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
The U.S. Congress has been stepping up its efforts to provide a regulatory framework for cryptocurrency in 2021. So far this year, it has proposed 18 bills on digital assets and blockchain technology.
According to the analysis of Jason Brett, the former FDIC regulator, on August 22, the current 117th Congress differs from its predecessors in that it has always focused on the supervision of decentralized assets rather than private stablecoins.
There were also reports this week that the controversial $1 trillion infrastructure bill There will be a vote in the House of Representatives on September 27th-there will be no changes to the controversial crypto tax terms.
This week, Visa spent $150,000 to purchase a tokenized JPEG of Pixel Art Punk, known as CryptoPunk NFT.The company Announce In a blog post on August 23, Visa’s head of cryptocurrency Cuy Sheffield mocked that the company may be considering staying in the industry for a long time.
“In order to help our customers and partners participate, we need to understand first-hand the infrastructure requirements for global brands to buy, store, and utilize NFTs,” he said.
Visa purchased CryptoPunk 7610, a female figure with Mohawk style, green clown eyes and lipstick. It will not take long to gain an “understanding of the infrastructure requirements” when buying an NFT, because all you need to do is buy it and store it in your wallet. This is not rocket science.
Budweiser Participated in the action By purchasing 8 Ether of Fan Art NFT (Ethereum), valued at approximately US$25,000. NFT depicts a Budweiser-branded rocket, which takes five minutes to start on Adobe Illustrator. The beer producer also spent 30 ETH, or $94,000, on the domain name Beer.eth through the Ethereum name service on OpenSea.
Global payment provider PayPal this week announced the launch of its encryption service for UK customers.
PayPal first launched its encryption service less than a year ago, and this is the first time it has extended encryption support outside the United States.
The company will initially allow customers to buy, sell and hold crypto assets including Bitcoin (Bitcoin), Ethereum, Litecoin (LTC) And Bitcoin Cash (Bitcoin cash). However, encrypted transactions for PayPal corporate accounts are not yet supported.
MicroStrategy, led by Bitcoin apostle Michael Saylor (Michael Saylor), snapped up another $177 million worth of digital gold. The latest purchase brings the company’s total to 108,992 BTC, with a total cost of only $2.918 billion.
It is a foregone conclusion that Celer will “fully invest” in BTC at this stage.However, it remains to be seen whether he will respond to crypto skeptics Peter Schiff calls for debate. Schiff and Anthony Scaramucci this week started a contest on whether gold or BTC is a better store of value. After winning, he joked:
“I just want to say one thing: Michael Sellor, don’t hide from me, I know you are outside.”
Binance, the major cryptocurrency exchange, experienced volatility this week as it opposed allegations of market manipulation and trading against its users.
The company is currently facing regulatory scrutiny, and in a Twitter post on August 23, Binance appeared to blame the assertion of market manipulation on publications spreading FUD and people impersonating Binance employees.
The company stated that while it is working with regulators to achieve its compliance goals, it hopes to “reduce FUD peddlers and individuals with malicious intent” and continues to warn:
“Binance reserves the right to take legal action to protect its interests and welcomes responsible reporting to protect the trust of our community.”
Winners and losers
This weekend, Bitcoin is located at USD 48,373, Ether USD 3,233 And XRP in 1.14 USD. Total market capitalization US$2.08 trillion, according to To CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin beneficiaries this week are Tezos (XTZ) 46.33%, avalanche (AVAX) 33.86% and Celo (forehead) 31.97%.
The top three altcoin losers this week are Audius (Voice) -21.08%, the new financial network (XDC) -13.99% and SushiSwap (Sushi) -12.76%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“As long as the regulations stipulate that software developers, miners, and stakeholders must do the impossible, no lawyer will advise them to take the risk of illegal business operations, because penalties for violating the law can easily bankrupt them.”
