Autor Cointelegraph By Editorial Staff

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 WeekKraken’s Jesse Powell will step down as CEO, stay on as board chairAfter more than a decade heading up crypto exchange Kraken as CEO, Jesse Powell has decided to pass the torch to the company’s chief operating officer, Dave Ripley. Powell is not done with Kraken, however. He will become chair of the board for the organization. “It’s just gotten to be more draining on me, less fun,” Powell said, as quoted in by Bloomberg. Ripley joined Kraken as chief operating officer in 2016.South Korean ministry recommends enactment of special Metaverse lawsIn line with other advances South Korea has taken to embrace the digital world, the country wants to create new laws regarding the Metaverse, according to plans from the Ministry of Science and ICT. The ministry wants proper laws in place for the Metaverse, but thinks it’s unwise to form-fit current regulations to new technology. Previous news saw South Korea invest $200 million toward metaverse development in the country. New York judge orders Tether to document USDT backingA New York court has ordered that Tether provide proof that its USDT stablecoin is fully backed. The decision is part of a case involving iFinex, Tether’s parent company, which originated in 2019. The case against iFinex alleges that it used the unbacked USDT for crypto market manipulation. Two other U.S. authorities have requested proof of backing on previous occasions, with iFinex reportedly providing sufficient documentation.SEC lawsuit claims jurisdiction because ETH nodes are ‘clustered’ in the USAs part of a case against crypto YouTuber Ian Balina, the United States Securities and Exchange Commission (SEC) recently claimed certain jurisdictional rights based on the high number of Ethereum nodes reportedly residing in the U.S. Although crypto is borderless by nature, the SEC, in this case, is trying to claim that transactions occurred within U.S. boundaries, which could bring certain laws into relevance. The claim is part of a broader case against Balina in which the commission alleges a failure of proper registration for a token sale he facilitated.China accounts for 84% of all blockchain patent applications, but there’s a catchInformation from China’s Ministry of Industry and Information Technology detailed that 84% of the globe’s blockchain patent applications come from the country. President Xi Jinping stimulated patent activity when, in 2019, he expressed the need for China to focus on blockchain technology. China has only greenlit 19% of submitted blockchain patents, however. Winners and LosersAt the end of the week, Bitcoin (BTC) is at $18,800, Ether (ETH) at $1,296 and XRP at $0.47. The total market cap is at $923.34 billion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are XRP (XRP) at 40.98%, Chiliz (CHZ) at 31.63% and Algorand (ALGO) at 29.76%.  The top three altcoin losers of the week are Ravencoin (RVN) at -23.49%, Toncoin (TON) at -22.90% and Terra Classic (LUNC) at -16.59%.For more info on crypto prices, make sure to read Cointelegraph’s market analysis.Most Memorable Quotations“Regulation is always a concern, but BTC is regulated.”Jamie Coutts, crypto market analyst for Bloomberg Intelligence“How does a DAO really own the IP [intellectual property] of the protocol it is supposed to govern?”David Kappos, partner at Cravath, Swaine & Moore LLP“The government in India definitely doesn’t want crypto anymore. […] The government is outright saying, ‘We like blockchain but we don’t like cryptocurrency,’ but it’s kind of ridiculous.”Anshul Rustaggi, CEO and founder of Totality Corp“Sharding is indeed one of the most effective and universal ways to solve the so-called ‘scalability trilemma.’”Martin Hiesboeck, head of research for Uphold“The concern is that if the Fed tightens too much, the U.S. economy may actually go into a severe recession.”CK Zheng, former global head of valuation risk for Credit Suisse“Cryptocurrencies are volatile, but no middlemen are taking a hefty commission or scrutinizing your transactions.”Alan Austin, managing director for the Litecoin Foundation“There’s an outside chance we find a way to get to consensus on a stablecoin bill this year.”Warren Davidson, U.S. congressman“People are getting more cautious in the space and are not sure how to interact with Tornado Cash, we’ve seen deposits into services providing similar activity go down at least temporarily, because people are measuring like, ’What does this mean for me?’”Jacob Illum, chief scientist at Chainalysis“I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes.”Jamie Dimon, CEO of JPMorganPrediction of the Week This Bitcoin long-term holder metric is nearing the BTC price ‘bottom zone’Bitcoin largely traded between $18,000 and $20,000 this week, according to Cointelegraph’s BTC price index. The number of Bitcoin long-term holders (LTHs) in the red currently