US Fed Raises Interest Rates, Bitcoin Plunges Below $36,000, and Argentina's Central Bank Says No to Financial Institutions Offering Crypto: Hodler's Digest, May 1-7

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

The Fed raises interest rates by 50 basis points to fight inflation

On Wednesday, the US Federal Open Market Committee (FOMC) voted in favor of raising interest rates by 0.5%, marking its biggest upward adjustment in more than two decades. It was the second rate increase of 2022, with seven increases planned in total for the year.

At a press conference following the FOMC meeting, Federal Reserve Chairman Jerome Powell again insisted on the need to keep raising interest rates to fight inflation.

Coinbase took out the first Bitcoin-backed loan from Goldman Sachs

Coinbase has taken an important step towards bringing the mainstream world closer to the crypto world by using Bitcoin as collateral for a loan with Goldman Sachs. The actual mechanics of the deal involved Coinbase taking out a loan from Goldman that was collateralized by some of the exchange’s BTC holdings. However, the amounts were not specified.

“Coinbase’s work with Goldman is a first step in recognizing crypto as collateral that deepens the bridge between fiat and crypto economies,” Brett Tejpaul, head of Coinbase Institutional, told Bloomberg.

Binance commits $500 million to co-invest in Twitter with Elon Musk

In April 2022, Tesla CEO Elon Musk disclosed plans to buy Twitter, pending certain approvals, for $44 billion. That $44 billion doesn’t just come from Musk’s pocket, but includes contributions from 19 other players. Crypto heavyweights Binance and Sequoia Capital Fund are among the contributors, contributing $500 million and $800 million respectively.

Court Orders BitMEX Founders to Pay $30M Civil Fine

A court ruling on Thursday ordered BitMEX co-founders Benjamin Delo, Arthur Hayes and Samuel Reed to pay $30 million in civil penalties ($10 million each) for violations of the law regarding their handling of the BitMEX exchange.

Alleged violations included missing certain customer data requirements, failure to obtain appropriate regulatory approvals, and more. The $30 million ordeal comes in the wake of other prior legal issues.

SEC Doubles Down on Crypto Regulation by Expanding Unity

The U.S. Securities and Exchange Commission (SEC) plans to bolster its Crypto Assets and Cyber ​​Unit – a division of the SEC charged with policing the crypto industry. Plans include adding 20 people to the unit, bringing the total number of teams to 50 members.

The additional personnel will almost double the current size of the unit in terms of personnel. SEC Chairman Gary Gensler spoke favorably of the plans while Hester Peirce, one of the SEC commissioners, questioned the decision.

Winners and losers

On weekends, Bitcoin (BTC) is at $35,983Ether (ETH) to $2,689 and XRP to $0.59. The total market capitalization is $1.65 trillion, according to at CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are TRON (TRX) at 27.92%, anchoring protocol (ANC) at 17.18% and Algorand (ALGO) at 10.21%.

The top three altcoin losers of the week are ApeCoin (MONKEY) at -39.48%, STEPN (GMT) at -34.06% and Kava (KAVA) at -27.18%.

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

Most Memorable Quotes

“I think of bitcoin the same way I think of the early internet. [The government] I didn’t see it coming and now it’s a viable form of currency – you can actually buy stuff with it.

Joe Roganpodcaster

“If you just overlay the Nasdaq and the cryptocurrency markets, they’re incredibly correlated right now, so I think that’s creating a lot of churn and pain in the markets. Meanwhile, billions of dollars are being invested in Web3.

Antoine Scaramuccifounder and managing partner of SkyBridge Capital

“If you told me you own all the bitcoins in the world and offered it to me for $25, I wouldn’t take it because what would I do with it?”

warren buffetBerkshire Hathaway CEO

“Why is a painting worth 10 million dollars? It is oil on canvas. The value is therefore in the eyes of the beholder.

Ken Griffinfounder and CEO of Citadel Securities

“Why are you going to put a lot of effort into developing a […] stablecoin payment system if the Fed just wants to wipe you out? »

Randal Quarlesformer vice president overseeing the U.S. Federal Reserve

“The NFT market is collapsing.”

Paul VignaWall Street Journal reporter

Prediction of the week

Bitcoin Falls to $35.5,000 as Dow 1,000 Correction Marks Worst Trading Day Since 2020

Bitcoin suffered a price drop last week. On Thursday, the price of BTC fell below $36,000 in a selloff that affected both the crypto and legacy finance markets.

Some technical strategists consider the $37,500 level to be the hinge line in the sand in terms of bullish versus bearish narratives. Bitcoin’s fall below this threshold suggests that its short-term outlook has turned bearish.

FUD of the week

Warning: smartphone text prediction guess crypto hodler seed phrase

Reddit user Andre, aka u/Divinux, recently posted a warning on the social media site explaining that a mobile phone’s predictive text can potentially guess the owner’s crypto seed phrase if the phrase was typed on the device. Andre tested his findings on multiple brands of devices, achieving similar results. This could potentially put the owner of the mobile phone at risk of crypto theft.

Over $1.6 billion mined from DeFi so far in 2022

Crypto-related theft via hacks and other malicious activity in 2022 has already eclipsed the previous two years combined, according to data from blockchain security firm CertiK. In total, 2022 has so far seen around $1.6 billion in crypto assets appropriated.

That being said, context is everything. The decentralized finance market has climbed in value over the past two years and currently sits at around $200 billion in total value locked, according to DeFi Llama.

Argentina’s central bank steps in to block new crypto offerings from banks

In Argentina, financial institutions are not allowed to provide crypto exchanges to customers, according to a ruling by the Central Bank of Argentina, or BCRA. To justify its decision, the central bank cited familiar concerns about crypto, including a lack of proper regulation for the asset class.

Earlier in the week leading up to the BCRA motion, two notable Argentine banks disclosed plans to offer certain crypto assets for purchase by customers.

Best Crypto Features

Blockchain Games Are Coming To The Mainstream: Here’s How They Can Win

Most P2E games are “crap”, according to a top investor. But they can become so much more.

Little by little, blockchain technology is starting to appear everywhere in the house

From eco-friendly seafood to Bored Apes, blockchain technology is making its presence felt in homes.

The Creator Economy Will Blow Up In The Metaverse, But Not Under Big Tech’s Regime

Independent creators and artists should feel empowered by decentralization and not play by Big Tech rules, especially in the Metaverse.

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Newsrust - US Top News: US Fed Raises Interest Rates, Bitcoin Plunges Below $36,000, and Argentina's Central Bank Says No to Financial Institutions Offering Crypto: Hodler's Digest, May 1-7
US Fed Raises Interest Rates, Bitcoin Plunges Below $36,000, and Argentina's Central Bank Says No to Financial Institutions Offering Crypto: Hodler's Digest, May 1-7
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