come every saturday Hodler’s Digest helps you keep track of all the important news stories that happened this week. He summarizes his week on Cointelegraph, including the best (and worst) estimates, adoption and regulation highlights, major coins, and predictions in one link.
Top news of the week
US Federal Reserve Vice Chairman Michael Barr Supports Hard Line On Cryptocurrencies, OCC Deputy Chairman Not Friendly
Global crypto regulation remains a popular topic looming over the sector. Recent comments from US Federal Reserve Vice Chairman for Oversight Michael Barr and Deputy Currency Commissioner Michael Hsu supported the government’s commitment to increased oversight. Barr said he wants to regulate not only cryptocurrency-related banks, but also stablecoins. Hsu’s comments included a careful look at the industry.
GameStop has partnered with cryptocurrency exchange FTX US in a promotional partnership. So far, 2022 will see GameStop looking to deepen its involvement in the crypto space, which is evident in the launch of his NFT Marketplace and a new gaming division dedicated to Web3. GameStop has a long-term vision for its involvement in cryptocurrencies, according to CEO Matt Furlong during its second quarter financial results call.
This week, Binance revealed plans to phase out three stablecoins on its trading platform: USD Coin (USDC), TrueUSD (TUSD), and USDP Stablecoin (USDP). The three assets and their associated spot trading pairs will no longer be available for trading on the exchange. Additionally, Binance plans to terminate other services related to USDC on its platform, such as staking.
According to CEO Changpeng Zhao’s tweet, the move is essentially an effort to focus liquidity on the exchange’s own stablecoin, Binance USD (BUSD). The exchange will convert a user’s holdings of USDC, TUSD, and USDP into his BUSD for 24 hours starting on September 29th. However, the conversion of Tether (USDT) to his BUSD was not part of Binance’s plans, but that could change, according to a Binance spokesperson.
Russia’s central bank is expected to allow cross-border cryptocurrency payments to and from the country, but digital asset payments within its borders remain prohibited. The country has banned crypto as a means of payment due to previous laws. According to Russian Deputy Finance Minister Alexei Moiseyev, the government’s new approach to cryptocurrencies is a response to the changing global situation after Russia’s invasion of Ukraine earlier this year.
A statement sent by the Bank of Russia to news agency RIA Novosti explained: “It is important to emphasize that we are not talking about the legalization of cryptocurrencies as a means of payment on the territory of our country.“ The next day, news came in that Russia was looking to work with a so-called “friendly” country to set up a stablecoin platform for cross-border payments.
Developments in the UK this week looked positive for cryptocurrency adoption in the country. In some comments on crypto, Treasury Secretary Richard Fuller said: The UK now has a new Prime Minister, Liz Truss, who said in 2018 that the potential of cryptocurrencies in the country should not be stifled.
winner and loser
Among the 100 biggest cryptocurrencies, this week’s top 3 altcoin risers are Terra (Luna) 218.74%, Terra Classic (lunch) 76.92% and Ravencoin (RVN) at 65.43%.
This Week’s Top 3 Altcoin Losers Are Nexo (Nex) -11.74% for 1 inch network (1 inch) -8.75% and UNUS SED LEO (Leo) -6.35%.
For more information on crypto prices, be sure to read Cointelegraph Market Analysis.
most memorable quotes
“The biggest reason I am bullish on Bitcoin is that the world is not in a good place right now and Bitcoin is trying to fix it.”
Prince Philip KarageorgevichHereditary Prince of Serbia and Yugoslavia
“Until we actually fix the supply side of certain things, especially energy, and commodities in general and logistics infrastructure, it will be difficult to fix the inflation problem more sustainably.”
Lynn AldenIndependent Macro Analyst
“You can’t walk into a Starbucks in America and pay in Swiss francs or pounds. But those are both real money. Context matters.”
Rockwell Shahco-founder of Invisible College
“Although there will always be GPUs mining GPU-optimized chains, I don’t think the level of earnings seen in ETH’s proof of work will return to its peak again.”
Andy LongCEO of White Rock
“Ether prices may decouple from other cryptocurrencies following The Merge, as its staking rewards resemble bonds and commodities-like commodities with carry premiums.”
“I want to send a clear and strong message to everyone in the crypto world: Anyone who tries to give you money for free is lying. It simply does not exist.”
Fat Manteraa pseudonymous Twitter crypto influencer
Forecast for the week
Pseudonymous crypto market analyst Filbfilb sees Bitcoin could fall to $10,000 sometime in 2022. Comments made by analysts during interviews show correlation between macro-global factors and mainstream markets. Among many insights, Filbfilb noted that the current cryptocurrency bear market has some similarities to previous bear markets, but there are also differences. . Analysts have indicated that they have pinpointed a bottom for Bitcoin during the last bear market of 2018.
FUD of the week
Mark Alexander Hopkins, aka Rizun on Twitter, claims he faces six to 15 months in prison. Crime? It allegedly failed to secure a proper regulatory license for the crypto business for peer-to-peer (P2P) bitcoin trading. The Hopkins home was raided by US authorities in 2019. “doctor bitcoin,“ Claiming to be registered with the US Financial Crimes Enforcement Network, he ran into trouble because some of his P2P Bitcoin transactions were tied to clients involved in money laundering. Officials claim Hopkins did not conduct due diligence on its customers, which he claims has not.
Crypto taxes vary globally. His Coinpub, a digital asset analytics provider, recently released a study listing his five most disadvantaged regions for paying crypto taxes. Belgium took the cake of a country with the worst crypto tax laws, requiring citizens to pay as much as 50% of her in some cases, and levying 33% of her on crypto capital gains. Following Belgium on the list of worst crypto tax jurisdictions are Iceland, Israel, Philippines and Japan.
Bankrupt cryptocurrency platform Celsius faces claims from the Vermont Department of Financial Regulation (DFR). Authorities claim that Celsius and its CEO Alex Mashinski knew about the project’s financial problems, but began misleading the public into thinking all was well. Market manipulation of assets is also mentioned. “Celsius will artificially increase the company’s holdings of CEL on its balance sheet and financial statements by raising and supporting the market price of CEL by increasing his net position in CEL by hundreds of millions of dollars. ” said Ethan McLaughlin, DFR.
Best Features of Cointelegraph
“It took several years, but a government crackdown on “insider trading” involving digital assets has finally come to fruition. it’s about time!“
“Like everything else in life, our destinies and living circumstances have ups and downs.”
Easing monetary policy, falling inflation, changing Bitcoin mining difficulty, and growing confidence in DeFi are factors that signal a new surge in cryptocurrency prices.