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Crypto Pumps After Fed Rate Hike, Zuck Hopes Metaverse Makes Hundreds of Billions, Tesla Reports 64M BTC Profit: Hodler’s Digest, 24-30 july – Mail Bonus

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Comes every Saturday, Hodler’s Digest will help you follow every single important news that happened this week. The best (and worst) quotes, recordings and regulatory highlights, leading coins, predictions and much more – a week on Cointelegraph in one link.

Top stories this week

‘Glamourous rally’ — Why the cryptocurrency surged in the face of bad news

Despite the US Federal Reserve announcing a 75 basis point rate hike on Wednesday, crypto markets pumped significantly on the same day with momentum continuing into the week. Mati Greenspan, founder and CEO of Quantum Economics, jokingly called it a “bullish rate hike” and said investors had clearly expected much worse. Analysts such as Swyftx’s Pav Hundal noted that the recent rise may be due to easing inflationary pressures around gas and commodities such as corn and wheat.

Ethereum dev confirms Goerli merge date, the final update for the merge

On Thursday, Ethereum developer Tim Beiko revealed that the final Goerli testnet merger ahead of Ethereum’s long-awaited merger and switch to proof-of-stake will take place between the 6th-12th. August In what has been a long and highly delayed roadmap since late 2020, the Ethereum network is now in the final stages of completing its biggest upgrade to date. The official merge is scheduled for September 19, but may be further delayed if there are issues with the Goerli testnet.

Zuckerberg was uncertain about the $2.8 billion loss in the second quarter

Meta CEO Mark Zuckerberg expressed his displeasure over the company’s second-quarter loss of $2.8 billion at its Metaverse division. He noted that the company’s Metaverse goals will take several years to achieve, but he sees a “tremendous opportunity” to make hundreds of billions of dollars, or even trillions, over time as the sector matures. “I’m sure we’ll be happy that we played an important part in building this,” he said.

Cathie Wood sells Coinbase shares amid insider trading allegations

Cathie Wood investment firm Ark Investment Management, which is one of the largest shareholders of Coinbase (COIN), was let go of 1.4 million COIN shares on Tuesday. The outpouring took place through Ark’s three exchange-traded funds (ETFs) and the sale was valued at around $75 million. The company reportedly held nearly 9 million COIN shares at the end of June and has steadily picked up the stock since opening at around $350 last April. Since then, the price has fallen sharply to just under $63, and Ark probably should have shorted it when Jim Cramer called it “cheap” at $248 last August.

Tesla Announces $64M Profit From Bitcoin Sale

Elon Musk-led electric car maker Tesla posted a respectable $64 million profit after that to sell 75% of its BTC holdings in the second quarter. The profit seems remarkable considering that the company sold in the middle of a bear market; However, what is more important and exciting is that Musk seems to be finally lose interest in cryptography and we don’t need to hear from him anymore. The company reportedly still has 10,800 BTC on its books, which is worth about $255 million at the time of writing.

Winners and losers

At the end of the week, Bitcoin (BTC) is at $23,559.86Ether (ETH) at $1,674.34 and XRP at $0.36. Total market value is at $1.08 trillion, according to to CoinMarketCap.

Among the top 100 cryptocurrencies are this week’s top three gainers on altcoin optimism (OP) at 75.71%, Ethereum Classic (ETC) at 58.20% and Qtum (QTUM) to 41.89%.

This week’s top three altcoin losers are Huobi Token (HT) at 9.10%, Kusama (KSM) at 8.98% and NEAR Protocol (CLOSER) to 7.76%.

For more information on crypto prices, be sure to read Cointelegraph’s market analysis.

The most memorable quotes

“A lot of NFT projects are just speculation with no real tangible backbone, no real true story. Do you have a football club to grow every week? It’s a spine that people cling to.”

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Preston Johnson, co-owner of Crawley Town FC and co-founder of WAGMI United

“The industry should not be allowed to write the rules they want to play by.”

Sherrod Brown, US 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 take products to the United States to benefit merchants there, for example.”

Lou Yu, head of KuCoin Labs

“Powell is very good at delivering bad news. Clearly, investors expected worse.

Mati Greenspan, founder and CEO of Quantum Economics

“Metaverse is a huge opportunity for a number of reasons. I feel even more strongly now that the development of these systems will unlock hundreds of billions of dollars, if not trillions, over time.

Mark Zuckerberg, CEO of Meta

“I’m concerned about things that aren’t directly related to the blockchain and Metaverse. I am concerned about climate change and social fragmentation.”

Neal Stephenson, author Snowfall

This week’s forecast

The GameFi industry will see a $2.8 billion valuation in six years

Absolute Reports released a GameFi-focused report this week estimating that the monetizable gaming NFT industry will be worth $2.8 billion by 2028. To reach that goal, GameFi would need a compound annual growth rate of 20, 4% in six years , given that the sector was estimated to be worth $776.9 million last year. However, the reasons for this lofty goal are locked behind a paywall.

FUD of the week

Solana-Based Stablecoin NIRV Drops 85% After $3.5 Million Leverage

Nirvana Finance’s Solana-based adaptive return algorithmic stablecoin, NIRV, was decoupled by 85% this week after the protocol was hacked for $3.49 million USDT. The incident was referred to as a payday loan raid which resulted in the funds being siphoned from Nirvana’s treasury. Its native token, ANA, also fell 85% due to the hack.

Phishing risk rises as Celsius confirms client’s email has been leaked

On Tuesday, the controversial and bankrupt crypto-lending company Celsius emailed its customers informing them that their email list had been leaked by an employee of one of its customer data management and messaging vendors, Customer.io. The company has downplayed the incident, saying it “didn’t pose a huge risk.” [its] customers,” adding that they just wanted users to be “aware” — although Celsius also said similar things about user assets after pausing withdrawals a few weeks ago.

TikTok data policy flaw: Is user encryption at risk?

Popular social media app TikTok is facing backlash over a sweeping data collection policy that could extract large amounts of sensitive information from a user’s smartphone or computer. As such, crypto users are now concerned about whether TikTok is capable of scraping sensitive data such as private wallet keys. “TikTok is not just another video app. It is the lamb. It collects trails of sensitive data that new reports show are being accessed in Beijing,” said Brendan Carr, US communications director.

Best features of Cointelegraph

The merger is Ethereum’s chance to take over Bitcoin, says researcher

Ethereum’s impending transition to a proof-of-concept consensus system will transform its monetary policy, possibly making ETH scarcer than Bitcoin.

Tokenomics not Ponzi-nomics: Influencing behavior, making money

Economics is the study of human behavior involving scarce resources—and the effects that behavior has on those resources, explains Roderick McKinley.

When worlds collide: Connecting Web3 and crypto from Web2

A friend of mine who is a seasoned Web2 CTO joined a Web3 company in June. He was a fired up operator and asked to speak to as many as 16 employees before deciding to join the company.

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