Saylor Sued, FBI Warns of DeFi Exploit, Drops $495 Million Sponsorship: Hodler’s Digest, Aug 28

Saylor Sued, FBI Warns of DeFi Exploit, Drops 5 Million Sponsorship: Hodler’s Digest, Aug 28

Coming every Saturday Hodler’s Digest It will help you keep track of every important news that happened this week. Best (and worst) quotes, top adoption and regulation, leading currencies, forecasts and much more – a week on Cointelegraph in one link.

This week’s top news

US Federal Reserve Vice Chairman Michael Barr prefers to take a hard line on cryptocurrency, while the acting chairman of the OCC board is no friendlier

Global crypto regulation is still a dominant topic in the sector. Recent comments from US Federal Reserve Vice Chair of Oversight Michael Barr and Acting Currency Controller Michael Hsu favored the slant toward more government surveillance. Barr expressed his desire to regulate stablecoins as well as banking regulations related to crypto. Hsu’s comments included looking at the industry with caution.

GameStop Crypto Doubles Amid New Partnership With FTX US

GameStop is partnering with cryptocurrency exchange FTX US in a promotional partnership. So far, 2022 has seen GameStop pursue increased participation in the crypto space, which is evidenced by the launch of the NFT Marketplace and the new gaming division dedicated to Web3. GameStop has a long-term view of crypto-sharing, CEO Matt Furlong said during his second-quarter fiscal year earnings call.

Binance: No plans to transfer Tether automatically, although that ‘may change’

Binance this week revealed plans to phase out three stablecoins on its trading platform: USD Coin (USDC), TrueUSD (TUSD) and USDP Stablecoin (USDP). The three assets, as well as the associated spot trading pairs, will not be tradable on the exchange. In addition, Binance plans to terminate other USDC-related services on its platform, such as staking.

The shift is essentially an attempt to centralize liquidity on the exchange’s own stablecoin, Binance USD (BUSD), based on an explanation tweeted by CEO Changpeng Zhao. The exchange will convert users’ remaining USDC, TUSD, and USDP into BUSD over a 24 hour period, starting from September 29. However, converting Tether (USDT) to BUSD is not included in Binance’s plans, though that could change, according to a Binance spokesperson.

Bank of Russia agrees to legalize cryptocurrency for cross-border payments: Report

The Russian Central Bank is expected to allow cross-border cryptocurrency payments to and from the country, but payments for digital assets within its borders will remain prohibited. The state banned crypto as a payment method through previous legislation. According to Russian Deputy Finance Minister Alexei Moiseev, the government’s new approach to cryptocurrency is a response to the changing conditions globally after the Russian invasion of Ukraine earlier this year.

A statement to the media RIA Novosti from the Bank of Russia explained: It is important to emphasize that we are not talking about the legalization of cryptocurrency as a means of payment on the territory of our country. A day later, it was reported that Russia is looking to cooperate with so-called “friendly” countries to create a stable currency platform for cross-border payments.

UK economy minister commits to making country a hub for cryptocurrency under new PM

Developments in the UK this week looked positive for crypto adoption in the country. Among the many comments about cryptocurrencies, Treasury Economic Affairs Secretary Richard Fuller said, “We want to become the country of choice for those looking to innovate, innovate and build in the crypto space.” The UK now has a new Prime Minister in Liz Truss, who expressed in 2018 that the country’s cryptocurrency potential should not be stifled.

Winners and losers

At the end of the week, Bitcoin (BTC) in $21293ether (ETH) in 1715 dollars And the XRP in $0.34. Total market value at 1.04 USD trillion according to To CoinMarketCap.

Among the top 100 cryptocurrencies, Terra was the top three gainers for the week (luna) 218.74% Tera Classic (your color) By 76.92% and Ravencoin (RVN) by 65.43%.

The 3 biggest losers in altcoins for the week are Nexo (Nexo) at -11.74%, 1 inch mesh (1 inch) at -8.75% and UNUS SED LEO (LEO) by -6.35%.

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

Most unforgettable quotes

“The biggest reason I am optimistic about Bitcoin is that the world is not in a good shape right now and Bitcoin is going to fix that.”

Prince Filip Karagorjevichereditary prince of Serbia and Yugoslavia

Until the supply side of certain things is fixed, such as energy in particular, but large-scale commodities and the logistics infrastructure, until that is improved, it is difficult to get a more stable solution to the problem of inflation.

Lynn Aldenindependent macro analyst

“You can’t go to Starbucks in America and pay in Swiss francs or sterling. However, both are real money. Context matters.”

Rockwell ShahCo-founder of Invisible College

“There will always be GPU mining on some GPU-enhanced threads, but I doubt we will ever get back to the revenue levels seen in ETH Proof of Work peaking again.”

Andy LongCEO of White Rock

“The price of Ether could decouple from other cryptocurrencies after the merger, as its rewards would make it similar to an instrument like bonds or commodities with a carry premium.”

Chainalysis Report

“I want to send a clear and strong message to everyone in the crypto world – anyone offering you free money is lying. They simply don’t exist.”

Fat Man TerraTwitter encryption influencer with a pseudonym

Predicting the week

Bitcoin Analyst Describing 2018 Bottom Warns ‘Bad Winter’ Could See $10,000 Bitcoin

Crypto market analyst pseudonym Filbfilb sees Bitcoin potentially dropping to $10,000 within 2022. Macro global factors and the prevailing correlation in the market could influence the Bitcoin price trajectory, according to comments made by the analyst during an interview. Among a plethora of insights, Filbfilb noted that the current cryptocurrency market has some similarities with previous bear markets, but it also includes differences. The analyst showed remarkable accuracy in calling Bitcoin’s bottom during the last bear market of 2018.

FUD of the week

Federally Sentenced Bitcoiner Warns Users Involved in OTC Trading

Mark Alexander Hopkins, aka Rizzn on Twitter, claims he faces 6 to 15 months in prison. the crime? It is alleged that it failed to secure the proper regulatory license for its peer-to-peer (P2P) bitcoin trading crypto business. Hopkins’ home was raided by US authorities in 2019. Hopkins, also known as dr bitcoin, He allegedly signed up with the US Financial Crimes Enforcement Network, but some complications arose because some of his P2P bitcoin dealings were linked to a customer involved in money laundering. The authorities claim that Hopkins did not perform due diligence towards his clients, though he asserts otherwise.

What are the worst countries to tax cryptocurrency? New study lists the top five

Crypto taxes vary globally. Coincub, a digital asset analytics provider, recently published a study naming the five least favored regions for paying crypto taxes. Belgium has taken the cake for the country with its worst crypto tax laws, requiring citizens to pay up to 50% in some cases, while charging 33% for crypto capital gains. After Belgium in the list of the worst tax jurisdictions: Iceland, Israel, the Philippines and Japan.

Vermont’s financial regulator claims Celsius and CEO made ‘false and misleading claims’

Bankrupt crypto platform Celsius is facing allegations from Vermont’s Department of Financial Regulation (DFR). The body claims that Celsius and its CEO Alex Mashinsky knew about the project’s financial issues, but then proceeded to mislead the public into believing that all was well. The allegations also point to market manipulation of the project’s CEL asset. “By increasing its net position in CEL by hundreds of millions of dollars, it increased a degree of CEL’s market price and supported it, artificially inflating the company’s CEL holdings in its balance sheet and financial statements,” Ethan McLaughlin, assistant general counsel for DFR, said.

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