Crypto pumps after Fed rate hike, Zuck pins hopes on Metaverse making hundreds of billions, and Tesla posts $64M BTC gain: Hodler’s Digest, July 24-30

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Crypto pumps after Fed rate hike, Zuck pins hopes on Metaverse making hundreds of billions, and Tesla posts M BTC gain: Hodler’s Digest, July 24-30
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Published every Saturday, Hodler’s Digest will help you keep track of every major news story happening this week. The best (and worst) quotes, adoption and regulatory highlights, leading coins, predictions, and more – in one link on Cointelegraph for the week.

Top stories of the week

‘Bullish rate hike’ – why cryptocurrencies soar in the face of bad news

Despite the Federal Reserve’s announcement of a 75 basis point rate hike on Wednesday, the cryptocurrency market rallied sharply on the same day, a momentum that continued for a week. Mati Greenspan, founder and chief executive of Quantum Economics, joked that it was a “bullish rate hike” and said investors were clearly expecting worse. Analysts such as Swyftx’s Pav Hundal said the latest rebound may be due to easing inflationary pressures around natural gas and commodities such as corn and wheat.

Ethereum Developer Confirms Goerli Merger Date, Final Update Before Merger

On Thursday, Ethereum lead developer Tim Beiko revealed that the final Goerli testnet merger will take place between August 6 and 12, ahead of Ethereum’s long-awaited merger and move to proof-of-stake. The roadmap has been a long and delayed one since the end of 2020, and the Ethereum network is now in the final stages of completing its biggest upgrade to date. The official Merge is scheduled to take place on September 19, but it could be delayed further if there are issues with the Goerli testnet.

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Zuckerberg shrugs off $2.8B Metaverse division loss in Q2

Meta CEO Mark Zuckerberg said he wasn’t concerned about the company’s second-quarter loss of $2.8 billion in its Metaverse division. He emphasized that the company’s Metaverse goals will take several years to achieve, but as the industry matures, he sees a “tremendous opportunity” to generate hundreds of billions or even trillions of dollars over time. “I’m sure we’ll be happy that we played a big part in building this,” he said.

Cathie Wood sells Coinbase stock amid insider trading allegations

Cathie Wood’s investment firm Ark Investment Management, one of the largest shareholders in Coinbase (COIN), reportedly sold 1.4 million COIN shares on Tuesday. The divestiture was done through three of Ark’s exchange-traded funds (ETFs), with an estimated sale value of about $75 million. The company reportedly held nearly 9 million COIN shares at the end of June and has been snapping up the stock since it opened at around $350 in April last year. Since then, the price has fallen sharply to just under $63, and Ark should probably short it last August when Jim Cramer called it “cheap” at $248.

Tesla Reports $64M Profit From Bitcoin Sales

Tesla, the electric car maker led by Elon Musk, posted a solid $64 million profit. Sold 75% of its BTC in Q2. The gains appear significant considering the company sold in the middle of a bear market; however, more importantly and excitingly, Musk appears to be finally Lost interest in encryption We don’t need his news anymore. The company is said to still have 10,800 bitcoins on its books, worth around $255 million at the time of writing.

winners and losers

Bitcoin this weekend (Bitcoin) lie in $23,559.86ether (Ethereum) exist $1,674.34 and Ripple exist $0.36. The total market value is $1.08 trillion, according to to CoinMarketCap.

Among the 100 largest cryptocurrencies, this week’s top three altcoin winners are optimism (OP) 75.71%, Ethereum Classic (ETC) 58.20% and Qtum (QTUM) was 41.89%.

The top three altcoin losers of the week are Huobi (HT) Yayoi Kusama 9.10% (KSM) 8.98% and NEAR agreement (near) was 7.76%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

most memorable quotes

“A lot of NFT projects are just speculation, no real tangible backbone, no real real story. Is there a football club to support every week? It’s the spine that people attach to themselves.”

Preston Johnson, co-owner of Crawley Town Football Club and co-founder of WAGMI United

“The industry shouldn’t be allowed to write the rules they want to follow.”

Sherrod Brown, U.S. Senator and Chairman of the Senate Banking Committee

“We believe that local projects are better for the local economy than just bringing products to the U.S. to benefit traders there.”

Lou Yu, Head of KuCoin Labs

“Powell is particularly good at delivering bad news. Investors clearly expected worse.”

Marty Greenspan, Founder and CEO of Quantum Economics

“The metaverse is a huge opportunity for a number of reasons. I feel more strongly now that developing these platforms will unlock hundreds of billions, if not trillions, of dollars over time.”

Meta CEO Mark Zuckerberg

“I worry about things that are not directly related to blockchain and Metaverse. I worry about climate change and social division.”

Neil Stephenson, author of Avalanche

Forecast this week

GameFi industry valued at $2.8 billion in six years

Absolute Reports released a GameFi-focused report this week, estimating that the NFT gaming industry will be worth $2.8 billion by 2028. To get there, GameFi needs to achieve a compound annual growth rate of 20.4% over six years, given that the industry was worth an estimated $776.9 million last year. However, the reason for this lofty goal is locked behind a paywall.

FUD of the week

Solana-based stablecoin NIRV drops 85% after exploiting $3.5 million

The algorithmic stablecoin based on Solana’s adaptive yield protocol Nirvana Finance NIRV de-linked 85% this week after the protocol was hacked for $3.49 million worth of USDT. The incident is believed to be a flash loan attack that resulted in funds being siphoned from Nirvana’s vaults. Its native token, ANA, also fell 85% due to the hack.

Phishing risk escalates as Celsius confirms customer email breach

Troubled and bankrupt cryptocurrency lending firm Celsius sent emails to its customers on Tuesday informing them that their email lists had been compromised by an employee of its business data management and messaging provider, Customer.io.The company played down the incident, saying it “would not [its] customers,” adding that they just wanted users to “take note” — although Celsius said something similar about users’ assets after suspending withdrawals a few weeks ago.

TikTok data policy collapse: Are users’ cryptocurrencies at risk?

Popular social media app TikTok has faced backlash over its far-reaching data collection policy that could extract a trove of sensitive information from users’ smartphones or computers. As a result, crypto users are now concerned about whether TikTok will be able to grab critical data such as private wallet keys. “TikTok is not just another video app. That’s sheep’s clothes. It’s collecting a huge amount of sensitive data that new reports show is being accessed in Beijing,” Federal Communications Commissioner Brendan Carr claimed.

Best Cointelegraph Features

Merger is Ethereum’s chance to take over Bitcoin, researchers say

Ethereum is about to transition to a proof-of-stake consensus mechanism, which will change its monetary policy, potentially making ETH more scarce than Bitcoin.

Token Economics Not Ponzi Economics: Influence Behavior, Make Money

Roderick McKinley explained that economics is the study of human behavior involving scarce resources and the impact of those behaviors on those resources.

When the worlds collide: Joining Web3 and encryption from Web2

A friend of mine is an experienced Web2 tech executive who joined a Web3 company in June. As an active operator, he asked to speak to all 16 employees before deciding to join the company.

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