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.
Table of Contents
Headlines this week
Cardano launches smart contracts after successful hard fork
After years of anticipation, Charles Hoskinson’s creative Cardano (Cardano) finally launched its smart contract function through the Alonzo hard fork on Monday.You would think that this would cause some bullish price movements in ADA, but, alas, its 10% price drop After launch.
Although Cardano is keen to celebrate this milestone, it also emphasized in a blog post that it is still in the “early stages” of the project, adding that it is now “when the mission really begins.”
The team also urges its community not to be overly enthusiastic about boarding the hype train, and to be patient with smart contract features during its formation stage:
“People have high hopes for this upgrade. Somewhat unreasonable. Cardano observers may expect a complex ecosystem of consumer-ready DApps available immediately after the upgrade. Expectations need to be managed here.”
Fake news: Litecoin price soars by 35% after Walmart adopts scam
Although real news made the price of ADA fall, fake news made Litecoin (LTC) Pump this week.
Many publications reported on Monday that, as part of its collaboration with the Litecoin Foundation, Walmart plans to provide its e-commerce site with “the option of paying with Litecoin” starting October 1. With the spread of false reports, the price of LTC soared by 35%, and then fell sharply within a few hours.
A Walmart spokesperson confirmed within an hour that the news was false, and Jay Milla, the marketing director of the Litecoin Foundation, also told Cointelegraph that the news did not come from Litcecoin.
“The Litecoin Foundation has not yet established a partnership with Walmart,” Mira said.
Vitalik Buterin named to Time Magazine’s 2021 100 most influential people list
Ethereum co-founder Vitalik Buterin was named one of the 100 most influential people this year by Time Magazine, joining the ranks of Naomi Osaka, Britney Spears, Xi Jinping and Elon Musk.
Buterin appeared in the “Innovators” section of the Time 100 list, and Reddit co-founder Alexis Ohanian wrote his profile. Ohanian highlighted Buterin’s work in building the Ethereum network and encouraging the development of decentralized applications and NFTs.
“No one can come up with all the uses of Ethereum, but it does require one person’s idea to get started,” Ohanian said. “From there, a new world has been opened and new ways of leveraging blockchain technology have emerged.”
After investors flocked, Coinbase increased junk bond issuance to $2B
After seeing the huge demand for it $1.5 billion junk bonds According to reports, Coinbase increased the sale to US$2 billion in the issuance announced on Monday.
According to the Economic Times, orders worth at least $7 billion are competing for 7-year and 10-year bonds with interest rates of 3.375% and 3.625%, respectively.
Coinbase said on Monday that the funds raised will be used for future “continuous investments in product development” and “potential investments or acquisitions in other companies, products or technologies.”
If the U.S. dollar token lending program is actually launched, these funds may also come in handy when the US Securities and Exchange Commission (SEC) knocks on the door to file a lawsuit.
U.S. lawmakers propose to add digital assets to “shuffle” rules and increase capital gains tax
There were reports this week that Democrats in the U.S. House of Representatives proposed tax measures that may wipe out some extra profits from the earnings of “certain high-income” crypto users.
According to a document released by the House Ways and Means Committee on Monday, the proposal will Increase The tax rate on long-term capital gains will be increased from the current 20% to 25%.
on the same day, President Joe Biden Said that he plans to nominate Rostin Behnam, acting chairman of the Commodity Futures Trading Commission, as the permanent post, and also appointed Kristin Johnson and Christy Goldsmith Romero to fill the other two vacant committee seats.
At a private meeting on September 8 Fidelity Digital Assets President Tom Jessop, six executives of the company, and several SEC officials, these executives outlined some of the reasons why law enforcement should ultimately approve Bitcoin (Bitcoin) Exchange-traded funds.
These examples include the increase in demand for digital assets, the prevalence of similar funds in other countries, and the rise in Bitcoin adoption-all of which sound like reasons for the SEC to turn a deaf ear.
Winners and losers
This weekend, Bitcoin is located at 46,951 USD, Ether USD 3,376 And XRP in 1.07 USD. Total market capitalization 2.11 trillion US dollars, according to To CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin beneficiaries this week are Curve DAO tokens (CRV) 41.73%, Hedera Hashgraph (HBAR) 41.16% and avalanche (AVAX) 33.23%.
The top three altcoin losers this week is Arweave (with) -19.24%, Solana (SOL) -21.27% and Revain (change) -17.11%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“Many platforms have dozens or hundreds of tokens. Although the legal status of each token depends on its own facts and circumstances, for 50, 100, or 1,000 tokens, the security of any given platform is The probability of zero is very small.”
