Cryptocurrencies Pump After Fed Rate Hike, Zuck Hopes Metaverse Earnings Hundreds of Billions, and Tesla Releases $ 64 Million BTC Earnings: Hodler’s Digest, July 24-30

Coming every Saturday, Hodler’s Digest will help you keep track of every single important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major currencies, forecasts and more – a week on Cointelegraph in one link.

The best stories of this week

“Bullish Rate Hike” – Why cryptocurrencies have risen in the face of bad news

Despite the U.S. Federal Reserve announcing an interest rate hike of 75 basis points on Wednesday, the cryptocurrency markets rose significantly on the same day with the momentum continuing throughout the week. Mati Greenspan, founder and CEO of Quantum Economics, jokingly called it a “bullish rate hike” and said investors clearly expected far worse. Analysts like Swyftx’s Pav Hundal have suggested that the recent rally may be due to easing inflationary pressures on gas and commodities like corn and wheat.

Ethereum dev confirms Goerli’s merger date, the latest update before the Merger

On Thursday, Ethereum lead developer Tim Beiko revealed that the final merger of Goerli testnet ahead of the long-awaited Ethereum merger and transition to proof-of-stake will take place between August 6-12. In what has been a long and much delayed roadmap since late 2020, the Ethereum network is now in the final stages of completing its largest upgrade to date. The official merger is scheduled for September 19, but could be subject to further delays in case of problems with Goerli’s testnet.

Zuckerberg was not troubled by the $ 2.8 billion loss from the metaverse division in the second quarter

Meta CEO Mark Zuckerberg said he was not upset that the company posted a $ 2.8 billion loss on its Metaverse division in the second quarter. He pointed out that the company’s Metaverse goals will take several years to implement, but he sees a “huge opportunity” to earn hundreds of billions of dollars, or even trillions, over time as the industry matures. “I am confident that we will be delighted to have played an important role in building this,” he said.

Cathie Wood sells Coinbase shares amid allegations of insider trading

Cathie Wood Ark Investment Management’s investment firm, which is a major shareholder of Coinbase (COIN), reportedly dumped 1.4 million COIN shares on Tuesday. The shedding was made via three of Ark’s exchange-traded funds (ETFs) and the sale is estimated to be worth around $ 75 million. The company reportedly held nearly 9 million COIN shares at the end of June and has continuously bought stock since it opened at around $ 350 last April. Since then, the price has plummeted heavily to sit just below $ 63, and Ark probably should have gone out in the open when Jim Cramer called it “cheap” at $ 248 last August.

Tesla reports a profit of $ 64 million from the sale of Bitcoin

Electric vehicle maker Elon Musk Tesla made a respectable $ 64 million profit later selling 75% of its holdings in BTC in the second quarter. The gains look substantial considering the company sold out in the midst of a bear market; however, what’s more important and exciting is that Musk finally seems to be lose interest in cryptocurrencies and we won’t need any more news from you. The company is said to still have 10,800 BTC on its books, which at the time of writing this article is worth around $ 255 million.

Winners and losers

At the end of the week, Bitcoin (BTC) it’s at $ 23,559.86Ether (ET) to $ 1,674.34 And XRP to $ 0.36. The total market capitalization is a $ 1.08 trillion, according to to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoin gains of the week are optimism (OPERATION) at 75.71%, Ethereum Classic (ETC) at 58.20% and Qtum (QTUM) at 41.89%.

The top three altcoin losers of the week are Huobi Token (HT) at 9.10%, Kusama (KSM) at 8.98% and NEAR protocol (NEIGHBOR) at 7.76%.

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

The most memorable quotes

“Many NFT projects are just speculation with no real tangible backbone, no real story. Have a football team to cheer for every week? It is a backbone that people attach themselves to ”.

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

“The industry shouldn’t be allowed to write the rules it wants to play by.”

Sherrod Brown, United States Senator and Chairman of the Senate Banking Commission

“We think it’s more important that local projects benefit the local economy and not just bring products to the US for the benefit of local merchants, for example.”

Lou Yu, head of KuCoin Labs

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

Mati Greenspan, founder and CEO of Quantum Economics

“The Metaverse is a huge opportunity for a variety of reasons. I feel even more strongly now that the development of these platforms will unlock hundreds of billions of dollars, if not trillions, over time. ”

Mark Zuckerberg, CEO of Meta

“I worry about things that are not directly related to the blockchain and the Metaverse. I am concerned about climate change and social fragmentation ”.

Neal Stephenson, author of Snow crash

Prediction of the week

The GameFi sector will see a valuation of $ 2.8 billion over six years

Absolute Reports released a GameFi-centric report this week estimating that the revenue-generating NFT gaming industry will be worth $ 2.8 billion by 2028. To achieve the goal, GameFi would need a compound annual growth rate of the 20.4% in six years, as the industry was estimated to be worth $ 776.9 million last year. The reasons for this noble goal, however, lie behind a paywall.

FUD of the week

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

The algorithmic stablecoin of the adaptive yield protocol based on Solana Nirvana Finance, NIRV, fell 85% this week after the protocol was hacked for $ 3.49 million USDT. The incident was cited as a flash loan attack that resulted in funds being stolen from Nirvana’s treasury. Its native token, ANA, also dropped 85% due to hacking.

Phishing risks increase when Celsius confirms that customer emails have leaked

On Tuesday, the besieged and bankrupt crypto loan company Celsius sent an email to its customers, informing them that a list of their emails had leaked from an employee of one of its messaging and corporate data management providers. The company downplayed the incident, stating that it did not “present high risks for [its] customers, “adding that they just wanted users to be” in the know, “though Celsius also said similar things about user assets after suspending withdrawals several weeks ago.

TikTok Data Policy Debacle: Is User Encryption at Risk?

Popular social media app TikTok is facing backlash over its far-reaching data collection policies that could pull large amounts of sensitive information from a user’s smartphone or computer. Therefore, cryptocurrency users are now concerned about whether TikTok will be able to capture critical data such as private wallet keys. “TikTok isn’t just another video app. That’s the sheep’s clothing. It collects a range of sensitive data that new reports show is being accessed in Beijing, “said US Federal Communications Commissioner Brendan Carr.

The best features of Cointelegraph

The Merge is Ethereum’s ability to detect Bitcoin, says a researcher

Ethereum’s imminent transition to a proof-of-stake consensus mechanism will transform its monetary policy, potentially making ETH scarcer than Bitcoin.

Tokenomics not Ponzi-nomics: influence behavior, make money

Economics is the study of human behavior involving scarce resources and the effects those behaviors have on those resources, explains Roderick McKinley.

When worlds collide: merge Web3 and crypto from Web2

A friend of mine, an experienced Web2 technical executive, joined a Web3 company in June. Active trader, he asked to speak to all 16 employees before deciding to join the company.

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