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PoW Avoids EU Ban, Two DeFi Protocols Suffer Combined $11M Hack, and BAYC Performs ApeCoin Airdrop: Hodler’s Digest, May 13-19 March

Come every Saturday Hodler’s Digest will help you keep track of every single important news that happened this week. Best (and worst) rates, launch and regulation highlights, leading coins, predictions and more – a week on Cointelegraph in one link.

Top stories of this week

The President of Ukraine signs a law creating a regulatory framework for crypto

Crypto regulation was approved by President of Ukraine Volodymyr Zelenskyy. The bill, titled “On Virtual Assets,” was signed by the president and opened the door to government oversight of the domestic cryptocurrency industry.

Ukraine’s Ministry of Digital Transformation said: “The signing of this law by the President is another important step to bring the crypto sector out of the shadows and open a legal virtual assets market in Ukraine.”

Among other things, the draft law stipulates that the National Securities and Exchange Commission of Ukraine will govern the industry at several levels, such as: B. Licensing of digital assets.

The European Parliament votes against the PoW ban, bringing great relief to the crypto industry

A major European Union (EU) bill known as Markets in Crypto Assets (MiCA) has moved forward, leaving wording that would have essentially barred Proof-of-Work (PoW) crypto assets in the region.

MiCA, a sweeping crypto regulation bill in the EU, had two drafts up for debate — one version that would essentially ban PoW mining and related cryptocurrencies, and another that featured more favorable language regarding the technology. Long story short, the European Parliament’s Committee on Economic and Monetary Affairs voted in favor of the option that did not ban PoW. The bill will now go through further approval procedures.

It’s official: Binance secures a license to operate in Dubai

It’s been a busy week for cryptocurrency exchanges that have received regulatory approvals in multiple jurisdictions. Binance secured licensing in Dubai and Bahrain. FTX also received a Dubai license.

Thanks to the Virtual Asset Service Provider (VASP) license it secured in the region, Binance can now set up an office in Dubai, among other rights newly granted by the license. In addition, Binance received a Virtual Asset Exchange (VAX) license in Dubai. FTX also announced that it has received Dubai’s VAX this week.

ApeCoin announcement pushes BAYC floor price near ATH before correction

Bored Ape Yacht Club (BAYC) NFT owners can receive a significant sum of ApeCoin (APE) – a new governance and utility token for the project. APE is an ERC-20 token.

If they do so within 90 days of March 17 (12:30 p.m. UTC time), BAYC owners can claim 10,000 APE, which at the time of Cointelegraph’s reporting in the article linked above was worth a total of $72,000. FTX, Gemini and other exchanges plan to list APE.

Trading volume and pricing for BAYC NFTs experienced turbulence related to the APE token news. Under other reported detailsthe token will have a supply of 1 billion.

Diem team members raise $200 million to launch a blockchain derived from it

Avery Ching and Mo Shaikh, two former heads of the meta-crypto division, are building a Layer 1 blockchain that has its roots in part in Move – the Diem project’s programming language. The project known as Aptos, led by Ching and Shaikh, recently announced it has secured $200 million in funding, with names like Coinbase Ventures and Andreessen Horowitz contributing. Aptos is aiming for its mainnet to go live in the second half of 2022.

Released earlier in 2022Facebook-to-Meta’s stablecoin Diem essentially saw his journey come to an end when Silvergate Capital Corporation bought the nuts and bolts of the project (intellectual property, etc.) from Meta.

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Winner and Loser

blankAt the end of the week, Bitcoin (Bitcoin) is at $41,727ether (ETH) at $2,936 and XRP at $0.79. The total market capitalization is at $1.87 Trillion, according to to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are ApeCoin (MONKEY) at 1,338.31%, Aave (AAVE) at 38.53% and THORChain (RUNE) at 37.67%.

The top three altcoin losers of the week are Anchor Protocol (ANC) at -19.20% stacks (STX) at -9.20% and Kadena (KDA) at -9.18%.

More information on crypto prices can be found here Market Analysis by Cointelegraph.

Most Memorable Quotes

“If you’re an avid crypto trader like me, I’m sure the thought of who will inherit your crypto has crossed your mind.”

Jeetu KatariaCEO of Digital Financial Exchange (DIFX)

“Orange Pill, your neighbor, your favorite shop, your bar, your cinema, start sharing your sats. It’s easy for them to learn from a familiar face like yours. Be the little pebble you throw into the lake and it will create ripples that will benefit generations to come.”

Paco de la IndiaBitcoiners and runners

“Our hope is that the government will conduct this study [as established by the executive order], […] They will come to the conclusion that we will not go against China – an authoritarian dictatorship – by also acting like an authoritarian dictatorship. Instead, we will empower our private sector to develop competitive solutions.”

