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.”
On August 16, it was reported that American retail giant Wal-Mart was looking for an experienced encryption expert who could develop and promote a digital currency strategy and product roadmap for the company.
According to the work list, Wal-Mart is looking for people with a track record of leading and expanding its business. They also need at least 10 years of product/program management and technology-based product commercialization experience.
Ideally, candidates should also understand one or two things about encryption, blockchain technology, and why poorly drawn pet rock JPEGs are sold at ridiculous prices on Ethereum.
Wal-Mart’s future head of digital currency and encryption products will be located in the company’s home office in Bentonville, Arkansas. The state has cultivated talents such as Billy Bob Thornton and Johnny Cash, as well as Bill and Hillary Clinton.
This week, the Dogecoin Foundation resurfaced after a few years of complete media silence, which is good news for Doge fanatics.
According to the announcement on Tuesday, the foundation stated that it is rebuilding itself to support the eye-catching Dogecoin (dog) Community. The foundation also stated that it will announce new projects that focus on encouraging the adoption of DOGE and promoting its effectiveness.
The project’s website lists Ethereum co-founder Vitalik Buterin, Dogecoin co-founder Billy Markus, and Dogecoin Core developer Max Keller as members of the advisory board. In addition, the interests of Tesla CEO and DOGE supporter Elon Musk may be satisfied from the shadows through Neuralink CEO Jared Birchall.
According to the announcement, it remains to be revealed whether Musk’s “toddler” son has joined DOGE.
Coinbase, the largest cryptocurrency exchange in the United States, has accumulated $4 billion worth of cash reserves behind the company’s two very productive quarters.
According to reports, the company expects to use cash to pay for costs incurred due to various factors, including compliance with new regulations promulgated by the US legislature.
Coinbase also announced its Officially launched in Japan Cooperated with the banking giant Mitsubishi UFJ Financial Group, and also revealed plans to increase A cryptocurrency worth 500 million U.S. dollars Balance sheet and invest 10% of all profits generated in future digital assets.
Winners and losers
This weekend, Bitcoin is located at USD 48,778, Ether USD 3,282 And XRP in 1.28 USD. Total market capitalization US$2.09 trillion, According to To CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin beneficiaries this week are Avalanche (AVAX) 105.79%, Arweave (And) 96.17% and Audius (Audio) 93.78%.
The top three altcoin losers this week are DigiByte (DGB) -5.06%, Celsius (CEL) -4.44% and BitTorrent (BTT) -3.81%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“Poly Network has no intention to pursue Mr. White Hat’s legal responsibility, because we believe that Mr. White Hat will return full control of the assets to Poly Network and its users in a timely manner. As we stated in our previous announcements and published encrypted messages, We thank Mr. White Hat for his outstanding contribution to the security enhancement of Poly Network.”
“Legislatives and regulators must work together to strike the right balance between protecting innovation and any new regulations to ensure that the digital asset market thrives in the United States.”
Glen Thompson and Patrick McHenry, The representative of the United States
“The most important thing that can be done today is to get rid of the idea that coin voting is the only legal form of governance decentralization.”
Vitalik Butrin, Co-founder of Ethereum
“At home in America, […] Our payment infrastructure can be said to be the worst of any developed country in the world, and it is becoming more and more backward, and China is unswervingly building infrastructure, making the digital renminbi a challenger to the US dollar as the world’s reserve currency. “
David Marcus, Diem co-creator
“Ethereum has outperformed Bitcoin, and this trend is expected to continue for the rest of 2021.”
Nigel Green, CEO of Deville Group
“It’s all about DeFi. […] This is the Ministry of Finance trying to figure out how to obtain jurisdiction over DeFi […] And expand the undocumented surveillance of peer-to-peer financial systems. “
Jack Cervinsky, General Counsel of Compound
“Frankly speaking, as one of the first pilots, we raised the issue of paying employees in the Digital Transformation Department with electronic hryvnia.”
Mikhail Fedorov, Deputy Prime Minister of Ukraine
“It is important to remember that when we look at the business, the long-term trend of adopting digital assets in the crypto space is far more important than the business we are building.”
Mike Novogratz, Founder and CEO of Galaxy Digital
Forecast this week
Bitcoin, the largest asset in the crypto industry by market capitalization, and Ethereum (Ethereum), the second largest asset, has seen a significant price recovery in the past few weeks. According to the idea of CryptoQuant CEO Ki Young Ju, although BTC has not been surpassed to become a leader in the crypto industry, before BTC reaches a record level of nearly $65,000, ETH may reach a record high of nearly $4,400.
“In the long run, ETH may reach all-time highs earlier than BTC,” Ju tweeted on Wednesday. “Compared with BTC, the current price of ETH is closer to ATH. Demand increased and supply decreased. The liquidity crisis of ETH sellers is still intensifying, and BTC foreign exchange reserves stopped the downward trend in May.”
Friday, BTC fluctuates above the $48,000 markThe trading price of ETH and ETH are both higher than $3,200-however, these two prices are still significantly lower than historical highs.
FUD this week
According to reports, on August 19, American banking giant JPMorgan Chase blocked all account activities of Bitcoin mining company Compass Mining.
Whit Gibbs, CEO of Compass Mining, shared the news on Twitter:
“Thank you @Chase for closing the @compass_mining account, because we did our part to replace the old guards with autonomy and future-oriented hard currency supporters. Behind #Bitcoin or let us go away.”
It is not clear whether the tantrum is enough to influence JPMorgan Chase to change its mind, nor is it clear how the closure of the banking services of a Bitcoin mining company represents an attack on BTC in any way.
If anything, the banking giant has been increasing its exposure to Bitcoin and the crypto industry in 2021.
Liquid, the Japanese cryptocurrency exchange, was the victim of a hack of more than $80 million this week, which makes the platform less…liquid.
The exchange explained that only its hot wallet was affected, adding that its assets are being transferred to cold storage for security purposes.
The platform has since provided updates and revealed that the total amount of the hacking attack was US$91.35 million. The company has urged users not to deposit any encrypted assets in the Liquid wallet until further notice.
Speaking of hacking attacks, US telecommunications giant T-Mobile is investigating a suspected large-scale data breach earlier this week, which may have compromised the information of more than 100 million users.
According to Vice’s motherboard, T-Mobile is investigating a potential data breach claimed by an author who posted detailed information on an underground forum. A report on Sunday stated that hackers claimed to have obtained more than 100 million customer data from T-Mobile servers.
Unlike Poly Network hackers, he Injected 600 million U.S. dollars Value digital assets. Because “cross-chain hackers are very popular,” T-Mobile hackers seem to have shown entrepreneurial instincts because they demanded 6 BTC (approximately US$280,000 at current prices) in exchange for some data.
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The initial intentions of the DeFi hackers are unclear, but they refused to accept the $500,000 bounty after returning all funds.
With the development of new technologies to protect the industry, DeFi hackers have a glimmer of hope: “In 12 months from now, DeFi will be more secure.”