lines up with previous bear market bottoms, suggesting that the digital asset may be in the process of bottoming out. Of Bitcoin’s long-term hodlers, about 30% sat in losses as of Sept. 22. Bitcoin’s 2020 and 2018 bottoms occurred when the percentage of LTHs in the red hit around 35% and 32%, respectively. A drop to between $10,000 and $14,000 could cause the LTH loss percentage to line up with previous bear markets.FUD of the Week $160M stolen from crypto market maker WintermuteDecentralized finance operations under United Kingdom-based company Wintermute suffered an attack that cost the firm roughly $160 million. Wintermute CEO Evgeny Gaevoy noted the company has enough funds to withstand the loss without affecting customers. Gaevoy expressed willingness to classify the event as a white-hat hack — but only if the violator comes forward. Later reporting showed the attack was not a smart contract exploit as originally thought, but instead a private key issue, according to blockchain security firm CertiK.BTC mining firm Compute North files for bankruptcyFiling for Chapter 11 bankruptcy in Texas, Bitcoin mining hosting company Compute North is one of the latest crypto bear market casualties. However, the price of energy also weighed on the firm. The company reportedly has between $100 million and $500 million worth of assets, although its debts total roughly $500 million. Compute North partners Marathon Digital and Compass Mining should not see negative effects from the bankruptcy filing, according to comments from both companies, but additional updates may follow.Draft US stablecoin bill would ban new algo stablecoins for 2 yearsBloomberg got its hands on a draft of a U.S. government bill that reportedly aims to prohibit new algorithmic stablecoin creation for two years. The text seemingly seeks to enforce a ban on new stablecoins that derive their pegs from other associated digital assets from the same creator, where redemptions can occur for a fixed price. Stablecoins currently fitting the bill’s description would have two years to alter their models. Best Cointelegraph FeaturesSaving the planet could be blockchain’s killer app“Putting Paris Agreement carbon markets on Ethereum and connecting the national carbon accounts of the world, is blockchain’s killer app.”Toss in your job and make $300K working for a DAO? Here’s how“The collaboration-maxi nature was a welcome breath of fresh air.”The market isn’t surging anytime soon — so get used to dark timesGlobal economic conditions suggest that markets — including the cryptocurrency market — have further downside ahead. Don’t bank on a surge to new all-time highs in the months ahead.“When you’ve been in crypto long enough, everything is a chart.”The best of blockchain, every TuesdaySubscribe for thoughtful explorations and leisurely reads from Magazine. By subscribing you agree to our Terms of Service and Privacy Policy

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 WeekBreaking: Historic day for crypto as Ethereum Merge to proof-of-stake occursEthereum’s highly anticipated conversion to a proof-of-stake (PoS) consensus algorithm, dubbed “the Merge,” took place at 6:42:42 am UTC on Sept. 15. The move is a key part of an overarching multi-year transition for the Ethereum blockchain. “It starts a chain reaction of changes,” Eli Ben-Sasson, co-founder and president of StarkWare, told Cointelegraph regarding the Merge. The Merge will reportedly help the Ethereum blockchain reduce its energy consumption by around 99%. During a viewing party before the network’s shift from proof-of-work (PoW) to PoS, Ethereum co-founder Vitalik Buterin said: “[It] has obviously been a dream for the Ethereum ecosystem since pretty much the beginning. We started the proof-of-stake research with that blog post on Slosher back in January 2014.”One party known as ETHW Core disagrees with the transition, however, aiming to maintain a PoW version of Ethereum via a fork in the 24 hours following the Merge. Multiple crypto exchanges plan on listing the forked chain’s related asset, ETHPoW (ETHW).Abra announces plans for US bank supporting digital assetsDigital asset trading platform Abra announced that it was establishing two financial institutions: a United States bank and an international crypto business. Aimed to open in 2023, the U.S. state-chartered bank will operate under the name Abra Bank and will be compatible with digital assets in a format similar to money at traditional banks, or so it appears. Stationed beyond U.S. borders, a branch known as Abra International is also in the plans. The firm is looking to check all the appropriate boxes for Abra Bank and Abra International in terms of regulation.  