Comes every Saturday Summary of Hodler will help you follow every important news that happened this week. The best (and worst) rates, adoption and regulatory highs, major coins, forecasts and more – a week on Cointelegraph in one link.
Top stories this week
Binance ends support for anonymous Litecoin transactions
Binance has decided to ban Litecoin (SLD) transactions sent through MimbleWimble’s (MWEB) most recent upgrade of its exchange, noting that such transactions would now result in the loss of the associated LTC. Binance is not completely phasing out LTC, unlike other exchanges that have decided to phase out the cryptocurrency. One of the changes is the latest Litecoin MWEB update that introduced privacy features. Binance’s decision to end support for these trades comes as global crypto regulation remains a ubiquitous focal point in the industry.
Ethereum Difficulty Bomb Delayed, But Network Adoption Continues To Grow
The difficulty bomb, a key piece of the puzzle in Ethereum’s transition to proof-of-stake (PoS), has been delayed. Simply put, the difficulty bomb makes mining on Ethereum’s current proof-of-work (PoW) chain undesirable to push everyone into the PoS chain. The move to PoS is scheduled for August and is dubbed The Merge by Ethereum. Ethereum developers recently completed a successful testnet merge, which simulated the unfolding of the real Ethereum PoS chain.
72 of the top 100 coins are down 90% or more: here are the lows
This week has been tough for the crypto industry as prices have fallen dramatically. The crypto industry’s total market cap dropped below $1 trillion and saw a 24% drop. Since their all-time high, 72 of the top 100 crypto assets by market cap have fallen by more than 90%. During this bear market, even market leaders Bitcoin and Ether saw losses of 70.3% and 78% respectively from their all-time highs.
Three Arrows Capital Did Not Respond to Margin Calls: Report
Falling crypto prices and high exposure to the Terra ecosystem debacle are putting significant pressure on Three Arrows Capital (3AC). The Singapore-based hedge fund and venture capital firm reportedly failed to respond to margin calls from its lenders. 3AC has reportedly faced more than $400 million in liquidations during the latest market collapse and is now consider a rescue operationamong other options.
Celsius Exodus: $320M in Crypto Sent to FTX, Pause for User Withdrawals
Celsius’s recent moves have sparked speculation in the crypto community as to whether the digital asset lending and lending platform is related to the rumor crisis. In addition to temporarily shutting down withdrawals by users, Celsius moved hundreds of millions of dollars of digital assets across various platforms, such as FTX, without any explanation. A later report said Celsius was hiring a legal advisor†
Winners and losers
On weekends, Bitcoin (BTC) is with $20,535ether (ETH) Bee $1,079 and XRP Bee $0.31† The total market capitalization is $892 billion, according to at CoinMarketCap.
Of the 100 largest cryptocurrencies, the top three altcoin gainers of the week are OKB (OKAY) at 2.43%, Neutrino USD (USDN) at 0.94% and Helium (HNT) at 0.65%.
The top three altcoin losers of the week are Nexo (NEXO) at -44.59%, Flux (FLOW) at -38.22% and Monero (XMR) at -36.20%.
To learn more about crypto prices, read Cointelegraph’s market analysis.
Most Memorable Quotes
“The current situation is good for Bitcoin in the long run, freeing the market from leverage, scams and dishonest institutions.”
Josef Tetekbitcoin analyst and brand ambassador at Trezor
“Executives often disagree on many things, but our research shows that they largely agree on one thing: 95% of them believe the metaverse will have a positive impact on their industry.”
Lareina Yeesenior partner at McKinsey & Company
“We recognize that hurt feelings are inevitable in a global organization that optimizes team results over individual feelings.”
“After working professionally in this industry for eight years, I’m tired of talking about regulations, especially in the United States.”
Meltem DestroyersChief Strategy Officer of CoinShares
“What happens to Celsius will have serious consequences for the industry. He is a major player and his apparent failure will have ripple effects.
Mahin Guptafounder of Liminal
“Too often people hear that you work in crypto and have a preconceived idea of what that looks like.”
Alexander Wilsonco-founder of The Giving Block
Forecast of the week
Bitcoin Traders Expect a “Long Consolidation Phase” as BTC Trades Below $21,000
Bitcoin price has fallen sharply from $28,000 to below $21,000 this week, according to CoinTelegraph BTC Price Index† The cryptocurrency continued its free fall over the weekend, diving below $19,000.
Among those who analyzed Bitcoin’s price action was the Twitter personality Rekt Capital† “If #BTC continues to hold the orange 200-week MA as support and the black 200-week EMA numbers as resistance…$BTC could form an accumulation range here, just like it did in 2018,” he tweeted. would allow for multi-month consolidation until December 2022.”
FUD of the week
Binance.US Faces Class Action Lawsuit Over Sale of LUNA and UST
A lawsuit in California against Binance’s US arm, Binance.US, has surfaced following the collapse of the Terra ecosystem. The lawsuit alleges, among other things, that LUNC (formerly LUNA) and its stablecoin UST are unregistered securities and that Binance.US does not have proper legal registration.
Iowa Regulator Orders BlockFi To Pay $943,000 For Alleged Unregistered Securities Offering
Related to the U.S. Securities and Exchange Commission (SEC) action against BlockFi communicated in February, the company has now been fined approximately $943,000 by the Iowa Division of Insurance. The state regulator says BlockFi did not have proper registration, in addition to offering and selling unregistered securities. A writ of execution alleging “misrepresentation of material facts relating to the securities” also accompanied the fine.
Elon Musk Is Hit by a $258 Billion ‘Ridiculous’ Dogecoin Lawsuit
A class action lawsuit aims to extract $258 billion from Elon Musk and two companies he leads, Tesla and SpaceX. The suit picks Musk because he allegedly abused his status to profit from Dogecoin, which the prosecution considers a pyramid scheme. Several prominent figures in the digital asset industry have spoken out against the lawsuit.
Best crypto features
What can other algorithmic stablecoins learn from Terra’s crash?
The biggest problem that led to Terra’s downfall was that her reserves seemed too great, but in reality they weren’t.
Bear markets are the most feared time of any investment cycle, but there are many ways to stay ahead and weather the storm.
Central Authorities Demonized Privacy – Crypto Projects Must Fight Back
Despite being a major tenant in many crypto projects, privacy has been demonized by those in power, including lawmakers, regulators, banks and academics.