Bitcoin rallies, McAfee compares prison to Hilton, digital yuan airdrop: Hodlers Digest, Oct. 5–11

Monday 12 October 2020, 5:51 AM AEST - 1 week ago

Coming every Sunday, Hodlers Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!

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At last. Bitcoin rallied to $11,448 on Friday, finally breaking above the symmetrical triangle where the price had been compressing for the past 30 days.

Earlier in the week, BTC had dropped to $10,528 when Donald Trump suggested negotiations on a second stimulus package wouldnt happen until after the election.

But there were reasons to be cheerful. In a surprise move, Square announced it had acquired 4,709 BTC, describing it as an instrument of economic empowerment. This helped Bitcoin turn bullish — bringing $12,000 back into view.

DeFi tokens followed BTCs bullish trend, with Yearn.finance surging by 58% in a 72-hour period. Also this week, Wrapped Bitcoin topped $1 billion in total value locked after a 900% increase in two months.

All eyes now are on the U.S. election, and whether itll impact Bitcoins price. One trader, BigCheds, told Cointelegraph a clear winner wont affect crypto too much, but he believes we should see a bounce in risk-off assets like gold and Bitcoin if the result is contested.

Hester Peirce — the SEC commissioner affectionately known as Crypto Mom — has said the regulators conservative attitude to crypto needs to change.

In an interview with Cointelegraph, she admitted that the Securities and Exchange Commission has been very slow in giving guidance, even though interest in digital assets is growing.

I think were going to be forced to confront that more and more in the coming years, Peirce said.

In other regulation news, U.S. Attorney General William Barr pu ...

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