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
SBF and Alameda step in to avoid crypto crash contagion
Sam Bankman-Fried stated on June 20 that his firms Alameda Research and FTX will “intervene” to help companies struggling with liquidity in the current bear market. During the week, Alameda gave roughly a credit. $500 million to Voyager DigitalSuffering from exposure to the potentially bankrupt Three Arrows Capital, while providing FTX BlockFi. $250 million loan.
New video revives debate over alleged ‘racist’ footage of Bored Ape Yacht Club
YouTuber Philip Rusnack, known as Philion, posted a video this week on Yuga Labs’ Bored Ape Yacht Club nonfungible token (NFT) project, arguing that the team is placing alt-right in jokes, Nazi images, and racist cartoons of black and Asian people. in artwork depicted in tokenized avatars. Such an idea has been a longstanding conspiracy theory in the NFT community, and while many people laugh at it, others take the so-called evidence as gospel.
‘Bitcoin is dead’ Google searches reach all-time high
As Bitcoin plunged below $20,000, Google searched for “Bitcoin is dead” during the week of Friday, June 18, increasing and hitting some of its record highs. Google Trends tracks search interest over time and assigns a score between 1 and 100 based on the total number of user searches. During this period, “Bitcoin is dead” earned a perfect score of 100.
Vitalik Buterin says the Bitcoin S2F model gives a false sense of certainty
Ethereum co-founder Vitalik Buterin has criticized the stock-to-flow (S2F) model popularized by the pseudonymous investor PlanB. BTC-focused S2F gained a lot of attention during last year’s bull run as it continued a relatively long streak of accurate predictions before falling off the mark in late 2021. Commenting on the S2F model, Buterin said, “I know it’s rude to brag, but I think financial models that give people a false sense of certainty and predetermination that the numbers will grow are harmful and deserve all the ridicule they come across.”
Solend voids Solana whale wallet takeover plan with second management vote
Solana-based DeFi lending protocol Solend formed a stewardship vote this week against the controversial “SLND1: Mitigate Risk from Whale” survey after hearing strong backlash from the community. The initial vote was intended to allow Solend to allow the platform access to the whale wallet, reducing market risk for the potential liquidation of a large whale. However, the idea was vetoed after 1,480,264 votes were cast against the whale takeover.
winners and losers
At the end of the week, bitcoin (BTC) $21,241.99Ether (ETH) 1,214.06$ and XRP also $0.37. Total market value currently $952 billion, by virtue of To CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin winners of the week are Storj. (STORJ) At 89.27%, Synthetic (SNX) 74.21% and Polygon (MATIC) at 51.76%.
Top three altcoin losers of the week Harmony (A) 4.06%, KuCoin Token (KCS) at 1.93% and PAX Gold (PAXG) at 1.55%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Most Memorable Quotes
“I feel the UK is missing the number one spot, especially in the digital asset trading space. […] We are getting very close to the point where it will be too late now. Other jurisdictions are racing ahead of us. ”
Philip HammondFormer British Finance Minister
“In short, these are just ‘bad’ projects. These should not be stored. Unfortunately, some of these ‘bad’ projects have a large number of users, and they are often acquired through inflated incentives, ‘creative’ marketing or pure Ponzi schemes.
Changpeng ZhaoBinance founder and CEO
“The SEC now appears to be taking the position when they sued us ‘XRP is a security and has always been’, but they have approved the IPO of Coinbase even though Coinbase is not a registered broker-dealer.”
Brad GarlinghouseCEO of Ripple
“Web3 and crypto in general are very market driven, so you experience ups and downs. When we build, we always think of the long game. ”
Stani KulichovFounder and CEO of Aave
“When things get a little tougher in the market, you discover who’s building something that will last longer and what will pass.”
Hester PeirceSEC commissioner
“Even if we weren’t the ones causing it or weren’t involved. I think that’s healthy for the ecosystem, and I want to do what can help it grow and thrive.”
Sam Bankman-FriedFounder of Alameda Research
Forecast of the Week
It’s ‘stupid’ to deny that bitcoin price could drop below $10k – Analysis
With the price of BTC hovering around $20,000 and the Fed has yet to release any new information on its efforts to reduce inflation, crypto commentators have argued that the outlook for the price in the near term is uncertain. However, while for some, a potential new pullback might only involve a trip to $16,000, others urged investors to consider a drop to $10,000 as a potential scenario.
“Consolidating $BTC in a wide range and then rising. The MDD (maximum drop) isn’t as big as -20%,” Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, said in a part of a Twitter post.
“At this stage, no one can say with certainty whether BTC will hold this range or fall below $10k again, but it would be foolish not to have a plan for this eventuality,” a tweet said.
FUD of the week
Harmony’s Horizon Bridge hacked for $100M
The Horizon Bridge to the Harmony layer-1 blockchain was used for $100 million worth of altcoins on June 24. From 07:08 EST to 07:26 EST, 11 transactions were made for various tokens from the bridge before sending the tokens. To Uniswap to exchange for ETH. The Harmony team said it was working with “national authorities and forensic experts” to determine who was responsible, and an autopsy would be conducted.
China’s WeChat bans crypto and NFT-related accounts
Social media and payment app giant WeChat has updated its policies to ban accounts that access crypto- or NFT-related services. According to the new guidelines, accounts related to the issuance, trading and financing of crypto and NFTs will be classified as “illegal business” and will either be restricted or banned altogether.
Iranian government to cut power supply for country’s legitimate crypto mining rigs
Iran’s Ministry of Energy will begin shutting down the power supply to all licensed crypto mining companies in the country from early July, local media outlets reported this week. The government agency cited a possible electricity shortage during the peak summer season as the reason.
Top Cointelegraph Features
Community-centric approach to Web3 — Founder and CEO of Aave
“What if we could really own up to our own presence on social media – our profiles, our social identities?” Asked Stani Kulichov.
Is there a way for the crypto industry to avoid bear markets associated with the Bitcoin halving?
BTC’s high volatility and halving-related bear markets tend to pull down investment and interest in the entire crypto market. Can this be avoided?
Lummis-Gillibrand crypto bill is comprehensive but still creates division
Senators brought new approaches to familiar questions about digital assets and how to divide regulatory responsibilities.