JPMorgan sees higher BTC price potential, a16z unveils $4.5 billion crypto fund, and PayPal hints at greater involvement in crypto and blockchain: Hodler's Digest, May 22-28

Coming every Saturday, Summary of Hodler will help you follow every important news that happened this week. The best (and worst) quo...


Coming every Saturday, Summary of Hodler will help you follow every important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.

Top stories this week

Andreessen Horowitz Shuts Down $4.5 Billion Crypto Fund Amid Market Turmoil

Venture capitalist Andreessen Horowitz, or a16z, has unveiled a new $4.5 billion cryptocurrency fund. The a16z fund is the fourth of its kind and more than double the size of its third largest crypto investment fund. With $3 billion earmarked for venture capital investments and $1.5 billion for early-stage projects, the fund will seek to invest in companies at different stages of their life cycle. Andreessen’s new fund provides a strong indicator that venture capital interest in the crypto market remains high despite evidence of a brutal bear market.

JPMorgan puts BTC fair price at $38,000, declares crypto a preferred alternative asset

A client-focused memo from JPMorgan this week detailed the banking giant’s thoughts on Bitcoin, claiming $38,000 as the asset’s fair value. The seemingly bullish outlook came on the heels of Bitcoin price falling below $30,000. But even in February, when BTC was valued at $43,000, JPMorgan strategists said $38,000 was fair market value. This week’s client note from JPMorgan also highlighted the possibility of positive price action for the entire crypto space, provided venture capital investment does not falter.

WEF 2022: PayPal seeks to adopt all possible crypto and blockchain services

According to comments from Vice President Richard Nash, PayPal aims to give its platform more influence on blockchain and crypto. “Just walk slowly in the crypto shield with buy/sell/hold in certain jurisdictions,” Nash told Cointelegraph at the World Economic Forum (WEF) in Davos, Switzerland. “And then seek to work with others to embrace whatever we can, whether it’s the coins we have today in PayPal digital wallets, private digital currencies, or CBDCs in the future.”

GameStop Unveils Beta Cryptocurrency Wallet and Upcoming NFT Platform

With time running out until the launch of GameStop’s NFT Marketplace, the company has unveiled the beta version of an Ethereum-based wallet. The self-preserving crypto and NFT storage solution is called GameStop Wallet. The browser-based wallet will go hand-in-hand with the company’s future NFT marketplace. GameStop is also developing a mobile app version of the wallet.

Korean Watchdog Begins Crypto Risk Assessment As Terra 2.0 Passes Vote

Korea’s Financial Supervisory Service (FSS) is working to standardize its digital asset risk assessment following the collapse of the Terra ecosystem. Although FSS standardization efforts are just beginning, they are expected to result in a legal framework for the valuation of digital assets. Meanwhile, Terraform Labs CEO Do Kwon is moving forward with an ecosystem recovery plan, having won majority support from his community. The Terra 2.0 ecosystem went live on Friday with a new blockchain and crypto asset.

Winners and losers

On weekends, Bitcoin (BTC) is at $28,449Ether (ETH) at $1,729 and XRP at $0.37. The total market capitalization is $1.17 trillion, according at CoinMarketCap.

Among the 100 biggest cryptocurrencies, the top three altcoin gainers of the week are BORA (BORA) at 18.15%, Bitcoin Gold (BTG) at 17.79% and Ethereum Classic (ETC) at 11.09%.

The top three altcoin losers of the week are TerraClassicUSD (USTC) at -46.13%, STEPN (GMT) at -27.38% and Elrond (EGLD) at -25.70%.

For more information on crypto prices, be sure to read Cointelegraph Market Analysis.

Most Memorable Quotes

“Decentralization really puts more control and power back into the hands of the people, where they belong.”

Sonali Giovinocommunications manager for Defiyield

“Projects need to watch out for the interests of their community and their users because, at the end of the day, that’s what you have most valued.”

