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
Anonymous hackers served by a restraining order through NFT
In what is perhaps the first in the industry, an anonymous defendant in a case of exchange rate hacking has received a temporary restraining order through NFT. The Defendant is part of a lawsuit in connection with the LCX exchange hack in January 2022. Two law firms served the Defendant with the “service mark” NFT as a restraining order, as the event is considered to be the first official NFT use in the legal world.
FTX will not freeze hiring amid layoffs at other cryptocurrencies, says the CEO
When the cryptocurrency market is under pressure, some players in the industry have chosen to re-evaluate the number of employees, but not FTX. The derivatives exchange will continue to add staff, according to CEO Sam Bankman-Fried. On the other hand, recent weeks have seen Gemini reduce its staff and Coinbase has reduced new staff sales. However, the last big cryptocurrency market in 2018 was worse in terms of staff cuts.
Lummis-Gillibrand bill strikes SEC-CFTC balance of power over cryptocurrencies
A new bill by U.S. Senators Kirsten Gillibrand and Cynthia Lummis, subject to appropriate approval, aims to govern the cryptocurrency industry at various levels under the joint supervision of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission. “Understanding that most digital assets are much more like commodities than securities, the bill gives the CFTC clear authority over existing digital asset market,” the government said in a statement. However, later comments of the two senators seem to contradict this view, as Lummis and Gillibrand regard altcoins largely as securities.
Metaverse tokens increase by 400% year on year despite altcoin bloodshed
Although the overall cryptocurrency market has declined in terms of pricing, Metaverse-related assets will increase by an average of 400% compared to May 2021, according to a Kraken Intelligence report. Despite year-on-year gains, metaverse assets have fallen sharply over the past 30 days (as in the May Kraken report). All cryptocurrencies valued by Kraken showed a decline in prices over the last 30 and 90 days. So far in 2022, NFT and blockchain-driven metaverse games have seen continued participation.
PayPal allows you to transfer digital currencies to your external wallet
In the second half of 2020, the PayPal platform welcomed the purchase and sale of cryptocurrencies, but experience was limited to the platform. PayPal has now taken steps to allow the transfer of certain cryptocurrencies to and from its platform, usually pending such as identity verification. Armed with the New York BitLicense, PayPal has opened the feature to specific customers but aims to increase its availability in the coming weeks.
Winners and losers
At the end of the week, Bitcoin (BTC) is at $ 29,066Ether (ETH) at $ 1,682 and XRP at $ 0.38. The total market value is at $ 1.18 trillion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies are the top three winners of the week on altcoin Helium (HNT) at 35.12%, Chainlink (LINK) at 22.63% and UNUS SED LEO (LEO) at 12.29%.
The top three losers of the week are Elrond (EGLD) at -25.25%, Waves (WAVES) at -25.02% and Convex Finance (CVX) at -24.90%.
For more information on cryptocurrencies, be sure to read the Cointelegraph market analysis.
The most memorable quotes
“I thought [Anchor Protocol] was going to collapse from the beginning (I designed it), but it collapsed 100%. “
Mr. BAnchor Protocol Developer
“The idea of real fixed money is something we have never seen in history.
Ali Hamammarketing manager and co-founder of Tahini’s
“The approach is very simple: we are not going to ignore it [the crypto] market. We want to get the most out of the innovation opportunities that this technology gives us. “
Galymzhan PirmatovChairman of the Board of Kazakhstan National Bank
“For wealth management companies, digital assets are $ 54 billion in revenue opportunities – most of which are being ignored.
“[Myself and my wife] believe that kids should learn things that are needed in the future, rather than what we think is needed now.
Marcinfather of Amelia (author of Ami’s Cats NFT Museum)
“What’s amazing about cryptocurrencies is that they have the potential to divert power and give rise to economies that are struggling.”
Nikki Farbventure partner at Headline
Forecast of the week
Bitcoin will finish in 2022 “flat, possibly up” says analyst when Saylor bets on $ 1M BTC
Bitcoins’ prices mostly fell aside this week, mostly between $ 29,000 and $ 32,000, according to the BTC price index Coinelegraph.
A historically bullish figure in the cryptocurrency space, Fundstrat founder Thomas Lee talked about the price of Bitcoin with less audacity, and saw the possibility of side measures to close in 2022, although he left the door open for it to “possibly go up”.
Meanwhile, MicroStrategy’s ever-bullish CEO, Michael Saylor, finally sees BTC as an all-or-nothing outcome – $ 0 or $ 1 million per coin. However, he thinks that BTC has already counted $ 0 as an outcome, which leaves his $ 1 million expectations on the table.
FUD of the week
Lithuania aims to tighten cryptocurrencies and ban anonymous accounts
Additional government requirements Accepted cryptocurrencies could be considered in Lithuania, awaiting parliamentary action. Other information includes the requirement to ban anonymous cryptocurrencies. The rationale behind this measure is to reduce money laundering and prevent the Russian elite from evading sanctions. The beginning of 2023 would see the heat of the new rules come into play.
Blockchain built to earn STEPN app under DDoS attacks after upgrade
STEPN, a cryptographic project game that rewards users for physical activity, recently added a system called STEPN’s Model for Anti-cheating (SMAC) to its platform. The update aims to reduce cheating in the game. However, various difficulties arose after the update, including denial of service (DDoS) attacks. The project aimed to correct its servers within a certain time frame, although the deadline set itself had passed without any updates being announced.
Bad day for Binance with SEC investigation and Reuters exposure
Binance is the subject of an investigation by the US Securities and Exchange Commission. The investigation asks whether the stock exchange’s initial public offering in 2017 of its BNB assets was in accordance with regulatory standards.
A Reuters article further claimed that a significant amount of money related to criminal activities seeped through Binance’s platform between 2017 and 2021. A Binance spokesman denied the article’s allegations. Binance also refuted allegations in a accurate blog post.
Best features of Cointelegraph
Thai cryptography: Work in Paradise, Part 1
A growing number of digital nomadic cryptographers are moving to live and work on tropical islands such as Koh Pha-ngan in Thailand. Maybe you should join them.
Life after crime: What happens to cryptocurrencies seized in criminal investigations?
As with any property, law enforcement has the right to sell your coins and spend the money.
Crypto 401 (k): Good budget or gambling with the future?
Cryptocurrencies could be coming to US retirement plans. Some see it as sound financial policies, while others are skeptical.
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