Coinbase Posts $1.1 Billion Loss, Polygon dApps Soar 400% in 2022, and Elon Musk Says Inflation is on the Decline: Hodler’s Digest, Aug 7-13

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comes every saturday Hodler’s compendium It will help you keep track of all the important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more – a week on Cointelegraph in one link.

Top news this week

Elon Musk: US ‘Passed Peak Inflation’ After Tesla Sold 90% of Bitcoin

Now that Tesla has sold 90% of its Bitcoin holdings during the bear market, Elon Musk says the US economy has “passed the peak of inflation” and predicts only a “mild to moderate” recession may be ahead. . “We have a sense of where prices are heading over time, and the interesting thing we’re seeing now is that most of our staples, most of the stuff that goes into a Tesla, not all of it, more than half of prices – they are trending down six months from now,” Musk said at the 2022 Tesla Annual Meeting of Shareholders.

Coming Soon: ETH Developers Advance Merge Date

The long-awaited merger appears to be ahead of schedule, as Ethereum lead developers Tim Beiko and Terence Tsao agreed to a developer call on Thursday to tentatively set the merger date for September 1. 15. Beiko’s previously estimated date was September 1. On February 19, and he suggested that the final preparation work proceeds smoothly after the final Goerli testnet merge went smoothly this week.

Coinbase Posts $1.1B Loss in Q2 Due to ‘Fast and Furious’ Crypto Slowdown

Major cryptocurrency exchange Coinbase posted a huge second-quarter loss of $1.1 billion, citing a “fast and furious” crypto slowdown during the quarter. The firm noted that the second quarter was a “difficult quarter” as transaction volume and transaction revenue fell 30% and 35%, respectively. It marks the second straight quarter of losses for the company this year. “The current recession has come fast and furious, and we are seeing customer behavior mirror that of previous bear markets,” the firm wrote in a letter to shareholders released Tuesday.

Decentralized apps on Polygon reached 37,000, a 400% increase this year

The number of DApps on Ethereum’s scaling platform Polygon surpassed 37,000 this week, marking a 400% increase since the beginning of 2022. The project provided a breakdown of DApp projects built on Polygon, which showed notably that “74% of teams were built exclusively on Polygon, while 26% were deployed on both Polygon and Ethereum.” Polygon also stated that its ecosystem has now seen more than “142 million unique user addresses and $5 billion in secured assets,” with around 1.6 billion transactions processed on the network to date.

Anonymous User Sends ETH From Tornado Cash To Prominent Figures After Sanctions

A day after the US Treasury sanctioned cryptocurrency mixer Tornado Cash for its alleged role in money laundering operations, intervals of 0.1 Ether transactions began being sent from the smart contract to prominent figures. such as Coinbase CEO Brian Armstrong and American TV host Jimmy Fallon. The move appears to be a criticism or satirical commentary on the US government’s current policy of also sanctioning addresses that interacted with Tornado Cash.

winners and losers

At the end of the week, Bitcoin (bitcoin) I sat down $23,840.93Ether (ETH) a $1,882.20 Y XRP a $0.37. Total market capitalization is $1.13 trillion, according to to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 93.85% Ankr (ANKR) to 46.99% and Decred (RCD) to 26.34%.

The top three altcoin losers of the week are ApeCoin (BOW) 9.03% curve DAO token (CRV) at 5.01% and Kusama (KSM) at 4.53%.

For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.

most memorable quotes

“A community of seniors has almost no exposure to the crypto ecosystem unless their grandchildren tell them about it.”

owen robertsonMarketing Associate at Dominant Strategies

“The fact that you don’t have an alternative to Facebook is why Facebook is a monopoly. But if it was on a blockchain, it could transmit data freely, it could become [different] Facebook.

yat siuco-founder of Animoca Brands

“In the last six months or so, we’ve seen company valuations come down to slightly more realistic valuations, and it’s become a good time to start allocating capital.”

Gerard BerileRisk and Investment Director at Wave Financial

“Going forward, that mindset towards risk management while remaining optimistic for the long term is very important. […] You can be bullish on crypto, but you can still sell off the market.”

jeffrey gaoCEO of Cypherpunk Holdings

“Scalability isn’t just a boring thing where you just need ‘lower cost’ scalability, I think it actually enables and unlocks entirely new classes of applications.”

Vitalik Buterinco-founder of Ethereum

“So I think institutional adoption is where it’s going, and institutions are the ones that are going to enable […] that revolutionary app for consumers to really take cryptocurrency and DeFi to the next level.”

Boris Alerganthead of DeFi markets at Ripple Labs

prediction of the week

$29K Bitcoin Is Closer Than You’d Expect, According To Derivatives Data

With Bitcoin price continuing to struggle against the $24,000 resistance, facing rejection on August 1. Cointelegraph market analyst Marcel Pechman managed not to get knocked out of the 52-day ascending channel and suggested that the price could eventually reach $29,000 in October. He pointed to a bullish chart formation with a support level at $22,500 indicating that the price could rally to just under $30,000. Pechman also noted that while BTC derivatives data shows a lack of interest from leveraged longs, there is no indication that a surprise drop is being priced into the market.

fud of the week

ASIC president is concerned about the large number of crypto investors who “take risks”

Joe Longo, chairman of the Australian Securities and Investments Commission (ASIC), has sounded alarm bells about the number of Australians investing in “volatile and unregulated” crypto assets during the pandemic. As part of a press release on Thursday, Longo pointed to ASIC research from November 2021 that found cryptocurrencies to be the second most common investment product, with 44% of respondents reporting holding them. Of those investors, 25% indicated that crypto assets were the only investment class they were involved in.

Cross-chain bridge RenBridge laundered $540 million in hacking proceeds: Elliptic

According to a Wednesday report from blockchain analytics firm Elliptic, crypto bridge RenBridge has facilitated the laundering of at least $540 million in hacking proceeds since 2020. According to the report, the laundering was done through a process known as chain hopping: converting one form of cryptocurrency to another and moving it through multiple blockchains.

Tornado Cash co-founder reports being banned from GitHub as industry reacts to sanctions

Tornado Cash co-founder Roman Semenov claimed that his account on the GitHub development platform was suspended on Monday. Semenov noted that despite not being individually named as a Specially Designated National by the US Treasury’s Office of Foreign Assets Control, he appeared to be facing repercussions related to Treasury allegations that Tornado Cash laundered more than $7 billion worth of crypto.

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