Bitcoin tourists leave the market, Peter Schiff’s bank closes and Voyager has to restructure: Hodler’s Digest, 3-9. July
Comes every Saturday, Hodler’s Digest will help you track every single important news that happened this week. The best (and worst) quotes, adoption and regulatory highlights, leading coins, predictions and much more – a week on the Cointelegraph in one link.
Top stories this week
Peter Schiff’s bank closure strengthens Bitcoin’s case for financial freedom
The avid Bitcoin hater and gold trader Peter Schiff saw his bank in Puerto Rico, Euro Pacific International Bank, shut down this week, with regulators pulling the plug on the grounds that the bank did not maintain the minimum capital requirements. Schiff noted that as a result, “accounts are frozen and customers can lose money.” The crypto community on Twitter was quick to come in, with the pseudonymous user HodlMagoo noticing the invaluable irony: “Do you understand why you need bitcoin now?”
Bitcoin ‘tourists’ have been cleaned up, only hodlers remain: Glassnode
According to Glassnode’s “The Week On-Chain” report published on Monday, suspected “market tourists” have been completely “cleansed” from the BTC market, and only experienced holders or investors have traded with the asset. The report also stated that “shrimp” – those with less than 1 BTC, and whales – those with 1000 to 5000 BTC – “increased meaningfully.”
Ethereum tested Merge for the most part successfully – ‘Hiccups will not delay the merger.’
Ethereum developers completed the penultimate merger test on Sepolia’s public test network this week. It was a minor hiccup, with 25-30% of the validators going offline after the merger due to “incorrect configurations”. However, developers like Terence Tsao stated that “hiccups will not delay the merger.” The final merger test on Goerli is scheduled to take place over the next few weeks, and it looks like the official Ethereum merger is on track for now.
Voyager Digital Files for Chapter 11 Bankruptcy, Proposes Recovery Plan
On Tuesday, Voyager Digital filed for bankruptcy as part of a “reorganization” plan just days after the cryptocurrency exchange stopped trading, withdrawing and depositing. Under the plan, Voyager wants to make users whole again by offering a combination of Voyager tokens, crypto, revenue from the Three Arrows Capital recovery and ordinary shares in the recently reorganized company.
The bottom line is: CNBC’s Jim Cramer says crypto has “no real value”
The crypto community on Twitter has joked that the crypto bottom is in after Jim Cramer predicted that the market will plunge further, saying that crypto has “no real value.” Cramer has developed a reputation in the crypto environment for providing stock / crypto tips that generally end up being in conflict with how the market behaves. “How many companies can Sam Bankman-Fried save?” he said.
Winners and losers
At the end of the week, Bitcoin (BTC) is at $ 21,804.19Ether (ETH) on $ 1,239.99 and XRP on $ 0.35. The total market value is on $ 960.9 billion, according to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin winners of the week are Curve DAO Token (CRV) at 49.12%, Convex Finance (CVX) at 41.45% and THORChain (RUNE) at 25.95%.
This week’s three best altcoin losers are Amp (AMP) at 8.52%, KuCoin Token (KCS) at 7.17% and UNUS SED LEO (LEO) at 5.98%.
For more info on cryptocurrencies, be sure to read Cointelegraph’s market analysis.
Most memorable quotes
“Celsius has refused to acknowledge the truth or their error in risk management and accounting.”
Jason StoneCEO and founder of KeyFi
“In the future, we see blockchain as a way to give more authority and independence to communities on Reddit.”
Redditsocial media platform
“There’s a lot of peripherals that just aren’t being tested, and it’s inevitable and probably okay.”
Vitalik Buterinco-founder of Ethereum
“Crypto really seems to implode. Went from $ 3 trillion to $ 1 trillion. Why should it stop at $ 1 trillion? There is no real value there.”
Jim Cramerhost of CNBC’s Mad Money
“We must now bring in the regulatory system that will address these risks in the cryptocurrency world in the same way we deal with them in the conventional world.”
Jon CunliffeDeputy Governor of Financial Stability in the Bank of England
“The Bitcoin network is approaching a state where almost all speculative entities and market tourists have been completely cleared of the asset.”
Glassnodeblockchain analysis company
The prediction of the week
Bloomberg analyst predicts bullish BTC recovery over next six months
Bloomberg’s senior commodity strategist, Mike McGlone, has predicted that BTC could reach “one of the largest beef markets in history” during the second half of 2022, and claims that the bottom is in and the locks can be opened. He cited market activity in the first half of 2022 as equal to the bottom of the bear market in 2018, which then continued to increase in the first six months of 2019.
FUD of the week
PennyWise crypto-theft malware spreads through YouTube
According to cyber intelligence company Cyble, a new strain of crypto-malware is spreading via YouTube. The malware, called PennyWise, tricks users into downloading software capable of retrieving data from more than 30 crypto wallets and crypto browser extensions. PennyWise can also take screenshots and steal sessions from chat applications such as Discord and Telegram.
Celsius Moves $ 529M Worth of WBTC to FTX Exchange: Should We Be Concerned?
On Friday, it was reported that Celsius had transferred nearly 25,000 Wrapped Bitcoin (WBTC) worth $ 528.9 million to the FTX cryptocurrency exchange. The move has raised concerns that a dump may soon follow, resulting in a potential drop in the price of BTC.
Bomb allegations of fraud as KeyFi takes Celsius to court
KeyFi, an investment company that previously managed $ 2 billion worth of Celsius assets, has filed a lawsuit against the troubled lending company over an alleged failure to comply with a “million-dollar-worth profit-sharing” agreement. KeyFi has accused Celsius of refusing to abide by a “handshake agreement” that would result in it taking home certain percentages of the profits it earned on Celsius’ behalf through staking and DeFi strategies.
Best Cointelegraph Features
Bear market? “What then,” says world chess champion Garry Kasparov
Cointelegraph sat down with chess grandmaster Garry Kasparov at Consensus 2022 to get his thoughts on the crypto and NFT markets.
How Metaverse can revolutionize the fashion industry
By merging the fashion world with Metaverse, brands and their customers will benefit a lot.
What does a “cleansing” in the bear market really mean?
The latest bear market should send a clear signal to projects: It’s about finding a problem that needs to be solved, and actually using your product to solve it.
