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
US Fed Vice Chairman Michael Barr Supports Hard Line on Crypto, Acting OCC Chief Not Friendlier
Global crypto regulation remains a widespread topic hovering over the industry. Recent comments from US Federal Reserve Board Vice Chairman for Oversight Michael Barr and Acting Comptroller of the Currency Michael Hsu have fostered a trend towards more government oversight. Barr expressed a desire for stablecoin regulation as well as crypto-related banking regulations. Hsu’s comments included a cautious review of the industry.
GameStop doubles down on crypto in new partnership with FTX US
GameStop is teaming up with FTX US crypto exchange in a promotional partnership. So far, 2022 has seen GameStop continue its growing involvement in the crypto space, as evidenced by its launch into the NFT market and its new games division dedicated to Web3. GameStop has a long-term view on crypto involvement, according to CEO Matt Furlong during a second-quarter fiscal year earnings call.
Binance: No automatic Tether conversion plan, although that “may change”
This week, Binance revealed plans to phase out three stablecoins from its trading platform: USD Coin (USDC), TrueUSD (TUSD), and USDP Stablecoin (USDP). All three assets, along with the associated spot trading pairs, will no longer be tradeable on the exchange. Additionally, Binance plans to discontinue other USDC-related services on its platform, such as staking.
The transition is essentially an effort to centralize liquidity in the exchange’s own stablecoin, Binance USD (BUSD), based on an explanation tweeted by CEO Changpeng Zhao. The exchange will convert users’ remaining holdings of USDC, TUSD, and USDP to BUSD over a 24-hour period, beginning September 29. A conversion from Tether (USDT) to BUSD, however, was not included in Binance’s plans, although that may change, according to a Binance spokesperson.
Bank of Russia agrees to legalize crypto for cross-border payments: report
Russia’s central bank is expected to allow cross-border crypto payments to and from the country, but digital asset payments within its borders will remain prohibited. The country banned crypto as a means of payment through previous legislation. According to Russian Deputy Finance Minister Alexey Moiseev, the government’s new approach to crypto is a response to changing circumstances globally following Russia’s invasion of Ukraine earlier this year. year.
A statement to RIA Novosti news outlet from the Bank of Russia explained: “It is important to emphasize that we are not talking about the legalization of cryptocurrency as a means of payment in the territory of our country.” A day later, news came in about Russia looking to cooperate with so-called “friendly” countries to set up a stablecoin platform for cross-border payments.
UK economic secretary vows to make country a crypto hub under new prime minister
Developments in the UK this week have appeared positive for crypto adoption in the country. Among several comments on crypto, Economic Secretary to the Treasury Richard Fuller said, “We want to become the country of choice for those looking to create, innovate and build in the crypto space.” The UK now has a new Prime Minister in the person of Liz Truss, who said in 2018 that the potential of crypto should not be stifled in the country.
Winners and losers
At the weekend, Bitcoin (BTC) is at $21,293Ether (ETH) at $1,715 and XRP at $0.34. The total market capitalization is $1.04 trillion, according at CoinMarketCap.
Among the 100 biggest cryptocurrencies, the top three altcoin gainers of the week are Terra (MOON) at 218.74%, Terra Classic (LUCN) at 76.92% and Ravencoin (RVN) at 65.43%.
The top three altcoin losers of the week are Nexo (NEXO) at -11.74%, 1 inch network (1 INCH) at -8.75% and UNUS SED LEO (LEO) at -6.35%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Most Memorable Quotes
“The main reason I’m bullish on bitcoin is that the world is out of shape right now and bitcoin is going to solve that problem.”
Prince Philip KarageorgevichHereditary Prince of Serbia and Yugoslavia
“Until they actually correct the supply of certain things, like energy in particular, but raw materials in general and logistics infrastructure, until that is improved, it is difficult to have a more persistent solution to the inflationary problem.”
Lyn Aldenfreelance macro analyst
“You can’t walk into a Starbucks in America and pay with Swiss francs or pounds. Yet both of these are real money. Context matters.
Rockwell Shahco-founder of Invisible College
“There will always be GPUs mining some GPU-optimized chains, but I doubt we’ll return to the revenue levels seen in ETH proof-of-work at its peak.”
Andy LongWhite Rock CEO
“Ether’s price may decouple from other cryptocurrencies after The Merge, as its staking rewards will make it similar to an instrument like a bond or a commodity with a carry premium.”
On-chain analysis report
“I want to send a clear and strong message to everyone in the crypto world – anyone offering to give you free money is lying. It just doesn’t exist.
FatManTerrapseudonymous crypto-influencer on Twitter
Prediction of the week
Bitcoin Analyst Who Called 2018 Low Warns ‘Bad Winter’ Could See $10,000 BTC
Filbfilb, a pseudonymous crypto market analyst, sees Bitcoin falling to $10,000 by 2022. Macro-global factors and mainstream market correlation could potentially impact Bitcoin’s price trajectory, according to analyst’s comments during an interview. Among a multitude of ideas, Filbfilb noted that the current crypto bear market has some similarities to previous bear markets, but also includes differences. The analyst showed remarkable accuracy in calling Bitcoin’s bottom during its last bear market in 2018.
FUD of the week
Bitcoiner sentenced to federal prison warns users involved in OTC trading
Mark Alexander Hopkins, aka Rizzn on Twitter, says he faces a prison term of 6 to 15 months. The crime? Alleged failure to obtain proper regulatory license for its peer-to-peer (P2P) bitcoin trading crypto business. Hopkins’ home was raided by US authorities in 2019. Hopkins, also known as “bitcoin doctor,” claims to have registered with the US Financial Crimes Enforcement Network, but complications arose as some of its Bitcoin P2P transactions were linked to a client involved in money laundering. Authorities say Hopkins failed to exercise due diligence on his clients, although he claims otherwise.
Which countries are the worst for crypto taxation? A new study lists the top five
Crypto taxes vary globally. Coincub, a digital asset analytics provider, recently released a study naming the five regions least favorable to paying crypto taxes. Belgium took the cake for the country with the worst crypto tax laws, forcing citizens to pay up to 50% in some cases, with 33% levied on crypto capital gains. After Belgium on the list of worst crypto tax jurisdictions: Iceland, Israel, the Philippines and Japan.
Vermont financial regulator alleges Celsius and its CEO made ‘false and misleading statements’
Bankrupt crypto platform Celsius is facing allegations from the Vermont Department of Financial Regulation (DFR). The authority says Celsius and its CEO Alex Mashinsky were aware of the project’s financial problems, but misled the public into thinking that everything was fine. The allegations also cite market manipulation of the project’s CEL asset. “By increasing its net position in CEL by hundreds of millions of dollars, Celsius has increased and supported the market price of CEL, thereby artificially inflating the company’s CEL holdings in its balance sheet and financial statements,” Ethan McLaughlin, General Counsel deputy for the DFR, said.
Best Crypto Features
Powers On… Insider Trading With Crypto Is Targeted – Finally! Part 1
“It took a few years, but the government crackdowns on “insider trading” involving digital assets have finally arrived. It was time !”
Insider’s Guide to Real Crypto OGs: Part 1
“Like everything else in life, there are ups and downs in our fortunes and life circumstances.”
What Will Drive Crypto’s Likely 2024 Bull Run?
Easing monetary policies, falling inflation, evolving bitcoin mining difficulty, and growing confidence in DeFi are factors that point to a further surge in crypto prices.