Nicky ChalabiEcosystem Success and Enablement Professional at Near Foundation

“Many of the policy and regulatory issues that limit the power to move money have to do with taking away people’s economic freedoms.”

Jeremy AllaireCircle CEO

“In TradiFi, people think, ‘I don’t want to lose money, how can you help me keep my wealth independent of the markets?’ So it’s very much about risk management. Whereas in DeFi, degens are like, ‘Give me those triple-digit returns, woo!’ »

Alexandre FazelPartnership Director for SwissBorg

“The rise of the term ‘Web3’ is encouraging because it means people are seeing this underlying technology powering different applications — ones they didn’t necessarily expect.

Wood Gavinco-founder of Polkadot and Ethereum

“There’s absolutely no reason why a deed to a home can’t be a unique digital asset as long as that asset is created and stored in the right way.”

Alex AltmanCOO of Seal Storage Technology

Prediction of the week

Bitcoin price could hit $15.5,000 if it retests this historic lifetime support level

Bitcoin price has continued to struggle in recent days, often trading below $30,000, according to Cointelegraph BTC Price Index. However, the asset could still drop significantly, according to Rekt Capital.

Throughout Bitcoin’s history, the price of the asset has respected the 200-week moving average (200WMA). “#BTC tends to wick -14% to -28% below the 200-MA,” Rekt Capital detailed as part of a Twitter thread. “And since $BTC 200-MA now represents the price of ~$22,000… A -14% downside wick below the 200-MA would translate to Bitcoin at ~$19,000,” they added. . “What if #BTC were to repeat the March 2020 downside absorption depth below the $200-MA BTC would revisit the price around $15,500.”

FUD of the week

‘Yuck!’ Elon Musk warns users about the latest crypto deepfake scam

Have you watched a video of Tesla CEO Elon Musk announcing 30% gains via deposits to a crypto platform? Warning, the video is a scam. Classified as a deepfake, the video has been doctored to look real but isn’t, as confirmed by a Twitter comment from Musk himself. The video exploits actual footage of Musk giving a TED talk earlier in 2022, edited to trick viewers into a scam. However, deepfakes are nothing new. This recent effort uses Musk’s fame in tandem with his known crypto involvement.

Crypto Spam Grows 4,000% in Two Years — LunarCrush

The last two years have seen a 3,894% increase in crypto-related spam, according to recent data from LunarCrush, a crypto intelligence firm. One aspect that makes detection difficult: the unwanted action is not entirely bot-related, with a surprising amount coming from humans. Twitter is a hotbed of spam, based on data from LunarCrush.

Targeted phishing scam nets $438,000 in crypto and NFT from hacked Beeple account

A hacker or a group of hackers recently took over the Twitter account of Mike Winkelmann, alias Beeple. The hacker(s) who commandeered the well-known NFT artist’s account posted phishing scam tweets, framing the scam around Beeple’s recent collaboration with Louis Vuitton. Although Beeple managed to regain control of its Twitter account, the phishing effort stole approximately $438,000 worth of Ether and NFT from the victims.

Best Crypto Features

The Moon Has ‘Created’ Its Lavish Reality…And Says You Can Too

“Three years and BOOM, you can be anything you want – a famous musician, a billionaire. Whatever you want to do, it can all be done with the right mindset.

Crypto is changing the way humanitarian agencies deliver aid and services

“It’s almost as if the idea of ​​a decentralized, distributed model is exactly what works in terms of how the system works and deploys.”

How Terra’s Collapse Will Affect Future Stablecoin Regulations

The collapse of the UST algorithmic stablecoin created a ripple effect for the entire crypto market and put regulators on extremely high alert.

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Newsrust - US Top News: JPMorgan sees higher BTC price potential, a16z unveils $4.5 billion crypto fund, and PayPal hints at greater involvement in crypto and blockchain: Hodler's Digest, May 22-28
JPMorgan sees higher BTC price potential, a16z unveils $4.5 billion crypto fund, and PayPal hints at greater involvement in crypto and blockchain: Hodler's Digest, May 22-28
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