Plus... could Ether overtake Bitcoin to become the world's biggest cryptocurrency? Our guest thinks so.
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CoinMarketRecap, hosted by Connor Sephton, aims to break down the week's crypto news in a fun and accessible way.
Research continually shows that consumers find cryptocurrencies difficult to understand — and we're determined to change that.
Here's what happened on this week's show:
Bitcoin Breaks Records, Then Falls
It's been a really volatile week for Bitcoin. After breaking $67,000 for the first time on Monday, grim inflation data out of the U.S. helped the world's biggest cryptocurrency surge to $69,000 on Wednesday.
But hours later, BTC gave back all of these gains — tumbling to $65,000.
Rahul Rai is the co-head of market neutral at BlockTower Capital. When asked whether Bitcoin's performance has been a little underwhelming this week, he said:
"I think there are two different factors at play here. You have people who are essentially taking profit when it reaches those levels because the all-time high level is essentially a great selling point. And on the other hand, you have a ton of people who are looking to buy at that level because there's a good chance that it could break out from there."
We also asked Rahul about a recent interview he gave to Markets Insider, where he predicted that Ether could overtake Bitcoin to become the world's biggest cryptocurrency by the middle of next year.
He argued that Bitcoin's role as digital gold means its future market cap is limited, while Ether is "powering the rails of decentralized finance."
The Ethereum blockchain is currently undergoing an ambitious upgrade and moving to a Proof-of-Stake consensus mechanism. When asked whether ETH will struggle to become the world's biggest cryptocurrency if this upgrade isn't successful, he said layer-two solutions can help fill the gap.
News Roundup: New York, Robinhood, Beeple
Molly Jane Zuckerman also joined us for a look at this week's crypto headlines.
We began by discussing New York City's shiny new cryptocurrency — with Eric Adams, a Bitcoin enthusiast, set to become mayor in January.
In other news, Robinhood has suffered a massive data breach, with seven million customers having their email addresses or full names stolen.
And last but by no means least, Beeple has done it again. His latest artwork — which blends NFTs and 3D sculptures — has sold for a cool $29 million. But is an NFT winter coming?
