Coming every Saturday, Summary of Hodler will help you follow every important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.
Top stories this week
After 8 years of dumping billions of XRP, Jed McCaleb’s stack runs out in weeks
Ripple Labs co-founder and former CTO Jed McCaleb is nearing the end of his eight-year XRP dumpathon. The former Ripple executive has gradually lost his reserve of 9 billion XRP since leaving in 2014. As of June 30, McCaleb had only 81.53 million XRP left worth $26.55 million, much to the delight of hardcore Ripple supporters.
80,000 Bitcoin Millionaires Wiped Out In The Big Crypto Crash Of 2022
The number of wallets holding more than $1 million worth of Bitcoin has shrunk by around 80,000, from 108,886 on Nov. 12 to just 26,284 as of June 30. This represents a drop of 75% in nine months. However, with the price of BTC collapsing in the region of $20,000 and potentially lower, it may also give more people a chance to become full coiners.
Ethereum forks a success as Sepolia testnet prepares to test merger
On Thursday morning, the Gray Glacier hard fork designed to delay the difficulty bomb went live successfully on Ethereum. The hard fork will delay the difficulty bomb by approximately 100 days as the developers work to complete the final stages of the merge. Over the next few days, testnet Sepolia is also expected to perform its Merge trial, making it the second of three public testnets to do so.
Bear market will last until crypto apps are actually useful: Mark Cuban
Billionaire investor and Dallas Mavericks owner Mark Cuban thinks the current bear market won’t be over until the focus is on apps that offer utility. Speaking on the Without bank podcast, he noted, “It lasts until there’s a catalyst and that catalyst is going to be an app, or we get so low that people are going ‘shit, I’m going to buy some.'”
BlockFi Announces Deal With FTX US, Including ‘possibility of acquiring‘ for $240 million
Amid rumors that FTX US planned to acquire embattled crypto lender BlockFi for as low as $25 million, BlockFi CEO Zac Prince revealed on Friday that the actual deal was more expensive. According to Prince, BlockFi has signed agreements with the derivatives exchange for a $400 million revolving credit facility. As part of the deal, FTX US will have the option to directly purchase BlockFi for up to $240 million. Still, that’s a drop in the bucket compared to BlockFi’s valuation this time last year, which was around $5 billion.
Winners and losers
At the end of the week, Bitcoin (BTC) is at $19,433.55Ether (ETH) at $1,058.95 and XRP at $0.31. The total market capitalization is $867.7 billion, according at CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are TerraClassicUSD (USTC) at 164.07%, ampere (AMP) at 7.52% and composed (COMP) at 6.15%.
The top three altcoin losers of the week are Storj (STORJ) at 30.28%, polygon (MATIC) at 21.52% and Zcash (zec) at 21.67%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Most Memorable Quotes
“Anonymous takes a look at Do Kwon’s entire story since entering the crypto space to see what we can learn and shine a light on.”
Anonymous and hacktivist group
“In the midst of this, Bitcoin and Ethereum both traded below their previous cycle ATHs, which is a first in history.”
Glassnode, Blockchain analysis firm
“A very strong use case for crypto is becoming evident in the gaming industry, where people are investing time that you can get out of it, and it’s all arranged by the blockchain.”
Maurice MureauCEO of Hodl
“There has been a real spike in interest from traditional hedge funds taking a look at Tether and looking to short it.”
Leon Marshall, Head of Institutional Sales at Genesis
“The Metaverse is a market opportunity, a way to re-engage talent, and a pathway to connect people around the world through a new collaborative experience.”
Laura Newinski, Vice President and Chief Operating Officer at KPMG
“We’ve been so focused on tokens, money, and Web3. I think it’s time to refocus on the underlying infrastructure layers that make all of this possible.
Meltem Demirors, Chief Strategy Officer at CoinShares
Prediction of the week
Dogecoin price could rally 20% in July with this bullish reversal pattern
OG DOGE memecoin price appears to have been crossing a bump and run reversal (BARR) low since May 11, a technical pattern that indicates prolonged trend reversals in a bear market. The model consists of three phases: introduction, bump and race. As things stand, DOGE appears to be in a shock phase and could be set for a 20% pump to $0.00941 in the near future.
FUD of the week
Infamous North Korean hacker group identified as suspect in $100m Harmony attack
Prominent North Korea-based hacking syndicate, Lazarus Group, has been identified as a key suspect behind the recent $100 million Harmony protocol hack. According to a report published Thursday by blockchain analytics firm Elliptic, the manner in which Harmony’s Horizon Bridge was hacked and stolen assets laundered bears a striking resemblance to previous Lazarus hacks, such as the 600 million Axie Infinity hack. dollars in April.
Singapore reprimands 3AC for providing false information
Potentially insolvent crypto hedge fund Three Arrows Capital (3AC) has been reprimanded by the Monetary Authority of Singapore for providing inaccurate information regarding the number of assets it owns. When 3AC was incorporated in Singapore in 2013, it was licensed to manage funds for up to 30 investors worth up to $180 million, but it appears there were alleged smearing lines in the name. of a supposed conformity.
OpenSea data breach causes massive leak of user email addresses
NFT market giant OpenSea warned users on Thursday that a list of customer emails had been leaked to a third party. The leak happened via an employee of Customer.io, a newsletter and email campaign management platform. The firm warned users to be on the lookout for potential phishing attacks.
Best Crypto Features
Crypto Utopia in Thailand – ‘90% of a cult, minus all the weird stuff’
The story of how a Bitcoin OG set up a libertarian crypto community and commune for digital nomads on beautiful islands in Thailand three times – and why he hasn’t given up on his dream yet.
Governments, corporations, games: who will drive the next crypto bull run?
With all the recent turmoil in the crypto space, the question of the moment is: what will drive the next crypto bull run?
Metaverse co-ownership is formed the same way as home loans: Casper exec
Ralf Kubli said smart contracts can create split agreements and divide metaverse plots of land that can be leased individually.