Hodler’s Digest, April 8–14: Top Stories, Price Movements, Quotes and FUD of the Week

Top Stories This Week

NYT Reporter: Facebook Seeking $1 Billion in Venture Capital for Crypto Project

According to a tweet by New York Times (NYT) tech reporter Nathaniel Popper, Facebook is reportedly looking to various venture capital firms to develop its digital token that has been previously reported on. Popper, citing unnamed sources familiar with the matter, said that Facebook is seeking $1 billion to develop its cryptocurrency project, which itself has not been publicly confirmed by the company. The Times reporter also noted that the project involves a stablecoin that would be pegged to a basket of foreign currencies held in bank accounts.

Chinese Traders Pay Extra for Bitcoin Through OTC Desks Amid Crypto Market Surge

Local Chinese social media sources said that Bitcoin’s (BTC) price surge last week has led Chinese traders to pay a premium in order to trade the cryptocurrency. According to an analysis of price spreads from cryptocurrency exchanges Huobi and OKEx, cnLedger highlighted how Chinese traders are paying more in order to acquire Bitcoin. Since China formally banned crypto trading in the country in 2017, investors have had to resort to creative methods in order to deal in Bitcoin. In the analysis, cnLedger notes that a principal way to avoid the ban is to buy stablecoins such as Tether (USDT) via over-the-counter (OTC) services and convert them into other cryptocurrencies

Top-Subscribed YouTuber PewDiePie Partners With Blockchain

PewDiePie, the personality behind the most subscribed channel on YouTube, announced this week that he will start streaming on blockchain video platform DLive as of April 14. Dlive is a blockchain-powered broadcasting app with a rewards system for content creators and will become the exclusive platform for livestreaming the famous Swedish YouTuber, Felix Kjellberg — aka PewDiePie. The platform currently has 3 million monthly users and 35,000 active streamers, while PewDiePie on YouTube has over 93 million subscribers and 21 billion video views, as of April 2019. PewDiePie’s move to Dlive comes as the Swede faced backlash over his alleged ties to white supremacism, as his channel was mentioned by the Christchurch gunman prior to his attack on two New Zealand mosques.

Bitcoin at Most Overbought Level Since Record Bull Run: Bloomberg Analyst

Bloomberg Intelligence analyst Mike McGlone claimed this week that Bitcoin is at its most overbought level since its record highs in December 2017, citing BTC’s GTI Global Strength Indicator. Bloomberg writes that similar buy patterns in the past have resulted in multi-week downturns, citing McGlone as referring to Bitcoin as a bubble. McGlone states that the recent market growth came about due to a long-term price compression and low volatility, causing the price to be “released from the cage.” Bloomberg also cites David Tawil, president of crypto hedge fund ProChain Capital, who reportedly expects the market to continue its downward trend.

Top Stories This Week

Coinbase Crypto Exchange Debuts Visa Card for U.K. Customers

Major United States cryptocurrency exchange Coinbase has launched Coinbase Card, which will enable its United Kingdom-based customers to pay both in-store and online with cryptocurrency. The card itself is a Visa debit card that is powered by users’ Coinbase account crypto balances, allowing purchases to be made globally by instantly converting customers’ crypto funds into fiat. The Coinbase Card has also been released for iOS and Android, linking Coinbase accounts with the app and allowing users to select which wallet will fund their card, as well as allowing access for receipts, transaction summaries and spending categories. The card is issued by authorized and regulated electronic money institution Paysafe Financial Services Limited.