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 this week
Fed raises interest rates by 50 basis points in an effort to tackle inflation
On Wednesday, the United States Federal Open Market Committee (FOMC) voted to raise interest rates by 0.5%, its biggest upward adjustment in two decades. This was the second rate hike for 2022, with a total of seven increases expected for the year.
In a news conference after the FOMC meeting, Federal Reserve Chairman Jerome Powell further reinforced the need to continue raising interest rates to combat inflation.
Coinbase takes out the first bitcoin-backed loan from Goldman Sachs
Coinbase took a significant step towards bridging the mainstream world and the crypto world using bitcoin As collateral for a loan with Goldman Sachs. The actual mechanics of the deal involved Coinbase taking a loan from Goldman that was collateralized with some of the exchange’s BTC holdings. However, the amount was not specified.
“Coinbase’s work with Goldman is the first step in recognizing crypto as collateral, deepening the bridge between the fiat and crypto economies,” Brett Tezpaul, head of Coinbase Institutional, told Bloomberg.
Binance has bought Elon Musk. pledged $500M to co-invest in Twitter with
In April 2022, Tesla CEO Elon Musk revealed his intention to buy Twitter, pending some approval, for $44 billion. That $44 billion is not only out of Musk’s pocket, but it includes contributions from 19 other players. Crypto heavyweights Binance and Sequoia Capital Fund are among the contributors, with $500 million and $800 million respectively.
Court Orders BitMEX Founders To Pay $30M Civil Penalty
A court ruling on Thursday resulted in BitMEX co-founders Benjamin Delo, Arthur Hayes and Samuel Reid to jointly pay a $30 million civil penalty ($10 million each) for legal violations related to the operation of the BitMEX exchange. was needed.
The crimes claimed included lack of certain customer data requirements, failure to secure proper regulatory approvals, and more. The $30 million test comes after other previous legal issues.
SEC doubles down on crypto regulation by expanding unit
The US Securities and Exchange Commission (SEC) is planning to strengthen its Crypto Assets and Cyber Unit – an SEC division in charge of policing the crypto industry. Plans include adding 20 people to the unit, bringing the total number of teams to 50 members.
The additional personnel will almost double the existing size of the unit in terms of employees. SEC Chairman Gary Gensler spoke out in favor of the plans, while Hester Pearce, one of the SEC’s commissioners, questioned the move.
winners and losers
At the end of the week, bitcoin (B T c) is on $35,983ether (ETH) Feather $2,689 And XRP Feather $0.59, is the total market cap $1.65 trillion, according For CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are TRON (trx) Anchor Protocol, at 27.92% (ANC) and Algorand at 17.18% (algo) at 10.21%.
Top 3 altcoin losers of the week ApeCoin (APE) STEPN, at -39.48% (GMT) -34.06% and kava . Feather (To move a horse around in a circle) at -27.18%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
most memorable quotations
“I think of bitcoin the same way I think of the early internet. [The government] Didn’t see it coming and now it’s a viable form of currency – you can actually buy things with it.”
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“If you just did an overlay of the Nasdaq and the cryptocurrency markets, they are incredibly correlated for now, so I think it is causing a lot of churn and pain in the markets. While this is happening, there are billions of dollars Moving to Web3.”
Anthony ScaramucciFounder and Managing Partner of Skybridge Capital
“If you told me you owned all the bitcoins in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it?”
Warren BuffettCEO of Berkshire Hathaway
“Why does a painting cost $10 million? It is oil on canvas. So the value is in the eye of the beholder.”
Ken GriffinFounder and CEO of Citadel Securities
“Why are you going to put all the effort into developing one? […] Stablecoin payment system if the Fed is going to kick you out of existence?”
Randall QuarlesFormer Vice President for Supervision of the United States Federal Reserve
“The NFT market is collapsing.”
Paul VignaWall Street Journal reporter
week forecast
Bitcoin drops to $35.5K as 1,000-point Dow correction marks worst trading day since 2020
Bitcoin faced some downside in the last week. On Thursday, the price of BTC fell below $36,000 in a selloff that affected both the crypto and legacy finance markets.
Some technical strategists consider the $37,500 level to be an important line in the sand in the context of bullish and bearish narratives. Bitcoin’s decline below that range suggests that its short-term outlook has flipped bearish.
FUD of the week
WARNING: Smartphone text prediction guesses crypto hodler’s seed phrase
Reddit user Andre, aka u/devinx, recently posted a warning on the social media site explaining that a mobile phone’s predictive text could potentially guess the owner’s crypto seed phrase. If the phrase is entered on the device. Andre tested his findings across multiple device brands, yielding similar results. This could potentially put the mobile phone owner at risk of crypto theft.
Over $1.6 Billion Exploited From DeFi So Far In 2022
According to data from blockchain security firm CertiK, crypto-related theft through hacks and other malicious activities has already eclipsed the two prior years combined in 2022. Overall, 2022 has seen the appropriation of around $1.6 billion in crypto assets so far.
That being said, context is everything. According to DeFi Lama, the decentralized finance market has grown in value over the past two years and is currently around $200 billion in terms of total value locked in.
Argentina’s central bank steps in to block new crypto offerings from banks
In Argentina, financial institutions are barred from providing crypto trading to customers, according to a decision by the Central Bank of Argentina, or BCRA. In justifying its decision, the central bank cited familiar concerns about crypto, including a lack of proper regulation for the asset class.
In the week before BCRA’s proposal, a pair of notable Argentine banks unveiled plans to offer certain crypto assets for purchase by customers.
Best Cointelegraph Features
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