NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

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NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23
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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

3AC founder reveals relationship with Terra founder, blames overconfidence for collapse

Su Zhu and Kyle Davis, founders of the defunct crypto hedge fund Three Arrows Capital (3AC), resurfaced in an interview with Bloomberg after five weeks of going AWOL. Due to a multi-year bull market, the two admit to being overconfident in running the company. They also noted that they were very close to Terra founder Do Kwon, who, despite running a large hedge fund, was shocked by the bankruptcy of the project’s extremely risky algorithmic stablecoin. Zhu and Davis said they ignored several red flags because of their kinship.

Mojang Studios bans Minecraft NFT integration

Minecraft developer Mojang Studios this week banned non-fungible token (NFT) integration in its wildly popular flagship game. The company cited NFTs as issues related to price speculation, repelling and pulling. “To ensure a safe and inclusive experience for Minecraft players, the integration of blockchain technology into our client and server applications is not permitted,” the company announced.Crypto skeptics also Appeal to Fornite developer Epic Games followed suit, but the company said it “absolutely will not” impose a similar ban.

Ledger

SEC Lists 9 Tokens as Securities in Insider Trading Case ‘Potentially Wide-Ranging’ – CFTC

The U.S. Securities and Exchange Commission (SEC) has classified nine crypto assets as securities as part of an insider trading case against former Coinbase product manager Ishan Wahi. SEC named Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX and XYO. These are just 9 of the 25 different assets allegedly used for insider trading.

Expert Reveals What Tesla’s $936 Million Selloff Means for Bitcoin

Experts remain relatively unimpressed following the news that Tesla sold 75% of its bitcoin in the second quarter for roughly $936 million. Markus Thielen, chief investment officer at digital asset management firm IDEG, told Cointelegraph that Tesla may sell its BTC because it is “seen as a disruption to its core business.” In the current macroeconomic environment, many companies have turned to “backing capital with cash currency,” advises Kylie Purcell, a stock trading expert at financial advisory site Finder. Some Twitter users even called the move “insignificant,” suggesting Tesla’s move could end up being trivial.

Amazon.eth ENS domain owner ignores 1M USDC takeover offer on OpenSea

On Tuesday, an Amazon.eth ENS domain belonging to an anonymous OpenSea user received a bid for $1 million in coins. It has become common practice for speculators to register ENS domains in the name of well-known entities in hopes of reaping big returns. However, the bid went unanswered and it is unclear why such a large sum was ignored. The next highest bid total for this domain name is only 6,300 USDC.

winners and losers

Bitcoin this weekend (Bitcoin) lie in $23,478.96ether (Ethereum) exist $1,598.64 and Ripple exist $0.36. The total market value is $1.06 trillion, according to to CoinMarketCap.

Among the largest 100 cryptocurrencies, the top three altcoin winners this week are Ethereum Classic (ETC) 71.03%, Bitcoin Gold (BTG) 50.95% and Lido DAO (I do) is 48.60%.

Top 3 altcoin losers of the week are TerraClassicUSD (University of Science and Technology of China) 17.08%, Elrond (EGLD) at 5.05% and Internet computers (ICP) is 1.85%.

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

most memorable quotes

“All the Ethereum killers in the past have not been successful, and I don’t expect them to be.”

Freddy Zwanzger, Head of Ethereum Ecosystem at Blockdaemon

“Developers should be free to decide how to build their games, and you should be free to decide whether to play them.”

Tim Sweeney, founder and CEO of Epic Games

“Don’t try to solve the problem of fraudsters, Nazis or terrorists. They’re here to stay. They were before the internet, and they’ll be after the internet.”

Tomer Poran, VP of Business Development, ActiveFence

“As we’ve seen with Chrome extensions, cryptocurrency has revolutionized the way people use the web. If we can prove this on mobile, it’ll be a game changer.”

Anatoly YakovenkoCo-founder of Solana

“Merge upgrades are like changing an airplane’s engine mid-flight. We are overhauling everything from the consensus algorithm to the execution environment.”

Lido co-founder Vasily Shapovalov

“I wouldn’t be surprised if Tesla continues to cannibalize Bitcoin after it stabilizes, otherwise they would sell 100%.”

IDEG Chief Investment Officer Markus Thielen

Forecast this week

Bitcoin could hit $120,000 in 2023, trader says, as BTC price jumps 25% in a week

According to a Bitcoin trader at TechDev on Twitter, the price of BTC could hit $120,000 next year. They flagged as evidence BTC’s True Strength Index (TSI), which uses several fundamental calculations to determine how overbought or oversold the asset is at a particular price. According to TechDev, the asset’s price decline has been trending since November, and if the historical pattern repeats itself, BTC could surge to a peak between $80,000 and $120,000 next year.

FUD of the week

Gemini laying off more jobs as cryptocurrency prices rise: report

Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss, reportedly laid off another 7% of its workforce this week. The move comes just two months after the company laid off 10% of its workforce due to the current bear market. The report comes from TechCrunch, which cited a source close to the company as saying that Gemini cut 68 employees on the company’s Slack channel this month.

FBI issues public warning over fake encryption apps

This week, the FBI issued a public warning against fake encryption apps. The FBI estimates that the apps have defrauded investors by as much as $42.7 million so far. Cybercriminals are said to have created these apps using the same logos and branding as legitimate crypto companies to deceive investors. The FBI says 244 people have fallen victim to these fake apps.

Skybridge announces suspension of withdrawals from one of its crypto funds

Taking cues from the likes of Celsius and Voyager, SkyBridge Capital has suspended withdrawals from its cryptocurrency-exposed Legion Strategies fund. Founder Anthony Scaramucci said the decision was “on hold until we can raise money within the fund”. “There is absolutely no fear of reckoning,” he said.

Best Cointelegraph Features

The ‘Godfather of Crypto’ Risks Life in Prison to Lay the Groundwork for Bitcoin

Widely regarded as the inventor of digital cash, David Chaom is sometimes referred to as the “Father of Online Anonymity” or “The Godfather of Cryptocurrencies,” whose work inspired the near-mythical group Cypherpunks from which Bitcoin was born.

Will Intellectual Property Issues Affect NFT Adoption?

When posting NFT artwork on social media, the new owner may be violating intellectual property laws. “The wave of lawsuits has begun.”

How blockchain technology can be used to save the environment

It’s hard to overestimate the role blockchain technology will play in enabling more sustainability and mitigating the climate crisis.

Bybit

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