Comes every Saturday, Hodler’s Digest will help you keep track of every single important news that happened this week. Best (and worst) quotes, recordings and highlights of regulation, leading currencies, predictions and much more – a week on Cointelegraph in one link.
Top news this week
Binance withdraws support for anonymous Litecoin trading
Binance has decided to ban Litecoin (LTC) transactions sent through the latest MimbleWimble (MWEB) update from the stock exchange, stating that such transactions would now lead to a loss of related LTC. Binance is not delisting LTC completely, unlike other exchanges that have decided to remove the cryptocurrency. Among its changes, the latest Litecoin MWEB update introduced privacy features. Binance’s decision to discontinue support for this transaction comes as international cryptocurrency regulation is increasingly at the heart of the industry.
Ethereum bombshell delayed but network uptake continues to grow
The difficulty bomb, a key element of the Ethereum Proof (PoS) puzzle, has been delayed. Simply put, the hardship bomb makes mining the current job proofing chain Ethereum (PoW) undesirable to push everyone into the PoS chain. The transfer of PoS is expected in August and has been dubbed The Merge by Ethereum. Ethereum developers recently completed a successful test network integration, which mimicked how the actual Ethereum PoS chain would play out.
72 out of the top 100 coins have fallen 90% or more: Here are the repositories
This week was difficult for the cryptocurrency industry as prices in all areas fell dramatically. The total market value of the cryptocurrency industry fell below the $ 1 trillion mark and fell by 24%. From the highest price of all time, 72 of the largest 100 cryptocurrencies have fallen by more than 90% in terms of market value. In this bear market, even the market leaders of Bitcoin and Ether have lost 70.3% and 78%, respectively, from an all-time high.
Three Arrows Capital has failed to meet margin calls: Report
Falling cryptocurrency prices and high exposure to the terrains of the Terra ecosystem have put significant pressure on Three Arrows Capital (3AC). Hedge funds and venture capital firms in Singapore have reportedly not responded to margin calls from their lenders. 3AC has reportedly faced more than $ 400 million in bankruptcy in the last round of market turmoil and is now consider rescue operationsamong other options.
Celsius Migration: $ 320M Encrypted Sent to FTX, User Audits Paused
Celsius’ recent actions have sparked speculation in the cryptocurrency community about whether the digital asset lending and asset lending platform is addressing rumors of a liquidity crisis. In addition to temporarily blocking user audits, Celsius has moved hundreds of millions of dollars of digital assets across various platforms, such as FTX, without explanation. A later report stated that Celsius was hiring legal advice.
Winners and losers
At the end of the week, Bitcoin (BTC) is at $ 20,535Ether (ETH) at $ 1,079 and XRP at $ 0.31. The total market value is at $ 892 billion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies are the top three winners of the week for altcoin OKB (OKB) at 2.43%, Neutrino USD (USDN) at 0.94% and Helium (HNT) to 0.65%.
The top three altcoin losers of the week are Nexo (NEXO) at -44.59%, Flow (FLOW) at -38.22% and Monero (XMR) at -36.20%.
For more information on cryptocurrencies, be sure to read the Cointelegraph market analysis.
The most memorable quotes
“The current situation is good for Bitcoin in the long run, clearing the market of leverage, fraud and dishonest institutions.
Josef TětekBitcoin expert and brand ambassador at Trezor
“Managers often disagree very much, but our research shows that they overwhelmingly agree on one thing: 95 percent of them believe that metaverse will have a positive effect on their industry.
Lareina Yeesenior partner at McKinsey & Company
“We realize that hurt feelings are inevitable in an international organization that is optimizing for the team’s performance beyond the attitudes of individuals.
“After eight years of professionalism in this industry, I’m tired of talking about rules, especially in the United States.
Meltem DemirorsHead of Policy for CoinShares
“What is happening with Celsius will have serious consequences for the industry. This is not an insignificant player and his obvious failure will have a knock-on effect. “
Mahin Guptafounder of Liminal
“All too often people hear that you work in cryptography and they have a preconceived notion of what it looks like.
Alex Wilsonco-founder of The Giving Block
Forecast of the week
Bitcoin traders expect a “long compression” phase now that BTC trades below $ 21K
The price of Bitcoin took a big dip this week and went from $ 28,000 down to $ 21,000, according to BTC Cointelegraph Price Index. The cryptocurrency continued its free fall over the weekend, falling below $ 19,000.
Among those analyzing Bitcoin pricing was the Twitter personality Rekt Capital. “If #BTC continues to hold the orange 200-week MA as support and the black 200-week EMA numbers as resistance … $ BTC could form an accumulation range here, just like in 2018,” the expert tweeted on June 15. would make months of consolidation even up to December 2022. “
FUD of the week
Binance.US is facing a class action lawsuit over LUNA and UST sales
A lawsuit in California against the US branch of Binance, Binance.US, has surfaced following the collapse of the Terra ecosystem. Among its claims is that LUNC (formerly LUNA) and its UST stablecoin are unlisted securities and that Binance.US does not have a proper listing.
Iowa regulator orders BlockFi to pay $ 943,000 for alleged unlisted securities offering
Related to the actions of the US Securities and Exchange Commission (SEC) against BlockFi was reported in February, the company has now been fined approx. $ 943,000 by Iowa Insurance Division. The State Supervisory Authority claims that BlockFi did not have the correct listing, in addition to offering and selling unlisted securities. The fine was also accompanied by a moratorium directive on “falsifying important securities facts”.
Elon Musk is facing a “ridiculous” $ 258B Dogecoin lawsuit
A class action lawsuit aims to squeeze 258 billion dollars out of Elon Musk and two companies he manages, Tesla and SpaceX. The case points to Musk for using his position to profit from Dogecoin, which the case considers to be a pyramid scheme. Many figures in the digital asset industry have rejected the case.
Best features of Cointelegraph
What can other algorithms of stablecoins learn from the collapse of Terra?
The main problem that led to the collapse of Terra was that its reserves seemed to be over-pledged, but in reality they were not.
How to survive in the bear market? Tips for beginners
Bear markets represent an awesome period in any investment round, but there are several ways to stay ahead and withstand the storm.
Central authorities have demonized privacy – cryptocurrency projects must be fought
Despite being a core tenant in many cryptocurrencies, privacy has been undermined by those in power, including lawmakers, regulators, banks and academics.
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