Jake ChervinskyHead of Policy for the Blockchain Association regarding a US Federal Reserve digital currency

“The Creator is where power begins, and that is where power should remain.”

Darryl McDanielsFounding member of Run-DMC

“My office has received numerous leads from crypto and blockchain firms that SEC Chairman @GaryGensler’s “requests” to the crypto community are overloaded, don’t feel particularly…voluntary…and are stifling innovation.”

Tom EmmerUnited States Congressman

“There is no doubt that blockchain gaming is a revolutionary concept, but right now I don’t think it will be enough to support me financially on its own. […] I think I will have enough courage to quit my job to pursue blockchain gaming once the P2E ecosystem has matured and become sustainable.”

Jesus Dawal Jr.Filipino player

“With proper research and understanding, regulators will have a much easier time regulating DeFi and preventing malicious behavior compared to legacy financial infrastructure.”

Eric ChenCo-founder and CEO of Injective Labs

“You should never define a technology by its worst use. […] Crypto is more than ransomware, just like money is more than money laundering.”

Richie TorresRepresentatives of the United States

forecast of the week

Bitcoin faces new ‘milestone’ in 2022 as new forecast predicts BTC price ‘in the millions’

For the past week, crypto’s biggest asset, Bitcoin, has traded both below $38,000 and above $41,000 in seven days Cointelegraph’s BTC price index.

Based on global conditions, Bloomberg Intelligence’s Mike McGlone and former BitMEX brass Arthur Hayes both see Bitcoin eventually coming out on top.

McGlone sees the current landscape as one that could help BTC move forward. “With #FederalReserve, inflation and war, 2022 could be primed for risk asset reversal and mark another milestone in #Bitcoin’s maturation,” McGlone tweeted.

Meanwhile, Hayes sees Bitcoin becoming valued in excess of $1 million per coin based on currently unfolding events, although he noted a decade-long time horizon where BTC first suffered from a downward movement in prices.

FUD of the week

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Blockchain forensics firm finds millions in sanctioned crypto wallet

Blockchain analytics firm Elliptic has come across a crypto wallet that may be of particular interest and potentially linked to prominent Russians being sanctioned. The contents of the wallet are estimated to be in the millions of dollars, although no details have been given.

“It’s not proving realistic that oligarchs can completely circumvent sanctions by moving all of their wealth into crypto,” Elliptic co-founder Tom Robinson told Bloomberg. “Crypto is very easy to understand. Crypto can and will be used to circumvent sanctions, but it is not the silver bullet.”

Millions of crypto addresses have been traced to Russia-related crimes, with hundreds of digital asset services facilitating anonymous crypto exchanges via the Russian ruble, based on Elliptic’s detective work.

The RBI apparently wants to ban cryptocurrencies, but not for the reasons you might think

India’s central bank, the Reserve Bank of India (RBI), expressed a desire to ban crypto assets, according to a statement released this week. The RBI fears that crypto adoption could undermine the use and dominance of the rupee, India’s national currency, and cause other problems.

“Historically, private currencies have caused instability and therefore evolved into fiat currencies over centuries,” the RBI said in the statement. “The step back to private currencies cannot be done just because technology allows it […] without considering the dislocations it causes in the legal, social and economic fabric of society.”

Unhappy: Agave and Hundred Finance DeFi Protocols Exploited for $11M

Decentralized finance (DeFi) solutions Hundred Finance and Agave were exploited for $11 million by an attacker who managed to exploit a wrapped Ether (WETH) contract facility on Gnosis Chain, a stable payments platform. Simply put, the attacker was able to siphon off more funds by continuously borrowing against the same collateral they had deposited.

The $11 million sum was stolen across a range of different crypto assets, including the aforementioned wETH, but also wrapped BTC (WBTC), Chainlink (LINK) and USD Coin (USDC). Agave and Hundred Finance both stopped their transcripts during investigations.

Best Cointelegraph Features

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You don’t have to fret over NFTs

If you’ve never fretted over JPEGs, then there’s no need to fret over JPEGs that others may own.

“We Don’t Like Our Money”: The Story of CFA and Bitcoin in Africa

African crypto experts and entrepreneurs explain why the CFA franc is an uncomfortable currency and why bitcoin is making waves as a replacement.

Russia’s central bank goes to war: is cryptocurrency friend or foe?

Policymakers in Moscow are scrambling to reconsider their approach to digital currency as one of several means of protecting the increasingly siled economy.

https://cointelegraph.com/magazine/2022/03/19/pow-avoids-eu-ban-defi-protocols-suffer-11m-hack-bayc-apecoin-airdrop-hodlers-digest-march-13-19 PoW Avoids EU Ban, Two DeFi Protocols Suffer Combined $11M Hack, and BAYC Performs ApeCoin Airdrop: Hodler’s Digest, May 13-19 March

Fry Electronics Team

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