Saylor Sued, FBI Warns of DeFi Exploits, and Crypto.com Drops $495M Sponsorship: Hodler’s Digest, Aug. 28 – Sept. 3

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