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
Crypto industry hits back after EU vote to block ‘unhosted’ wallets
The cryptocurrency industry has fired back at the European Parliament, the legislative arm of the European Union, and voted for strict crypto regulations regarding “non-hosted” private wallets.
The guidelines would require crypto service providers to verify the identity of anyone with an unhosted wallet interacting with them, while any transaction over $1,000 would have to be reported to authorities.
“Imagine if the EU required your bank to report you to the authorities every time you paid your rent just because the transaction was over €1,000,” Coinbase CEO Brian Armstrong wrote Twitter. “Or if you sent money to your cousin to help him shop, the EU required your bank to collect and verify private information about your cousin before you were allowed to send the money.”
Axie Infinity’s Ronin Bridge Has Been Hacked For Over $600M
Axie Infinity’s Ronin Bridge was the victim of a violent hack valued at around $612 million earlier this week, stealing 173,600 ether and $25.5 million coins from the platform.
The Ronin developers stated that the attacker used hacked private keys to spoof fake payouts and withdraw the funds from the Ronin bridge in just two transactions.
In a statement Wednesday, the developers said they are “working with law enforcement officials, forensic cryptographers and our investors to ensure all funds are recovered or refunded.” All AXS, RON and SLP [tokens] on Ronin are safe now.”
Terra buys $139 million worth of Bitcoin, wallet reaches 31,000 BTC
As part of the bitcoin buying spree led by Do Kwon, founder of Terraform Labs, Luna Foundation Guard’s Terra wallet neared $1.5 billion in BTC after another huge $139 million purchase this week was made.
Terra has been aggressively buying up BTC since late January to build reserves to support its TerraUSD (UST) stablecoin, with Kwon also announcing earlier this month that Terra plans to accumulate a whopping $10 billion worth of BTC.
Terraform Labs is on course to soon overtake Tesla as the second-largest holder of Bitcoin, with MicroStrategy also in its sights, according to data from Bitcoin Treasuries.
OpenSea wants to integrate Solana in April and thus further expand the NFT ecosystem
Leading NFT marketplace OpenSea announced a long-awaited integration with the Solana blockchain on Wednesday. The expanded support, which is expected to go live in April, adds to OpenSea’s existing support for Ethereum, Layer-2 Polygon and Klaytn.
It appears the move was well received, with OpenSea’s 16-second teaser video garnering 615,500 views, 8,964 retweets and 21,700 likes on Twitter within 18 hours of posting.
Alluding to the large number of tweets and media posts commenting on the potential for a Solana launch, OpenSea cheerfully dubbed the announcement the “best kept secret in Web3”.
MetaMask rolls out Apple Pay integration and other iOS updates
ConsenSys’ proprietary MetaMask on Tuesday unveiled major updates for iPhone and Apple Pay users, allowing them to buy cryptocurrency directly from the app using a debit or credit card, eliminating the hassle of sending ether from an outside source, to add money.
Specifically, the move aims to reduce gas fees, and MetaMask uses two payment gateways, Wyre and Transak, to support debit and credit card purchases. Users can now deposit a maximum of $400 a day into their wallets through the new service.
“We wanted to expand the way users can convert crypto within the app itself and not have to leave it,” James Beck, director of communications and content at ConsenSys, told Cointelegraph.
Winner and Loser
At the end of the week, Bitcoin (Bitcoin) is at $45,119, Ether (ETH) at $3,275 and XRP at $0.81 Total market cap is at $2.07 trillion, according to to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are STEPN (MEAN GREENWICH TIME) at 325.60%, Zilliqa (ZIL) at 303.89% and SKALE network (SKL) at 82.33% The top three altcoin losers of the week are Axie Infinity (AXIS) at -13.23%, Zcash (ZEC) at -8.16% and helium (HNT) at -7.54%.
More information on crypto prices can be found here Market Analysis by Cointelegraph.
Most Memorable Quotes
“I bet the long-term scenario of bitcoin rising and reserves being strong enough to withstand a drop in UST demand is the more likely scenario.”
Do Kwon, Founder and CEO of Terraform Labs
“New York can issue $2 billion worth of debt and buy $2 billion worth of bitcoin – the bitcoin yields 50% or more, the debt costs 2% or less.”
Michael Saylor, CEO of MicroStrategy
“Dictators aren’t really going to like bitcoin because they can’t control it.”
Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation
“Ethereum is like New York City: it’s huge, it’s expensive, and it’s congested in certain areas. However, it also boasts the richest application ecosystem, with over 500 apps valued at over $100 billion — more than 10x larger than any other competing network.”
Grayscale, Digital Asset Manager
“Nothing is growing as fast as cryptocurrency.”
