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
Despite the US Federal Reserve announcing a 75 basis point rate hike on Wednesday, cryptocurrency markets pumped significantly on the same day as the momentum continued throughout the week. Mati Greenspan, founder and CEO of Quantum Economics, jokingly called it a “bulk rate increase,” and said investors were clearly expecting much worse. Analysts such as Swyftx’s Pav Hundal have suggested that the recent rally could be due to easing inflationary pressures on gas and commodities like corn and wheat.
On Thursday, leading Ethereum developer Tim Beiko announced that the final Goerli testnet merger and transition to proof-of-stake, ahead of Ethereum’s long-awaited Merge, will take place between August. 6-12. In a long and very delayed roadmap since late 2020, the Ethereum network is currently in the final stages of completing its largest upgrade to date. The official merger will take place in September. 19 but may be subject to further delay in case of problems with the Goerli testnet.
Meta CEO Mark Zuckerberg stated that the company was unimpressed as it coped with a $2.8 billion loss in its Metaverse division in the second quarter. He stressed that it will take several years for the company’s Metaverse goals to emerge, but he sees “a huge opportunity” to make hundreds of billions, or even trillions, over time as the industry matures. “I’m sure we’ll be happy that we played an important role in building this,” he said.
Ark Investment Management, the investment firm of Cathie Wood, one of Coinbase’s (COIN) largest shareholders, reportedly abandoned 1.4 million COIN shares on Tuesday. The take was made through three of Ark’s exchange-traded funds (ETFs), and the sale was estimated to be worth approximately $75 million. The firm has reportedly held approximately 9 million COIN shares in late June and has been buying stocks continuously since opening last April at around $350. Since then, the price has dropped heavily to sit just below $63, and Ark should have probably shorted out when Jim Cramer called it “cheap” at $248 last August.
Tesla, the electric vehicle maker led by Elon Musk, announced a respectable $64 million profit afterward. Selling 75% of BTC holdings in Q2. The gains look substantial, given the company sold in the middle of a bear market; But what’s more important and exciting is that at Musk’s end losing interest in crypto and we will no longer need to hear from him. The firm is said to still have 10,800 BTC in its ledgers and is worth around $255 million at the time of this writing.
winners and losers
Among the top 100 cryptocurrencies, the top three altcoin winners of the week are Optimism. (KISS) 75.71%, Ethereum Classic (ETC) 58.20% and on Qtum (QTUM) at 41.89%.
Top three altcoin losers of the week Huobi Token (HT) at 9.10%, Kusama (KSM) 8.98% and in NEAR Protocol (near) at 7.76%.
For more information on crypto prices, be sure to read Market analysis by Cointelegraph.
Most Memorable Quotes
“Many NFT projects are just speculation with no real concrete backbone, no real true story. Do you have a football club to root for every week? It’s a backbone that people attach themselves to.”
Preston JohnsonCo-owner of Crawley Town FC and co-founder of WAGMI United
“The industry should not be allowed to write the rules it wants to play.”
sherrod brownUS senator and chairman of the Senate Banking Committee
“We think it’s more appropriate for local projects to benefit the local economy, and not just bring products to the United States, for example, to benefit U.S. merchants.”
Lou YuHead of KuCoin Labs
“Powell is particularly gifted at delivering bad news. Clearly investors were expecting worse.”
main greeneryFounder and CEO of Quantum Economics
“The Metaverse is a huge opportunity for many reasons. I feel even stronger now that developing these platforms will unlock hundreds of billions, if not trillions, of dollars over time.”
Mark ZuckerbergCEO of Meta
“I worry about things not directly related to Blockchain and Metaverse. I worry about climate change and social fragmentation.”
Neal Stephensonauthor Snow Crash
Forecast of the Week
Absolute Reports released a GameFi-focused report this week, predicting that the NFT gaming industry earned by playing this week will be worth $2.8 billion by 2028. GameFi needs a compound annual growth rate of 20.4% over six years to reach the target. , when the industry was estimated to be worth $776.9 million last year. But the reasons for this lofty goal are locked behind a paywall.
FUD of the week
Solana-based adaptive returns protocol Nirvana Finance, the algorithmic stablecoin from NIRV, was 85% settled this week after the protocol was hacked at $3.49 million worth of USDT. The incident was cited as a credit attack that resulted in funds being withdrawn from Nirvana’s treasury. Its native token ANA also dropped 85% as a result of the attack.
On Tuesday, besieged and bankrupt crypto lending firm Celsius emailed its customers that a list of their emails had been leaked by an employee of Customer.io, one of their business data management and messaging providers. The firm downplayed the event, stating it “doesn’t pose a high risk.” [its] While Celsius said similar things about users’ assets after pausing withdrawals a few weeks ago, they just added that they wanted users to “be aware”.
Popular social media app TikTok is facing backlash for its sweeping data collection policies that can extract large amounts of sensitive information from a user’s smartphone or computer. Therefore, crypto users are now worried whether TikTok can scrape critical data such as private wallet keys. “TikTok isn’t just another video app. It’s the dress of sheep. It collects some of the sensitive data that new reports show was accessed in Beijing,” said Brendan Carr, US Federal Communications Commissioner.
Top Cointelegraph Features
Ethereum’s close transition to a proof-of-stake consensus mechanism will change monetary policy and potentially make ETH more scarce than Bitcoin.
Roderick McKinley explains that economics is the study of human behavior involving scarce resources and the effects of those behaviors on those resources.
A friend of mine, a veteran Web2 tech executive, joined a Web3 company in June. As an open operator, he wanted to speak to all 16 employees before deciding to join the firm.