Coinbase Posts $1.1 Billion Loss, Polygon dApps Skyrocket 400% in 2022, and Elon Musk Says Inflation Is Down: Hodler's Digest, August 7-13

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

Elon Musk: US ‘passed peak inflation’ after Tesla sold 90% of Bitcoin

While Tesla has now sold 90% of its bitcoin holdings during the bear market, Elon Musk says the US economy has “passed peak inflation” and predicts that only a “mild to moderate” recession could come. “We kind of have an idea of ​​how prices are changing over time, and the interesting thing we’re seeing now is that most of our core products, most things that go into a Tesla – not all of them, more than half the prices — tend to go down in six months,” Musk said at Tesla’s 2022 annual meeting of shareholders.

Coming Sooner: ETH Developers Advance Merger Date

The long-awaited merger appears to be ahead of schedule, with Ethereum lead developers Tim Beiko and Terence Tsao agreeing to a developer call on Thursday to tentatively set the merger date for September 15. Beiko’s previously estimated date was September 19. , and suggested final prep work is going smoothly after the final Goerli testnet merge went off without a hitch this week.

Coinbase Posts $1.1 Billion Q2 Loss Due to ‘Fast and Furious’ Crypto Slowdown

Major crypto exchange Coinbase posted a huge $1.1 billion loss in the second quarter, citing a “fast and furious” crypto downturn in the quarter. The company noted that the second quarter was a “difficult quarter,” with trading volume and trading revenue falling 30% and 35%, respectively. This is the second consecutive quarter of loss for the company this year. “The current downturn has come fast and furious, and we see customer behavior mirror that of past bear markets,” the company wrote in a letter to shareholders released Tuesday.

Decentralized apps on Polygon hit 37,000, exploding 400% this year

The number of DApps on Ethereum’s scaling platform Polygon surpassed 37,000 this week, marking a 400% increase since the start of 2022. The project provided a breakdown of DApp projects built on Polygon, which notably showed that “74% of teams integrated exclusively on Polygon, while 26% deployed on both Polygon and Ethereum. Polygon also said its ecosystem has now seen over “142 million unique user addresses and $5 billion in assets secured,” with approximately 1.6 billion transactions processed on the network to date.

Anonymous user sends ETH from Tornado Cash to VIPs following sanctions

A day after the US Treasury sanctioned crypto mixer Tornado Cash for its alleged role in money laundering operations, ranges of 0.1 Ether transactions began to be sent from the smart contract to figures such as Coinbase CEO Brian Armstrong and American TV host Jimmy Fallon. This decision appears to be a criticism or satirical commentary on the current US government policy of also sanctioning addresses that have interacted with Tornado Cash.

Winners and losers

At the end of the week, Bitcoin (BTC) is at $23,840.93Ether (ETH) at $1,882.20 and XRP at $0.37. The total market capitalization is $1.13 trillion, according at CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 93.85%, Ankr (ANKR) at 46.99% and Decred (DRC) at 26.34%.

The top three altcoin losers of the week are ApeCoin (MONKEY) at 9.03%, Curve DAO token (CRV) at 5.01% and Kusama (KSM) at 4.53%.

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

Most Memorable Quotes

“A community of older people is almost unexposed to the crypto ecosystem unless their grandchildren tell them about it.”

Owen RobertsonMarketing Associate at Dominant Strategies

“The fact that I don’t have an alternative to Facebook is why Facebook is a monopoly. But if it was on a blockchain, I could transmit data freely, there could be [different] Facebook.

Yat Siuco-founder of Animoca Brands

“Over the last six months or so, we’ve seen company valuations return to somewhat more realistic valuations, and now has become the perfect time to start allocating capital.”

Gerard Berileventure capital and investment director at Wave Financial

“Looking forward, this mentality towards managing risk while remaining optimistic in the long term is very important. […] You can be bullish on crypto, but you can always sell out of the market.

Jeffrey GaoCEO of Cypherpunk Holdings

“Scalability isn’t just like a boring thing where you just need scalability like ‘costs go down’, I think it actually enables and unlocks whole new classes of apps.”

Vitalik Buterinco-founder of Ethereum

“So I think institutional adoption is where it’s going, and institutions are what’s going to enable […] this killer app for consumers to really take crypto and DeFi to the next level.

Boris AlergantHead of DeFi Markets at Ripple Labs

Prediction of the week

$29K Bitcoin is closer than you think, according to derivatives data

As Bitcoin price continues to struggle against $24,000 resistance, facing rejection on August 10 but managing not to be knocked out of the 52-day ascending channel, Cointelegraph market analyst Marcel Pechman suggested that the price could possibly hit $29,000 by October. He pointed to a bullish chart formation with a support level of $22,500 which indicates that the price could rise to just under $30,000. Pechman also noted that while the BTC derivatives data shows a lack of interest in leveraged longs, there is no indication that a surprise crash is priced into the market.

FUD of the week

ASIC Chairman Troubled by Huge Number of Crypto Investors ‘Taking Risk’

Joe Longo, the chairman of the Australian Securities and Investments Commission (ASIC), has sounded the alarm over the number of Australians who have invested in “unregulated and volatile” crypto assets during the pandemic. As part of a press release on Thursday, Longo pointed to ASIC research from November 2021 which found crypto to be the second most common investment product, with 44% of respondents saying they hold it. Of these investors, 25% indicated that crypto assets were the only investment class they were involved in.

Inter-chain bridge RenBridge laundered $540 million in hacked proceeds: Elliptic

According to a Wednesday report from blockchain analytics firm Elliptic, crypto bridge RenBridge has facilitated the laundering of at least $540 million in hacked proceeds since 2020. According to the report, the laundering was done through a process known as chain hopping – converting one form of cryptocurrency to another and moving it across multiple blockchains.

Tornado Cash co-founder reports being kicked out of GitHub as industry reacts to sanctions

Tornado Cash co-founder Roman Semenov claimed his account on developer platform GitHub was suspended on Monday. Semenov noted that while he was not individually named as a Specially Designated National by the U.S. Treasury’s Office of Foreign Assets Control, he appeared to be facing repercussions related to Treasury allegations that Tornado Cash laundered. over $7 billion worth of crypto.

Best Crypto Features

How To Cook Your Own DAO At Home – With Only 5 Ingredients!

Decentralized autonomous organizations come in all shapes and sizes. Some may seem sweet, others turn sour. It can be fun and interesting to create one that meets your needs and satisfies your thirst for novelty.

Reinventing yourself in the Metaverse with digital identity

Metaverse users can reinvent themselves with a digital identity based on avatars and digital assets, but there are challenges.

How Bitcoin whales are causing a stir in the markets and moving prices

Are whales selling in this bear market? A deep dive into their on-chain data.

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Newsrust - US Top News: Coinbase Posts $1.1 Billion Loss, Polygon dApps Skyrocket 400% in 2022, and Elon Musk Says Inflation Is Down: Hodler's Digest, August 7-13
Coinbase Posts $1.1 Billion Loss, Polygon dApps Skyrocket 400% in 2022, and Elon Musk Says Inflation Is Down: Hodler's Digest, August 7-13
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