Coming every Saturday, Hodleru2019s Digest will help you track every single important news story that happened this week. The best (and worst) Quote: s, adoption and regulation highlights, leading coins, predictions and much more u2014 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.u00a0Evergrandeu2019s 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 Chinau2019s Lehman Brothers moment. However, the firm is safe for the immediate term, and the news coincided with an 11.3% bump in Bitcoinu2019s (BTC) price on Tuesday.The spike in price also followed comments from Fed Chairman Jerome Powell, who explained that the central bank plans to continue its ridiculous level of monthly bond purchases for the foreseeable future. Both reports suggest that FUD related to Evergrande and the Fedu2019s spending habits can now be shelved for a later date.u00a0Old FUD, new BTC price dip u2014 Weeks-old China crypto u2018banu2019 sparks $42K Bitcoin price dropSpeaking of FUD, the crypto market recovery appears to be short-lived as old news regarding China was suddenly picked up on social media, sparking an instant price crash across the crypto market.At the time of writing, Bitcoin is down 2.7%, Ether (ETH) is down 6.4%, and FUD is up 100%. This knee-jerk reaction was the result of a memo from the Peopleu2019s 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.u00a0It seems odd that the market has responded to China banning crypto again, as itu2019s not like the local government has done anything to foster excitement about digital assets in the country of late. At this stage, they might as well get it over with and ban possession too. u00a0Biden to nominate anti-crypto and anti-big bank law professor to run the OCCOn Thursday, reports surfaced that the Biden administration intended to nominate Kazakhstani-American attorney, academic, and former policy advisor Saule Omarova to head the Office of the Comptroller of the Currency, or OCC.u00a0Omarova is a crypto critic who is also not so fond of the big banks, having previously vowed to u201cend banking as we know it.u201d Currently employed as a law professor at Cornell Law School, she is expected to clamp down on crypto with tighter regulation, as she thinks the industry threatens the stability of the economy.u00a0u00a0If confirmed, bankers and crypto proponents alike may be in for some hairy moments as Omarova single-handedly works to tear down both sectors under the guise of protecting the economy.u00a0Sports-themed NFTs spark gold rush as projects raise $930M in a weekTo cleanse the palate, there was bullish news in the NFT sector this week as two firms known for tokenized sports collectible projects raised a combined $930 million in funding.u00a0French-based soccer trading card NFT game developer Sorare closed a $680 million Series B funding round led by SoftBank at a valuation of $4.3 billion. Dapper Labs, the team behind the Flow blockchain and NBA Top Shot, also announced a $250 million funding round led by tech-focused hedge fund Coatue.u00a0Sorare and Dapper Labs both outlined plans to expand their tokenized collectible model beyond soccer and basketball, respectively, along with scaling up their current widely popular NFT projects. The combined total of $930 million marks a significant bet on the tokenized sports sector at a time when the wider NFT market faces declining sales volume and floor prices. u00a0John Cena calls his own NFT sales a u2018catastrophic failureu2019John Cena, the WWE hall-of-famer known for his braggadocious u201cyou canu2019t see meu201d catchphrase, recently saw limited sales during his foray into nonfungibles.u00a0The professional wrestler said that fans only purchased 7.4% of his WWE NFTs that were dropped last month, labelling the sale a u201ccatastrophic failureu201d and citing the price point for the gold-tier NFT package as being too high at $1,000.u00a0There were 500 gold tier NFTs offered in total, which were part of a package with physical collectibles, including a hat, shirt, wristbands, belt, towel, and autographed picture.u00a0u201cI talk a lot about failure u2014 this idea failed,u201d said Cena. u201cMyself and the folks in the WWE thought $1,000 was a fair price point. We were wrong. We were absolutely wrong.u201du00a0u00a0Winners and Losersu00a0u00a0At the end of the week, Bitcoin is at $42,223, Ether at $2,905 and XRP at $0.93. The total market cap is at $1.88 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celo (CELO) at 49.84%, Celer Network (CELR) at 34.97% and Cosmos (ATOM) at 17.34%.u00a0The top three altcoin losers of the week are Huobi Token (HT) at -32.21%, SushiSwap (SUSHI) at -28% and EOS (EOS) at -26.22%.For more info on crypto prices, make sure to read Cointelegraphu2019s market analysis.u00a0u00a0Most Memorable Quotationsu00a0u201cWe have absolutely no intention of embracing cryptocurrencies. [u2026] On the contrary, we have a separate war, a separate fight against them. We would never lend support to [cryptocurrencies], because we will move forward with our own currency that has its own identity.u201dTayyip Erdou011fan, president of Turkeyu00a0u201cA Matisse painting can run $100 million because a small amount of people decide theyu2019re worth $100 million. Over 150 million people around the world that have decided Bitcoin is worth something. Thatu2019s enough for me.u201dMike Novogratz, CEO of Galaxy Digitalu00a0u201cStablecoins are almost acting like poker chips at the casino right now.u201dGary Gensler, chairman of the U.S. Securities and Exchange Commissionu00a0u00a0u201cNinety-nine percent is about being in the right circle, having the right information at the right time. In the NFT space, you