Ethereum Completes Merger, Do Kwon Gets Arrest Warrant, Bitcoin Plunges After Rally: Hodler Digest, September 11-17

Coming every Saturday, Hodler’s Digest It will help you keep track of every important news that happened this week. The best (and worst) quotes, adoption and regulatory highlights, coin leaders, predictions and much more – a week on Cointelegraph in one link.

This week’s main news

Kraken’s Jesse Powell will step down as CEO, remaining as chairman of the board.

After more than a decade as CEO of crypto exchange Kraken, Jesse Powell has decided to pass the torch to the company’s chief operating officer, Dave Ripley. But Powell was not done with the Kraken. He will be the chairman of the board of the organization. “It was getting harder on me, more fun,” Powell said, as quoted by Bloomberg. Ripley joined Kraken in 2016 as Chief Operating Officer.

The South Korean ministry recommends that special Metaverse laws be enacted.

South Korea wants to create new laws regarding the metaverse, according to the plan issued by the country from science and ICT, in relation to other developments that it has taken to embrace the digital world. The ministry wants the right rules for the Metaverse, but thinks it’s unwise to adapt existing rules to new technology. South Korea has invested 200 million dollars in comprehensive development in the country.

A New York judge ordered Teter to register the USDT’s support

A New York court has ordered Tether to provide evidence that it is fully backed by the US dollar stablecoin. The decision It is part of a lawsuit involving iFinex, Tether’s parent company, which launched in 2019. The indictment against iFinex alleges that it used unbacked USDT to manipulate the crypto market. Two other U.S. officials have previously asked for approval, with Ifinex reportedly providing sufficient documentation.

The SEC lawsuit claims that ETH nodes are ‘collected’ in the US

In a lawsuit against crypto YouTuber Ian Ballina, the United States Securities and Exchange Commission (SEC) recently requested certain jurisdictional rights based on the high number of Ethereum nodes reported to reside in the US. This case is trying to claim that transactions occurred within US borders, which may bring certain laws into play. The claim is part of a broader charge against Ballina that the commission failed to properly register a token sale he facilitated.

China accounts for 84 percent of all blockchain patent applications, but there is a catch.

Data from China’s Ministry of Industry and Information Technology detailed that 84 percent of the world’s blockchain patent applications come from the country. President Xi Jinping In 2019, they expressed the need for China to focus on blockchain technology and encouraged the patent movement. China has greenlighted only 19% of all filed blockchain patents.

WinNurses and losers

At the end of the week, Bitcoin (BTC) It’s on. 18,800 dollarsEther (ETH) as if 1,296 dollars And XRP as if $0.47. It’s at the top of the overall market. 923.34 dollars billion, basis to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin earners of the week were XRP. (XRP) and 40.98%, chilies (CHZ) at 31.63% and Algorand (something) by 29.76%

The top three altcoin losers of the week are Ravencoin. (RVN) At -23.49%, Toncoin (tons) At -22.90% and Terra Classic (away) by -16.59%.

Be sure to read Cointelegraph’s market analysis for more information on crypto prices.

The most memorable quotes

“Regulation is always a concern, but BTC is regulated.”

Jamie Couttscrypto market analyst for Bloomberg Intelligence

“How does a DAO own IP? [intellectual property] From the protocol it is supposed to govern?”

David Capospartner at Cravath, Swaine & Moore LLP

“The government in India definitely doesn’t want cryptocurrency anymore. […] The government is literally saying ‘we love blockchain but not cryptocurrency’ but it’s ridiculous.

Anshul RustagiCEO and founder of Totality Corporation

Sharding is indeed one of the most effective and comprehensive ways to solve the so-called ‘scalability trilemma’.

Martin HisbockHead of research for Uphold

The concern is that if the Fed tightens too much, the US economy could actually go into a deep recession.

CK ZengFormer world leader in credit risk assessment for Credit Suisse

“Cryptocurrencies are volatile, but no brokers are taking heavy commissions or scrutinizing your transactions.”

Alan AustinManaging Director of Litecoin Foundation

“There’s an outside chance we’ll find a way to negotiate a stable penny bill this year.”

Warren DavidsonUS Congressman

“People are becoming more cautious in the space and not sure how to interact with Tornado Cash. We’ve seen deposits on services that offer the same functionality decrease, at least temporarily, because people are measuring, ‘What does this mean for me?'”

Jacob IlumChief Scientist at Chainalysis

“I’m a big skeptic of crypto tokens that call themselves Bitcoin currencies. They are decentralized Ponzi schemes.

Jamie DimonCEO of JPMorgan

Forecast of the week

This measure of long-term holdings of Bitcoin is approaching the ‘bottom zone’ of the BTC price.

According to the Cointelegraph BTC Price Index, Bitcoin was trading mostly between $18,000 and $20,000 this week. The number of Bitcoin long-term holdings (LTHs) in the red is currently in line with the previous bear market lows, suggesting that the digital asset may be on its way down. Among the long-term hodlers of Bitcoin, about 30% was sitting in losses on September 22. The bottom of Bitcoin 2020 and 2018 occurred when the percentage of LTHs in the red hit around 35% and 32%, respectively. A drop between $10,000 and $14,000 could put LTH’s loss percentage in line with previous bear markets.

FUD of the week

$160M stolen from crypto market maker Wintermute

Decentralized financial operations under the UK-based company Wintermuth suffered an attack that cost the company about $160 million. Wintermut CEO Evgeny Gaevoi said the company had enough cash to deal with the loss without affecting customers. Gaevoy says he’s willing to classify the incident as white-hat hacking — but only if the hacker comes forward. A later report showed. The attack is not a smart contract exploit as initially thought, but instead a private key issue, according to blockchain security firm CertiK.

BTC mining company calculate North files for bankruptcy.

Filing for Chapter 11 bankruptcy in Texas, Bitcoin mining hosting company Compute North is one of the latest victims of the crypto bear market. However, the cost of energy also weighed on the company. The company reportedly has between $100 million and $500 million in assets, although its debt totals around $500 million. Compute North’s partners, Marathon Digital and Compass Mining, should not see any negative effects from the bankruptcy filing, according to the opinion of both companies, but further updates may follow.

The draft US stablecoin bill will ban new algo stablecoins for 2 years

Bloomberg has obtained a US government bill that would ban the creation of a new algorithmic stablecoin for two years. The article appears to seek to enforce a ban on new statscoins from the same creator that get their pegs from other associated digital assets, whose redemptions can occur at a fixed price. Stablecoins that currently fit the bill have two years to change their models.

Best features of Cointelegraph

Saving the planet could be blockchain’s killer application.

“Paris Agreement Carbon Markets on Ethereum and Linking the World’s National Carbon Accounts Is Blockchain’s Killer Application.”

Quit your job and make $300K for The DAO? Here’s how

“The co-op-maxi nature was a welcome breath of fresh air.”

The market is not rising recently – so get used to the dark times

Global economic conditions for markets – including the cryptocurrency market – suggest more downside lies ahead. Don’t bank on a new all-time high in the coming months.

“When you’re in crypto for a long time, everything is a chart.”

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