Come every saturday, Hodler’s digest Helps you keep track of all the important news articles that happened this week. He has a single link to his week on Cointelegraph, including the best (and worst) quotes, recruitment and regulatory highlights, major coins, and forecasts.
Top story of the week
Despite the US Federal Reserve’s announcement of a 75 basis point rate hike on Wednesday, the cryptocurrency market rose significantly on the same day, and the momentum continued throughout the week. Quantum Economics founder and his CEO Mati Greenspan jokingly called it a “bullish rate hike” and said investors were clearly expecting much worse. Analysts such as Swyftx’s Pav Hundal have suggested that the recent rally may be due to easing inflationary pressures on gas and commodities such as corn and wheat.
On Thursday, Reed Ethereum developer Tim Beiko announced that the final Goerli testnet merger will take place between August 6th and 12th, prior to Ethereum’s long-awaited merge and switch to Proof of Stake. I made it clear. With a long and significantly delayed roadmap since late 2020, the Ethereum network is now in the final stages of completing its largest upgrade to date. The official Merge is scheduled for September 19th, but could be further delayed if there is a problem with the Goerli testnet.
Zuckerberg is not upset about the $ 2.8 billion loss in the Metaverse division in the second quarter.
Meta CEO Mark Zuckerberg said he wasn’t blown away by the company, which lost $2.8 billion in the Metaverse division in the second quarter. He stressed that the company’s metaverse goals will take years to roll out, but as the sector matures, it’s a “massive opportunity” that will earn hundreds of billions and even trillions of dollars over time. is watching. “I am delighted to have played a key role in building this,” he said.
Ark Investment Management, an investment company at Cathie Wood, one of Coinbase (COIN)’s largest shareholders, reportedly sold 1.4 million shares of COIN on Tuesday. The sale was made through Ark’s three exchange-traded funds (ETFs), with an estimated sale value of approximately $ 75 million. The company reportedly held about 9 million COIN shares in late June and has been continuously acquiring shares since it opened for about $ 350 last April. Since then, prices have fallen sharply below $ 63. When Jim Cramer said he was “cheap” at $ 248 last August, Ark should probably have shorted it.
Tesla, an electric car maker led by Elon Musk, Sold 75% of owned BTC in Q2The gain seems noteworthy given that the company was sold during a bear market.But more importantly and excitingly, Musk eventually lose interest in crypto I don’t need to contact him anymore. The company is said to still have 10,800 BTC on its books, worth around $255 million at the time of writing.
winner and loser
Among the largest 100 cryptocurrencies, this week’s top 3 altcoin winners are optimistic (OP) 75.71%, Ethereum Classic (etc) 58.20% and Qtum (QTUM) At 41.89%.
The top three altcoin losers this week are Huobi Tokens. (HT) 9.10% Kusama (KSM) 8.98% and NEAR protocol (shortly) at 7.76%.
For more information on crypto prices, be sure to read Cointelegraph Market Analysis.
The most memorable quote
“Many NFT projects are just speculation, no real concrete spine, no real story. Is there a football club to cheer for every week? It’s the spine that people love themselves.”
Preston JohnsonCo-owner of Crawley Town FC and co-founder of WAGMI United
“The industry should not be allowed to write the rules they want to follow.”
Sherrod BrownUS Senator and Chairman of the Senate Banking Commission
“We believe it is more appropriate for local projects to benefit the local economy and, for example, it is more important to bring products to the United States to benefit traders.”
Low YouHead of KuCoinLabs
“Powell is particularly good at delivering bad news. Clearly investors expected worse.”
matty green spanFounder and CEO of Quantum Economics
“The Metaverse is a huge opportunity for many reasons. Developing these platforms will now free up hundreds of billions, if not trillions, of dollars over time. I feel strongly. ”
Mark ZuckerbergCEO of Meta
“I am worried about things that are not directly related to blockchain and the metaverse. I am worried about climate change and the division of society.”
Neil StevensonAuthor snow crash
This Week’s Forecast
Absolute Reports released a GameFi-focused report this week, estimating that the play-to-earn NFT gaming industry will be worth $2.8 billion by 2028. To hit the target, GameFi needs him to achieve a compound annual growth rate of 20.4% over his six years. , given that the sector was estimated to be worth $776.9 million last year.
This week’s FUD
Solana-based adaptive yield protocol Nirvana Finance, stablecoin based on NIRV’s algorithm, was depegged 85% this week after the protocol was hacked at USDT worth $ 3.49 million. The case was cited as a flash loan attack, resulting in the withdrawal of funds from Nirvana’s finances. Its native token, ANA, also fell by 85% as a result of hacking.
On Tuesday, distressed and bankrupt crypto lending company Celsius sent emails to customers whose email lists were leaked by employees of Customer.io, one of the company’s business data management and messaging vendors. notified that The company downplayed the incident, saying it “did not pose a high risk.” [its] After suspending withdrawals a few weeks ago, Celsius said the same thing about user assets, but added that they only wanted users to “be careful”.
The popular social media app TikTok has faced backlash over extensive data collection policies that could extract large amounts of sensitive information from users’ smartphones and computers. As such, crypto users are concerned about whether TikTok can scrape sensitive data such as secret wallet keys. “TikTok is more than just a video app. .
Best Features of Cointelegraph
With Ethereum’s imminent transition to a proof of stake consensus mechanism, monetary policy could change and Ethereum could run short of Bitcoin.
Economics is a study of human behavior on scarce resources and their impact on those resources, Roderick McKinley explains.
A friend of mine, a veteran Web2 technical executive, joined the Web3 company in June. As a switch-on operator, he asked to talk to all 16 staff members before deciding to join the company.