Coming every Saturday Hodler’s Summary It will help you keep track of every important news happening this week. The best (and worst) quotes, adoption and regulatory highlights, leading cryptocurrencies, forecasts and much more – a week on Cointelegraph in one link.
This Week’s Most Read News
Andreessen Horowitz closes $4.5 billion crypto fund amid market turmoil
Venture capital player Andreessen Horowitz, or a16z, has unveiled a new $4.5 billion cryptocurrency fund. The A16z fund is the fourth of its kind and more than double the third crypto mutual fund. With $3 billion for venture investments and $1.5 billion for early seed projects, the fund will seek to invest in companies at various stages of their lifecycle. Andreessen’s new fund provides a strong indication that venture capital interest in the crypto market remains high despite evidence of a brutal bear market.
JPMorgan has set the fair price of BTC at $38,000, declaring crypto as a preferred alternative asset
A customer-focused note from JPMorgan this week detailed the banking giant’s thoughts on Bitcoin, asking for $38,000 as the asset’s fair value. The bullish outlook seems to come just after the depressive price action for Bitcoin below $30,000. But even in February when BTC was worth $43,000, JPMorgan strategists said $38,000 was the fair market value. JPMorgan’s client note this week also pointed to the possibility of positive price action for the entire crypto space, provided venture capital investment does not falter.
WEF 2022: PayPal appears to be embracing all possible crypto and blockchain services
According to comments from vice president Richard Nash, PayPal aims to give its platform more blockchain and crypto influence. “Slowly walking on the crypto shield with buy/sell/hold in certain jurisdictions,” Nash told Cointelegraph at the World Economic Forum (WEF) in Davos, Switzerland. “And then we want to work with others to embrace whatever we can, whether it’s coins we have in PayPal digital wallets today, private digital currencies, or CBDCs in the future.”
GameStop unveils beta cryptocurrency wallet and upcoming NFT platform
With the time leading up to GameStop’s NFT marketplace launch, the company has announced a beta version of an Ethereum-based wallet. The self-storing crypto and NFT storage solution is called GameStop Wallet. The browser-based wallet will go hand in hand with the company’s future NFT market. GameStop is also developing a mobile app version of the wallet.
Korean watchdog begins crypto risk assessment as Terra 2.0 passes vote
Korea’s Financial Supervisory Service (FSS) is working to standardize its assessment of digital asset risks following the collapse of the Terra ecosystem. While standardization efforts of the FSS have only just begun, it is expected to lead to a legal framework for the valuation of digital assets. Meanwhile, Terraform Labs CEO Do Kwon is moving forward with an ecosystem recovery plan with the majority support of his community. The Terra 2.0 ecosystem went live on Friday with a new blockchain and crypto asset.
winners and losers
At the end of the week, Bitcoin (BTC) $28,449Ether (ETH) $1,729 and XRP also $0.37. Total market value currently $1.17 trillion, by virtue of To CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin winners of the week are BORA. (BORA) 18.15%, Bitcoin Gold (BTG) 17.79% and on Ethereum Classic (ETC) at 11.09%.
TerraClassicUSD, the top three altcoin losers of the week (USTC) -46.13%, STEP (GMT) -27.38% and on Elrond (EGLD) -at 25.70%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Most Memorable Quotes
“Decentralization really puts more control and power back in the hands of the people where it belongs.”
Sonali GiovinoDefiyield communication manager
“Projects should look out for the interests of their communities and users, because that’s ultimately the most valuable thing you have.”
Nicky CelebiEcosystem success and enablement specialist at Near Foundation
“Many of the policy and regulatory issues that limit the ability to carry money are about depriving people of their economic freedom.”
Jeremy AllaireCEO of Circle
“At TradiFi, people were like, ‘I don’t want to lose money – how can you help me protect my wealth regardless of the markets?’ So, very risk management oriented. While in DeFi, the degens were like, ‘Give me those triple-digit payoffs, woo!’”
Alexander FazelSwissBorg’s chief partnership officer
“The rise of the term ‘Web3’ is encouraging because it means that people are seeing this core technology being fed into different applications – not necessarily applications they were expecting.”
Gavin WoodCo-founder of Polkadot and Ethereum
“There is absolutely no reason why a house deed should not be a unique digital asset as long as it is created and maintained properly.”
Alex Altmanchief operating officer of Seal Storage Technology
Forecast of the Week
If it retests this lifetime historical support level, Bitcoin price could drop to $15.5K.
Bitcoin’s price has continued to struggle in recent days, often trading below $30,000. Cointelegraph’s BTC price index. However, the asset could still drop significantly further, Capital.
Throughout Bitcoin’s history, the asset’s price has respected the 200-week moving average (200WMA). “#BTC tends to wick between -14 and -28% below the 200-MA,” Rekt Capital said as part of a thread on Twitter. “And since BTC 200-MA currently represents ~$22000 price point… a -14% downside wick below 200-MA will result in ~$19000 Bitcoin,” they added. “And if #BTC repeats its March 2020 downward wick depth below 200-MA $BTC, it will revisit the ~$15500 price point.”
FUD of the week
‘Yes!’ Elon Musk warns users of latest deep fake crypto scam
Have you watched a video where Tesla CEO Elon Musk advertises that he earns 30% through deposits on a crypto platform? Be warned that the video is a scam. The video, classified as deepfake, has been tampered with to look real, but not as confirmed by Musk’s Twitter comment. The video uses altered real footage of Musk giving a TED Talk earlier in 2022 to deceive viewers. Deepfakes are nothing new, however. This latest effort harnesses Musk’s reputation along with his known crypto involvement.
Crypto spam up 4,000% in two years — LunarCrush
According to the latest data from LunarCrush, a crypto intelligence unit, there has been a 3.894% increase in crypto-related spam over the past two years. One aspect that complicates detection: Not all undesirable action is bot related, and a surprising amount comes from humans. Twitter is a hotbed for spam, based on LunarCrush data.
Targeted phishing scam obtains $438k in crypto and NFT networks from hacked Beeple account
A hacker or a group of hackers has recently taken over the Twitter account of Mike Winkelmann, known as Beeple. The hacker/hackers who hijacked the account of the well-known NFT artist posted phishing scam tweets that spoofed around Beeple’s recent collaboration with Louis Vuitton. Although Beeple managed to regain control of the Twitter account, the phishing effort stole around $438,000 worth of Ether and NFT from the victims.
Top Cointelegraph Features
The moon ‘created’ its generous reality… and it says you can too
“Three years and BOOM, you can be anything you want – a famous musician, a billionaire. No matter what you want to do, anything can be done with the right mindset.”
Crypto is changing the way humanitarian organizations provide aid and services
“It’s almost like the whole idea of a decentralized, distributed model is exactly what works in terms of how we run and deploy the system.”
How will Terra’s collapse affect future stablecoin regulations?
The collapse of the algorithmic stablecoin UST created a ripple effect for the broader crypto market, putting regulators on extremely high alert.