Norwegian central bank uses Ethereum to build national digital currencyNorway’s central bank, Norges Bank, is using the Ethereum blockchain’s structure to construct its central bank digital currency (CBDC). The bank is still in the early stages of building its CBDC, but has unveiled the open-source code for the asset’s testnet via a sandbox. Many countries have expressed interest in or have started working on a CBDC, though the asset does not necessarily need to be built on the blockchain. The Bahamas and Nigeria already have live CBDCs.SEC to address growing crypto issuer filings with specialized officesDuring the remainder of 2022, the U.S. Securities and Exchange Commission (SEC) will add a pair of new offices, one of which will aid in its crypto regulatory pursuits. The Office of Crypto Assets, housed under the Division of Corporation Finance’s Disclosure Review Program, will evaluate digital asset filings. Such crypto issuer filings have increased, likely given the SEC’s increasing activity in crypto industry overwatch. This week, the U.S. government also unveiled a crypto regulatory framework covering numerous topics, with nine government departments involved in the framework’s creation.Possession of Bitcoin still legal in China despite the ban, lawyer saysChina’s regulatory regime for cryptocurrency remains unclear. “To date, possession of crypto in China has not been banned,” Lesperance & Associates founder David Lesperance told Cointelegraph. In fact, crypto holders in the country are protected by law on matters related to theft, misappropriation or breach of a loan agreement. “It does not make the commercial trading of this type of property legal, as the government has specifically banned crypto exchanges in China,” he added.Winners and LosersAt the end of the week, Bitcoin (BTC) is at $19,462, Ether (ETH) at $1,425 and XRP at $0.33. The total market cap is at $949.92 billion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 12.12%, Compound (COMP) at 10.97% and Kyber Network Crystal v2 (KNC) at 4.31%.The top three altcoin losers of the week are Terra (LUNA) at -49.07%, TerraClassicUSD (USTC) at -29.01% and Terra Classic (LUNC) at -26.47%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis.Most Memorable Quotations“I think the market, not only crypto markets but the stock market, is clinging to a hope that someday the Federal Reserve will magically say, ‘Well, I think this will be the last or the two last rate hikes.’”Marcel Pechman, markets analyst and Cointelegraph contributor“Music NFTs are an anti-genre. We’re seeing a lot more diversity and creative freedom in NFTs — as if artists are finally free to create for the sake of creating and not to fit the algorithms.”Adrien Stern, co-founder and CEO of Reveel Technology“DeFi insurance is a sleeping giant. With less than 1% of all crypto covered and less than 3% of DeFi, there’s a huge market opportunity still to be realized.”Dan Thomson, chief marketing officer for InsurAce“If enough people get behind a fork for whatever reason, we feel the free market will decide on what should live and what should not.”Bradley Duke, co-CEO of ETC Group“It will be a significant mark of success when the first [Ethereum] block is produced by proof-of-stake. But this is like completing the launch of a rocket — we still have the rest of the journey ahead of us, which will pose its challenges.”Eli Ben-Sasson, co-founder and president of StarkWare“Web3 seeks to safeguard the legitimate claims of individuals to have full control of their data and put privacy at the forefront of their online lives.”Úrsula O’Kuinghttons, director of communications and partnerships at the Web3 FoundationPrediction of the Week Bitcoin price threatens $19.6K as Ray Dalio predicts 30% stocks crashBitcoin got all the way up above $22,000 this week but subsequently fell back below the $20,000 mark in the days following, according to Cointelegraph’s BTC price index.Billionaire investor and hedge fund manager Ray Dalio expects traditional markets to face downward pressure due to surging inflation and rising interest rates. Crypto assets have traded in tandem with traditional markets as of late.“I estimate that a rise in rates from where they are to about 4.5 percent will produce about a 20 percent negative impact on equity prices (on average, though greater for longer duration assets and less for shorter duration ones) based on the present value discount effect and about a 10 percent negative impact from declining incomes,” Dalio said in a Sept. 13 blog post.FUD of the Week Thai SEC intends to ban crypto lending in the countryThailand’s Securities and Exchange Commission wants to forbid “digital asset business operators” from providing crypto lending and staking services to customers, according to a Sept. 15 announcement from the government agency. The announcement requests feedback from the public on a potential ban, with Oct. 17 as the deadline to weigh in on the issue.South Korea issues arrest warrant for Terra Founder Do KwonAuthorities in South Korea are reportedly on the lookout for six people, including Terraform Labs co-founder Do Kwon, although Kwon and the others are