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 — at one link last week on Cointelegraph.
Top stories of the week
SBF and Alameda step in to prevent cryptocurrency collapse from spreading
Sam Bankman-Fried said on June 20 that his firms Alameda Research and FTX would “step in” to help companies experiencing liquidity problems in the current bear market.Over the course of a week, Alameda handed out about $500 million to Voyager Digitalthe company is suffering from potentially insolvent Three Arrows Capital, and FTX provides BlockFi Credit worth $250 million.
New video reignites debate over alleged ‘racist’ image of Boring Ape Yacht Club
YouTuber Philip Rusnack, known as Philion, posted a video this week about Yuga Labs’ Boring Ape Yacht Club’s non-fungible token (NFT) project, arguing that the team is making jokes about black and Asian people, Nazi images, and racist caricatures The alternative rights are embedded in artwork depicted in tokenized avatars. Such a concept has been a long-standing conspiracy theory in the NFT community, and while many have laughed at it, others have embraced the supposed evidence as gospel.
‘Bitcoin dead’ Google search hits record high
Google searches for “bitcoin death” surged the week of Friday, June 18, reaching some of the highest levels on record as Bitcoin dipped below $20,000. Google Trends tracks search interest over time and assigns a score from 1 to 100 based on the total number of user searches. During this period, “Bitcoin Dead” received a perfect score of 100.
Bitcoin S2F Model Gives a False Sense of Certainty, Says Vitalik Buterin
Ethereum co-founder Vitalik Buterin criticized the stock-to-flow (S2F) model popularized by pseudonymous investor PlanB. BTC-focused S2F gained a lot of attention during last year’s bull run, as it made a relatively long and accurate forecast before a sharp decline in late 2021. Commenting on the S2F model, Buterin noted, “I know gloating and things like that are rude, but I think it’s detrimental for financial models to give people a false sense of certainty and the sense that predetermined numbers will increase, and they deserve all the ridicule. “
Solend Invalidates Solana Whale Wallet Acquisition Plan With Second Governance Vote
Solend, a DeFi lending protocol based on Solana, launched an anti-governance vote this week on the controversial “SLND1: Mitigate Whale Risk” poll after hearing backlash from the community. The initial vote was intended to allow Solend to reduce the market risk of potential mass liquidations of whales by giving the platform access to whales’ wallets. However, the idea has been voted down after a 1,480,264 vote against the whale takeover.
winners and losers
At the end of the week, bitcoin (bitcoin) lie in $21,241.99ether (Ethereum) exist $1,214.06 and Ripple exist $0.37. The total market value is $952 billion, according to to CoinMarketCap.
Among the largest 100 cryptocurrencies, the top three altcoin winners this week are Storj (Storger) At 89.27%, synthetic (SNX) at 74.21% and Polygon (Matic) was 51.76%.
The top three altcoin losers of the week are Harmony (one) 4.06%, KuCoin tokens (KCS) 1.93% and PAX Gold (PAXG) is 1.55%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
most memorable quotes
“Especially in digital asset trading, I think the UK is missing a trick […] We are very close to the point where it is too late. Other jurisdictions are catching up to us. ”
Philip Hammondformer british chancellor of the exchequer
“In short, they are just ‘bad’ projects. These shouldn’t be saved. Sadly, some of these ‘bad’ projects have large numbers of users, usually through exaggerated incentives, ‘creative’ marketing or pure Ponzi Acquired by scam.”
Changpeng ZhaoFounder and CEO of Binance
“When the SEC sued us that ‘XRP is a security, and always has been,’ they seem to have taken that position now, but they approved the listing on Coinbase, even though Coinbase is not a registered broker-dealer.”
Brad GarlinghouseRipple CEO
“Overall, Web3 and cryptocurrencies are very market driven, so there are ups and downs. When we build, we are always thinking about the long-term game.”
Stani KulechevFounder and CEO of Aave
“When things are a little bit difficult in the market, you find out who’s actually building something that’s likely to last a long time and what’s going to pass.”
Hester PierceCommissioner of the U.S. Securities and Exchange Commission
“Even if we’re not the ones who caused it, or aren’t involved in it. I think it’s healthy for the ecosystem, and I want to do things that help it grow and thrive.”
Sam Bankman-FriedFounder of Alameda Research
Forecast this week
Denial of Bitcoin’s ‘stupidity’ that could be below $10,000 – Analysis
With the price of BTC hovering around $20,000 and the Federal Reserve yet to reveal any new information on curbing inflation, cryptocurrency commentators see the outlook for prices as uncertain in the short-term. However, some believe that a potential fresh pullback could only involve $16,000, while others are urging investors to consider a potential drop to $10,000.
“Consolidated $BTC in a broad range, then up. MDD (maximum drawdown) is not as big as -20%,” Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, wrote in part of a Twitter post.
“At this stage, no one can say with certainty whether BTC will stay in this range, or if it will drop to sub-$10k price levels again, but it would be foolish not to plan for that possibility,” one tweeted say.
FUD of the week
Harmony’s Horizon Bridge hacked for $100 million
On June 24, the Horizon Bridge to Harmony’s layer-one blockchain was used for $100 million worth of altcoins. From 7:08AM EST to 7:26AM EST, 11 transactions were made from the bridge for various tokens to Uniswap for ETH before sending the tokens. The Harmony team said it was working with “national authorities and forensic experts” to determine who was responsible, and an autopsy would follow.
China’s WeChat bans crypto and NFT-related accounts
Social media and payment app giant WeChat updated its policy to ban accounts that provide access to crypto or NFT-related services. According to the new guidelines, accounts involving the issuance, trading and financing of cryptocurrencies and NFTs will be classified as “illegal businesses” and will be restricted or prohibited entirely.
The Iranian government will cut off power to the country’s legal crypto mining equipment
According to local media reports this week, Iran’s energy ministry will start shutting down power to all licensed crypto mining companies in the country in early July. The government entity cited potential power shortages during the peak summer season as the cause.
Best Cointelegraph Features
A Community-Centric Approach to Web3 — Founder and CEO of Aave
“What if we could really take ownership of our social media presence — our profiles, our social identities —?” Stani Kulechev asked.
Is there a way for the crypto industry to avoid the bear market associated with the Bitcoin halving?
BTC’s high volatility and halving-related bear markets tend to drag down investment and interest across the crypto market. Can this be avoided?
Lummis–Gillibrand crypto bill comprehensive but still divisive
Senators introduced new approaches to frequently asked questions about digital assets and how regulatory responsibilities are divided.