Coinbase $1.1B loss, Polygon dApps rocket 400% in 2022, and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13

Cointelegraph Magazine
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Coming every Saturday Hodler’s Summary It will help you keep track of every important news happening this week. The best (and worst) quotes, adoption and regulatory highlights, leading cryptocurrencies, forecasts and much more – a week on Cointelegraph in one link.

This Week’s Most Read News

Elon Musk: US ‘past peak inflation’ after Tesla sells 90% of Bitcoin

While Tesla sold 90% of its Bitcoin holdings during the bear market, Elon Musk says the US economy has “outstripped peak inflation” and predicts only a “mild to moderate” recession can come. “We have some sort of insight into where prices are going over time, and the interesting thing we’re seeing right now is that most of our commodities, most of what goes into a Tesla – not all, but more than half the price. Musk said at Tesla’s 2022 Annual Shareholders Meeting. “It’s showing a downward trend in the six months from now,” he said.

Coming soon: ETH developers push Merge date up

The long-awaited Merge looks ahead of schedule as Ethereum core developers Tim Beiko and Terence Tsao agreed on a developer call on Thursday. 15. The predicted date from Beiko was September. After the 19th and final Goerli testnet merge started smoothly this week, he suggested that the final preparatory work went smoothly.

Coinbase reports $1.1 billion loss in Q2 in ‘fast and furious’ crypto downturn

Major crypto exchange Coinbase reported a massive $1.1 billion loss in the second quarter, citing a “fast and furious” crypto decline during the quarter. The firm said the second quarter was a “challenging quarter” as trading volume and transaction revenue fell 30% and 35%, respectively. This marks the second quarter in a row for the company this year. “The current downturn has come fast and furiously, and we see customer behavior mirroring past bearish markets,” the firm said in a shareholder letter released Tuesday.

Decentralized apps on Polygon grew 400% this year to 37,000

The number of DApps on Ethereum scaling platform Polygon has surpassed 37,000 this week, marking a 400% increase since the start of 2022. The project provided a breakdown of DApp projects built on Polygon, which specifically showed that “74% of teams are integrated into Polygon alone, with 26% deployed on both Polygon and Ethereum.” He said he saw “142 million unique user addresses and more than $5 billion in assets,” with approximately 1.6 billion transactions processed on the network.

Anonymous user sends ETH from Tornado Cash to prominent figures after sanctions

A day after the U.S. Treasury approved the cryptocurrency mixer Tornado Cash for its alleged role in money laundering operations, 0.1 Ether transactions were sent intermittently from the smart contract to prominent names such as Coinbase CEO Brian Armstrong and American television host Jimmy Fallon. The move appears to be a criticism or satirical commentary on the US government’s policy of also sanctioning addresses interacting with Tornado Cash.

winners and losers

Bitcoin at the end of the week (BTC) at the moment $23,840.93Ether (ETH) and $1,882.20 and XRP and $0.37. Total market value currently $1.13 trillion, according to this CoinMarketCap’s.

Among the top 100 cryptocurrencies, Celsius top three altcoin winners of the week (CEL) 93.85%, Ankr (ANKR) 46.99% and Decred (DCR) at 26.34%.

Top three altcoin losers of the week ApeCoin (THE MONKEY) At 9.03%, Curved DAO Symbol (CRV) 5.01% and in Kusama (KSM) at 4.53%.

For more information on crypto prices, be sure to read Market analysis by Cointelegraph.

Most Memorable Quotes

“A senior living community has hardly any exposure to the crypto ecosystem unless their grandchildren tell them.”

Owen RobertsonMarketing manager at Dominant Strategies

“The fact that I have no alternative to Facebook is the reason Facebook has a monopoly. But if it were on a blockchain, I could freely transmit data, [different] Facebooks.”

yacht SiuCo-founder of Animoca Brands

“Over the last six months, we’ve seen valuations for companies drop to slightly more realistic valuations, and it’s a great time to start allocating capital.”

Gerard BerylHead of venture and investment at Wave Financial

“Looking forward, this mindset towards risk management is crucial when it’s still bullish in the long run. […] You can be optimistic about crypto, but you can still sell off the market.”

Jeffrey GaoCEO of Cypherpunk Holdings

“Scalability isn’t like some boring thing where you just need scalability to ‘cost counts’, I think it actually enables and unlocks entirely new classes of applications.”

Vitalic Buterineco-founder of Ethereum

“I think that’s where corporate adoption is going and institutions will make it possible. […] It’s a great app for consumers to truly take crypto and DeFi to the next level.”

Boris AllergantHead of DeFi markets at Ripple Labs

Forecast of the Week

According to derivative data, $29,000 Bitcoin is closer than you expect

Bitcoin’s price faced rejection in August as it continued to battle the $24,000 resistance. However, Cointelegraph market analyst Marcel Pechman, who managed not to fall out of the 52-day ascending channel, suggested that the price could finally reach $29,000 by October. It pointed to a bullish chart formation with a support level of $22,500 indicating the price could climb slightly below $30,000. Pechman also noted that while BTC derivatives data showed a lack of interest from leveraged loans, there were no signs of a surprise collapse priced in the market.

FUD of the week

ASIC chief annoyed by large amount of ‘risk-taking’ crypto investors

Joe Longo, chairman of the Australian Securities and Investments Commission (ASIC), has raised alarm bells about the number of Australians investing in “regulated, volatile” crypto assets during the pandemic. As part of Thursday’s press release, Longo cited ASIC research from November 2021, which found that it is the second most common investment product, with 44% of respondents reporting owning cryptocurrencies. 25% of these investors stated that the only investment class they belong to is crypto assets.

Cross-chain bridge RenBridge launders $540M in hacking proceeds: Elliptical

Crypto bridge RenBridge has facilitated the laundering of at least $540 million in hacking proceeds since 2020, according to a report by blockchain analytics firm Elliptic. According to the report, laundering was accomplished through a process known as chain skipping. converting one cryptocurrency to another and moving it across multiple blockchains.

Tornado Cash co-founder reports GitHub launch as industry reacts to sanctions

Tornado Cash co-founder Roman Semenov claimed that his account on developer platform GitHub was suspended on Monday. Although not individually named Specially Designated National by the U.S. Treasury’s Office of Foreign Assets Control, Semenov noted that he appears to be facing repercussions regarding the Treasury’s allegations that Tornado Cash laundered more than $7 billion in cryptocurrencies.

Top Cointelegraph Features

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Decentralized autonomous organizations come in all sizes and varieties. Some may seem sweet, others may be sour. It can be fun and interesting to create one that fits your needs and satisfies your hunger for something new.

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