in Singapore presently. The six individuals are reportedly the subject of an arrest warrant put out by a Seoul court. Kwon allegedly broke capital markets law in South Korea, according to the prosecutor. Terraform Labs heads up the Luna crypto project, which suffered a dramatic demise earlier in 2022. Further news saw prosecutors seeking to revoke passports for the six, who were all involved in the Luna crypto project. Additionally, prosecutors are seeking an international warrant for the arrest of the six.Stone Ridge board approved plan for ‘liquidation and dissolution’ of its Bitcoin fundStone Ridge’s Bitcoin Strategy Fund will close up shop after Oct. 3, with liquidation expected around Oct. 21. On Sept. 9, the Stone Ridge Trust board of trustees voted in favor of the fund’s termination, according to a U.S. SEC filing this week. The fund, in part, uses futures products to give investors exposure to Bitcoin.Best Cointelegraph FeaturesEthereum is eating the world — ‘You only need one internet’“Is there a need for more than one internet? And we know the answer is ‘Hell no.’”Guide to real-life crypto OGs you’d meet at a party (Part 2)“I think OGs are hard core believers who went all-in when nobody else was paying attention to the space.”Boom and bust: How are Defi protocols handling the bear market?A look at how DeFi protocols have fared during the recent bear market and the importance of continuing to build during market downturns.The best of blockchain, every TuesdaySubscribe for thoughtful explorations and leisurely reads from Magazine. By subscribing you agree to our Terms of Service and Privacy Policy

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 WeekUS Fed vice chair Michael Barr favors hard line on crypto, OCC acting head no friendlierGlobal crypto regulation remains a prevalent topic looming over the sector. Recent comments from United States Federal Reserve Board Vice Chair for Supervision Michael Barr and Acting Comptroller of the Currency Michael Hsu favored a lean toward more government overwatch. Barr expressed a desire for stablecoin regulation as well as crypto-related banking regulations. Hsu’s comments included looking at the industry cautiously.GameStop doubles down on crypto amid a new partnership with FTX USGameStop is teaming up with crypto exchange FTX US in a promotional partnership. So far, 2022 has seen GameStop pursuing increasing involvement in the crypto space, evident in its NFT marketplace launch and its new gaming division devoted to Web3. GameStop has a long-term vision for crypto involvement, according to CEO Matt Furlong during a Q2 fiscal year earnings call.Binance: No plans to auto-convert Tether, though that ‘may change’This week, Binance revealed plans to phase out three stablecoins on its trading platform: USD Coin (USDC), TrueUSD (TUSD) and USDP Stablecoin (USDP). The three assets, as well as associated spot trading pairs, will no longer be tradable on the exchange. In addition, Binance plans to terminate other services related to USDC on its platform, such as staking.The transition is essentially an effort to centralize liquidity into the exchange’s own stablecoin, Binance USD (BUSD), based on an explanation tweeted by CEO Changpeng Zhao. The exchange will convert users’ remaining holdings of USDC, TUSD and USDP into BUSD over a span of 24 hours, commencing on Sept. 29. A conversion of Tether (USDT) to BUSD, however, was not included in Binance’s plans, though that could change, according to a Binance spokesperson.Bank of Russia agrees to legalize crypto for cross-border payments: ReportRussia’s central bank is expected to allow cross-border crypto payments to and from the country, but digital asset payments inside its borders will remain banned. The country banned crypto as a payment vehicle via previous legislation. According to Russian Deputy Finance Minister Alexey Moiseev, the government’s new approach to crypto is a response to changing circumstances globally following Russia’s invasion of Ukraine earlier this year.A statement to media outlet RIA Novosti from the Bank of Russia explained: “It is important to emphasize that we are not talking about the legalization of cryptocurrency as a means of payment on the territory of our country.” A day later, news came in regarding Russia reportedly looking to cooperate with so-called “friendly” countries to set up a stablecoin platform for cross-border payments.UK economic secretary commits to make country a crypto hub under new PMDevelopments in the United Kingdom this week appeared positive for crypto adoption in the country. Among several comments about crypto, Economic Secretary to the Treasury Richard Fuller said: “We want to become the country of choice for those looking to create, innovate and build in the crypto space.” The U.K. now has a new prime minister in Liz Truss, who expressed in 2018 that crypto’s potential should not be stifled in the country.Winners and LosersAt the end of the week, Bitcoin (BTC) is at $21,293, Ether (ETH) at $1,715 and XRP at $0.34. The total market cap is at $1.04 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Terra (LUNA) at 218.74%, Terra Classic (LUNC) at 76.92% and Ravencoin (RVN) at 65.43%.  