Coming every Saturday, Summary of Hodler help you follow every important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, commons and more – a week on Cointelegraph in one link.
Top stories this week
Binance ends support for anonymous Litecoin transactions
Binance has decided to ban Litecoin (SLD) transactions sent through MimbleWimble’s (MWEB) most recent upgrade from its exchange, noting that such transactions would now result in the loss of associated LTC. Binance is not phasing out LTC entirely, unlike other exchanges that have decided to phase out the cryptocurrency. Among its changes, the latest Litecoin MWEB update introduced privacy features. Binance’s decision to end support for these transactions comes as global crypto regulation remains a pervasive focal point in the industry.
Ethereum Difficulty Bomb Shifted But Network Adoption Continues To Grow
The difficulty bomb, a key piece of the puzzle in Ethereum’s move to proof-of-stake (PoS), has been delayed. Simply put, the difficulty of making mining on Ethereum’s current proof-of-work (PoW) chain undesirable in order to push everyone to the PoS chain. Scheduled to happen in August, the move to PoS has been dubbed The Merge by Ethereum. Ethereum developers recently concluded a successful testnet merge, which simulated the unfolding of the real Ethereum PoS chain.
72 of the Top 100 Coins Have Fallen by 90% or More: Here Are the Lows
This week has been tough for the crypto industry as prices have dropped dramatically. Falling below the $1 trillion mark, the total market capitalization of the crypto industry saw a drop of 24%. Their prices since the highest, 72 of the 100 largest crypto assets by market capitalization have fallen by more than 90%. During this bear market, even market leaders Bitcoin and Ether saw losses of 70.3% and 78%, respectively, from their all-time highs.
Three Arrows Capital failed to respond to margin calls: report
Falling crypto prices and large exposure to the debacle of the Terra ecosystem put significant pressure on Three Arrows Capital (3AC). The Singapore-based hedge fund and venture capital firm reportedly failed to respond to margin calls from its lenders. 3AC reportedly faced over $400 million in liquidations during the last market meltdown and is now consider a bailoutamong other options.
Celsius Exodus: $320M in Crypto Sent to FTX, User Withdrawals Pause
Celsius’ recent moves have fueled speculation in the crypto community as to whether the digital asset lending and staking platform is dealing with its rumored liquidity crunch. In addition to temporarily shutting down user withdrawals, Celsius moved hundreds of millions of dollars worth of different digital assets across platforms, such as FTX, without any explanation. A filed report said Celsius was hiring a legal consultant.
Winners and losers
On weekends, Bitcoin (BTC) is at $20,535Ether (ETH) a $1,079 and XRP a $0.31. The total market capitalization is $892 billion, according at CoinMarketCap.
Among the 100 biggest cryptocurrencies, the top three altcoin gainers of the week are OKB (OKAY) at 2.43%, Neutrino USD (USDN) at 0.94% and Helium (HNT) at 0.65%.
The top three altcoin losers of the week are Nexo (NEXO) at -44.59%, Flux (TO FLOW) at -38.22% and Monero (XMR) at -36.20%.
For more information on crypto prices, you should read Cointelegraph’s market analysis.
Most Memorable Quotes
“The current situation is good for Bitcoin in the long term, cleaning the market of leverage, scams and dishonest institutions.”
Josef Tetekbitcoin analyst and brand ambassador at Trezor
“Executives often disagree on much, but our research shows they overwhelmingly agree on one thing: 95% of them believe the metaverse will have a positive impact on their industry.”
Lareina Yeesenior partner at McKinsey & Company
“We recognize that hurt feelings are inevitable in a global organization that optimizes team results above individual feeling.”
“Having worked professionally in this industry for eight years, I’m tired of talking about regulation, especially in the United States.”
Meltem DestroyersChief Strategy Officer of CoinShares
“What happens with Celsius will have serious repercussions for the industry. It is a significant player, and its failure will have apparent ripple effects.
Mahin Guptafounder of Liminal
“Too often people hear that you work in crypto, and they have a preconceived idea of what that looks like.
Alexander Wilsonco-founder of The Giving Block
Prediction of the week
Bitcoin Traders Expect “Long Consolidation Phase” Now BTC Is Trading Below $21,000
Bitcoin price fell sharply this week from $28,000 to under $21,000, according to Cointelegraph BTC Price Index. The cryptocurrency continued its freefall over the weekend, plunging below $19,000.
Among those analyzing Bitcoin’s price action came Twitter’s personality Rekt Capital. “If #BTC continues to hold the orange 200 week MA as support and the black 200 week EMA numbers as resistance…$BTC could form an accumulation range here, just like in 2018,” he tweeted. ‘Analyst June 15. may be a consolidation over several months until December 2022.”
FUD of the week
Binance.US faces class action lawsuit over sale of LUNA and UST
A lawsuit in California against Binance’s US arm, Binance.US, has surfaced following the collapse of the Terra ecosystem. Among its claims, the lawsuit alleges that LUNC (formerly LUNA) and its stablecoin UST are unregistered securities and that Binance.US lacks proper regulatory registration.
Iowa Regulator Orders BlockFi to Pay $943,000 for Alleged Unregistered Securities Offering
Related to US Securities and Exchange Commission (SEC) action against BlockFi February press release, the company has now been fined approximately $943,000 by the Iowa Division of Insurance. The state regulator says BlockFi lacked proper registration, in addition to offering and selling unregistered securities. A cease and desist order relating to “misrepresentation of material facts relating to the securities” also accompanies the fine.
Elon Musk is hit with a ‘ridiculous’ $258 billion Dogecoin lawsuit
A class action lawsuit aims to extract $258 billion from Elon Musk and two companies he leads, Tesla and SpaceX. The suit points the finger at Musk for allegedly using his status to profit from Dogecoin, that the suit is considered a pyramid scheme. Several prominent figures in the digital asset industry have spelled out the lawsuit.
Best Crypto Features
What can other algorithmic stablecoins learn from Terra’s crash?
The main problem that led to Terra’s downfall was that her reserves appeared to be oversized, but in reality, they weren’t.
Bear markets are the most feared time of any investment cycle, but there are many ways to stay ahead and weather the storm.
Central Authorities Have Demonized Privacy – Crypto Projects Must Fight Back
Despite being a major tenant in many crypto projects, privacy has been demonized by those in power, including enablers, regulators, banks, and academics.