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Bitcoin Blasts to $21K, Dogecoin Rollercoaster, More Crypto Hacks: This Week’s Recap

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The past seven days have been particularly dynamic in the cryptocurrency industry as its total market capitalization soared by a considerable $70 billion. This happened on the back of major gains for most coins, with certain exceptions. Let’s dive in.

Kicking it off with Bitcoin, it’s up 3% in the past seven days, and it’s currently found at $21K. Throughout the majority of the week, BTC was trading in a downtrend, but a few hours ago, the bulls managed to pull themselves together and pushed BTC to a 5-day high above $21K. This happened on favorable jobs data released in the US.

It’s also interesting to note that a few days ago, Bitcoin’s whitepaper celebrated its 14th birthday – a major milestone, given that it had laid the foundations for what is currently a trillion-dollar market.

Elsewhere, altcoins clearly had it better than BTC. Bitcoin’s dominance – the metric that gauges its share relative to that of the rest of the market – is down 1% in the past week. And it’s easy to see why – Ethereum is up 7.4%, while BNB soared by a whopping 21%. MATIC is another top performer, and it’s up 23.3% in the past seven days.

Nevertheless, Dogecoin is where all eyes were in the past seven days. The meme coin soared by a total of around 60% during the week but went through a massive rollercoaster. At one point on Tuesday, the cryptocurrency was up about 130%, but it has been declining since. Today, reports came out that Elon Musk might table Twitter’s crypto plans, and DOGE took a beating.

On the flip side, the industry saw quite a bit of exploitation this week as well. Just today, we reported that a notorious hacking group stole $800K worth of Crypto Punks and other NFTs. The same group was responsible for another exploit earlier in October. Gala Games saw its token plunge by 90% after a massive number of tokens were minted. The company denied speculations of a hack, though. Yesterday, SKYWAYRD – the native token of Skyward Finance, also plunged by 95% after the protocol’s treasury lost a whopping $3 million in a smart contract exploit.

All in all, the week may have been good in terms of overall gains, but it also highlighted some of the critical vulnerabilities and pressure points of up-and-coming DeFi protocols.

Market Data

Market Cap: $1,088B | 24H Vol: $87B | BTC Dominance: 36.9%

BTC: $20,897 (3%) | ETH: $1,619 (7.4%) | BNB: $350 (21%)

This Week’s Crypto Headlines You Can’t Miss

Longest Negative Streak for Gold After 7 Monthly Red Candles. Gold’s price has seen better days. The asset closed its seventh consecutive negative month in October, thus marking its longest losing streak. All this happens as inflation across the world is sky-high.

Bitcoin Whitepaper Turns 14 Today: The Journey So Far. This October marked 14 years since the Bitcoin whitepaper was officially released. Titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” the document set the foundation for an entire industry presently worth trillions.

Coinbase Revenue Slumps 50% as Bear Market Bites Deeper. The bear market is having its toll on crypto businesses. Coinbase reported that its revenue plunged by around 50% from the previous year as trading activity dwindled.

Robinhood’s Crypto Revenue Dropped by 12% Last Quarter. The crypto revenue of the popular retail trading platform Robinhood is down 12% in the last quarter. However, the company’s overall trading volume increased by around 14% over the same period.

Fidelity, ForUsAll Start Rolling Out Crypto for Retirement Plans. One of the world’s largest asset managers – Fidelity – starts rolling out crypto for retirement plans. Another 401(k) provider based in San Francisco – ForUsAll, said that about 50 of its 550 clients have already started letting workers put their retirement savings in BTC and ETH.

3 Reasons Behind MATIC’s 17% Surge to 7-Week Highs. Polygon (MATIC) has been soaring lately. The main reason for that seems to be that Meta has announced that it will use Polygon for its digital collectibles. Also, JP Morgan tapped the network for DeFi trading.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Dogecoin, and Shiba Inu – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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Bull Market Signal? Jim Cramer Advises Crypto Investors to Sell

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The host of CNBC’s Mad Money show – Jim Cramer – said cryptocurrency investors still have time to sell their “awful” positions.

His previous advice has often been inaccurate, prompting numerous participants to anticipate a market surge after the latest comments.