The top three altcoin losers of the week are Nexo (NEXO) at -11.74%, 1inch Network (1INCH) at -8.75% and UNUS SED LEO (LEO) at -6.35%.For more info on crypto prices, make sure to read Cointelegraph’s market analysis.Most Memorable Quotations“Biggest reason I’m bullish on Bitcoin is because the world is not in good shape right now and Bitcoin is going to fix that.”Prince Philip Karageorgevitch, hereditary prince of Serbia and Yugoslavia“Until they actually fix the supply side of certain things, like energy especially, but commodities broadly and logistics infrastructure, until that is improved, it’s hard to have a more persistent fix to the inflationary problem.”Lyn Alden, independent macro analyst“You can’t walk into a Starbucks in America and pay with Swiss francs or pounds. Yet, both of these are real money. Context matters.”Rockwell Shah, co-founder of Invisible College“There will always be GPUs mining some GPU optimized chains, but I doubt we will return to the levels of revenue seen in ETH proof-of-work at its peak ever again.”Andy Long, CEO of White Rock“Ether’s price could decouple from other cryptocurrencies following The Merge, as its staking rewards will make it similar to an instrument like a bond or commodity with a carry premium.”Chainalysis report“I want to send a clear, strong message to everyone in the crypto world — anyone offering to hand you free money is lying. It simply doesn’t exist.”FatManTerra, pseudonymous Twitter crypto influencerPrediction of the Week Bitcoin analyst who called 2018 bottom warns ‘bad winter’ may see $10K BTCPseudonymous crypto market analyst Filbfilb sees Bitcoin possibly dropping down to $10,000 inside of 2022. Macro global factors and mainstream market correlation could potentially impact Bitcoin’s price trajectory, according to comments made by the analyst during an interview. Among a slew of insights, Filbfilb noted the current crypto bear market has some similarities to previous bear markets, but also includes differences. The analyst showed notable accuracy in calling Bitcoin’s bottom during its last bear market in 2018.FUD of the Week Bitcoiner sentenced to federal prison warns users involved in OTC tradingMark Alexander Hopkins, aka Rizzn on Twitter, claims he’s facing a prison sentence of 6-to-15 months. The crime? Allegedly failing to secure proper regulatory licensing for his crypto business of peer-to-peer (P2P) Bitcoin trading. Hopkins’ home was raided by U.S. authorities in 2019. Hopkins, also known as “Doctor Bitcoin,” claims to have registered with the U.S. Financial Crimes Enforcement Network but complications arose as some of his P2P Bitcoin dealings were tied to a client involved in money laundering. Authorities claim Hopkins did not conduct due diligence on his customers, although he asserts otherwise.Which countries are the worst for crypto taxation? New study lists top fiveCrypto taxes vary globally. Coincub, a digital asset analytics provider, recently published a study naming the five least favorable regions for paying crypto taxes. Belgium took the cake for the country with the worst crypto tax laws, requiring citizens to pay as much as 50% in some cases, with 33% levied on crypto capital gains. Following Belgium on the worst crypto tax jurisdiction list: Iceland, Israel, the Philippines and Japan.Vermont’s financial regulator alleges Celsius and its CEO made ‘false and misleading claims’Bankrupt crypto platform Celsius faces allegations from the ​​Vermont Department of Financial Regulation (DFR). The authority claims Celsius and its CEO Alex Mashinsky knew about the project’s financial issues, but proceeded to mislead the public into thinking everything was fine. The allegations also cite market manipulation of the project’s CEL asset. “By increasing its Net Position in CEL by hundreds of millions of dollars, Celsius increased and propped up the market price of CEL, thereby artificially inflating the company’s CEL holdings on its balance sheet and financial statements,” Ethan McLaughlin, assistant general counsel for the DFR, said.Best Cointelegraph FeaturesPowers On… Insider trading with crypto is targeted — Finally! Part 1“It took a few years, but government crackdowns on ‘insider trading’ involving digital assets have finally arrived. It’s about time!”Insiders’ guide to real-life crypto OGs: Part 1“Just like everything else in life, there’s ebb and flow to our fortunes and life circumstances.”What will drive crypto’s likely 2024 bull run?Easing monetary policies, the decline of inflation, the change in Bitcoin’s mining difficulty, and growing confidence in DeFi are factors that point to a renewed surge for crypto prices.

