Comes every Saturday, Hodler’s Digest will help you keep track of every single important news that happened this week. The best (and worst) quotes, recordings and highlights of regulation, leading currencies, predictions and much more – a week on Cointelegraph in one link.
Top stories this week
SBF and Alameda step in to prevent cryptocurrency crashes
Sam Bankman-Fried announced on June 20 that his company Alameda Research and FTX would “step in” to help companies in liquidity problems within the current bear market. During the week, Alameda provided a loan of approx $ 500 million to Voyager Digitalwhich suffers from exposure to the potentially bankrupt Three Arrows Capital, which FTX provided BlockFi with $ 250 million in credit.
A new video revives the discussion about the alleged “racist” imagery of the Bored Ape Yacht Club
YouTuber Philip Rusnack, known as Philion, posted a video this week of Yuga Labs’ Bored Ape Yacht Club nonfungible token (NFT) project, arguing that the team incorporated all-right jokes, Nazi images and racist cartoons of black and Asian people. in the artwork described in the highlighted avatars. Such an idea has been a long-standing conspiracy theory in the NFT community, and while many laugh at it, others take the alleged evidence as gospel.
“Bitcoin dead” Google search reached a new high in history
With Bitcoin crashing back down to a lower $ 20,000s, Google’s search for “Bitcoin dead” rose this week on Friday, June 18, reaching some of the highest levels in history. Google Trends monitors search interest over time and scores between 1 and 100 based on the total number of user searches. During this period, “Bitcoin Dead” reached a perfect score of 100.
The Bitcoin S2F model gives a false sense of certainty, says Vitalik Buterin
Ethereum co-founder Vitalik Buterin has criticized the stock-to-flow (S2F) model, which is popular with pseudonymous investor PlanB. “BTC-focused S2F drew a lot of attention to the bull run last year, as it went into a relatively long strip of accurate predictions before falling far short of the mark in late 2021. Comments on the S2F model,” Buterin said.“I know it’s rude to rejoice and all that, but I think financial models that give people false certainty and a directive that numbers will go up are harmful and deserve all the ridicule they get.”
Solend annuls Solana Whale’s acquisition plan with another referendum
Solana-based DeFi Lending Solutions Solend voted against governance in the controversial “SLND1: Mitigate Risk From Whale” poll this week after listening to strong declines from society. The initial vote was intended to enable Solend to reduce the market risk of a major whale bankruptcy by allowing the platform access to the whale’s wallet. However, the idea has been vetoed after the turnout was 1,480,264 votes by failing to pass the ballot box.
Winners and losers
At the end of the week, Bitcoin (BTC) is at $ 21,241.99Ether (ETH) at $ 1,214.06 and XRP at $ 0.37. The total market value is at $ 952 billion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies are the top three winners of the week at altcoin Storj (STORJ) at 89.27%, ready (SNX) at 74.21% and Polygon (MATIC) to 51.76%.
The top three losers of the week are Harmony (ONE) at 4.06%, KuCoin Token (KCS) at 1.93% and PAX Gold (PAXG) to 1.55%.
For more information on cryptocurrencies, be sure to read the Cointelegraph market analysis.
The most memorable quotes
“Especially in the field of digital asset trading, I think the UK has lost ground […] We are approaching the point where it will be too late. Other jurisdictions are ahead of us. ”
Philip Hammondformer British Chancellor of the Exchequer
“In short, these are just ‘bad’ projects. These should not be saved. Unfortunately, some of these “bad” projects have a large number of users, often obtained through inflated motivation, “creative” marketing or pure Ponzi schemes. ”
Changpeng Zhaofounder and CEO of Binance
“The SEC now seems to be taking that position when they accused us of ‘XRP is safe and always has been’, but they agreed that Coinbase would be public even if Coinbase is not a registered broker.
Brad GarlinghouseCEO of Ripple
“Web3 and cryptography, in general, are very market-driven, so you have ups and downs. When we build, we always consider a long game. ”
Stani Kulechovfounder and CEO of Aave
“When things are a little harder on the market, you discover who is actually building something that could last in the long run and what is going to happen.
Hester PeirceSecretary of the SEC
“Even if we are not the ones who caused it, or do not take part in it. I think that is what is healthy for the ecosystem and I want to do what can help it grow and prosper. ”
Sam Bankman-Friedfounder of Alameda Research
Forecast of the week
“Foolish” to deny Bitcoin prices can go below $ 10K – Analysis
As the price of BTC fluctuates around $ 20,000 and the central bank has not yet published any new information on attempts to reduce inflation, cryptocurrency analysts have argued that the outlook for the price is uncertain. However, a possible new reversal may only involve a trip up to $ 16,000, according to some, while others have encouraged investors to consider a reduction to $ 10,000 as a possible scenario as well.
“To combine $ BTC over a wide range and then raise it. MDD (maximum draw) is not as large as -20%, “wrote Ki Young Ju, CEO of the chain analysis platform CryptoQuant, in a part of a Twitter post.
“At this stage, no one can say with certainty whether BTC will hold this range or whether it will ever fall below $ 10K prices again, but it would be foolish not to have a plan for that possibility,” he said on Twitter.
FUD of the week
Harmony’s Horizon Bridge hacked for $ 100M
Horizon Bridge to the Harmony layer-1 blockchain was used for $ 100 million worth of altcoins on June 24th. From 7:08 am EST to 7:26 am EST, 11 entries were made from the bridge for various tokens before the tokens were sent. to Uniswap to replace ETH. The Harmony team said it was working with “national authorities and forensic experts” to determine who was responsible, and an autopsy will follow.
China WeChat bans cryptocurrencies and NFT-related accounts
Social media and payment software giant WeChat has updated its policy to ban accounts that provide access to cryptographic or NFT-related services. Under the new guidelines, accounts involved in the issuance, trading and financing of cryptocurrencies and NFTs will be classified as “illegal transactions” and will be either restricted or outright banned.
The Iranian government intends to cut off power supplies for the country’s legal cryptographic mining equipment
According to local media reports this week, Iran’s Ministry of Energy will have started shutting down power supplies to all licensed cryptocurrency mining companies in early July. The government cited a possible electricity deficit during the summer high season as the reason.
Best features of Cointelegraph
A societal approach to Web3 – Aave founder and CEO
“What if we could actually own our own social media presence – our profiles, our social identity? asked Stani Kulechov.
Is there a way for the cryptocurrency industry to avoid the half-baked bear market of Bitcoin?
Large fluctuations in BTC and halving bear markets tend to reduce investment and interest in the entire cryptocurrency market. Is it possible to avoid this?
Lummis – Gillibrand cryptographic account is comprehensive but still creates division
The senators introduced new approaches to familiar questions about digital assets and how to divide oversight responsibilities.
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