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
US Fed Vice Chairman Michael Barr Favors Hard Line on Crypto, OCC Acting Head No Friendly
Global crypto regulation remains a hot topic in this area. Recent comments by Michael Barr, the vice president for oversight of the United States Federal Reserve Board, and Michael Hsu, the acting controller of the currency, supported the lean toward a more government overwatch. Barr expressed a desire for stablecoin regulation as well as crypto-related banking regulations. Sue’s comments included a careful look at the industry.
GameStop doubles down on crypto amid a new partnership with FTX US
GameStop is teaming up with crypto exchange FTX US in a promotional partnership. So far, 2022 has seen GameStop pursue increased participation in the crypto space, which is evident in its NFT marketplace launch and its new gaming division dedicated to Web3. According to CEO Matt Furlong, during the Q2 fiscal year earnings call, GameStop has a long-term vision for crypto participation.
Binance: No plans to auto-convert Tether, although this ‘could change’
This week, Binance revealed plans to phase out three stablecoins on its trading platform: USD Coin (USDC), TrueUSD (TUSD) and USDP Stablecoin (USDP). The three assets, as well as the associated spot trading pairs, will no longer be tradable on the exchange. In addition, Binance plans to phase out other USDC-related services on its platform, such as staking.
Based on a clarification tweeted by CEO Changpeng Zhao, the transition is essentially an attempt to centralize liquidity in the exchange’s own stablecoin, Binance USD (BUSD). The exchange will convert the remaining holdings of users of USDC, TUSD and USDP into BUSD over a 24-hour period beginning September 29. However, the conversion of Tether (USDT) to BUSD was not included in Binance’s plans, although that could change according to a Binance spokesperson.
Bank of Russia agrees to legalize crypto for cross-border payments: report
Russia’s central bank is expected to allow cross-border crypto payments in and out of the country, but digital asset payments will remain restricted within its borders. The country banned crypto as a payment vehicle through a previous law. According to Russian Deputy Finance Minister Alexei Moiseev, the government’s new approach to crypto is a response to changing circumstances globally following Russia’s invasion of Ukraine earlier this year.
A statement from the Bank of Russia media outlet RIA Novosti explained: ,It is important to emphasize that we are not talking about the legalization of cryptocurrencies as a means of payment in the territory of our country., A day later, there were reports of Russia reportedly looking to collaborate with so-called “friendly” countries to establish a stablecoin platform for cross-border payments.
UK economic secretary committed to making country a crypto hub under new PM
Developments in the United Kingdom this week appeared positive for crypto adoption in the country. Among the many comments about crypto, Treasury Economic Secretary Richard Fuller said: “We want to be the country of choice for those who want to build, innovate and build in the crypto space.” The UK now has a new prime minister, Liz Truss, who in 2018 expressed that the potential of crypto in the country should not be undermined.
winners and losers
bitcoin at the end of the week ,B T c, is on $21,293ether ,ETH, Feather $1,715 And XRP Feather $0.34, total market cap is $1.04 trillion, according For CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Terra (luna) Terra Classic, at 218.74% (LUNC) And Ravencoin at 76.92% (rvn) at 65.43%.
Top 3 altcoin losers of the week Nexo (nexo) At -11.74%, 1 Inch Network (1 inch) at -8.75% and UNUS SED LEO (Leo) at -6.35%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
most memorable quotations
“The biggest reason I am optimistic on bitcoin is that the world is not in a good shape right now and bitcoin is going to fix that.”
Prince Philip KarageorgeevichHereditary Prince of Serbia and Yugoslavia
“Until they really fix the supply side of some things, energy in particular, but commodities and logistics infrastructure in general, until it improves, the inflation problem will more and more consistently be fixed. It’s hard to do.”
Lynn Aldenindependent macro analyst
“You can’t go to Starbucks in America and pay with Swiss francs or pounds. Still, both of these are real money. Context matters.”
rockwell shahCo-Founder of Invisible College
“There will always be some GPU optimized on-chain mining GPUs, but I suspect we will be back at our peak again at the level of revenue seen in ETH Proof-of-Work.”
andy longCEO of White Rock
“The price of Ether after The Merge could be different from other cryptocurrencies, as its staking rewards would make it similar to an instrument like a bond or commodity with a carry premium.”
Chainalysis Report
“I want to send a clear, strong message to everyone in the crypto world – no one is lying offering you free money. It simply doesn’t exist.”
Fatman Terrapseudonymous twitter crypto influencer
week forecast
Bitcoin Analyst Who Warned 2018 Bottom Could See $10K BTC A ‘Bad Winter’
The pseudonymous crypto market analyst Filbfilb thinks that bitcoin could possibly drop to $10,000 within 2022. According to comments made by the analyst during an interview, macro global factors and mainstream market correlations could potentially influence the price trajectory of bitcoin. Among the many insights, Filbfilb noted that the current crypto bear market has some similarities to the previous bear markets, but also includes differences. Analysts showed remarkable accuracy in calling bitcoin lows during its last bear market in 2018.
FUD of the week
Federal prison sentence Bitcoiner warns users involved in OTC trading
Mark Alexander Hopkins aka Reason on Twitter claims he is facing a prison sentence of 6 to 15 months. Crime? reportedly failed to secure the proper regulatory license for its crypto business of peer-to-peer (P2P) bitcoin trading. Hopkins’s home was raided by US officials in 2019. Hopkins, also known as ,doctor bitcoin,, Claims to be registered with the US Financial Crimes Enforcement Network, but complications arose because some of his P2P bitcoin transactions were linked to a client involved in money laundering. Officials claim that Hopkins did not perform due diligence on his customers, although he claims otherwise.
Which Countries Are Worst for Crypto Taxation? New study lists top five
Crypto taxes vary globally. Coincube, a digital asset analytics provider, recently published a study naming the five least favorable areas to pay crypto taxes. Belgium took the cake for the country with some of the worst crypto tax laws requiring citizens to pay up to 50% in some cases, with 33% levied on crypto capital gains. In the list of worst crypto tax jurisdictions followed by Belgium: Iceland, Israel, Philippines and Japan.
Vermont’s financial regulator alleges Celsius and its CEO made ‘false and misleading claims’
Bankruptcy crypto platform Celsius is accused by the Vermont Department of Financial Regulation (DFR). The authority claims that Celsius and its CEO Alex Mashinsky were aware of the project’s financial issues, but misled the public into thinking that all was well. The allegations also cite market manipulation of the project’s CEL assets. “By increasing its net position in CEL by hundreds of millions of dollars, Celsius amplifies and increases the market value of CEL, thereby artificially increasing the company’s CEL holdings on its balance sheet and financial statements,” said Ethan McLaughlin, Assistant General. Counsel DFR said.
Best Cointelegraph Features
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What Will Drive Crypto’s Possible 2024 Bull Run?
Easing monetary policies, declining inflation, changes in the mining difficulty of bitcoin and growing confidence in DeFi are factors that point to a renewed surge in crypto prices.