Karim Khanjeza, Member of Parliament from Kyrgyzstan
“Web3 takes the concept of democratization to a whole new level, making data/information not only openly shareable, but also openly uncorruptible.”
Shubham Gupta, Indian Administrative Service Officer
“I would estimate the probability of Bitcoin ever moving to PoS to be exactly 0%. There is no appetite among bitcoiners to destroy the security of the protocol by such a move.”
Chris Bendiksen, Bitcoin researcher at CoinShares
“People should have the freedom to choose other funds. If the government misuses our cash, we should be free to use other, better quality cash.”
Pierre Poilievre, Canada’s Conservative Party candidate for Prime Minister
forecast of the week
VanEck Says Bitcoin Could Hit $4.8 Million If It Becomes Global Reserve Asset
US investment giant VanEck has made a lofty prediction about Bitcoin — and one that has very little chance of happening any time soon. The company suggested this week that 1 BTC could be worth $4.8 million if it becomes the global reserve currency.
The wildly optimistic estimate was part of a report by VanEck’s head of active EM debt management, Eric Fine, and chief economist Natalia Gurushina, who outlined a thought experiment comparing the price impact for gold and bitcoin after becoming reserve currencies.
VanEck’s analysis found that the implied price for BTC ranged from $1.3 million to $4.8 million. Ultimately, however, they concluded that the Chinese yuan is the most likely currency to become a global reserve asset if the US dollar collapses in the future.
FUD of the week
Crypto Skeptical Gamers Review Storybook Brawl After FTX Purchased It
A bunch of angry gamers have bombed Storybook Brawl on Steam over fears of potential NFT and blockchain integrations after crypto exchange FTX US acquired its developer Good Luck Games.
FTX US announced the acquisition on Friday and at the time of reporting, 600 out of 761 reviews were negative, with most of them commenting on how good the game was until it was sold out to a crypto company.
“Good Luck Games was acquired by FTX, a cryptocurrency company, to ‘help crypto catch on with gamers’. I don’t want any part of it and I don’t want crypto to ‘invade’ things that interest me. Uninstalled,” wrote Steam user “King Bear” who has played the game for more than 60 hours.
As inflation is through the roof, the Central Bank of Sudan is warning citizens against using crypto
The Central Bank of Sudan (CBOS) has warned citizens of risks such as “financial crime, electronic piracy and the risk of depreciation” when dealing with cryptocurrencies.
The warning came amid reports that crypto is gaining traction in Sudan at a time when the African nation is grappling with triple-digit inflation following a military coup in 2021.
The CBOS also cited legal risks as cryptocurrencies are not classified as money “or even private money and property” under Sudanese law. The central bank admitted that it has noticed a surge in crypto action on social media lately.
Greenpeace, co-founder of Ripple, campaigning to change the Bitcoin code
Greenpeace has partnered with Ripple co-founder and CEO Chris Larsen to launch a new campaign aimed at shifting Bitcoin mining practices to an environmentally sustainable model.
The campaign is called “Change the Code, Not the Climate,” and Greenpeace specifically raised concerns that the energy needed to mine Bitcoin comes primarily from fossil fuels.
“If just 30 people — the key miners, exchanges, and core developers who create and contribute to bitcoin’s code — agreed to reinvent proof-of-work mining or move to a low-power protocol, bitcoin would pollute the planet stop,” the campaign notes read.
Bitcoin enthusiasts were far from happy with the new campaign, as several prominent industry leaders argued that the Bitcoin network would never give up proof-of-work.
Best Cointelegraph Features
Crypto Critics: Can FUD Ever Be Useful?
“Anyone who says David Gerard personally prevented his crypto from getting on Wikipedia is a moron,” says editor, Wikimedia spokesperson, and professional crypto hater David Gerard in his typically matter-of-fact way.
The Bitcoin Shitcoin Machine: Mining BTC with biogas
A bitcoin mining facility in Slovakia converts human and animal waste into bitcoin hash rate, thereby securing the network while mining bitcoin.
Planet of the Bored Apes: BAYC’s success turns into an ecosystem
The success of the Bored Ape Yacht Club collection sparked the creation of an NFT universe powered by its proprietary ApeCoin token.
https://cointelegraph.com/magazine/2022/04/02/axie-infinity-hacked-for-612m-opensea-expands-support-to-solana-eus-unhosted-wallet-regulations-cause-a-stir-hodlers-digest-march-27-april-2 Yuga Labs Raises $450M in Funding, Charles Hoskinson’s Prediction Underperforms, Spots Incoming BTC ETFs?: Hodler’s Digest, May 20-26 March