live with this constant frustration that you have missed a chance to make $1 billion.u201dGauthier Zuppinger, chief operating officer of Nonfungible.com on NFT investingu00a0u201cI know the crypto lovers never want to hear me say u2018sell,u2019 but if youu2019ve got a big gain as I did, well, Iu2019m begging you to. Donu2019t let it become a loss; sell some. Stay long the rest, then letu2019s wait and see if China changes its attitude toward an Evergrande bailout.u201dJim Cramer, host of Mad Money on CNBCu00a0u201cI think we should always be open-minded and, as such, Iu2019m very interested in all new creations and expressions from the art world. Metaverses will emerge, but I still believe physical art will always reserve a very special place in everyoneu2019s collection.u201dElio Du2019Anna, founder of HOFAu00a0u00a0u201cThe ultimate test we will apply when assessing a central bank digital currency and other digital innovations is, u2018Are there clear and tangible benefits that outweigh any cost and risks?u2019u201dJerome Powell, chairman of the U.S. Federal Reserveu00a0u201cIu2019m uncomfortable with any non-physical currency being the only currency.u201dLordPimpernel, Texan and Redditoru00a0Prediction of the Weeku00a0u00a0Bitcoin u2018heavy breakoutu2019 fractal suggests BTC price can hit $250Ku2013$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.u00a0Harington drew levels on top of a Bitcoin price chart from Buy Bitcoin Worldwide and Twitter user PlanB. Haringtonu2019s levels essentially showed Bitcoin price resistance levels following Bitcoinu2019s 2012 and 2016 halvings. On both occasions, price rejected off the resistance levels, gathered steam, and then broke through the levels later, leading to significant rallies.Following those price rallies, Bitcoin then eventually returned to those breakout levels, finding them as support. Harington listed the new resistance level as $60,000 on their chart. So far, the chart shows Bitcoin rejecting off that level, subsequently finding support and looking upward back toward the resistance level.u00a0Harington noted that BTC jumped above the two previous resistance levels by a factor of about six each time. Analyst Michau00ebl van de Poppe took a peek at the chart, crunched some numbers, and determined that BTC could reach up near $250,000 to $350,000, followed by a drop back down near $65,000 if BTC reacts similarly to the past.This week, however, Bitcoin faced a number of downward price moves and comments indicating future bearish expectations for crypto surfaced.FUD of the Weeku00a0u00a0u2018We are at waru2019 with crypto, says Turkish President Erdou011fanAccording to Turkish President Recep Tayyip Erdou011fan, the country is at war with cryptocurrency but quite fond of blockchain tech.u00a0Erdou011fan hosted a Q&A event in Mersin, Turkey with naive youth from across the country who had no idea that crypto was posing a threat to their sovereignty. When asked for his opinions on cryptocurrencies, and whether the central bank would embrace crypto, Erdou011fan didnu2019t mince his words when he said, u201cWe have absolutely no intention of embracing cryptocurrencies.u201du201cOn the contrary, we have a separate war, a separate fight against them. We would never lend support to [cryptocurrencies], because we will move forward with our own currency that has its own identity,u201d he added.u00a0Binance to cease crypto futures and options in AustraliaThe worldu2019s biggest crypto exchange Binance has yet again limited its services in another country after crypto investors in Australia were notified that they have 90 days to close their positions for futures, options and leveraged tokens.u00a0As of Friday, Aussies are no longer able to increase or open new positions for derivatives products on Binance. However, they will still be able to top-up their margin balances to prevent liquidations and margin calls in the meantime.u00a0According to the latest announcement, Binanceu2019s crypto futures and options market will cease on Dec. 23 as the firm restructures itself in order to reach its regulatory compliance goals.u00a0u201cWe are committed to our industry for the long term and we want to ensure our product offerings are welcomed by users and local regulators,u201d a spokesperson for Binance told Cointelegraph.u00a0Latest DeFi hack targeting BSC sees $12.7M in Bitcoin stolen from pNetworkCross-chain DeFi platform pNetwork became the latest protocol to be hacked on Binance Smart Chain after the team reported a loss of roughly $12.7 million worth of Bitcoin on Monday.u00a0According to a Twitter thread published by pNetwork, the hackers swiped 277 pBTC from the exchange u2014 the majority of the networku2019s collateral. The team noted the attack was executed by exploiting a bug in its codebase, adding that a fix was already in the works.u00a0The pNetwork team was also kind enough to offer the hacker a $1.5 million bounty if the stolen funds were returned. u00a0Best Cointelegraph FeaturesEthereum killers or just pretenders? But Ether remains king for nowThe issue of high gas fees rears its head up for the Ethereum community yet again as u201cEthereum killeru201d networks continue to gain more attention.Adapt or die: Payments giants partner with crypto firms to ensure securityMastercardu2019s upcoming acquisition of CipherTrace demonstrates the need for payments giants to partner with crypto firms to enable digital asset innovation.Ukraine joins the comity of crypto-friendly nations with new regulationUnlike Russia, Ukraine has passed laws that will ease the adoption of cryptocurrencies within the country.r
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