Hodler’s Digest, May 29-June 4
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
Anonymous hacker received restraining order via NFT
In what may be an industry first, an anonymous defendant in an exchange hacking legal case has been issued a temporary restraining order via NFT. Defendant is part of legal proceedings surrounding the January 2022 LCX exchange hack. Two law firms served the NFT “service token” on Defendant as a restraining order, with the event being billed as the first official use of NFT in the legal world.
FTX Won’t Freeze Hiring Amid Layoffs At Other Crypto Firms, Says CEO
As the crypto bear market continues, some industry players have opted to reassess the workforce, but not FTX. The derivatives exchange will continue to recruit staff, according to CEO Sam Bankman-Fried. On the other hand, in recent weeks, Gemini has reduced its workforce and Coinbase has slowed the recruitment of new employees. However, the last major crypto bear market in 2018 was worse in terms of job cuts.
Lummis-Gillibrand Bill Establishes SEC-CFTC Balance of Power in Crypto Markets
A new bill by U.S. Senators Kirsten Gillibrand and Cynthia Lummis, subject to appropriate approvals, aims to regulate the crypto industry at multiple levels under the shared oversight of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission. Exchange Commission. “Understanding that most digital assets are much more like commodities than securities, the bill gives the CFTC clear authority over applicable digital asset spot markets,” a government statement details. . However, later comments by the two senators seem to contradict this view, with Lummis and Gillibrand viewing altcoins largely as securities.
Metaverse grows 400% year over year despite altcoin bloodbath
Although the overall crypto market has been floundering in terms of price action, Metaverse-related assets are up around 400% on average compared to May 2021, according to a report by Kraken Intelligence. Despite the year-over-year gains, metaverse assets have fallen significantly in price over the past 30 days (according to Kraken’s May report). All of the crypto-asset sectors that Kraken has assessed have shown a decline in price over the past 30 and 90 days. Over the course of 2022 so far, NFT and blockchain powered 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 crypto, but the experience was limited to the platform. Now, PayPal has made the decision to allow certain crypto assets to be transferred to and from its platform, usually pending one-time identity verification. Armed with a New York BitLicense, PayPal has opened up the feature to select customers but aims to expand availability in the coming weeks.
Winners and losers
On weekends, Bitcoin (BTC) is at $29,066Ether (ETH) at $1,682 and XRP at $0.38. The total market capitalization is $1.18 trillion, according at CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are helium (HNT) at 35.12%, Chainlink (LINK) at 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 (CLC) at -24.90%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Most Memorable Quotes
“I thought [Anchor Protocol] was going 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 Hamammarketing director and co-founder of Tahini’s
“The approach is very simple: we are not going to ignore [the crypto] market. We want to make the most of the potential for innovation that these technologies offer us.
Galymjan PirmatovPresident of the National Bank of Kazakhstan
“For wealth management firms, digital assets represent a $54 billion revenue opportunity that most are unaware of.”
“[Myself and my wife] believe that children should learn things that will be needed in the future, rather than what we think are needed now.
Marcinfather of Amelia (creator of the Ami’s Cats NFT collection)
“What’s amazing about crypto is that it has the potential to decentralize power and give birth to struggling economies.”
Nikki Farbventure capital partner at Headline
Prediction of the week
Bitcoin will end 2022 ‘flat, possibly up’, analyst says as Saylor bets $1m BTC
Bitcoin’s price has traded mostly sideways this week, largely between $29,000 and $32,000, according to Cointelegraph’s BTC Price Index.
A historically optimistic figure in the crypto space, Fundstrat co-founder Thomas Lee spoke about Bitcoin’s price with less exuberance, seeing the potential for sideways action to close out 2022, though he left the open door for him to come up “maybe”.
Meanwhile, ever-optimistic MicroStrategy CEO Michael Saylor finally sees BTC in terms of an all-or-nothing outcome — $0 or $1 million per coin. However, he believes BTC has already counted $0 as a result, leaving his expectation of $1 million on the table.
FUD of the week
Lithuania Aims to Tighten Crypto Regulations and Ban Anonymous Accounts
Additional government-approved crypto regulatory requirements may come into force in Lithuania, pending parliamentary action. Among other details, the requirements include a ban on anonymous crypto accounts. The rationale for this move is to reduce money laundering and prevent Russian elites from evading sanctions. Early 2023 would see the weight of the new rules come into play.
STEPN, a blockchain-based mobile application, subjected to DDoS attacks after the upgrade
STEPN, a crypto project game that rewards users for physical activity, recently added a mechanism called STEPN’s Anti-Cheat Model (SMAC) to its platform. The upgrade aims to reduce cheating in the game. However, a number of difficulties have arisen after the upgrade, including denial of service (DDoS) attacks. The project aimed to patch its servers within a specific timeframe, although the self-imposed deadline passed without any updates being announced.
Bad day for Binance with SEC investigation and Reuters briefing
Binance is under investigation by the US Securities and Exchange Commission. The investigation questions whether the exchange’s initial coin offering in 2017 on its BNB asset complied with regulatory standards.
A Reuters article further claimed that a significant amount of funds related to nefarious activities leaked onto Binance’s platform between 2017 and 2021. A Binance spokesperson denied the article’s claims. Binance also refuted the allegations in a detailed blog post.
Best Crypto Features
The Crypto Islands of Thailand: Working in Paradise, Part 1
A growing number of crypto nomads are heading to live and work on tropical islands such as Koh Pha-ngan in Thailand. Maybe you should join them.
A Life After Crime: What Happens to Crypto Seized in Criminal Investigations?
As with any type of property, law enforcement has the right to sell your coins and spend the money.
Crypto 401(k): Sound financial planning or gambling with the future?
Cryptocurrencies could arrive in the retirement plans of Americans. Some see it as a sound financial strategy, while others remain skeptical.