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
Despite the US Federal Reserve’s announcement of a 75 basis point interest rate hike on Wednesday, cryptocurrency markets rose significantly on the same day, building on momentum throughout the week. Mati Greenspan, founder and CEO of Quantum Economics, jokingly called it a “bullish rate hike” and said investors clearly expected worse. Analysts such as Swyftx’s Pav Hundal suggested that the recent rally could be due to easing inflationary pressures around commodities such as gas and corn and wheat.
On Thursday, Ethereum lead developer Tim Beiko announced that the final Goerli testnet merger will take place between August 1st before Ethereum’s long-awaited Merge and proof-of-stake transition. 6-12. In a long and much-delayed roadmap since late 2020, the Ethereum network is now in the final stages of completing its biggest update to date. The official merger is scheduled for September. 19, but may experience further delays if there are problems with the Goerli test network.
Meta CEO Mark Zuckerberg expressed concern that the company suffered a $2.8 billion loss at its Metaverse division in the second quarter. He stressed that the company’s Metaverse goals will take several years to realize, but he sees a “massive opportunity” to make hundreds of billions of dollars, if not trillions, over time as the sector matures. “I’m sure we’ll be happy to play an important role in building it,” he said.
Cathie Wood’s investment firm Ark Investment Management, one of Coinbase’s (COIN) largest shareholders, dumped 1.4 million COIN shares on Tuesday. The divestiture was made through Ark’s three exchange-traded funds (ETFs), and the sale was estimated to be worth approximately $75 million. The firm reportedly owned nearly 9 million COIN shares at the end of June and has been steadily picking up shares since opening last April at around $350. Since then, the price has fallen heavily to just below $63, and Ark probably should have shorted it when Jim Cramer called it “cheap” last August at $248.
Elon Musk-led electric car maker Tesla has since earned $64 million in revenue BTC sells 75% of its shares in Q2. The gains look remarkable when you consider the company sold in the middle of a bear market; However, what is more important and exciting is that Musk is finally showing up losing interest in cryptocurrency and we shall not need to hear from him again. The firm is said to still have 10,800 BTC on its books, which is roughly $255 million at the time of writing.
Winners and Losers
Bitcoin at the end of the week (BTC) I sat down $23,559.86Ether (ETH) hour $1,674.34 and XRP hour $0.36. It is at the level of total market capitalization 1.08 trillion dollars, according to to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Optimism. (OP) 75.71%, Ethereum Classic (VAT) 58.20% and Qtum (QTUM) At the level of 41.89%.
The top three altcoin losers of the week are Huobi Token (HT) 9.10%, Kusama (CSR) 8.98% and NEAR Protocol (Nearby) At the level of 7.76%.
Be sure to read on for more information on cryptocurrency prices Market analysis of Cointelegraph.
The most memorable quotes
“A lot of NFT projects are just speculation with no real tangible backbone, no real story. Do you have a football club to root for every week? That’s the backbone people connect to.”
Preston JohnsonOwner of Crawley Town FC and co-founder of WAGMI United
“Industry should not be allowed to write the rules they want to play by.”
Sherrod BrownUS Senator and Chairman of the Senate Banking Committee
“We think it’s more important that local projects benefit the local economy than, for example, take products to the US to benefit traders there.”
Lou YuHead of KuCoin Labs
“Powell is particularly good at delivering bad news. It is clear that investors expected worse.”
Kill GreenspanFounder and CEO of Quantum Economics
“Metaverse is a huge opportunity for a number of reasons. I now feel even more strongly that the development of these platforms will unlock hundreds of billions, if not trillions, of dollars over time.”
Mark ZuckerbergCEO of Meta
“I worry about things that are not directly related to Blockchain and Metaverse. I am concerned about climate change and social fragmentation.”
Neal Stephensonthe author Snow accident
Forecast of the week
Absolute Reports published a GameFi-focused report this week, predicting that the win-win NFT gaming industry will be worth $2.8 billion by 2028. To reach its target, GameFi will need a compound annual growth rate of 20.4% over six years. , given that the sector was valued at $776.9 million last year. However, the reasons for this lofty goal are hidden behind a paywall.
FUD of the week
Solana-based adaptive yield protocol Nirvana Finance, an algorithmic stablecoin from NIRV, plunged 85% this week after the protocol was hacked for $3.49 million worth of USDT. The incident was portrayed as a quick credit raid resulting in the theft of funds from Nirvana’s coffers. Its native token, ANA, also fell by 85% as a result of the hack.
Bankrupt cryptocurrency lending firm Celsius emailed its customers on Tuesday to say their email list had been leaked by an employee of Customer.io, a business data management and messaging vendor. The firm downplayed the incident, saying it “carried no high risk.” [its] “customers,” they added, adding that they just wanted users to “be aware” — though Celsius also said similar things about users’ assets after it stopped pulling a few weeks ago.
Popular social media app TikTok is facing backlash over its extensive data collection policy, which can extract large amounts of sensitive data from a user’s smartphone or computer. So, cryptocurrency users are now worried about whether TikTok has the ability to delete critical data such as private wallet keys. “TikTok is not just another video app. This is sheep’s clothing. It collects some of the sensitive information that Beijing has obtained new reports,” US Federal Communications Commissioner Brendan Carr claimed.
Best Cointelegraph Features
Ethereum’s imminent transition to a stake-of-stake consensus mechanism will change its monetary policy and potentially make ETH scarcer 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, an experienced Web2 tech manager, joined Web3 in June. An operator who joined the business, I asked to speak to all 16 employees before I decided to join the firm.