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 WeekDC Attorney General sues Michael Saylor and MicroStrategy for tax evasionMicroStrategy co-founder Michael Saylor faces charges of evading United States income taxes he allegedly incurred while living in Washington, DC. The office of the region’s attorney general, Karl Racine, has sued Saylor and MicroStrategy on claims that the firm helped Saylor evade over $25 million in DC income tax. The charges, stemming in part from an amendment to DC’s False Claims Act encouraging whistleblowers to report tax evasion, mean Saylor could see $75 million in penalties.Crypto.com backs out of $495M sponsorship deal with UEFA Champions League: ReportCrypto.com has decided not to go through with a $495 million sponsorship agreement in response to possible regulatory issues. The sponsorship deal with the Union of European Football Associations (UEFA) would have seen Crypto.com advertised in the UEFA Champions League for five seasons. The crypto exchange was reportedly in sponsorship talks after the Champions League removed Gazprom, an energy company owned by the Russian state, as a sponsor. Crypto.com already has several high-profile advertising efforts under its belt, such as a commercial starring American actor Matt Damon.Indonesia plans to set up its crypto bourse by the end of 2022Indonesia could have a crypto bourse, also known as a crypto exchange, constructed by its government before 2023 arrives. Initially unveiled in late 2021, the crypto bourse’s completion has taken longer than expected, but the government aims to get things right instead of rushing a launch. “We will make sure that every requirement, procedure and the necessary steps have been taken,” Jerry Sambuaga, Indonesia’s deputy trade minister, told DealStreetAsia.Tether requests Roche Freedman to be booted from class actionTether and Bitfinex are still locked in a lawsuit that began in 2019 alleging that the USDT stablecoin was used to manipulate the cryptocurrency market. The legal team for Tether and Bitfinex is seeking that the plaintiff‘s legal counsel, the law firm Roche Freedman, be let go from the case due to the firm’s involvement with Kyle Roche — the subject of a recent CryptoLeaks video claiming he misused privileged information to “harm” Ava Labs competitors in exchange for AVAX tokens. Kyle Roche recently moved to dismiss himself from multiple legal cases, including the one involving defendant Bitfinex and Tether. However, the defendant still wants the Roche Freedman firm out of the lawsuit completely, in addition to requesting that their private information be destroyed or returned by Roche Freedman.Central African Republic court says new $60,000 citizenship-by-crypto-investment program is unconstitutionalIn July, the Central African Republic (CAR) launched its Sango hub — a new crypto-focused initiative aimed at expanding the adoption of Bitcoin and creating a special economic zone in the Metaverse. The initiative also included the creation of a Bitcoin-backed digital asset called Sango that also allowed foreign nationals to purchase citizenship in the country for $60,000 in crypto, with an equivalent amount of Sango tokens held in collateral for five years. The CAR’s Constitutional Court deemed the efforts unconstitutional, however, noting that citizenship does not have a price tag.Winners and LosersAt the end of the week, Bitcoin (BTC) is at $20,369, Ether (ETH) at $1,636 and XRP at $0.33. The total market cap is at $1.00 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 36.41%, eCash (XEC) at 20.70% and Lido DAO (LDO) at 18.05%. The top three altcoin losers of the week are Helium (HNT) at -24.47%, Avalanche (AVAX) at -10.41% and Arweave (AR) at -9.92%.For more info on crypto prices, make sure to read Cointelegraph’s market analysis.Most Memorable Quotations“Building new things is not for the faint hearted.”Neil Dundon, founder of CryptoRecruit“Ethereum is about permissionless innovation, free enterprise, property rights, globalization.”Ryan Berckmans, member of the Ethereum community“We eventually came round to the idea at Coinbase that we’re going to have to be agnostic to every chain and token that is coming out. We can’t sit here in our ivory tower only focused on one asset.”Brian Armstrong, CEO of Coinbase“I feel that [crypto] cannot be partisan.”Tom Emmer, member of the U.S. House of Representatives“Most of crypto is still junk, actually. I mean, with the exception of, I would say, a few dozen tokens, everything else that has been mentioned is either noise or, frankly, it’s just gonna go away.”Umar Farooq, head of Onyx, JPMorgan’s digital assets unit “Cryptocurrencies have taken a life of their own outside of the distributed ledger — and this is the source of the crypto world’s problems.”Ravi Menon, managing director of the Monetary Authority of SingaporePrediction of the Week Bitcoin squeeze to $23K still open as crypto market cap holds key supportFor most of this week, Bitcoin could not decide whether it wanted to stay above or below $20,000, trading north and south of the level numerous times, according to Cointelegraph’s BTC price index.In a Friday tweet, pseudonymous Twitter user “il Capo Of Crypto” noted that a possible short squeeze could occur if BTC rose above the $20,700-to-$20,800 price zone. Pending a break of this level, Bitcoin could then hit between $22,500 and $23,000. On the flip side, dropping below $19,500 would likely take the squeeze off the table, especially if the asset continued to drop below $19,000.FUD of the Week FBI issues alert over cybercriminal exploits targeting DeFiThis week, a public service announcement from the United States Federal Bureau of Investigation (FBI) cautioned the public over a proliferation of decentralized finance (DeFi) exploits, stating that those interested in DeFi should be careful. The agency also noted that DeFi platforms should conduct code audits to check for weaknesses. Dwarfing totals from 2020 and 2021 combined, nefarious actors have pilfered more than $1.6 billion via DeFi exploits so far in 2022 per data from CertiK, a blockchain security company.  