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
US Fed Vice Chairman Michael Barr Supports Hard Line on Crypto, OCC Chief Has No Friendly
Global crypto regulation remains a broad topic looming over the sector. Recent comments from U.S. Federal Reserve Board Vice Chairman Michael Barr and Reserve Bank Chairman Michael Hsu lean toward more government control. Barr expressed interest in stablecoin regulation as well as crypto-related banking regulations. His comments include a careful look at the industry.
GameStop doubles down on crypto amid new partnership with FTX US
GameStop is teaming up with crypto exchange FTX US in a promotional partnership. So far, 2022 has seen GameStop’s increasing involvement in the crypto space with the launch of the NFT marketplace and the new gaming segment built on Web3. GameStop has a long-term vision for crypto engagement, CEO Matt Furlong said during the Q2 fiscal year earnings call.
Binance: No Plans to Autoconvert Tether, Although ‘It May Change’
This week, Binance revealed plans to launch three stablecoins on its trading platform: USD Coin (USDC), TrueUSD (TUSD) and USDP Stablecoin (USDP). The three assets and their associated spot trading pairs can no longer be traded on the exchange. Additionally, Binance plans to discontinue other USDC-related services on its platform, such as staking.
The transition is mainly based on an explanation by CEO Changpeng Zhao on Twitter, which is an effort to centralize the exchange’s transactions to its own stablecoin, Binance USD (BUSD). The exchange will convert users’ remaining holdings of USDC, TUSD and USDP into BUSD within 24 hours, starting on September 29. That could 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 payments for digital assets within its borders will remain blocked. The country banned crypto as a payment vehicle under previous legislation. According to Russian Deputy Finance Minister Alexey Moiseev, the government’s new approach is a response to changing global conditions following Russia’s invasion of Ukraine earlier this year.
The statement given to the media by the Bank of Russia for RIA Novosti explained as follows. “It is important to emphasize that we are not talking about the legality of cryptocurrency as a means of payment on the territory of our country.“ A day later, it was reported that Russia wants to cooperate with so-called “friendly” countries to develop a stablecoin platform for cross-border payments.
The UK economy secretary promised to make the country a crypto hub under the new prime minister
Developments in the UK this week appeared positive for crypto adoption in the country. “We want to be the country of choice for those who want to create, create and build in the crypto space,” said Treasury Economic Secretary Richard Fuller, among several comments about crypto. The United Kingdom now has a new Prime Minister in Lease Trust, the potential of crypto in 2018 should not be suppressed in the country.
Winners and losers
At the end of the week, Bitcoin (BTC) It’s on. 21,293 dollarsEther (ETH) as if 1,715 dollars And XRP as if 0.34 dollars. It’s at the top of the overall market. 1.04 dollars trillion, basis to CoinMarketCap.
Among the largest 100 cryptocurrencies, the top three altcoin earners of the week are Terra. (Luna) At 218.74%, Terra Classic (away) At 76.92% and Ravencoin (RVN) by 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 one but Leo (Leo) at -6.35%
Be sure to read Cointelegraph’s market analysis for more information on crypto prices.
The most memorable quotes
“The biggest reason I worry about Bitcoin is that the world is not doing well right now and Bitcoin can be fixed.”
Prince Philip KarageevichHereditary Prince of Serbia and Yugoslavia
It is very difficult to solve the problem of inflation until this improves the supply of certain things, such as energy, especially commodities and logistics infrastructure.
Lynn AldenIndependent macro analyst
“You can’t go into a Starbucks in America and pay in Swiss francs or pounds. However, both of these are real money. Context is important.
Rockwell Shahfounder of the Invisible College
“There will always be some GPU-optimized chains coming out, but I doubt we’ll ever get back to the level of revenue seen in ETH Proof of Work.”
Andy LongCEO of White Rock
“Ether’s price may drop compared to other cryptocurrencies after the merger, as its high premium makes it similar to an instrument with a premium like a bond or commodity.
“I want to send a clear and strong message to everyone in the crypto world – anyone who can give you free money is lying. There just isn’t.”
FatManTeraan anonymous Twitter crypto influencer
Forecast of the week
2018 Down: Bitcoin Analyst Warns ‘Bad Winter’ Could See $10K BTC
Anonymous crypto market analyst Filbfilb reckons Bitcoin could drop to $10,000 in 2022. Macro global factors and major market correlations may influence Bitcoin’s price direction, the analyst commented during the interview. Among many insights, Filbfilb says that the current crypto bear market has some similarities to previous bear markets, but also includes differences. The analyst He showed significant accuracy in calling Bitcoin’s bottom during the last bear market of 2018.
FUD of the week
Bitcoiner sentenced to federal prison warns users involved in OTC trading
Mark Alexander Hopkins said on Twitter that Reese faces a prison sentence of 6 to 15 months. The crime? Peer-to-peer (P2P) Bitcoin trading has not received proper regulatory approval. In the year In 2019, Hopkins’ home was raided by US authorities. Hopkins, also known as “Doctor Bitcoin,“ Although it claimed to be registered with the US Financial Crimes Enforcement Network, complications arose as some of its P2P Bitcoin transactions were linked to a client involved in money laundering. Authorities say Hopkins didn’t do due diligence on his clients, despite claims otherwise.
Which countries are the worst for crypto taxation? A new study lists the top five.
Crypto taxes vary globally. Coincub, a provider of analysis of digital assets, recently published a study naming the five most favorable regions for paying crypto taxes. Belgium took the cake for the country’s worst crypto tax laws, requiring citizens to pay as much as 50% in some cases, and 33% on crypto capital gains. Following Belgium on the list of worst crypto tax jurisdictions: Iceland, Israel, Philippines and Japan.
Vermont’s financial regulator Celsius and its CEO made ‘false and misleading claims’
Bankrupt crypto platform Celsius has been sued by the Vermont Department of Financial Regulation (DFR). Official Celsius and CEO Alex Mashinsky were aware of the project’s financial issues, but continued to mislead the public into thinking everything was fine. The charges also allege market manipulation of the project’s CEL property. “Celicious inflated CEL’s market value by increasing its net position in CEL by hundreds of millions of dollars, thereby artificially increasing the company’s CEL holdings on its balance sheet and balance sheet,” said Ethan McLaughlin, DFR’s general counsel.
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