Lawrence Zlatkin, Vice President of Global Taxation, Coinbase
“Last year, we saw a major shift in the way the global financial ecosystem thinks about new business models driven by digital assets, and how this can play an important role in financial infrastructure.”
Linda Pachuk, Head of Deloitte Consulting
“We will have to wait for all regulatory matters. Of course, encryption is a very interesting area, the biggest buzzword, and it performs exceptionally well. But we want to learn more about regulation.”
Manu Jainism, Managing Director of Xiaomi India
“A trading platform that provides digital asset derivatives to Americans without registration or in violation of the CFTC trading rules will be subject to CFTC law enforcement agencies.”
Dawn stump, Member of the U.S. Commodity Futures Trading Commission
“When you have a good crypto wallet like Novi, you must also consider how to help consumers support NFT.”
David Marcus, The head of Facebook Financial and the co-founder of Diem
“Be wary of low-risk, high-return investment opportunities. If something sounds too good to be true, it may be so.”
Delia Ricard, Deputy Chairman of the Australian Competition and Consumer Commission
“Binance has never traded with our users, has never manipulated the market, and we will never.”
“Purchasing through our CryptoPunk, we have to jump up first. This is just the beginning of our work in this field.”
Kuy Sheffield, Visa Head of Cryptocurrency
“I think this cryptocurrency revolution, especially Bitcoin, will surpass gold due to its scarcity. It is more portable and indestructible in blockchain transactions. […] It is being adopted rapidly. “
Anthony Scaramucci, Founder of Tianqiao
Forecast this week
If history repeats itself, a bullish Bitcoin crossover on the weekly chart will draw a BTC price target of $225,000
Bitcoin returned to the $50,000 price level this week, although as part of the price adjustment, the asset subsequently fell thousands of dollars, fluctuating between $45,000 and $50,000 for most of the week.
In August, this Moving Average Convergence/Divergence (MACD) index Formed and continued to cross the intersection of the two lines of the indicator on the weekly price chart of Bitcoin, and jumped to green on its histogram (the bar at the bottom of the indicator).
What does it mean? Well, nothing is certain, but according to a report by William Suberg of Cointelegraph, Bitcoin’s MACD indicator performed similarly last time (last fall), and in the next 6 months, the price of the asset has increased by more than five times . According to Subberg, if the situation is similar, BTC may rise to more than $200,000.
FUD this week
The Silicon Valley-based technology giant Google removed eight fraudulent encryption applications from its Google Play store this week.
In the past 12 months, fraudulent mobile applications with the theme of cryptocurrency have appeared more and more frequently. They usually operate under the false pretence of providing cloud mining services.
According to a recent report by Trend Micro, the fake services of these apps charge about $15 a month, and “improving mining capabilities” require additional charges-at the same time deceiving users to watch paid advertisements.
According to reports, fake crypto applications include mining services such as BitFunds, Bitcoin Miner, Daily Bitcoin Rewards, Crypto Holic, and MineBit Pro.
According to a survey conducted by Redfield & Wilton Strategies on behalf of Politico, 30% of British adults expressed concern about the central bank digital currency or CBDC issued by the Bank of England.
For some reason, the idea of having a programmable CBDC backed by the government that can track all their spending habits is not attractive to them. If they think this is bad, wait until they hear that Apple, Google, or Facebook are insatiable about personal data.
In early August, the study surveyed 2,500 British adults, of which 24% thought it might be beneficial, while 46% did not decide.
Coinbase, the top US cryptocurrency exchange, faced backlash this week due to poor customer service related to user reports of hacking and depletion of funds.
According to a CNBC investigation on August 24, thousands of disgruntled customers across the United States filed complaints against the company and expressed dissatisfaction with Coinbase’s lack of response to hacking and stolen funds.
“Interviews with Coinbase customers across the country and the review of thousands of complaints revealed a pattern of account takeover where users saw funds suddenly disappear from their accounts, and then Coinbase’s poor customer service made these users uneasy and angry ,” CNBC said.
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