Accomplice of ‘Cryptoqueen’ Ruja Ignatova faces extradition to US: ReportBritish citizen Christopher Hamilton, alleged accomplice of Ruja Ignatova, could see extradition to the U.S. thanks to a ruling from a judge in the United Kingdom. However, the move still requires approval from a U.K. government executive authority. Hamilton allegedly had a hand in the $4 billion OneCoin Ponzi scheme connected to Ruja Ignatova, aka the “Cryptoqueen.” In June, the FBI added Ignatova to the list of its ten most sought-after fugitives. Charges against Hamilton include laundering $105 million in connection to the Ponzi scheme. Sneaky fake Google Translate app installs crypto miner on 112,000 PCsThe crypto and technology sectors are often riddled with tech traps and scams. One particular effort, ongoing since 2019, is particularly tricky. A certain type of malware named “Nitrokod” sits hidden within counterfeit computer apps and starts mining Monero (XMR), but only after a few days have passed. The malware lies within convincing versions of fake apps, such as a Google Translate app that boasts numerous positive reviews online. An official Google Translate desktop app does not even exist, however, but this malware-infused app has become a top search result. Nitrokod malware has affected over 100,000 devices spanning almost a dozen countries. Best Cointelegraph FeaturesBillions are spent marketing crypto to sports fans — Is it worth it?“Without explicit use cases tied to the massive dollars paid for sports marketing sponsorships, the branding only leads to logo exposure.”Get ready for the feds to start indicting NFT tradersSecurities and Exchange Commission regulators should move to protect investors from traders who distort the NFT market with manipulative trades — and they probably will soon.Why interoperability is the key to blockchain technology’s mass adoptionInteroperability enables blockchain networks and protocols to communicate with each other, making it easier for everyday users to engage with blockchain technology.

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 WeekFed to issue long-awaited guidelines for granting master accounts to crypto banksCrypto’s continued journey into the mainstream has come with various levels of regulatory action across the globe. This week brought clarity in terms of expectations for crypto-focused banks seeking accounts with the United States Federal Reserve. A framework released by the Federal Reserve Board details expectations for such applicant banks, including the level of due diligence to be provided based on each applicant’s risk level. Giving crypto-focused banks access to the Fed’s so-called “master accounts” has been a slow process, but it suggests that regulators are gradually integrating digital assets into mainstream finance.BlockFi tops the Inc. 5000 list with almost 250,000% revenue growth in three yearsCentralized finance player BlockFi topped Inc. magazine’s 2022 list of U.S. companies showing the highest revenue growth over the past three years. Although the list showcases 5,000 companies posting revenue growth, making it into consideration for the list requires paying a small fee and submitting an application. Be that as it may, BlockFi has tallied a 245,616% increase in revenue — substantially higher than the company holding second place on the list.Ethereum Foundation clarifies that the upcoming Merge upgrade will not reduce gas feesEthereum’s highly anticipated Merge, which involves a shift to proof-of-stake from the current proof-of-work consensus mechanism, should arrive before 2022 is over — possibly in September, according to expectations. The move is a significant piece of the puzzle regarding Ethereum’s forward progression. Although the Merge means lessened energy required for running the Ethereum blockchain, that does not mean the network’s gas fees will fall, according to the Ethereum Foundation.“Gas fees are a product of network demand relative to the network’s capacity,” the foundation specified this week. “The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”UK hits double-digit inflation for the first time in 40 yearsInflation currently affects billions of people across the globe. The United Kingdom, specifically, has now entered double-digit territory for inflation, according to the latest consumer price index (CPI) reading. July’s CPI came in at 10.1% year-over-year, up from 9.4% in June and the highest since February 1982. A sharp rise in the price of gas, food and other goods contributed to the high inflation print.BitGo to sue Galaxy Digital for $100M over dropped acquisitionDigital asset custody firm BitGo intends to pursue legal action against crypto firm Galaxy Digital to the tune of more than $100 million. Galaxy canceled its move to acquire BitGo, stating that BitGo missed its deadline to provide certain financial documents. Legal representation for BitGo alleged that Galaxy is obligated to pay $100 million as a termination cost or an equivalent or greater amount in damages, while a Galaxy spokesperson stated the company’s choice to cancel the deal was within its contractual rights based on BitGo’s missed deadline.FTX US among 5 companies to receive cease and desist letters from FDICThe U.S. Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies, including FTX US, for allegedly making false representations about deposit insurance related to digital assets. The government agency claims FTX US and four other companies involved in crypto-related publications misrepresented the FDIC’s deposit insurance protection by claiming that it also applies to certain digital asset products. The FDIC has asked the companies to “take immediate corrective action to address these false or misleading statements.”Winners and LosersAt the end of the week, Bitcoin (BTC) is at $21,394, Ether (ETH) at $1,700 and XRP at $0.33. The total market cap is at $1.02 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Chiliz (CHZ) at 26.90%, UNUS SED LEO (LEO) at 12.13% and Shiba Inu (SHIB) at 8.01%.  The top three altcoin losers of the week are Convex Finance (CVX) at -26.39%, Oasis Network (ROSE) at -25.56% and THORChain (RUNE) at -24.77%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis.Most Memorable Quotations“Achieving a balance requires law enforcement to give up on unrealistic assumptions about unfettered access to everyone’s data on a silver platter.”Ahmed Ghappour, general counsel at Nym Technologies“As soon as you start to say to energy companies, ‘Oh, you can do this with your power, but not this,’ then they’ll start to tell you which networks you can mine, or you can mine this coin but not that coin.”Andy Long, CEO of White Rock“Right now, staking on the Beacon Chain carries the risk that the Merge doesn’t happen. But once it does, participation in staking is more accessible and has less technical risk.”Lex Sokolin, head economist at ConsenSys“Predicting a stock crash is a lot like predicting an earthquake. You know one will happen every so often but you can never tell exactly when or how severe it will be.”Mati Greenspan, CEO and founder of Quantum Economics“Those involved in illicit activity would be wise to steer clear of blockchain-related assets and stick to the tried and tested dollar. The United States dollar is still the most utilized and preferred currency for money laundering.”Durgham Mushtaha, business development manager for Coinfirm“While consumers tend to attribute high importance to privacy in surveys, they tend to give away their data for free, or in exchange for very small rewards in practice.”European Central Bank Working Paper SeriesPrediction of the Week Bitcoin price dives pre-FOMC amid warning $17.6K low was not the bottomBitcoin’s price took a downward turn on Friday as the crypto market continues wading through a macro bearish backdrop. The asset fell below $22,000 mere days after briefly crossing the $25,000 mark, according to Cointelegraph’s BTC price index.In a Wednesday tweet, Crypto Academy founder Justin Bennett compared S&P 500 chart activity to what was seen in 2008. “This is mind-blowing,” Bennett said, adding:“The S&P 500 is mimicking the 2008 crash. Even the timing since the ATH [all-time high] is nearly identical. The bottom is NOT in for stocks or crypto.”FUD of the Week Network and token freeze after Acala exploit raises questionsAnother stablecoin depeg occurred this week — this time, the result of a hacker exploiting a bug connected to decentralized finance solution Acala. The aUSD stablecoin, which aims to keep value on par with the U.S. dollar, plummeted to $0.01 after the hacker created 1.2 billion aUSD tokens using no collateral. Acala’s team turned on maintenance mode, which paused the function of several activities, including freezing the illegitimately created assets.Study: Insider trading occurs in 10% to 25% of cryptocurrency listingsA draft of a study from the University of Technology Sydney dove into the topic of insider trading — trading based on non-public information. Evaluating specific Coinbase asset listings between Sept. 25, 2018, and May 1, 2022, the university estimated that between 10% and 25% of crypto listings are tainted by insider trading. The conclusion was reached, in part, by comparing data to past examples of insider trading on the stock market as a baseline. Definitive determination of foul play, however, is often difficult to prove.2017 ICOs aren’t over yet: SEC files suit against Dragonchain and its founderThe U.S. Securities and Exchange Commission (SEC) is still apparently sorting out crypto-related issues from 2017. Dragonchain and multiple related parties face action from the SEC, as per a complaint filed by the government agency and publicized on Tuesday. The commission faults Dragonchain and certain parties for using an initial coin offering and presale to accumulate $16.5 million without registering with the SEC.Best Cointelegraph FeaturesCourt filings reveal Celsius will run out of money by OctoberCelsius Network has been heading down a slippery slope since it filed for bankruptcy in July.Optimism fading? Regulatory discussion on stablecoins postponed until fallWhile there is no shortage of legislative initiatives to regulate stablecoins, the idea of a U.S. CBDC remains problematic.Another depeg: Acala trace report reveals 3B aUSD erroneously mintedAs the dust settles on another decentralized finance exploit, Acala continues to trace erroneously minted tokens after a misconfiguration in a newly launched liquidity pool.