Cramer’s on the Spotlight Again

During his most recent show, Mad Money’s host urged investors to cash out their cryptocurrency at all costs. He thinks “it’s never too late” to exit the market, hinting the crypto winter is nowhere near its end:

“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.”

Cramer believes the most speculative cryptocurrencies that could possibly crash to virtually zero are Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC). 

Most digital currencies have lost a significant chunk of their valuation, with bitcoin being down nearly 65% since the beginning of 2022. In addition, investors’ interest has significantly dropped, while multiple companies experiencing liquidity issues. Former giants in the field, including FTX, BlockFi, Three Arrows Capital, and Celsius, even filed for bankruptcy.

However, the market has been through other “winters” in the past, and many digital currencies endured the turbulence, including bitcoin.

Subsequently, Cramer argued that the industry is full of “boosters” who try desperately to inflate the market with considerable financial efforts, giving an example is Tether, the company issuing USDT.

“There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air — not too different from what happened with bad stocks during the dotcom collapse.”

Jim Cramer, Source: CNBC

Cramer: a Popular Counter Indicator

The American has displayed a highly controversial stance on crypto over the years. He predicted in 2017 that bitcoin will surge to $1 million in the future but later changed his mind and labeled it an “outlaw currency.”

Cramer joined the pro-bitcoin team in 2020 again, praising the coin’s maximum supply of 21 million as a significant advantage over the traditional financial system and fiat currencies. He compared BTC to gold at the end of 2020 and even purchased some amounts of the asset when it was trading at around $17,500. 

As bitcoin was heading north, so was Cramer’s support toward it. He even requested his salary to be paid in BTC instead of fiat currency in April 2021. The recent market crash, though, has changed his vision entirely, and he has returned as a crypto critic. 

Many of his crypto predictions have been proven wrong. In September 2021, he advised investors to cash out their holdings, saying the Evergrande debt crisis in China could trigger a market crash. Bitcoin skyrocketed to an all-time high of nearly $69,000 two months later.

He also opined in January 2022 that the correction from BTC and ETH could be over, meaning investors should reconsider entering the market. Contrary to that forecast, the leading cryptocurrencies continued their downfall and are currently trading at $17,000 and $1,250, respectively, down from $47,000 and $3,700 from the beginning of the year.

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Rumors of a new native ‘Twitter Coin’ emerge while Dogecoiners remain hopeful

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Social media users are swirling around rumors that Twitter is looking at introducing its own native asset called “Twitter Coin” to be used for payments and tipping on the platform.

Some are citing the initial reports from sources such as Nima Owji, who runs an app-focused information leak account on Twitter.

On Dec. 4, he posted a screenshot of what appears to be a prototype Twitter interface showing a “Coins” option for tipping, along with a vector image showing a coin bearing Twitter’s logo.

Others have pointed to tweets from tech researcher Jane Manchun Wong, who claimed to have extracted code from a specific version of Twitter’s web app to find the same information as Owji, though the post itself and Wong’s account have since been deleted for unknown reasons. 

Jane Manchun Wong’s deleted threat: Twitter

There has also been a swarm of posts under the TwitterCoin hashtag, with many people excited but ultimately unsurprised that the social media platform could be working on new payment rails and system integrations now that Elon Musk is at the helm.

Members of the feverent Dogecoin community on Twitter and Reddit have also tried connecting the dots, with some remaining hopeful that Twitter Coin is just a placeholder name for Dogecoin, considering Musk’s long-running affiliation with the memecoin.

Speaking on a similar subject in a Dec. 4 Twitter Spaces, Musk suggested to an audience of 2.1 million listeners that he was still interested in integrating crypto with the social media platform.

“It is kind of a no-brainer for Twitter to have payments, both fiat and crypto,” he said.

Related: Ripple CTO shuts down ChatGPT’s XRP conspiracy theory

As it stands, Twitter has been gradually expanding its payment integrations over the past couple of years, and currently supports fiat tipping for a host method alongside Bitcoin (BTC) and Ethereum (ETH), which were integrated in September 2021.

Since the $44 billion takeover went through in October, Musk has overseen a host of changes to Twitter, particularly relating censorship policy, information disclosures and botting activity.





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Price analysis 12/5: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT

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Crypto markets appear to be losing some of their recent bullish momentum, but a favorable tailwind from equities markets could catalyze a breakout in Bitcoin and select altcoins.



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