Crypto pumps after Fed rate hike, Zuck pins hopes on Metaverse making hundreds of billions, and Tesla posts $64M BTC profit: Hodler’s Digest, July 24-30

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Comes every Saturday Hodler’s Digest will help you follow every important news story this week. The best (and worst) odds, adoption and regulatory highlights, leading coins, predictions and much more – a week on TBEN in one link.

Top stories this week

‘Bullish Rate Hike’ – Why crypto spiked in the face of bad news

Despite the US Federal Reserve announcing a 75 basis point rate hike on Wednesday, crypto markets pumped significantly on the same day as momentum continued throughout the week. Mati Greenspan, founder and CEO of Quantum Economics, jokingly called it a “bullish rate hike” and stated that investors clearly expected much worse. Analysts such as Pav Hundal of Swyftx suggested the recent rally may be due to a decrease in inflationary pressures around gas and commodities such as corn and wheat.

Ethereum Developer Confirms Goerli Merger Date, Last Update Before Merger

On Thursday, leading Ethereum developer Tim Beiko revealed that the final Goerli testnet merger ahead of Ethereum’s highly anticipated Merge and move to proof-of-stake will take place between August 6 and 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 problems with the Goerli testnet.

Zuckerberg Unfazed by $2.8 Billion Metaverse Division Loss in Q2

Meta CEO Mark Zuckerberg said he was unimpressed by the company’s second-quarter loss of $2.8 billion on its Metaverse division. He stressed that it will take several years for the company’s Metaverse goals to roll out, but he sees a “huge opportunity” to earn hundreds of billions of dollars or even trillions over time as the industry matures. “I’m confident we’ll be glad we played an important role in building this,” he said.

Cathie Wood Sells Coinbase Shares Amid Insider Trading Allegations

Cathie Wood’s investment firm Ark Investment Management, one of the largest shareholders of Coinbase (COIN), reportedly dumped 1.4 million shares of COIN on Tuesday. The loss was made through three of Ark’s exchange-traded funds (ETF), and the sale was estimated at about $75 million. The company reportedly owned nearly 9 million COIN shares at the end of June and has been continuously buying up its shares since it opened for about $350 in April. Since then, the price has fallen sharply to just under $63, and Ark probably should have shorted it when Jim Cramer called it “cheap” last August at $248.

Tesla reports $64M profit from Bitcoin sale

Elon Musk-led electric vehicle manufacturer Tesla went on to post a respectable $64 million profit Sell ​​75% of its BTC shares in Q2. The gains seem remarkable considering that the company was sold during a bear market; What’s more important and exciting, though, is that Musk finally seems to be lose interest in crypto and we don’t need to hear from him again. The company is said to still have 10,800 BTC on its books, which is worth about $255 million at the time of writing.

Winners and losers

At the end of the week, Bitcoin (BTC) is with $23,559.86ether (ETH) Bee $1,674.34 and XRP Bee $0.36. The total market capitalization is $1.08 trillion, according to to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Optimism (ON) 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 (NEAR) at 7.76%.

To learn more about crypto prices, read TBEN’s market analysis.

Most Memorable Quotes

“Many NFT projects are just speculation with no real tangible backbone, not a real true story. A football club every week to look after? That is a backbone to which people attach themselves.”

Preston Johnson, co-owner of Crawley Town FC and co-founder of WAGMI United

“The industry should not write the rules they want to follow.”

Sherrod Brown, U.S. Senator and Chairman of the Senate Banking Committee

“We think it’s more relevant that local projects benefit the local economy, not just bring products to the United States to help merchants there, for example.”

Lou Yu, head of KuCoin Labs

“Powell is particularly adept at delivering bad news. Investors had clearly expected worse.”

Mati Greenspan, Founder and CEO of Quantum Economics

“The Metaverse is a huge opportunity for a number of reasons. I now feel even more strongly that developing these platforms will generate hundreds of billions of dollars, if not trillions, over time.”

Mark Zuckerberg, CEO of Meta

“I worry about things that are not directly related to blockchain and the Metaverse. I am concerned about climate change and social fragmentation.”

Neal Stephenson, author of snow crash

Prediction of the week

GameFi industry will be valued at $2.8 billion in six years

Absolute Reports released a GameFi-focused report this week that estimates that the NFT gaming industry will be worth $2.8 billion to earn by 2028. To achieve the goal, GameFi would require a compound annual growth rate of 20.4% over six years, as the industry was estimated to be worth $776.9 million last year. However, the reasons for this lofty target lie behind a paywall.

FUD of the week

Solana-Based Stablecoin NIRV Drops 85% After $3.5M Exploit

The algorithmic stablecoin of Solana-based adaptive yield protocol Nirvana Finance, NIRV, has been decoupled by 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 money being siphoned out of Nirvana’s coffers. The native token, ANA, also fell by 85% as a result of the hack.

Phishing Risks Escalate as Celsius Confirms Customer Emails Leaked

On Tuesday, the beleaguered and bankrupt crypto lending company Celsius emailed its customers informing them that a list of their emails had been leaked by an employee of one of its corporate data management and messaging providers, Customer.io. The company downplayed the incident, stating that it “posed no major risks” [its] customers”, adding that they wanted users to be “in the know” – although Celsius also said similar things about users’ assets after pausing withdrawals a few weeks ago.

TikTok Data Policy Debacle: Is User’s Crypto At Risk?

Popular social media app TikTok is facing backlash over 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 scraping critical data such as private wallet keys. “TikTok is not just another video app. That’s the sheep’s clothing. It collects strips of sensitive data that new reports show are being used in Beijing,” US Federal Communications Commissioner Brendan Carr said.

Best TBEN Features

The Merge Is Ethereum’s Chance To Take Over Bitcoin, Researcher Says

Ethereum’s imminent transition to a proof-of-stake consensus mechanism will transform monetary policy, potentially making ETH more scarce than Bitcoin.

Tokenomics not Ponzi-nomics: influence behaviour, make money

Economics is the study of human behavior involving scarce resources — and the effects that behavior has on those resources, Roderick McKinley explains.

When worlds collide: join Web3 and crypto from Web2

A friend of mine, a seasoned Web2 tech executive, joined a Web3 company in June. He was a engaged operator and asked to speak to all 16 employees before deciding to join the company.