the creator of Bitcoin, by sending transactions from the earliest wallets. Said alert also claimed that Binance’s Changpeng Zhao was going to publicly address that Wright is Nakamoto. This news has since been proven to have been “fake”.
- Crypto Startup Coinbase Loses COO In Executive Exodus: After securing $300 million worth of funding in 2018, crypto startup Coinbase has somehow been put between a rock and a hard place. Executives — and key ones at that — have begun to leave the firm, citing a multitude of reasons. Most recently, Asiff Hirji, the TD Ameritrade executive-turned-the company’s chief operating officer, has revealed that he will be departing the firm. Per a statement, Emilie Choi, the vice president of business, data, and international of Coinbase, will be Hirji’s successor. Sources tell Bloomberg that Choi, formerly of Yahoo and LinkedIn, has been responsible for key partnerships, acquisitions, and was also instrumental in the firm’s funding round.
- Forbes: Billionaire Seeking To Secure 25% Of All BTC In Circulation: According to a recent report from Forbes, the Dadiani Syndicate, a little-known yet key firm in the cryptocurrency market, purportedly has a large request to fill. The group, which touts itself as an investment “platform for […] maximizing your digital holdings”, is much like an over-the-counter (OTC) desk, but with a likely much larger influence. The founder of the firm, art dealer Eleesa Dadiani, tells Forbes that one of her billionaire clients recently said they were interested in “acquiring 25% of all Bitcoin currency available”, adding that she knows of “entities” looking to take the reins of the crypto bull. Per estimates, this would require the investor/group to put $38 billion forward at current valuations.