Coinbase posts $1.1B loss, Polygon dApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13

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Coming each Saturday, Hodler’s Digest will provide help to observe each single necessary information story that occurred this week. The most effective (and worst) quotes, adoption and regulation highlights, main cash, predictions and rather more — per week on Cointelegraph in a single hyperlink.

High Tales This Week

 

Elon Musk: US ’previous peak inflation’ after Tesla sells 90% of Bitcoin

With Tesla now having bought 90% of its Bitcoin holdings through the bear market, Elon Musk says the U.S. economic system is “previous peak inflation” and predicts that solely a “delicate to reasonable” recession could possibly be incoming. “We kind of have some perception into the place costs are headed over time, and the fascinating factor that we’re seeing now could be that almost all of our commodities, many of the issues that go right into a Tesla — not all, greater than half the costs — are trending down in six months from now,” Musk mentioned at Tesla’s 2022 Annual Assembly of Stockholders.

 

Coming sooner: ETH devs transfer up the date for Merge

The long-awaited Merge appears to be forward of schedule, with Ethereum core builders Tim Beiko and Terence Tsao agreeing on a developer name Thursday to tentatively set the date of the Merge for Sept. 15. The beforehand estimated date from Beiko was Sept. 19, and advised that the ultimate preparation work goes easily after the ultimate Goerli testnet merge went off and not using a hitch this week.

 

 

Coinbase posts $1.1B loss in Q2 on ‘quick and livid’ crypto downturn

Main crypto alternate Coinbase posted a whopping Q2 lack of $1.1 billion, citing a “quick and livid” crypto downturn through the quarter. The agency famous that Q2 was a “powerful quarter” as buying and selling quantity and transaction income fell 30% and 35%, respectively. It marks the second consecutive quarter of loss for the corporate this yr. “The present downturn got here quick and livid, and we’re seeing buyer conduct mirror that of previous down markets,” the agency wrote in a shareholder letter posted on Tuesday.

 

Decentralized apps on Polygon hit 37,000, rocketing 400% this yr

The variety of DApps on Ethereum scaling platform Polygon topped 37,000 this week, marking a 400% enhance because the begin of 2022. The challenge offered a breakdown of DApp initiatives constructed on Polygon, which notably confirmed that “74% of groups built-in completely on Polygon, whereas 26% deployed on each Polygon and Ethereum.” Polygon additionally said that its ecosystem has now seen greater than “142 million distinctive person addresses and $5 billion in belongings secured,” with round 1.6 billion transactions processed on the community to this point.

 

Nameless person sends ETH from Twister Money to distinguished figures following sanctions

At some point after the U.S. Treasury sanctioned crypto mixer Twister Money over its alleged function in cash laundering operations, intervals of 0.1 Ether transactions started being despatched from the good contract to distinguished figures comparable to Coinbase CEO Brian Armstrong and American tv host Jimmy Fallon. The transfer seems to be a critique or satirical commentary on the U.S. authorities’s present coverage of additionally sanctioning addresses that interacted with Twister Money.

 

 

 

Winners and Losers

 

On the finish of the week, Bitcoin (BTC) is at $23,840.93, Ether (ETH) at $1,882.20 and XRP at $0.37. The full market cap is at $1.13 trillion, in accordance to CoinMarketCap.

Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Celsius (CEL) at 93.85%, Ankr (ANKR) at 46.99% and Decred (DCR) at 26.34%.  

The highest three altcoin losers of the week are ApeCoin (APE) at 9.03%, Curve DAO Token (CRV) at 5.01% and Kusama (KSM) at 4.53%.

For more information on crypto costs, be sure that to learn Cointelegraph’s market evaluation.

 

 

 

 

Most Memorable Quotations

 

“A senior dwelling group has virtually no publicity to the crypto ecosystem except their grandchildren inform them about it.” 

Owen Robertson, advertising and marketing affiliate at Dominant Methods

 

“The truth that I don’t have a substitute for Fb is the rationale why Fb is a monopoly. But when it was on a blockchain, I might transmit knowledge freely, there might change into [different] Facebooks.” 

Yat Siu, co-founder of Animoca Manufacturers

 

“Up to now six months or so, we’ve seen valuations on firms come all the way down to a bit extra lifelike valuations, and it’s change into a good time to start allocating capital.” 

Gerard Berile, enterprise and funding principal at Wave Monetary

 

“Going ahead, that mentality in direction of threat administration whereas nonetheless being bullish over the long run is essential. […] You might be bullish on crypto, however you’ll be able to nonetheless promote out of the market.” 

Jeffrey Gao, CEO of Cypherpunk Holdings 

 

“Scalability isn’t identical to some boring factor the place you simply want like ‘value numbers go down’ scalability, I believe really allows and unlocks totally new lessons of purposes.” 

Vitalik Buterin, co-founder of Ethereum

 

“So I believe institutional adoption is the place it’s going, and the establishments are what’s going to allow […] that killer app for shoppers to essentially carry crypto and DeFi to the following degree.”

Boris Alergant, head of DeFi markets at Ripple Labs

 

Prediction of the Week 

 

$29K Bitcoin is nearer than you would possibly count on, in response to derivatives knowledge

With Bitcoin’s value persevering with to battle $24,000 resistance, dealing with rejection on Aug. 10 however managing to not be knocked off the 52-day-long ascending channel, Cointelegraph market analyst Marcel Pechman advised the value might ultimately hit $29,000 by October. He pointed to a bullish chart formation with a assist degree of $22,500 that signifies the value might climb to simply below $30,000. Pechman additionally famous that whereas BTC derivatives knowledge present an absence of curiosity from leveraged longs, there isn’t any indication of a shock crash being priced into the market.

 

 

FUD of the Week 

ASIC chair troubled by sheer quantity of ‘risk-taking’ crypto traders

Joe Longo, the chairman of the Australian Securities and Investments Fee (ASIC), has raised alarm bells over the variety of Aussies that invested in “unregulated, unstable” crypto belongings through the pandemic. As a part of a media launch on Thursday, Longo pointed to ASIC analysis from November 2021 that discovered that crypto was the second commonest funding product, with 44% of these surveyed reporting holding it. Out of these traders, 25% indicated that crypto belongings have been the one funding class they have been concerned in.

 

Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic

In keeping with a Wednesday report from blockchain analytics agency Elliptic, crypto bridge RenBridge has facilitated the laundering of at the very least $540 million in hacking proceeds since 2020. In keeping with the report, the laundering was performed by way of a course of referred to as chain hopping — changing one type of cryptocurrency into one other and transferring it throughout a number of blockchains.

 

Twister Money co-founder stories being kicked off GitHub as business reacts to sanctions

Twister Money co-founder Roman Semenov claimed his account on developer platform GitHub was suspended on Monday. Semenov famous that, regardless of not being individually named as a Specifically Designated Nationwide by the U.S. Treasury’s Workplace of Overseas Belongings Management, he gave the impression to be dealing with repercussions regarding the Treasury’s allegations that Twister Money laundered greater than $7 billion price of crypto.

 

 

Finest Cointelegraph Options

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How Bitcoin whales make a splash in markets and transfer costs

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