Come every Saturday, Hodler’s Digest Will help you keep track of every important news report that happened this week. The best (and worst) quotes, adoption and regulatory focus, leading tokens, forecasts, etc.-Cointelegraph for the week on a link.
Headlines this week
On Tuesday, the controversial infrastructure bill was passed by a vote of 69 to 30 in the U.S. Senate.
The bipartisan bill proposes to provide approximately $1 trillion in funding for transportation and power infrastructure projects.The bill also introduces stricter rules for companies dealing with crypto assets, while Expanding reporting requirements for brokers, They will be required to report digital asset transactions worth more than $10,000 to the IRS.
Six senators, including Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden, Proposed amendments to the Buzz Act On Monday, software developers, transaction validators and node operators will be exempted from acting as brokers, and proposed Tax declaration requirements “Only applicable to intermediaries.”
However, their efforts did not yield results and did not provide further clarification on encryption. Senator Toomey later criticized the bill, noting that the legislation was “too expensive, too extensive, too free, and too threatening to the innovative cryptocurrency economy.”
The U.S. Securities and Exchange Commission (SEC) announced on August 9 that it had reached a $10 million settlement agreement with the cryptocurrency exchange Poloniex.
Poloniex is accused of facilitating the trading of unregistered securities between July 2017 and November 2019. According to the indictment, the US Securities and Exchange Commission also claimed that Poloniex employees misbehaved because they actively sought to circumvent securities regulation in an attempt to increase the company’s market share.
on the same day, Member of the U.S. Securities and Exchange Commission Hester Peirce-colloquially referred to as “crypto mom” because of her frequent opposition to SEC encryption enforcement-slammed the regulators’ actions in a public statement.
Crypto Mom questioned the regulator’s opaque regulatory framework, that crypto companies must navigate in the United States, and asserted that even if Poloniex tried to register with the U.S. Securities and Exchange Commission,
They “may wait…wait…wait a while” awaiting judgment.
Since ETH trading volume surpassed BTC for the first time, Coinbase’s profit in the second quarter exceeded $1.6B
Coinbase, a cryptocurrency exchange led by co-founder and CEO Brian Armstrong, who doesn’t like the media, reported a profit of $1.6 billion in the second quarter this week.
The company released its second quarter report on Tuesday, and its net profit of US$1.6 billion was a significant increase of 4900% from the US$32 million in the same period in 2020. Coinbase’s total revenue for the quarter was $2.23 billion, exceeding analyst expectations. Estimated revenue is 1.78 billion U.S. dollars.
Interestingly, since the founding of Coinbase nine years ago, for the first time Ethereum (Ethereum) Has a higher transaction volume than Bitcoin (Bitcoin), assets accounted for 26% and 24% of the total transaction volume, respectively.
Although banks often take time out of their busy schedules to criticize cryptocurrencies, a new research report found that 55 of the top 100 banks by assets under management have some form of blockchain or cryptocurrency exposure.
According to Blockdata’s research, banks and their subsidiaries have made direct and indirect investments in crypto and decentralized ledger technology companies.
The well-known banking giants named and humiliated include Barclays, Citi, and Goldman Sachs. They are reported to be the most active supporters of crypto and blockchain companies. JPMorgan Chase and BNP Paribas have also been identified as serial investors in the industry. .
Winners and losers
This weekend, Bitcoin is located at 46,262 USD, Ether USD 3,189 And XRP in 1.01 USD. Total market capitalization $1.92 trillion, according to To CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin beneficiaries this week are IoTeX (IOTX) At 314.69%, the new financial network (XDC) 71.34% and Ravencoin (RVN) 71.23%.
The top three altcoin losers this week are THORChain (Rune) -12.02%, quantitative (QNT) -5.71% and THETA (θ) -2.58%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“If #Bitcoin catches up with the performance of #Ethereum this year, the price of the number one cryptocurrency will be close to $100,000.”
Mike McGron, Senior Commodity Strategist, Bloomberg Information
“Shut down this growth engine is equivalent to stopping e-commerce in 1995 because people are afraid of credit card fraud. Or supervise the creation of websites because some people initially thought they were complicated and didn’t understand what they would achieve.”
Mark Cuban, Billionaire investor
“If you want to store your coins in places beyond the reach of the country, you can directly hold these private keys. This is equivalent to burying a gold bar in your backyard.”
