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Bitcoin At All Time High Soon?? | This Week in Crypto – Nov 9, 2020

Bitcoin is impressing traders yet again with its recent surge to the $16000 mark, the highest it’s been in nearly three years. The last time bitcoin was trading this high was in January of 2018, and many analysts think another run towards $20K—bitcoin’s all-time high—could be in the asset’s immediate future.

The U.S. Justice Department has seized more than $1 billion in bitcoin from an unnamed hacker. While authorities are refusing to release the identity of the culprit, the money in question has links to the notorious black market website Silk Road, and was initially stolen from its creator Ross Ulbricht. 

Several new bitcoin debit cards have launched just recently. Coinbase announced a U.S. expansion for its debit card just last week which is already available in the UK and Europe.  Bitcoin peer-to-peer marketplace Paxful will also offer users a new crypto debit card that will allow them to purchase items and services with digital assets. And finally, ZenGo, a non-custodial wallet that lets you manage your cryptocurrencies from your mobile, is about to launch a Visa debit card in the U.S.

En+, one of the largest aluminium and power producers in the world, is venturing into crypto mining with BitRiver. BitRiver owns the largest mining venue in Russia, hosting about 100 megawatts worth of clients’ ASICs on a farm in Siberia. The new venue will initially offer 10 megawatts of power for miners with the potential to expand to 40 megawatts.  

And now, this week’s Bitcoin Quick Question is: What is HODL?

HODL is derived from a drunk Bitcoiner misspelling the word “hold” in a 2013 post on the bitcoin community’s most popular forum – Bitcointalk. 

The user, GameKyuubi, shared in his post titled “I AM HODLING” what he felt when trading the Bitcoin market, as bitcoin’s high volatility made him lose again and again. Eventually, he ended up admitting he was a bad trader and that he shouldn’t be timing the market, but rather just “hodl”.

Since then, “hodl” has become a Bitcoin community slang for just “holding for the long term” and ignoring the short term volatile price movement.

In the description below you may find the link to the original funny post.

Have a question you want us to answer? Just leave it in the comment section below.

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That’s what’s happened this week in crypto. See you next week.

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