Coinbase posts $1.1 billion loss, Polygon dApps to rocket 400% in 2022, and Elon Musk says inflation is slowing: Hodler’s Digest, August 7-13

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every saturday coming Hodler’s Digest will help you keep track of every important news happening this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and more – a week on Cointelegraph in one link.

This Week’s Top Stories

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

As Tesla now sells 90% of its Bitcoin shares during a bear market, Elon Musk says the US economy is “past peak inflation” and predicts only a “mild to moderate” recession ahead. “We have some information about where prices are going over time, and the interesting thing we’re seeing now is that a lot of our stuff, a lot of what goes into Tesla — not all, but more than half of the prices — is trending down after six months,” Musk Tesla said at the 2022 Annual Meeting of Shareholders.

Coming soon: ETH developers advance date for Merge

The long-awaited Merge appears to be ahead of schedule, with Ethereum core developers Tim Beiko and Terence Tsao agreeing to a developer call on Thursday to set the merger date as early as September. 15. The date predicted by Beiko was September. 19 and suggested that the final preparatory work went smoothly after the final Goerli testnet merger this week.

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

Major cryptocurrency exchange Coinbase posted a massive $1.1 billion loss in Q2, citing a “fast and furious” cryptocurrency decline during the quarter. The firm noted that Q2 was a “difficult quarter” as trading volume and operating income fell by 30% and 35%, respectively. This is the second consecutive quarterly loss for the company this year. “The current downturn has been fast and furious, and we see client behavior mirroring past bear markets,” the firm wrote in a shareholder letter published Tuesday.

Decentralized apps at Polygon grow 400% to 37,000 this year

The number of DApps on the Ethereum-scale Polygon platform surpassed 37,000 this week, a 400% increase since the beginning of 2022. The project provided a breakdown of DApp projects built on Polygon, which notably showed that “74% of teams are integrated only on Polygon. , and 26% were placed in both Polygon and Ethereum. Polygon also reported that its ecosystem now “has secured 142 million unique user addresses and $5 billion in assets,” with approximately 1.6 billion transactions on the network to date.

Anonymous user sends ETH from Tornado Cash to known individuals after sanctions

A day after the US Treasury sanctioned crypto mixer Tornado Cash for its alleged role in money laundering operations, the smart contract began sending 0.1 Ether transaction intervals to celebrities such as Coinbase CEO Brian Armstrong and American TV host Jimmy Fallon. The move appears to be a criticism or satirical interpretation of the US government’s policy of sanctioning addresses that interact with Tornado Cash.

Winners and Losers

Bitcoin at the end of the week (BTC) I sat down $23,840.93Ether (ETH) hour $1,882.20 and XRP hour $0.37. It is at the level of total market capitalization 1.13 trillion dollars, according to to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Celsi. (SKY) 93.85%, Ankr (ANKR) 46.99% and Decided (DCR) At the level of 26.34%.

The top three altcoin losers of the week are ApeCoin (EPA) 9.03%, Curve DAO Token (CRV) 5.01% and Kusama (CSR) at the level of 4.53%.

Be sure to read on for more information on cryptocurrency prices Cointelegraph’s market analysis.

The most memorable quotes

“An old living community has almost no exposure to the crypto ecosystem unless their grandchildren tell them about it.”

Owen RobertsonMarketing Associate at Dominant Strategies

“The lack of an alternative to Facebook is the reason why Facebook is a monopoly. But if it was on the blockchain, I could transfer the data freely, it could be [different] Facebooks.”

Sleep SiuCo-founder of Animoca Brands

“In the last six months, we’ve seen the valuations of companies become a little bit more realistic, and it’s a great time to start allocating capital.”

Gerard BerileVenture and investment director at Wave Financial

“Going forward, this mindset of risk management is still very important to the long-term upside. […] You can be bullish in cryptocurrency, but you can still sell out of the market.”

Jeffrey GaoCEO of Cypherpunk Holdings

“Scalability isn’t just some boring thing that you need, like, ‘costs go down’ scale, I think it’s actually enabling and opening up whole new classes of applications.”

Vitalik ButerinCo-founder of Ethereum

“So I think institutional adoption is where it’s going and institutions will enable […] this killer app to truly take crypto and DeFi to the next level for consumers.

Boris AllergantHead of DeFi markets at Ripple Labs

Forecast of the week

According to derivatives, $29K Bitcoin is closer than you might expect

Bitcoin price continues to struggle with the $24,000 resistance, which it rejected in August. Cointelegraph market analyst Marcel Pechman, who failed to break out of the 10-day but 52-day bullish channel, suggested that the price could reach $29,000 by October. I pointed to the formation of a bullish chart with a support level of $22,500, indicating that the price could go below $30,000. Pechman also noted that while data on BTC derivatives suggests a lack of interest in leveraged loans, there are no signs of a market price cap.

FUD of the week

ASIC chairman is concerned about too many ‘risk-taking’ crypto investors

Australian Securities and Investments Commission (ASIC) chairman Joe Longo has raised the alarm about the number of Aussies investing in “unregulated, volatile” cryptocurrencies during the pandemic. As part of Thursday’s media release, Longo pointed to an ASIC study from November 2021 that found cryptocurrency was the second most common investment product, with 44% of those surveyed holding it. 25% of these investors reported that crypto assets were the only investment class they were attracted to.

Cross-chain bridge RenBridge makes $540 million from hacking: Elliptic

Cryptocurrency bridge RenBridge has facilitated the laundering of at least $540 million in hacker proceeds since 2020, blockchain analytics firm Elliptic reported Wednesday. According to the report, the money was laundered through a process known as chain jumping. cryptocurrency to another and transfers it to multiple blockchains.

Tornado Cash Co-Founder Says He Was Removed From GitHub As Industry Reacts To Sanctions

Tornado Cash co-founder Roman Semenov claimed his account on the GitHub developer platform was suspended on Monday. Semenov noted that despite not being individually named as a Specially Designated National by the US Treasury’s Office of Foreign Assets Control, he is facing backlash over the Treasury’s allegations that Tornado Cash laundered more than $7 billion in cryptocurrencies.

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