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission
“People can even see the inscription of the regulatory agency’s obligations to banknotes, and there is no support for cryptocurrencies.”
Bezod Hamraev, Vice Chairman of the Central Bank of Uzbekistan
“Proponents say that the crypto market is all about financial inclusion, but the most economically vulnerable are the ones most likely to withdraw funds the fastest when the market drops. […] For those who are not wealthy, high and unpredictable fees can make crypto transactions very dangerous. “
Elizabeth Warren, United States Senator
“With the increase in trading volume, the rising valuations of various asset classes, the large fluctuations in the price of encrypted assets, and the event-driven risks observed in the first half of 21 years have raised questions about the increase in risk-taking behavior and possible market prosperity.”
European Securities and Markets Authority
“There is no doubt that your cryptocurrency income is taxable like other income and should be declared in the income tax return. As of now, it is not clear whether the goods and services tax applies to the amount of cryptocurrency purchased or the transaction fees paid by users. “
Nishal Shetty, WazirX CEO
“If a person owns Bitcoin assets and makes high profits, there will be no taxation. This is obviously done to encourage foreign investment.”
Javier Agta, Legal Counsel to President Nayib Bukele of El Salvador
“While the SEC may be helpful in providing advisory guidance to companies, it is not obliged to do so.”
Mark Bowles, Former SEC law enforcement officer
“With the inadequate construction of relevant taxation infrastructure, deferring taxation of virtual assets is not an option, but an unavoidable situation.”
Lu Xionglai, Member of the Korean National Assembly
Forecast this week
The new Bitcoin price model suggests that BTC will not fall below $39,000 again
Analyst William Clement proposed a new Bitcoin price boundary prediction indicator and released the tool on Twitter this week. This chart is called the “Illidity Supply Layer” and incorporates PlanB’s inventory flow indicators and on-chain Bitcoin supply data from Glassnode. result? The chart shows the current price of Bitcoin in the context of the possible upper and lower price range boundaries.
Bitcoin’s price rose this week, showing a recovery after assets fell sharply to the $43,000 range Week of September 7.
According to Clement’s chart, taking into account “the lower limit of the price based on the real-time scarcity of Bitcoin”-Clement’s description of the lower limit of the chart, if Bitcoin falls again, the price range of $39,000 may be the current price of Bitcoin. The lower limit.
FUD this week
Solana and Arbitrum go offline, while Ethereum evades attacks
About 45 minutes after the so-called “ETH killer” suffered a denial of service interruption, the nearest Solana-rama was temporarily stopped this week.
The Twitter account Solana Status explained that the transaction load increased significantly to 400,000 times per second, overwhelming the network, causing a denial of service and causing the network to fork. This incident seems to have slightly dampened SOL’s enthusiasm, as prices have fallen by 26% in the past 7 days.
Arbitrum One, the second layer of Ethereum aggregation network, also reported that its sequencer has been offline for about 45 minutes this week, and Ethereum is also the target of unsuccessful node attacks from unknown identities.
OpenSea executives use the influence of the platform to promote their NFT
Earlier this week, OpenSea product lead Nathan Chastain was named and humiliated for hyping the NFTs he purchased and then displaying them on the homepage of popular markets.
Although being optimistic about NFTs is nothing new, the arrest for tokenized insider trading is-it is estimated that Nathan Chastain earned at least 18.875 Ether (Ethereum), $65,700 at the time of writing, from his antics.
OpenSea formally confirmed the allegations on Wednesday, noting that it was “incredibly disappointing” and stressing that this behavior does not represent the company’s values. The next day, Chastain handed in his resignation with his tail caught.
Protesters burned Bitcoin ATMs as part of a demonstration against the President of El Salvador
On Wednesday, Salvadoran President Nayib Bukele (Nayib Bukele) policy of anti-Bitcoinists and protesters destroyed the BTC ATM in the country’s capital.
Local news media shared images of San Salvador’s ATM burning among a group of reporters and protesters. The booth hosting the BTC ATM was defaced by anti-BTC graffiti and slogans marked “Democracy Not for Sale”.
Despite maintaining a high approval rating, Booker seems to have caused a sensation with his tough attitude towards politics. El Salvador has now seen multiple protests about the adoption of BTC, and activists took to the streets as early as July to express their concerns.
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