Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, ado
Coming every Saturday, Hodler’s Digest will help you track every single important news story 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 Stories This Week
3AC founders reveal ties to Terra founder, blame overconfidence for collapse
After five weeks of being AWOL, the founders of defunct crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, resurfaced via an interview with Bloomberg. The duo admitted to operating the firm with overconfidence as a result of the multi-year bull market. They also noted that they were very close with Terra founder Do Kwon and, despite running a major hedge fund, were shocked that the project’s extremely risky algorithmic stablecoin went bust. Zhu and Davies said they overlooked several red flags as a result of the kinship.
Mojang Studios bans Minecraft NFT integrations
Minecraft developers Mojang Studios banned nonfungible token (NFT) integrations in their wildly popular flagship game this week. The firm cited issues with NFTs being associated with price speculation, exclusion and rug pulls. “To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications,” the firm announced. Crypto-skeptic gamers also called on Fornite developer Epic Games to follow suit, but the company said it “definitely won’t” institute a similar ban.
SEC listing 9 tokens as securities in insider trading case ‘could have broad implications’ — CFTC
The U.S. Securities and Exchange Commission (SEC) has listed nine crypto assets as securities as part of the insider trading case against former Coinbase product manager Ishan Wahi. The SEC named Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX, and XYO. These were just nine of a total of 25 different assets that were allegedly used for insider trading.
Experts reveal what Tesla’s $936M sell-off means for Bitcoin
Following the news that Tesla sold 75% of its Bitcoin in Q2 for roughly $936 million, experts have remained relatively unfazed. Markus Thielen, chief investment officer at digital asset manager IDEG, told Cointelegraph that Tesla likely sold off its BTC as it was “seen as a distraction from their core business.” Financial consultation site Finder’s share trading expert, Kylie Purcell, suggested that many firms have moved to “shore up capital in cash currencies” amid the current macroeconomic climate. Some Twitter users even called the move a “nothingburger,” implying that Tesla’s move may ultimately be insignificant.
Amazon.eth ENS domain owner disregards 1M USDC buyout offer on OpenSea
On Tuesday, the Amazon.eth ENS domain belonging to an anonymous OpenSea user fetched a bid of 1 million USD Coin. It has become a common practice for speculators to register ENS domains under the names of prominent entities in hopes of scoring a big payday. The bid went unanswered, however, and it is unclear why such a large sum of money was ignored. The next largest bid on the domain totaled just 6,300 USDC.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $23,478.96, Ether (ETH) at $1,598.64 and XRP at $0.36. The total market cap is at $1.06 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Ethereum Classic (ETC) at 71.03%, Bitcoin Gold (BTG) at 50.95% and Lido DAO (LDO) at 48.60%.
The top three altcoin losers of the week are TerraClassicUSD (USTC) at 17.08%, Elrond (EGLD) at 5.05% and Internet Computer (ICP) at 1.85%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“All the Ethereum killers from back in the day didn’t succeed, and I don’t expect them to succeed at all.”
Freddy Zwanzger, Ethereum ecosystem lead at Blockdaemon
“Developers should be free to decide how to build their games, and you are free to decide whether to play them.”
Tim Sweeney, Founder and CEO of Epic Games
“Don’t try to fix fraudsters or Nazis or terrorists. They will remain. They existed before the internet and they’ll exist after.”
Tomer Poran, vice president of business development at ActiveFence
“Crypto revolutionized how people use the web, as we’ve seen Chrome extensions utilized. If we can prove this in mobile devices, that will be a game changer.”
Anatoly Yakovenko, co-founder of Solana
“The Merge upgrade is like changing the engine on a plane mid-flight. We are overhauling everything from the consensus algorithm to the execution environment.”
Vasily Shapovalov, co-founder of Lido
“I would not be surprised if Tesla keeps nibbling in Bitcoin when Bitcoin stabilizes, otherwise they would have sold 100%.”
cointelegraph.com