Crypto recovers after positive Fed and Evergrande news. Then, it drops amid China FUD. Sorare Labs and Dapper Labs raised $930M. Hodler’s Digest Sept. 19-25

Hodlers Digest is a weekly news digest that will keep you up to date with every important story. 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 WeekCrypto markets soar after Fed commits to printing and Evergrande plans to pay its debtThe crypto markets were showing signs of recovery during the week as the U.S. Federal Reserve committed to carrying on its spending habits, while Chinese real estate giant Evergrande was able to strike deals with bondholders to avoid default on its hefty loan obligations.Evergrandes potential default on $305 billion worth of debt has essentially been a ticking time bomb that has loomed over the global financial market, with some asserting that this is Chinas Lehman Brothers moment. The firm is now safe for the short term and the news coincided closely with a 11.3% increase in Bitcoins (BTC), following comments by Fed Chairman Jerome Powell who stated that the central bank will continue its absurdly high monthly bond purchases for the near future. Both reports indicate that FUD regarding Evergrande and Fed spending habits can be put on hold for a future date. New FUD and old FUD spark $42K Bitcoin price plunge. The crypto market recovery was sparked by old news about China that was quickly picked up on social media. This knee-jerk reaction was the result of a memo from the Peoples Bank of China, or PBOC, that criminalized practically all crypto activity except possession.Chinese-language commentators noted, however, that the PBOC released the updated guidance on Sept. 15 but posted it online on Friday.It seems odd that the market has responded to China banning crypto again, as it’s not like the local government has done anything to foster excitement about digital assets in the country of late. They might as well ban possession at this point. Biden to nominate anticrypto and antibig bank law professor to lead the OCCOn Thursday reports surfaced that the Biden Administration intended to nominate Kazakhstanii-American attorney, academic and former policy advisor Saule Omarova, to head the Office of the Comptroller of the Currency. Omarova, a crypto critic, is also not fond of big banks and has previously pledged to end banking as we know. She is currently a Cornell Law School law professor and will likely clamp down on crypto with tighter regulations as she believes the industry threatens the stability the economy. Projects raise $930M in a week to fund sports-themed NFTs. Dapper Labs, which is behind the Flow blockchain, and NBA Top Shot, announced a $250 million funding round by Coatue, a tech-focused hedge fund. The $930 million combined mark a significant bet in the tokenized sports sector, at a time when the overall NFT market is experiencing declining sales volume and lower floor prices. John Cena describes his own NFT sales as a “catastrophic fail” Cena and others in the WWE believed that $1,000 was a fair price. We were wrong. We were completely wrong. Winners and losers Bitcoin was at $42,223, Ether $2,905 & XRP $0.93 at the end. Winners and losers Bitcoin is at $42,223, Ether at $2,905 and XRP at $0.93 at the end of the week, according to CoinMarketCap. Most Memorable Quotes We have no intention to embrace cryptocurrencies. We have a separate war against them. We wouldn’t lend support to [cryptocurrencies], as we will continue to fight them with our own currency. A Matisse painting can be worth $100 million, because a few people believe they are worth $100 million. There are over 150 million people who believe Bitcoin is worth something. That’s enough for me. Mike Novogratz, CEO at Galaxy Digital Stablecoins, said that Bitcoin is worth something to over 150 million people around the world. You live with the constant frustration of missing a chance to make $1Billion in the NFT space. I know that crypto enthusiasts don’t want to hear me say “sell”, but if you’ve made a huge gain like I did, I beg you to. Don’t let it become a loss, sell some. Don’t let it become a loss. Metaverses will emerge, but I still believe physical art will always reserve a very special place in everyones collection.Elio DAnna, founder of HOFA The ultimate test we will apply when assessing a central bank digital currency and other digital innovations is, Are there clear and tangible benefits that outweigh any cost and risks?Jerome Powell, chairman of the U.S. Federal Reserve I’m uncomfortable with any non-physical currency being the only currency.LordPimpernel, Texan and Redditor Prediction of the Week Bitcoin heavy breakout fractal suggests BTC price can hit $250K$350K in 2021A Bitcoin analyst by the name of Bit Harington on Twitter recently posted a chart suggesting a possible upcoming price rally for BTC, if history repeats itself.Harington drew levels on top of a Bitcoin price chart from Buy Bitcoin Worldwide and Twitter user PlanB. The levels of Harington essentially indicated Bitcoin price resistance levels after the 2016 and 2012 halvings. Both times, price rejected the resistance levels, gained steam, and then broke through them later. This led to significant rallies. Bitcoin eventually returned to the breakout levels, using them as support. Harington identified the new resistance level at $60,000 in their chart. The chart shows Bitcoin declining to that level, then finding support and moving upwards toward the resistance level. Harington noted that this was a six-factor increase from the previous resistance levels. Analyst Michal van der Poppe looked at the chart and calculated that BTC could rise to $250,000 to $350,000 before falling back to $65,000 if it reacts similarly in the past. Erdoan was asked his opinion on crypto and whether the central banking would accept it. He said that we would not lend support to [cryptocurrencies] because we will continue with our own currency, which has its own identity. Binance will cease crypto options and futures in Australia. Binance, the world’s largest crypto exchange, has again closed its services to another country. After crypto investors in Australia were notified, Binance gave them 90 days to close their positions. They will be able to replenish their margin balances to avoid liquidations and margin calls. Binance will end crypto futures and options in Australia. Binance, the world’s largest crypto exchange, has again limited its services in another country. New DeFi hack targets BSC: $12.7M in Bitcoin stolen by pNetworkCrosschain DeFi platform pNetwork. The latest attack on Binance Smart Chain saw a team report a loss of approximately $12.7 million worth Bitcoin. The hackers took 277 pBTC from the exchange, the majority of the collateral. Best Cointelegraph FeaturesEthereum hackers or just pretenders? Ether is still the king. The issue of high gas prices continues to plague the Ethereum community. The acquisition of CipherTrace by Mastercards shows that crypto giants need to partner with crypto companies to make it more secure.

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