Nick Carter, Co-founder of Coin Metrics
“This legislation imposes serious flaws, in some cases infeasible cryptocurrency tax reporting authorization, threatening future technological innovation.”
Pat Toumi, United States Senator
“I think we have passed the early stage of adopting cryptocurrencies.”
Stephen Stoneberg, Global CEO of Bittrex
“We live in an era where everything is digital, including traditional assets.”
Austin Woodward, CEO of TaxBit
“Given how slow we are in determining how regulated entities interact with cryptocurrencies, it is understandable that market participants may be surprised to see us now appearing with our law enforcement guns and arguing that Poloniex is not registered or exempted Operate down, because it should.”
Hester Pierce, Member of the U.S. Securities and Exchange Commission
“The journey of Bitcoin to Gold 2.0 is very good.”
Dan Holder, Kraken Growth Marketing Director
Forecast this week
Bitcoin Technology: Why BTC price breaking through the resistance level of 48,000 USD is the key to hitting a new all-time high
In recent weeks, Bitcoin has regained significant turf. The asset hit an all-time high of nearly $65,000 in April, but fell in the following days and weeks to around $30,000. The asset has briefly fallen below $30,000 on several occasions.
However, Bitcoin’s price trend has been bullish in recent weeks, because according to the analysis of Cointelegraph’s Michaël van de Poppe, the chart trend published by the asset seems to indicate a reversal.
The price range of $48,000 on the Bitcoin chart is a significant resistance level. Breaking through the price range of US$47,500 to US$49,000 may indicate the possibility of a further rise to a final all-time high, although Van der Pope pointed out that after breaking the above-mentioned resistance zone, US$55,000 is a near-term goal. Or, if the price of Bitcoin falls, there are multiple price support levels, of which $37,500 is an important support level.
FUD this week
Earlier this week, Coinbase adjusted the description of the second-ranked stablecoin USD Coin (USDC) To depict a slightly unstable coin.
Coinbase made changes after an audit showed that USDC’s reserves were not all held in cash. The previous statement read: “Each USDC is backed by one U.S. dollar in the bank account.”
The new statement reads: “Each USDC is backed by 1 U.S. dollar or assets of equivalent fair value, and these assets are kept in the accounts of regulated financial institutions in the United States.”
Although this may be a blow to USDC owner Circle, the company’s stablecoin cash reserves may be larger than Tether and its USDT.
Alex Sanders, the Australian behind the popular cryptocurrency YouTube channel Nuggets News, was sued by disgruntled investors, claiming nearly AUD 479,270, worth approximately USD 353,027.
The plaintiff Ziv Himmelfarb submitted a formal written order requiring YouTuber to pay the amount of loss and damages for the outstanding loan and alleged false investment.
Himmelfarb stated that when he was asked by cryptocurrency influencers for loans and offered investment opportunities, trusting Sanders was “no effort” because he had been following him since 2017 and discovered that he is a well-known figure in the field .
“When he told me in May that he had temporary liquidity problems, I was very happy to help me with a short-term loan, but since then I can’t get my money back. Hope I can get repaid,” Himmelfarb Speaking of the 30 ETH loan he provided to Sanders.
DAO Maker, a crowdfunding platform focused on raising funds for crypto projects, was used by hackers to steal USDC worth 7 million USD from 5,251 user accounts.
According to DAO Maker CEO Christoph Zaknun, hackers were able to steal USDC worth about 7 million U.S. dollars.
“One reason for this may be [Strong Holder Offering] The contract really exceeded our expectations,” Zaknun said in a Twitch AMA. “Initially, we never thought we would deposit more than $2.5 million there, but over time, SHO became very popular. “
Cointelegraph did not contact the hackers for comment because no one knew who they were.
Best Cointelegraph features
With more than $1 million in BTC transactions soaring, large holders accumulate Bitcoin to below $50,000
The dominance of bitcoin transactions of more than $1 million doubled year-on-year, suggesting that institutions are increasingly participating in the cryptocurrency field.
Compared with other regions, the encryption adoption rate in East Asia has dropped significantly in the past year.
Crypto companies are doing their best to achieve green environmental protection by offsetting Bitcoin’s carbon emissions, but how accurate are their estimates?