Coming every Saturday, Summary of Hodler will help you follow every important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.
Top stories this week
“Rising Bull Rates” – Why Crypto Surged in the Face of Bad News
Although the US Federal Reserve announced a 75 basis point interest rate hike on Wednesday, crypto markets rose significantly on the same day, with momentum continuing throughout the week. Quantum Economics founder and 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 the recent rally could be due to an easing of inflationary pressures around gas and commodities such as corn and wheat.
Ethereum Developer Confirms Goerli Merger Date, Latest 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 move to proof-of-stake will take place from August 6-12. In what has been a long and much delayed roadmap since late 2020, the Ethereum network is now in the final stages of completing its biggest upgrade yet. The official merge is scheduled for September 19, but could be subject to further delays if there are issues with Goerli’s testnet.
Zuckerberg was unimpressed with the Metaverse division’s loss of $2.8 billion in the second quarter
Meta CEO Mark Zuckerberg said he was unimpressed with the company’s $2.8 billion loss on its Metaverse division in the second quarter. He pointed out that the company’s Metaverse goals will take several years to unfold, but he sees a “tremendous opportunity” to earn hundreds of billions of dollars, if not trillions, over time as the industry matures. “I’m sure we’re going to be happy to have played an important role in this build,” he said.
Cathie Wood Sells Coinbase Stock Amid Insider Trading Allegations
Cathie Wood’s investment firm, Ark Investment Management, which is a major shareholder of Coinbase (COIN), reportedly sold 1.4 million COIN shares on Tuesday. The loss was made via three of Ark’s exchange-traded funds (ETFs), and the sale was estimated at around $75 million. The company reportedly held nearly 9 million COIN shares at the end of June and has been steadily picking up the stock since it opened at around $350 last April. Since then, the price has fallen sharply to just below $63, and Ark probably should have shorted it when Jim Cramer called it “cheap” at $248 last August.
Tesla Announces $64 Million Profit From Bitcoin Sale
Electric vehicle maker Tesla, led by Elon Musk, posted a respectable profit of $64 million after selling 75% of its BTC holdings in the second quarter. The gains look notable given the company being sold amid a bear market; however, what is more important and exciting is that Musk finally seems to be loss of interest in crypto and we won’t need to hear it anymore. The company reportedly still has 10,800 BTC on its books, which is worth around $255 million at the time of writing.
Winners and losers
At the weekend, Bitcoin (BTC) is at $23,559.86Ether (ETH) at $1,674.34 and XRP at $0.36. The total market capitalization is $1.08 trillion, according at CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Optimism (OP) at 75.71%, classic Ethereum (ETC) at 58.20% and Qtum (QTUM) at 41.89%.
The top three altcoin losers of the week are Huobi Token (excl. tax) at 9.10%, Kusama (KSM) at 8.98% and NEAR protocol (NEAR) at 7.76%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Most Memorable Quotes
“A lot of NFT projects are just speculation with no real tangible backbone, no real true story. Do you have a football club to cheer on every week? It’s a spine that people get attached to.
Preston Johnson, co-owner of Crawley Town FC and co-founder of WAGMI United
“Industry should not be allowed to write the rules they want to follow.”
Sherrod Brown, U.S. Senator and Chairman of the Senate Banking Committee
“We think it makes more sense for local projects to benefit the local economy, not just bringing products to the United States to benefit merchants there, for example.”
Lou Yu, head of KuCoin Labs
“Powell is particularly good at breaking bad news. Clearly, investors were expecting worse.
Mati Greenspan, founder and CEO of Quantum Economics
“The Metaverse is a huge opportunity for a number of reasons. I’m even more convinced now that the development of these platforms will unlock hundreds of billions of dollars, if not trillions of dollars, over time.
Mark Zuckerberg, CEO of Meta
“I worry about things that are not directly related to blockchain and the metaverse. I worry about climate change and social fragmentation.
Neal Stephenson, author of Snowfall
Prediction of the week
GameFi industry will see a valuation of $2.8 billion in six years
Absolute Reports released a GameFi-focused report this week estimating that the NFT play-to-earn gaming industry will be worth $2.8 billion by 2028. To meet the goal, GameFi would need a rate of six-year compound annual growth of 20.4%, given that the sector was estimated at $776.9 million last year. The reasons for this noble goal, however, are locked behind a paywall.
FUD of the week
Solana-Based NIRV Stablecoin Drops 85% After $3.5M Exploit
Solana-based adaptive return protocol algorithmic stablecoin Nirvana Finance, NIRV, pulled back 85% this week after the protocol was hacked for $3.49 million in USDT. The incident was cited as a flash loan attack that resulted in the embezzlement of funds from Nirvana’s treasury. Its native token, ANA, also fell 85% following the hack.
Phishing risks rise as Celsius confirms leaked customer emails
On Tuesday, embattled and bankrupt crypto lending firm Celsius sent an email to its customers, informing them that a list of their emails had been leaked by an employee of one of its data management providers. business and messaging, Customer.io. The company downplayed the incident, saying it “didn’t pose a high risk to [its] customers,” adding that they just wanted users to “be aware” — although Celsius also said similar things about user assets after suspending withdrawals several weeks ago.
TikTok data policy debacle: Is user cryptography at risk?
Popular social media app TikTok is facing backlash over its sweeping data collection policies that could extract large amounts of sensitive information from a user’s smartphone or computer. As such, crypto users are now worried about whether TikTok is capable of deleting critical data such as private wallet keys. “TikTok isn’t just another video app. It’s the sheep’s clothing. It harvests swaths of sensitive data that new reports show is being viewed in Beijing,” said US Federal Communications Commissioner Brendan. Carr.
Best Crypto Features
Merger is Ethereum’s chance to take over Bitcoin, researcher says
Ethereum’s impending transition to a proof-of-stake consensus mechanism will transform its monetary policy, potentially making ETH rarer 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, says 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. An operator under pressure, he asked to meet with all 16 employees before deciding to join the company.