Coming every Saturday, Hodler’s Digest will help you keep track of every single important news that happened this week. The best (and worst) quotes, adoption and settlement highlights, major currencies, forecasts and much more: a week on Cointelegraph in just one link.
The best stories of this week
An anonymous hacker served a restraining order via NFT
In what is perhaps a first industry, an anonymous defendant in a hacking legal case received a temporary restraining order via NFT. The defendant is part of a legal proceeding related to the hacking of the LCX exchange in January 2022. Two law firms served the NFT “service token” to the defendant as a restraining order, with the event advertised as the first official use of NFT in the legal world.
FTX Won’t Freeze Hiring Amid Layoffs At Other Cryptocurrency Firms, CEO Says
As the bear market for cryptocurrencies advances, some industry players have chosen to reevaluate their staff numbers, but not the FTX. The derivatives trading will continue to add staff, according to CEO Sam Bankman-Fried. Conversely, the past few weeks have seen Gemini reduce the number of employees and Coinbase curb withdrawals of new staff. However, the last major bear market in cryptocurrency in 2018 was worse in terms of employee cuts.
Lummis-Gillibrand Bill Establishes SEC-CFTC Balance of Power in Cryptocurrency Markets
A new bill by US Senators Kirsten Gillibrand and Cynthia Lummis, subject to appropriate approvals, aims to regulate the cryptocurrency industry on a number of levels under the shared oversight of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission . “Understanding that most digital assets are much more like commodities than securities, the bill gives the CFTC clear authority over the applicable digital asset spot markets,” detailed a government statement. However, later on comments from the two senators seem to contradict this view, with Lummis and Gillibrand viewing altcoins primarily as stocks.
Metaverse tokens have risen 400% year over year despite the altcoin bloodbath
Although the global cryptocurrency market has faltered in terms of price action, according to a report by Kraken Intelligence, assets related to the Metaverse have risen an average of around 400% since May 2021. Despite year-over-year gains, in the past 30 days (according to Kraken’s May report) metaverse assets dropped significantly in price. All cryptocurrency sectors Kraken rated have shown a drop in price over the past 30 and 90 days. Throughout 2022 so far, NFT and blockchain metaverse games have seen continued participation.
PayPal allows the transfer of digital currencies to external wallets
In the second half of 2020, PayPal’s platform welcomed the buying and selling of cryptocurrencies, but the experience was limited to the platform. Now, PayPal has decided to allow the transfer of certain crypto assets to and from its platform, typically pending a one-time identity verification. Armed with a New York BitLicense, PayPal has opened the feature to some customers but aims to expand availability in the coming weeks.
Winners and losers
At the end of the week, Bitcoin (BTC) it’s at $ 29,066Ether (ET) to $ 1,682 And XRP to $ 0.38. The total market capitalization is a $ 1.18 trillions, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gains of the week are Helium (HNT) at 35.12%, Chainlink (LINK) 22.63% and UNUS SED LEO (LEO) at 12.29%.
The top three altcoin losers of the week are Elrond (EGLD) at -25.25%, Waves (WAVES) at -25.02% and Convex Finance (CVX) at -24.90%.
For more information on cryptocurrency pricing, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“I thought [Anchor Protocol] it was about to collapse from the start (I designed it), but it collapsed 100%. “
Mr. BAnchor Protocol Developer
“The idea of absolute fixed money is something we have never seen in history.”
Ali Hamamchief marketing officer and co-founder of Tahini’s
“The approach is very simple: we will not ignore it [the crypto] market. We want to extract the maximum profit from the innovative potential that these technologies give us “.
Galymzhan Pirmatovpresident of the National Bank of Kazakhstan
“For wealth management firms, digital assets represent a $ 54 billion revenue opportunity that most are ignoring.”
“[Myself and my wife] We believe children should learn things that will be needed in the future rather than what we think is needed now. “
MarcinAmelia’s father (creator of Ami’s Cats NFT collection)
“The amazing thing about cryptocurrencies is that they have the potential to decentralize power and give rise to troubled economies.”
Nikki Farbbusiness partner at Headline
Prediction of the week
Bitcoin will end in 2022 “flat, possibly up,” analyst says as Saylor bets on $ 1 million worth of BTC
Bitcoin’s price has been trading mostly sideways this week, largely between $ 29,000 and $ 32,000, according to Cointelegraph’s BTC price index.
Historically bullish in the cryptocurrency industry, Fundstrat co-founder Thomas Lee spoke about Bitcoin’s price with less exuberance, seeing the potential for side action to close 2022, even though he left the door open for “possibly in. rise “.
Meanwhile, MicroStrategy’s ever-bullish CEO Michael Saylor ultimately sees BTC in terms of an all-or-nothing outcome: $ 0 or $ 1 million per coin. However, he thinks that BTC has already counted $ 0 as a result, leaving his $ 1 million expectation on the table.
FUD of the week
Lithuania aims to strengthen cryptocurrency regulation and ban anonymous accounts
Additional government-approved regulatory requirements for cryptocurrencies could come into play in Lithuania, pending parliamentary action. Among other details, the requirements include a ban on anonymous cryptographic accounts. The rationale behind this move is to reduce money laundering and prevent Russian elites from evading sanctions. The beginning of 2023 would see the greater weight of the new rules come into play.
STEPN move-to-ear blockchain based app under DDoS attacks after upgrade
STEPN, a cryptocurrency game that rewards users for physical activity, recently added a mechanism called STEPN’s Model for Anti-Cheating (SMAC) to its platform. The update aims to reduce cheating in the game. However, a number of difficulties have emerged since the update, including denial-of-service (DDoS) attacks. The project aimed to fix its servers within a certain time frame, although the self-imposed deadline expired with no updates announced.
Bad day for Binance with the SEC investigation and the Reuters complaint
Binance is the subject of an investigation by the US Securities and Exchange Commission. The investigation wonders whether the exchange’s initial 2017 coin offering of its BNB asset was in line with regulatory standards.
A Reuters article further stated that a significant amount of funds related to nefarious activities were filtered through the Binance platform between 2017 and 2021. A Binance spokesperson denied the article’s allegations. Binance also refuted the claims in a detailed blog post.
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