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Coinbase posts $1.1B loss, Polygon dApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13

Cointelegraph Magazine

Coming each Saturday, Hodler’s Digest will allow you to observe each single vital information story that occurred this week. The greatest (and worst) quotes, adoption and regulation highlights, main cash, predictions and rather more — every week on Cointelegraph in one hyperlink.

Top Stories This Week

Elon Musk: US ’previous peak inflation’ after Tesla sells 90% of Bitcoin

With Tesla now having offered 90% of its Bitcoin holdings throughout the bear market, Elon Musk says the U.S. economic system is “past peak inflation” and predicts that solely a “mild to moderate” recession could possibly be incoming. “We sort of have some insight into where prices are headed over time, and the interesting thing that we’re seeing now is that most of our commodities, most of the things that go into a Tesla — not all, more than half the prices — are trending down in six months from now,” Musk stated at Tesla’s 2022 Annual Meeting of Stockholders.

Coming sooner: ETH devs transfer up the date for Merge

The long-awaited Merge appears to be like to be forward of schedule, with Ethereum core builders Tim Beiko and Terence Tsao agreeing on a developer name Thursday to tentatively set the date of the Merge for Sept. 15. The beforehand estimated date from Beiko was Sept. 19, and advised that the closing preparation work is going easily after the closing Goerli testnet merge went off and not using a hitch this week.

Coinbase posts $1.1B loss in Q2 on ‘fast and furious’ crypto downturn

Major crypto change Coinbase posted a whopping Q2 lack of $1.1 billion, citing a “fast and furious” crypto downturn throughout the quarter. The agency famous that Q2 was a “tough quarter” as buying and selling quantity and transaction income fell 30% and 35%, respectively. It marks the second consecutive quarter of loss for the firm this yr. “The current downturn came fast and furious, and we are seeing customer behavior mirror that of past down markets,” the agency wrote in a shareholder letter posted on Tuesday.

Decentralized apps on Polygon hit 37,000, rocketing 400% this yr

The variety of DApps on Ethereum scaling platform Polygon topped 37,000 this week, marking a 400% enhance since the begin of 2022. The mission supplied a breakdown of DApp initiatives constructed on Polygon, which notably confirmed that “74% of teams integrated exclusively on Polygon, while 26% deployed on both Polygon and Ethereum.” Polygon additionally acknowledged that its ecosystem has now seen greater than “142 million unique user addresses and $5 billion in assets secured,” with round 1.6 billion transactions processed on the community so far.

Anonymous person sends ETH from Tornado Cash to outstanding figures following sanctions

One day after the U.S. Treasury sanctioned crypto mixer Tornado Cash over its alleged position in cash laundering operations, intervals of 0.1 Ether transactions started being despatched from the sensible contract to outstanding figures corresponding to Coinbase CEO Brian Armstrong and American tv host Jimmy Fallon. The transfer seems to be a critique or satirical commentary on the U.S. authorities’s present coverage of additionally sanctioning addresses that interacted with Tornado Cash.

Winners and Losers

At the finish of the week, Bitcoin (BTC) is at $23,840.93, Ether (ETH) at $1,882.20 and XRP at $0.37. The complete market cap is at $1.13 trillion, in accordance to CoinMarketCap.

Among the greatest 100 cryptocurrencies, the prime three altcoin gainers of the week are Celsius (CEL) at 93.85%, Ankr (ANKR) at 46.99% and Decred (DCR) at 26.34%.  

The prime three altcoin losers of the week are ApeCoin (APE) at 9.03%, Curve DAO Token (CRV) at 5.01% and Kusama (KSM) at 4.53%.

For extra data on crypto costs, make certain to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“A senior living community has almost no exposure to the crypto ecosystem unless their grandchildren tell them about it.” 

Owen Robertson, advertising and marketing affiliate at Dominant Strategies

“The fact that I don’t have an alternative to Facebook is the reason why Facebook is a monopoly. But if it was on a blockchain, I could transmit data freely, there could become [different] Facebooks.” 

Yat Siu, co-founder of Animoca Brands

“In the past six months or so, we’ve seen valuations on companies come down to a bit more realistic valuations, and it’s become a great time to begin allocating capital.” 

Gerard Berile, enterprise and funding principal at Wave Financial

“Going forward, that mentality towards risk management while still being bullish over the long term is very important. […] You can be bullish on crypto, but you can still sell out of the market.” 

Jeffrey Gao, CEO of Cypherpunk Holdings

“Scalability isn’t just like some boring thing where you just need like ‘cost numbers go down’ scalability, I think actually enables and unlocks entirely new classes of applications.” 

Vitalik Buterin, co-founder of Ethereum

“So I think institutional adoption is where it’s going, and the institutions are what is going to enable […] that killer app for consumers to really bring crypto and DeFi to the next level.”

Boris Alergant, head of DeFi markets at Ripple Labs

Prediction of the Week

$29K Bitcoin is nearer than you would possibly anticipate, in response to derivatives knowledge

With Bitcoin’s value persevering with to battle $24,000 resistance, going through rejection on Aug. 10 however managing to not be knocked off the 52-day-long ascending channel, Cointelegraph market analyst Marcel Pechman advised the value might finally hit $29,000 by October. He pointed to a bullish chart formation with a help degree of $22,500 that signifies the value might climb to simply below $30,000. Pechman additionally famous that whereas BTC derivatives knowledge present an absence of curiosity from leveraged longs, there is no indication of a shock crash being priced into the market.

FUD of the Week

ASIC chair troubled by sheer quantity of ‘risk-taking’ crypto buyers

Joe Longo, the chairman of the Australian Securities and Investments Commission (ASIC), has raised alarm bells over the variety of Aussies that invested in “unregulated, volatile” crypto belongings throughout the pandemic. As a part of a media launch on Thursday, Longo pointed to ASIC analysis from November 2021 that discovered that crypto was the second commonest funding product, with 44% of these surveyed reporting holding it. Out of these buyers, 25% indicated that crypto belongings have been the solely funding class they have been concerned in.

Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic

According to a Wednesday report from blockchain analytics agency Elliptic, crypto bridge RenBridge has facilitated the laundering of at the least $540 million in hacking proceeds since 2020. According to the report, the laundering was performed by way of a course of often called chain hopping — changing one type of cryptocurrency into one other and shifting it throughout a number of blockchains.

Tornado Cash co-founder studies being kicked off GitHub as business reacts to sanctions

Tornado Cash co-founder Roman Semenov claimed his account on developer platform GitHub was suspended on Monday. Semenov famous that, regardless of not being individually named as a Specially Designated National by the U.S. Treasury’s Office of Foreign Assets Control, he gave the impression to be going through repercussions referring to the Treasury’s allegations that Tornado Cash laundered greater than $7 billion price of crypto.

Best Cointelegraph Features

How to bake your individual DAO at residence — With simply 5 substances!

Decentralized autonomous organizations come in all sizes and flavors. Some can appear candy, others flip bitter. It may be enjoyable and fascinating to create one which fits your wants and satisfies your starvation for one thing new.

Reinventing your self in the Metaverse by means of digital id

Metaverse customers can reinvent themselves with a digital id constructed upon avatars and digital belongings, however there are challenges to contemplate.

How Bitcoin whales make a splash in markets and transfer costs

Are the whales promoting in this bear market? A deep dive into their on-chain knowledge.

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