coming every saturday, Hodler’s Digest Help to track every important news happening this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and more — a week on Cointelegraph in one link.
This week’s top news
Despite the US Federal Reserve announcing a 75-basis-point interest rate hike on Wednesday, crypto markets pumped significantly on the same day with continued momentum through the week. Quantum Economics founder and CEO Mati Greenspan jokingly called it a “bullish rate hike” and said investors were clearly expecting the worst. Analysts such as Swyftx’s Pav Hundal suggested that the recent rally could be due to easing inflationary pressures around gas and commodities such as corn and wheat.
On Thursday, lead Ethereum developer Tim Beiko revealed that the final Goerli testnet consolidation and switch to proof-of-stake will take place between August 6-12 before Ethereum’s long-awaited consolidation. In a long and much-delayed roadmap to late 2020, the Ethereum network is now in the final stages of completing its biggest upgrade yet. The official merger is scheduled for September. 19 But problems with the Goerli testnet may cause further delays.
Meta CEO Mark Zuckerberg says he’s not fazed as the company faced a $2.8 billion loss in its Metaverse division in Q2. He highlighted that the company’s metaverse goals will take several years to roll out, but he sees a “huge opportunity” to generate hundreds of billions of dollars or even trillions as the sector matures. “I’m confident we’re going to be glad we played a significant role in making it happen,” he said.
Cathy Wood’s investment firm Arc Investment Management, one of the largest shareholders of Coinbase (COIN), reportedly dumped 1.4 million COIN shares on Tuesday. The shedding was done through three of Arc’s exchange-traded funds (ETFs), and the sale was estimated to be worth about $75 million. The firm reportedly held nearly 9 million COIN shares as of late June and has steadily snapped up the stock since it opened last April at roughly $350. Since then, the price has fallen sharply to just under $63, and Arc probably should have shorted it when Jim Cramer called it “cheap” last August at $248.
Elon Musk-led electric vehicle maker Tesla later posted a respectable $64 million profit Selling 75% of his BTC holdings in Q2. The gains seem significant considering the company sold during the middle of a bear market; However, the most important and exciting thing is that the mask is finally showing up Losing interest in crypto And we don’t need to hear from him again. The firm is said to still have 10,800 BTC on its books, worth around $255 million at the time of writing.
winners and losers
Among the 100 largest cryptocurrencies, the week’s top three altcoin gainers are Optimism (op) At 75.71%, Ethereum Classic (etc) 58.20% and at Qtum (QTUM) At 41.89%.
Huobi Token lost the top three altcoins of the week (HT) At 9.10%, Kusama (KSM) At 8.98% and nearby protocols (nearby) At 7.76%.
For more information on crypto prices, be sure to read on Market Analysis of Cointelegraph.
Most memorable quote
“Many NFT projects are just speculations with no real backbone, no real true story. Have a football club to root for every week? It’s a backbone that people attach themselves to.”
Preston JohnsonCo-owner of Crawley Town FC and co-founder of WAGMI United
“Industry should not be allowed to write the rules they want to play by.”
Sherrod BrownUS Senator and Chair of the Senate Banking Committee
“We think it’s more relevant for local projects to benefit the local economy, and not, for example, to take goods to the United States to benefit traders.”
Lu YuHead of Cookie Labs
“Powell is particularly good at delivering bad news. Clearly investors were expecting worse.”
Matt GreenspanFounder and CEO of Quantum Economics
“Metaverse is a huge opportunity for several reasons. I feel even more strongly now that developing these platforms will unlock hundreds of billions of dollars, if not trillions, over time.”
Mark ZuckerbergMeta CEO
“I worry about things that aren’t directly related to blockchain and the metaverse. I worry about climate change and social divide.”
Neil Stephensonits author Snow Crash
Forecast for the week
Absolute Reports released a GameFi-focused report this week that estimates the play-to-earn NFT gaming industry will be worth $2.8 billion by 2028. To reach the target, GameFi would need a compound growth rate of 20.4% over six years. , given that the sector was valued at $776.9 million last year. The reasons for this lofty goal, however, are locked behind a paywall.
FUD of the week
Solana-based adaptive yield protocol Nirvana Finance, the algorithmic stablecoin from NIRV, plunged 85% this week after the protocol was hacked, worth $3.49 million. The incident was referred to as a flash loan attack that resulted in funds being siphoned from Nirvana’s coffers. Its native token, ANA, has dropped 85% as a result of the hack.
On Tuesday, troubled and bankrupt crypto lending firm Celsius emailed its customers, informing them that a list of their emails had been leaked by an employee of its business data management and messaging vendor, Customer.io. The firm downplayed the incident, saying it “did not present any high risk [its] Clients,” adding that they just wanted users to be “aware” — though Celsius said the same thing about users’ assets after it stopped the recall a few weeks ago.
Popular social media app TikTok is facing backlash for its far-reaching data collection policies that can extract large amounts of sensitive information from users’ smartphones or computers. As such, crypto users are now worried whether TikTok is able to scrape sensitive data such as private wallet keys. “TikTok is not just another video app. That’s sheep’s clothing. It collects a lot of sensitive information that the new report shows is being accessed in Beijing,” claimed US Federal Communications Commissioner Brendan Carr.
Best Cointelegraph Features
Ethereum’s upcoming transition to a proof-of-stake consensus mechanism will transform its monetary policy, potentially making ETH more scarce than Bitcoin.
As Roderick McKinley explains, economics is the study of human behavior involving scarce resources—and the effects those behaviors have on those resources.
A friend of mine who is an experienced Web2 tech executive joined a Web3 company in June. A switch-on operator, he asked to speak to all 16 employees before deciding to join the firm.