Coming every Saturday, hodler digest Will help you track every single important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.
Top news of the week
‘Bullish rate hike’ – why crypto surges in the face of bad news
Despite the US Federal Reserve announcing a 75-basis-point interest rate hike on Wednesday, crypto markets gained significantly on the same day and the momentum continued through the week. Mati Greenspan, the founder and CEO of Quantum Economics, jokingly called this a “rapid rate hike” and said that investors were clearly expecting much worse. Analysts such as Swyftx’s Pav Hundal suggested that the recent rally could be due to gas and easing inflationary pressures around goods such as corn and wheat.
Ethereum Dev Confirms GoErly Merger Date, Last Update Before Merge
On Thursday, leading Ethereum developer Tim Beiko revealed that the final Goerli testnet merger before the long-awaited merger of Ethereum and the switch to Proof-of-Stake will take place between August 6-12. In a long and very delayed roadmap since the end of 2020, the Ethereum network is in the final stages of completing its biggest upgrade to date. The official merge is scheduled for September 19th, but may be delayed further if there is a problem with the GoErly testnet.
Zuckerberg Q2. Told about $2.8B in Metaverse Division Loss
Meta CEO Mark Zuckerberg said he was surprised the company suffered a $2.8 billion loss in Q2 on its Metaverse division. He highlighted that the company’s Metaverse goals will take years to complete, but he sees “massive opportunities” to make hundreds of billions or even trillions of dollars as the sector matures over time. Huh. “I believe we will be glad we played a key role in making it happen,” he said.
Kathy Wood sells Coinbase shares amid allegations of insider trading
Cathy Wood’s investment firm Arc Investment Management, one of the largest shareholders of Coinbase (COIN), reportedly forfeited 1.4 million COIN shares on Tuesday. The shedding was done through Ark’s three exchange-traded funds (ETFs), and sales were estimated to be approximately $75 million. The firm reportedly held about 9 million COIN shares at the end of June and has consistently outperformed the stock since opening last April at around $350. Since then, the price has declined heavily to sit below $63, and Arc probably should have shorted it when Jim Cramer called it “cheap” last August at $248.
Tesla Reports $64M Gain From Selling Bitcoin
Elon Musk-led electric vehicle maker Tesla later posted a respectable profit of $64 million 75% of your BTC holdings in Q2. selling in, Given the company sold in the midst of a bear market, the profit appears to be remarkable; However, what is more important and exciting is that Musk appears to have finally lose interest in crypto And now we won’t need to hear from him. The firm is said to still hold 10,800 BTC, which is worth around $255 million at the time of writing.
winners and losers
bitcoin at the end of the week ,B T c, is on $23,559.86ether ,ETH, Feather $1,674.34 And XRP Feather $0.36, total market cap is $1.08 trillion, according For CoinMarketCap.
Among Top 100 Cryptocurrencies, Top 3 Altcoin Gainers of the Week Are Optimistic (OP) Ethereum Classic, at 75.71% (e.t.c) 58.20% and Qtum. Feather (Qtum) at 41.89%.
The top three altcoin losers of the week are Huobi Token (ht) At 9.10%, Kusma (KSM) At 8.98% and near protocol (Near) at 7.76%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
most memorable quotations
“Many NFT projects are mere speculations with no real tangible backbone, no real true story. Every week a football club rooting for roots? It’s a backbone that people attach themselves to.”
Preston Johnson, co-owner of Crawley Town FC and co-founder of WAGMI United
“The industry should not be allowed to write the rules they want to play.”
Sherrod Brown, US Senator and Chairman of the Senate Banking Committee
“We think it is more relevant for local projects to benefit the local economy, not just moving products to benefit merchants in the United States, for example.”
KuCoin Labs . head of Lu Yu
“Powell is particularly adept at delivering bad news. Clearly investors were expecting worse.”
Mati Greenspan, founder and CEO of Quantum Economics
“The metaverse is a huge opportunity for many reasons. I feel even more strongly now that developing these platforms will unlock hundreds of billions, if not trillions, of dollars over time.”
Meta CEO Mark Zuckerberg
“I worry about things that are not directly related to blockchain and the metaverse. I worry about climate change and social fragmentation.”
Neil Stephenson, author of snow accident
week forecast
GameFi industry to see $2.8 billion valuation in six years
Absolute Reports published a GameFi-focused report this week that estimated the play-to-earn NFT gaming industry to be worth $2.8 billion by 2028. To reach the goal, GameFi will need a compound annual growth rate of 20.4% over six years. , noting that the sector was valued at $776.9 million last year. However, this high target is locked behind a paywall.
FUD of the week
Solana-Based Stablecoin NIRV Drops 85% After Exploiting $3.5M
Solana-based adaptive yield protocol Nirvana Finance, the algorithmic stablecoin from NIRV, was de-pegged by 85% this week after the protocol was hacked for $3.49 million worth of USDT. The incident was cited as a flash loan attack that resulted in funds being snatched from Nirvana’s coffers. Its native token, ANA, also fell 85% as a result of the hack.
Phishing risk rises as Celsius client confirms email leak
On Tuesday, crisis-ridden and bankrupt crypto lending firm Celsius emailed its customers, informing them that a list of their emails had been leaked by an employee of their business data management and messaging vendors, Customer.io. The firm downplayed the incident, saying it “did not present any high risk”. [its] customers,” he said, adding that he wanted users to be “aware” – although Celsius had said similar things about users’ assets after halting withdrawals several weeks ago.
TikTok data policy debacle: Is user’s crypto at risk?
Popular social media app TikTok is facing backlash over its far-reaching data collection policies that could extract large amounts of sensitive information from a user’s smartphone or computer. Hence, crypto users are now concerned about whether TikTok is capable of scraping important data such as private wallet keys. “Tiktok is not just another video app. It is sheep’s clothing. It harvests sensitive data that new reports show is being accessed in Beijing,” claimed US Federal Communications Commissioner Brendan Carr.
Best Cointelegraph Features
Merge Is A Chance For Ethereum To Capture Bitcoin, Says Researcher
Ethereum’s imminent transition to a proof-of-stake consensus mechanism will alter its monetary policy, potentially making ETH more scarce than Bitcoin.
Tokenomics, not Ponzi-nomics: Influencing behavior, making money
Economics is the study of human behavior associated with scarce resources – and the effect those behaviors have on those resources, explains Roderick McKinley.
When worlds collide: connecting to Web3 and crypto to Web2
A friend of mine who is a seasoned Web2 tech executive joined a Web3 company in June. A switch-on operator, he asked to speak to all 16 employees before deciding to join the firm.