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
Starbucks announces NFT initiative as anti-union controversy rages on
Non-fungible tokens continue to make headlines, with coffee giant Starbucks recently signaling its intention to join the NFT party. “Sometime before the end of this calendar year, we will get into the NFT business,” Starbucks CEO Howard Schultz said Monday via a Partner Open Forum.
The NFT talk emerged amid rising interest in unionization, led by workers at the chain’s US stores. One of the leaders of the labor movement, Laila Dalton, was fired from Starbucks shortly after the NFT announcement. Schultz’s comments show he is not pro-union.
The UK government is moving forward with the regulatory framework for stablecoins for payments
The UK Treasury has expressed interest in crypto regulation on multiple fronts. Included in the mix was recognition of the potential of stablecoins as a mainstream means of payment, with the aim of fitting the asset type into current regulatory guidelines.
“My aim is to make the UK a global hub for crypto asset technology and the actions we have outlined today will help businesses invest, innovate and thrive in this country,” noted HM Finance Chancellor Rishi Sunak.
The Treasury’s Business Secretary, John Glen, said: “If crypto is going to be a big part of the future, then we, the UK, want to be there – and on the ground floor.”
Crypto Twitter Unites To Raise Funds For Cancer Treatment From Community Members
Pseudonymous Twitter user “Yopi” has been part of the crypto industry and a cancer fighter since mid-2021. After he tried chemotherapy, doctors told Yopi he needed stem cell treatment once the cancer returned. Yopi’s cost of treatment: $50,000.
Yopi posted a tweet explaining the situation, which garnered significant response from the crypto community. At the time of Cointelegraph’s reporting, he ended up receiving about $74,000 in crypto assets.
ProShares filings with the SEC for Short Bitcoin Strategy ETF
On Tuesday, ProShares filed a different type of Bitcoin exchange-traded fund (ETF) — one that would allow investors to bet against BTC futures. ProShares has filed its Short Bitcoin Strategy ETF with the US Securities and Exchange Commission. Essentially, shares of the ETF would benefit if bitcoin futures fell in price instead of rising. These so-called inverse ETFs, which are designed to achieve the inverse of the benchmark they track, are relatively common in the futures market.
ProShares’ bitcoin futures-based Bitcoin Strategy ETF was listed in October 2021 after the SEC approved the product. The newly filed ProShares Short Bitcoin Strategy ETF has a June listing target, although that could be delayed due to an SEC decision.
Blockstream and Block Inc build solar bitcoin mining facility powered by Tesla technology
A new collaboration between crypto storage company Blockstream and Jack Dorsey’s Block (formerly Square) will see the development of a fully solar-powered, open-source BTC mining facility.
According to the announcement, the mining rig will be equipped with a 3.8-megawatt Tesla Solar PV (photovoltaic) array and a 12-MWh (megawatt-hour) lithium-ion battery Tesla Megapack. With this mining facility, the companies want to investigate the feasibility of operating an emission-free BTC mine.
The collaboration also envisages the development of a publicly accessible dashboard that will display key metrics including power output, total BTC mined, storage performance, costs, and return on investment, to name a few.
Winner and Loser
At the end of the week, Bitcoin (Bitcoin) is at $42,388.53ether (ETH) at the $3,207.75 and XRP at the $0.76. The total market capitalization is at $1.96 trillion, according to to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Mina (MINA) at 17.56%, NEAR Protocol (VICINITY) at 16.07% and Convex Finance (CVX) at 10.06%.
The top three altcoin losers of the week are Waves (WAVES) at -50.60%, Zilliqa (ZIL) at -37.08% and Axie Infinity (AXIS) at -29.43%.
More information on crypto prices can be found here Market Analysis by Cointelegraph.
Most Memorable Quotes
“Against the backdrop of global inflation, bitcoin has a chance to become a widely used currency in international settlement.”
Chen LiCEO and co-founder of Youbi Capital
“While it is clear that the energy demand of global bitcoin mining has increased significantly since 2017, the recent literature indicates a wide range of estimates for 2020 (47 TWh to 125 TWh) due to data gaps and differences in modeling approaches.”
That Intergovernmental Panel on Climate Change (IPCC)
“There is no reason to treat the crypto market differently just because a different technology is being used.”
Gary GenslerChairman of the US Securities and Exchange Commission
“Imagine where we could be in five years, where virtually everyone in the western world can have a smartphone wallet on their smartphone and probably do business with every restaurant in the world.”
