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
‘Bull Rate Hike’: Why Cryptocurrencies Soared on Bad News
Despite the US Federal Reserve announcing a 75 basis point interest rate hike on Wednesday, crypto markets rallied significantly on the same day and the momentum continued through the week. Quantum Economics founder and CEO Mati Greenspan jokingly called it a “bullish rate hike” and claimed investors were clearly expecting much worse. Analysts such as Pav Hundal of Swyftx suggested the recent rally may be due to easing inflationary pressures around gas and commodities such as corn and wheat.
Ethereum Dev Confirms Goerli Merger Date, Final Update Before Merger
On Thursday, Ethereum lead developer Tim Beiko revealed that the final Goerli testnet merger ahead of the long-awaited Ethereum merger and switch to proof-of-stake will occur between August 1-2. . 6-12. In what has been a long and long overdue roadmap since the end of 2020, the Ethereum network is now in the final stages of completing its largest upgrade to date. The official merger is scheduled for September 1. 19, but could be subject to further delays if there are issues with the Goerli testnet.
Zuckerberg unfazed by $2.8B metaverse split loss in Q2
Meta CEO Mark Zuckerberg stated that he was unfazed by the company’s $2.8 billion loss in its Metaverse division in the second quarter. He noted that the company’s Metaverse goals will take several years to implement, but he sees a “huge opportunity” to earn hundreds of billions of dollars, or even trillions, over time as the sector matures. “I’m sure we’ll be glad we played a big part in building this,” he said.
Cathie Wood Sells Coinbase Stock Amid Insider Trading Accusations
Cathie Wood’s investment firm Ark Investment Management, which is one of the largest Coinbase (COIN) shareholders, reportedly sold 1.4 million COIN shares on Tuesday. The divestiture was made through three of Ark’s exchange-traded funds (ETFs), and the sale was estimated to be worth about $75 million. The firm reportedly owned almost 9 million shares of COIN at the end of June and has continuously purchased the shares since it opened at approximately $350 last April. Since then, the price has plummeted to just under $63, and Ark probably should have shorted it when Jim Cramer called it “cheap” at $248 last August.
Tesla Reports $64 Million Profit From Bitcoin Sale
Tesla, the electric vehicle maker led by Elon Musk, posted a respectable $64 million profit after selling 75% of their BTC holdings in Q2. The gains seem remarkable considering the company was sold in the midst of a bear market; however, what is more important and exciting is that Musk seems to be finally lose interest in cryptocurrencies and we will not need to know more about him. The firm is said to still have 10,800 BTC on its books, which is worth around $255 million at the time of writing.
winners and losers
At the end of the week, Bitcoin (BTC) I sat down $23,559.86Ether (ETH) a $1,674.34 Y XRP a $0.36. The total market capitalization is $1.08 billion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Optimism (OP) at 75.71%, Ethereum Classic (ETC) at 58.20% and Qtum (QTUM) at 41.89%.
The top three altcoin losers of the week are Huobi Token (HT) at 9.10%, Kusama (KSM) at 8.98% and NEAR Protocol (CLOSE) to 7.76%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
most memorable quotes
“A lot of NFT projects are just speculation with no real tangible backbone, no real real story. Have a football club to cheer for every week? That is a backbone that people adhere to.”
Preston Johnsonco-owner of Crawley Town F.C. and co-founder of WAGMI United
“Industry should not be allowed to write the rules it wants to play by.”
sherrod brownUS Senator and Chairman of the Senate Banking Committee
“We believe that it is more relevant that local projects benefit the local economy, and not just bring products to the United States to benefit merchants there, for example.”
lou yuhead of KuCoin Labs
“Powell is particularly adept at delivering bad news. Clearly, investors expected worse.”
Matt Greenspanfounder and CEO of Quantum Economics
“The Metaverse is a great opportunity for several reasons. I feel even stronger now that the development of these platforms will unlock hundreds of billions of dollars, if not trillions, over time.”
mark zuckerbergMeta CEO
“I am concerned with things that are not directly related to blockchain and the Metaverse. I am concerned about climate change and social fragmentation.”
neal stephensonauthor of snow crash
prediction of the week
GameFi industry will see a $2.8 billion valuation over six years
Absolute Reports released a GameFi-focused report this week estimating the play-to-win NFT gaming industry to be worth $2.8 billion by 2028. To hit the target, GameFi would need a 20.4% compound annual growth rate over six years, given that the sector was estimated at $776.9 million last year. The reasons for this lofty goal, however, are locked behind a paywall.
fud of the week
Solana-Based Stablecoin NIRV Drops 85% After $3.5M Exploit
Solana Nirvana Finance-based adaptive yield protocol algorithmic stablecoin, NIRV, de-pegged 85% this week after the protocol was hacked worth $3.49 million USDT. The incident was cited as a quick loan attack that resulted in funds being siphoned from Nirvana’s treasury. Its native token, ANA, also dropped 85% as a result of the attack.
Phishing risks rise as Celsius confirms customer emails leaked
On Tuesday, the embattled and bankrupt crypto lending firm Celsius sent an email to its customers, informing them that an employee at one of its business data management and messaging providers, Customer.io, had leaked a list of their emails. . The firm has downplayed the incident, saying it did not “present any high risk to [its] customers,” adding that they just wanted users to “be aware,” though Celsius also said similar things regarding user assets after pausing withdrawals several weeks ago.
TikTok data policy debacle: Is user crypto at risk?
Popular social media app TikTok is facing backlash for its far-reaching data collection policies that could extract large amounts of sensitive information from a user’s smartphone or computer. As such, crypto users are now concerned about whether TikTok is capable of mining critical data such as private wallet keys. “TikTok is not just another video app. That’s the sheep’s clothing. It collects swaths of sensitive data accessed in new reports in Beijing,” said US Federal Communications Commissioner Brendan Carr.
The best features of Cointelegraph
The Merge Is Ethereum’s Chance To Take Over Bitcoin, Says Researcher
Ethereum’s imminent transition to a proof-of-stake consensus mechanism will transform its monetary policy, potentially making ETH scarcer than Bitcoin.
Tokenomics, not Ponzi-nomics: influencing behavior, making money
Economics is the study of human behavior involving scarce resources, and the effects those behaviors have on those resources, explains Roderick McKinley.
When worlds collide: Joining Web3 and crypto from Web2
A friend of mine who is a seasoned Web2 technology executive joined a Web3 company in June. A fired-up trader, he asked to speak to all 16 employees before deciding to join the company.
