Come every Saturday, Hodler’s Digest will help you keep track of every important news story that happens this week. The best (and worst) quotes, adoption and regulation highlights, major coins, forecasts and more – a week on Cointelegraph at one link.
Top Stories This Week
In the first industry, an anonymous defendant in an exchange hacking law case has received a temporary restraining order through the NFT. Defendant was part of a legal process regarding the January 2022. LCX exchange hack. Two law firms provided NFT “service tokens” to defendants as a restraining order, with the event referred to as the first official use of NFT in the legal world.
As the crypto bear market continues, some industry players have chosen to re -evaluate staff numbers, but not FTX. Derivatives exchanges will continue to add personnel, according to CEO Sam Bankman-Fried. In contrast, the past few weeks have seen Gemini reduce the number of employees and Coinbase is blocking the pickup of new staff. The major crypto bear markets last in 2018 were worse in terms of employee cuts, however.
The new bill from U.S. Senators Kirsten Gillibrand and Cynthia Lummis, subject to corresponding approval, aims to regulate the crypto industry at some level under the joint oversight of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission. “Recognizing that in general digital assets are more like commodities than securities, the bill gives the CFTC clear authority over the spot market of digital assets in question,” the government statement said. However, later comments from two senators seem to contradict this view, with Lummis and Gillibrand seeing altcoins largely as securities.
Although the overall crypto market has been horrific about price action, Metaverse-related assets increased by an average of 400% compared to May 2021, according to a Kraken Intelligence report. Despite years of gains, metaverse assets have fallen sharply in price over the last 30 days (as per Kraken’s May report). All crypto-asset sectors evaluated by Kraken showed price declines over the last 30 and 90 days. From 2022 to the present, NFT and blockchain-powered metaverse games have seen continued participation.
In the latter half of 2020, the PayPal platform welcomes crypto buying and selling, but that experience is limited on those platforms. Now, PayPal has taken steps to allow the transfer of certain crypto assets to and from the platform, typically awaiting verification of a single identity. Armed with a New York BitLicense, PayPal has opened up the feature to certain customers but aims to expand availability in the next few weeks.
Winners and Losers
Among the 100 largest cryptocurrencies, the three largest altcoins of the week were Helium (HNT) at 35.12%, Chainlink (LINK) at 22.63% and UNUS SED LEO (LEO) at 12.29%.
The three biggest altcoins of the week were Elrond (EGLD) at -25.25%, Waves (OMBOL) at -25.02% and Convex Finance (CVX) at -24.90%.
For more information on crypto pricing, make sure to read Cointelegraph market analysis.
Most Memories Quotes
“I think [Anchor Protocol] will collapse from the beginning (I planned), but collapse 100%.
Mr. BAnchor Protocol developer
“The idea of money remaining absolute is one that has never been discovered in history.”
Ali Hamam |chief marketing officer and co-founder of Tahini’s
“The approach is very simple: We’re not going to ignore it [the crypto] market. We want to reap the maximum benefits from the innovative potential provided by these technologies.
Galymzhan Pirmatovchairman of the National Bank of Kazakhstan
“For wealth management companies, digital assets are a $ 54bn revenue opportunity – which is generally overlooked.”
“[Myself and my wife] believes that children need to learn about what they will need in the future, rather than what they want now.
Marcinfather of Amelia (creator of Ami’s Cats NFT collection)
“What’s remarkable about crypto is that it has the potential to decentralize power and cause a struggling economy.”
Nikki Farbbusiness partners in Headline
The Bitcoin price traded mostly sideways this week, generally between $ 29,000 and $ 32,000, according to the Cointelegraph BTC price index.
A historically bullish figure in the crypto space, Fundstrat founder Thomas Lee said of the Bitcoin price with low exuberance, seeing the potential for a sideways move to close 2022, even if he leaves the door open for it to “go up.”
Meanwhile, MicroStrategy’s ongoing CEO, Michael Saylor, is finally seeing BTC as an all-or-nothing result-$ 0 or $ 1 million per coin. However, he thinks that BTC has hit $ 0 as a result, leaving expectations of $ 1 million on the table.
FUD of Sunday
Additional government -approved crypto regulatory requirements could be implemented in Lithuania, pending parliamentary action. Among other details, the requirement includes banning anonymous crypto accounts. The reason for this move is to reduce money laundering and prevent the Russian elite from evading sanctions. From 2023 there will be a burden of new rules.
STEPN, a crypto project game that rewards users for physical activity, recently added a mechanism called the STEPN Model for Anti-Cheating (SMAC) to its platform. The upgrade aims to cut down on cheating in the game. However, there were some difficulties after the upgrade, including denial-of-service (DDoS) attacks. The project aims to fix the server at a specific time, even if the self -determined deadline is passed without an update being announced.
Binance is the subject of an investigation by the U.S. Securities and Exchange Commission. The question of the investigation is whether the early 2017 coin offerings of the BNB asset exchange were in line with regulatory standards.
An article from Reuters also claimed that a large amount of funds related to malicious activities were filtered through the Binance platform between 2017 and 2021. A Binance spokesperson denied the article’s allegations. Binance also denied the claim in a post a detailed blog.
The best Cointelegraph feature
Increasingly crypto digital nomads want to live and work on tropical islands such as Koh Pha-ngan in Thailand. Maybe you should join him.
Like any property, law enforcement has the right to sell coins and dispose of them.
Cryptocurrencies may be coming under American retirement plans. Some see it as a good financial strategy, while others remain skeptical.