Anthony ScaramucciFounder and Managing Partner of Skybridge Capital
“The scarcity and virginity of bitcoin as collateral may well come back to the fore.”
“El Salvador is an independent democracy and we respect its right to self-government, but the United States must have a plan to protect our financial systems from the risks of this decision, which seems like a reckless gamble rather than a thoughtful embrace of innovation.” .”
Norma TorresUS Representative, on El Salvador making Bitcoin legal tender
“If people are itching to contribute or do a side project in this area, I would say, ‘Put your heart in,’ because it will give you feedback and connections and insights and experiences that you’re having right now that I never would have dreamed of to let.”
MTCFounder of Sats Ledger
forecast of the week
Why the “mid-halving” bitcoin price collapse will be different this time
Bitcoin’s mining payout per block halves roughly every four years. Dubbed the Bitcoin halving, this event coincided with four-year price cycles, including bullish and bearish periods. That four-year cycle could be over, however, according to several industry participants.
The pseudonymous author of the Santiment blog “Alerzio” described April 11 as a possible signal for a turning point. BTC maintaining price action north of $50,000 per coin before or around this date could be evidence of a cycle different from previous four-year periods, Alerzio wrote. April 11 is the midpoint between the most recent BTC halving and the next.
FUD of the week
Australian crypto “influencers” face tough new legal restrictions
The Australian Securities and Investments Commission (ASIC) recently waved a red flag in relation to influencers working in the financial sector. ASIC essentially warned influencers, both solo and companies that employ influencers, against using language that could be viewed as financial advertising. ASIC’s warning specifically mentions finance as opposed to crypto, but crypto is often placed in the finance category.
“If you present factual information in a manner that conveys a recommendation that someone should (or should not) invest in this product or class of product, you could be breaking the law by offering unlicensed financial product advice,” the ASIC said. information sheet.
Some negative comments about the move relate in part to the lack of clarity about what constitutes financial influence.
Shopify faces another lawsuit from crypto holders alleging ledger data breach
A collection of Ledger hardware wallet users has filed a lawsuit against Ledger, Shopify, and TaskUs. In short, the case alleges that the defendants failed to take adequate steps to prevent the leakage of a significant amount of Ledger buyers’ personal data in 2020.
The complaint alleges that Ledger and Shopify misled customers by touting their products’ “unmatched security” — promises that contradict the current leak. The plaintiffs also claimed that Shopify and TaskUs knew about the leak for over a week before alerting customers. Shopify was responsible for Ledger’s online store at the time of the leak, and TaskUs is an outside data consultant who, according to Shopify’s legal complaint, is responsible for customer service.
The group of Ledger users behind the lawsuit are demanding certain damages, as well as disclosure of what data was actually leaked.
The EU bans the provision of “high-quality crypto-asset services” to Russia
In a bid to further discourage Russian nationals from using cryptocurrencies to secure assets amid the war in Ukraine, the Council of the European Union announced its intention to ban the country from “providing high-quality crypto-asset services.”
Some of the other restrictive measures the European Commission proposed this Friday include a ban on transactions and asset freezes linked to four Russian banks, and a “ban on offering trustee advice to wealthy Russians.”
Just a day before the council’s announcement, Russian Prime Minister Mikhail Mishustin claimed that Russian companies and individuals own more than $130 billion in crypto assets — an amount nearly equal to all of Russia’s gold holdings, which in March 2022 was estimated to be around estimated at US$140 billion.
Best Cointelegraph Features
Are CBDCs kryptonite for crypto?
“A CBDC is an authoritarian government’s dream and a huge step backwards for consumer privacy.”
What Elon Musk’s Investment Could Mean For Twitter’s Crypto Plans
Tesla CEO Elon Musk recently bought a 9.2% stake in Twitter, making it the largest shareholder in the social media company.
Unhosted is undesirable: The EU’s attack on non-custodial wallets is part of a larger trend
Regulators on both sides of the Atlantic seem nervous about people transacting with their wallets.
https://cointelegraph.com/magazine/2022/04/09/starbucks-joins-nft-party-uk-government-seeks-stablecoin-regulations-crypto-twitter-rallies-behind-cancer-fighter-hodlers-digest-apr-3-9 Starbucks joins NFT party, UK government seeks stablecoin regulations and crypto Twitter rally behind cancer fighter Hodler’s Digest: 3rd-9th May April