After Five Weeks Of Being AWOL
One link to the best and worst quotes, adoption and regulation highlights and leading coins, predictions, and much more!
Hodler's Digest is available every Saturday to help you keep track of every important news story. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more - a week on Cointelegraph in one link.
This Week's Top Stories
3AC founders revealed ties to Terra founder, and blame overconfidence for the collapse
After five weeks without contact, Su Zhu & Kyle Davies, founders of Three Arrows Capital (3AC), a defunct cryptocurrency hedge fund, resurfaced through a Bloomberg interview. They admitted that they operated the firm with excessive confidence due to the multi-year bull markets. They also said that Terra founder Do Kwon was very dear to them and that, despite managing a large hedge fund, they were shocked by the failure of Terra's extremely risky stablecoin. Zhu said that Davies and Davies ignored many red flags because of their kinship.
Mojang Studios bans Minecraft NFT integrations
Minecraft developers Mojang Studios banned nonfungible token (NFT) integrations in their wildly popular flagship game this week. NFTs are associated with price speculation, exclusion, and rug pullings, according to the firm. "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 called Epic Games, a developer of Fornite, to follow their lead. However, Epic Games said that it "definitely will not" impose a similar ban.
SEC list 9 tokens securities in insider trading case 'could potentially have broad implications' - CFTC
The U.S. Securities and Exchange Commission listed nine crypto assets as securities in the insider trading case against Ishan Waidi, former Coinbase product manger. 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 the 25 assets allegedly used in insider trading.
Experts reveal what Tesla’s $936M sale to Bitcoin means
Experts have not been affected by the news that Tesla sold 75% its Bitcoin in Q2 to raise $936 million. 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 owner ignores 1M USDC buyout on OpenSea
The Amazon.eth ENS Domain belonging to an anonymous OpenSea user received a bid of 1,000,000 USD Coin on Tuesday. It is a common practice for speculators in order to secure large paydays by registering ENS domains under the names prominent entities. The bid was unanswered and it isn't clear why such an enormous sum of money wasn't accepted. 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. According to CoinMarketCap., the total market cap is $1.06 Trillion.
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%.
Cointelegraph's market analysis provides more information on crypto prices.
When worlds collide: Joining Web3 and crypto from Web2
Block by block: Blockchain technology transforms the real estate market
The benefits and risks of VCs to crypto communities
Australia's crypto laws are world-class: The inside story
Thailand's Crypto Utopia: '90% of the cult without all the weird stuff'
Most Memorable Quotations
"All the Ethereum-killers from back in time didn't succeed, so I don't think they will succeed."
Freddy Zwanzger, Blockdaemon's lead on the Ethereum ecosystem
"Developers should have the freedom to decide how to build their game, and you are free decide whether or not to play them."
Tim Sweeney CEO and Founder of Epic Games
"Don’t try to fix terrorists, Nazis and fraudsters. They will be there. They existed before the internet and they'll exist after."
Tomer Poran, vice president of business development at ActiveFence
"Crypto revolutionized user experience on the web. We've seen Chrome extensions use it. It will be a gamechanger if this can be demonstrated on mobile devices.
Anatoly Yakovenko, cofounder 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%."
Markus Thielen, chief Investment Officer at IDEG
Prediction of Week
Trader says Bitcoin could reach $120K by 2023.
According to a Bitcoin trader on Twitter, the price to buy Bitcoin could reach $120,000 in the next year. They flagged the True Strength Index (TSI) for BTC as evidence, a metric that uses several base calculations to determine how overbought or oversold the asset is at a particular price. TechDev says that the asset's price fall since November has been on trend and that if historical patterns continue, BTC could reach a peak of between $80,000 to $120,000 next year.
FUD of The Week
Gemini cuts more staff as many crypto prices increase: Report
Gemini, a crypto exchange owned and operated by Tyler Winklevoss (Cambridge and Tyler Winklevoss), reportedly laid off another 7 percent of its employees this week. The move came just two months after the firm laid off 10% of its employees as a result of the current bear market. TechCrunch obtained the report from a source close enough to the firm, who stated that Gemini had 68 more employees on its Slack channel in March. minecraft
FBI issues a public warning about fake crypto apps
The U.S. Federal Bureau of Investigation published a public alert this week about fake crypto-apps. The FBI estimates that the apps have duped investors out of a whopping $42.7 million so far. Cybercriminals are said to have created the apps using the same logos and branding as legitimate crypto firms to scam investors. According to the FBI, 244 people have already fallen prey to these fake apps.
