Hodler’s Digest, July 7-13 – Cointelegraph Magazine

This week's main news

VanEck and 21Shares send revised Ether ETF filings to SEC

Asset managers VanEyck and 21Shares updated their S-1 forms for their next Ether exchange-traded funds (ETFs) with the US Securities and Exchange Commission on July 8. No launch date has been given in the revised filings, but experts have commented. July launch window for Ethereum ETFs.

Lionel Messi Solana promotes memecoin on Instagram

Soccer sensation Lionel Messi made waves this week by promoting WaterCoin on Instagram Stories. Solana-based memecoin is a philanthropic project focused on water conservation and water-related issues, with plans to become a full-fledged ecosystem coin in the future. Note that investing in memecoins can carry significant risk; Always do your own research before making any investment.

The average Bitcoin transfer fee fell to a 2020 low on July 7, when the benchmark reached $38.69. This quantitative measure is determined by dividing mining profits by the total number of transactions successfully posted to the blockchain. According to the latest CryptoQuant data, the Bitcoin hashrate fell to the December 2022 level in July, indicating that mining operations are progressing.

Goldman Sachs to launch 3 new token products this year: Report

Goldman Sachs is preparing to launch three tokenized products for the United States and European markets this year. Matthew McDermott, Goldman's global head of digital assets, said Goldman plans to create an institutionally focused marketplace for real-world asset exchanges, though details of its plans are few. The investment bank is one of the latest institutions to show interest in the growing RWA tokenization industry in the United States.

FDIC nominee Goldsmith Romero said banks can hold digital assets

In the year During his nomination hearing on July 11, Federal Deposit Insurance Corporation (FDIC) chairman candidate Christie Goldsmith Romero told US lawmakers that banks should be able to hold crypto. Her answer was in response to a question from Senator Cynthia Lammis of the Banking, Housing and Urban Affairs Committee. It was the only explicit mention of digital assets in the closely watched hearings to appoint positions at several federal watchdogs in the United States.

Winners and losers

At the end of the week, Bitcoin (BTC) at $58,192, Ether (ETH) at $3,132 and XRP at $0.46. According to CoinMarketCap, the total market cap is $2.15 trillion.

Among the largest 100 cryptocurrencies, the top three altcoin gainers for the week were Notecoin (NOT) at 45.33%, Mantra (OM) at 37.23% and Celestia (TIA) at 30.36%.

The top three altcoin losers of the week were Dogwifhat (WIF) at -19.71%, Brett (Based) (BRETT) at -9.33% and Flare (FLR) at -7.33%.

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

The most memorable quotes

“Ethereum has unique strengths as a solid base layer, including some not even captured by Bitcoin.”

Ethereum co-founder Vitalik Buterin

“If the Commission goes ahead with the proposed amendment, the reviewing court […] It is reasonable to conclude that the Commission's interpretation of the Exchange Act overstretches the statutory text.

Uniswap Labs

” even if [Trump] Recently had a change of heart on cryptocurrency, you [President Biden] You still have an opportunity to provide the regulatory transparency that voters demand.

Process section

“Many of us who have been in the industry are used to paying for gas, having a native token. […] It's not a common set of logic when you're trying to pay for a cup of coffee.

Chintan Turakhia, Senior Director of Engineering at Coinbase

“Nothing will prompt the SEC to act faster than a shilling memecoin.”

By Creo Legal Founding Director David Chung

“AI and memecoins grab attention [in 2024]Pushing GameFi into the pecking order.”

Russell Bennett, CEO of Metacade

Forecast of the week

BTC Will Buy Bitcoin Price Will Face Major ‘Summer 2021' Style Correction

According to a recent CryptoQuant report, Bitcoin may be in for a Summer 2021-style correction. Profit and loss analysis shows that the index is stuck to its 365-day moving average.

This suggests that even if whales continue to hoard the coin on selling pressure from the German government and Mt Gox's compensation plan, it could return to the downside.

CryptoQuant's Bull-Bear indicator is also showing signs of breaking below the neutral line, suggesting that bears are dominating the market and showing a steep correction.

Moreover, Bitcoin price continues to trade below or around its 200-day simple moving average – yet another sign of Bitcoin's current price weakness.

FUD of the week

Paxful co-founder Shabak admits to 5 years in prison for AML failure

Paxful founder and former chief technology officer Arthur Shabak is now facing five years after accepting a plea deal with the US Department of Justice. Shabak pleaded guilty to failing to comply with anti-money laundering regulations and implementing Know Your Customer provisions. He will also pay a $5 million fine and step down from Paxos' board of directors. Shabak's sentencing is set for November 4, 2024.

German Government $354M BTC Sale: Yet More Volatility to Come?

The German government is preparing to sell an additional $342 million in Bitcoin, putting more pressure on the decentralized digital asset. As Bitcoin continues to trade below its 200-day exponential moving average, market participants are patiently waiting for the German government to unload all of its Bitcoin holdings. Investors also talked about the $9 billion Mt.Gox payout.

Compound Finance site can be hacked – ZachXBT

In the year On July 11, 2024, Anonymous onchain sleuth ZackXBT warned users that Compound Finance's website had been breached. According to the blockchain investigator, visitors to Compound's website are being redirected to a phishing site that poses a significant security risk. The site's exploit has since been confirmed by a member of the Compound Finance team, who have warned users to stay away from the site for the time being.

The best magazine sections of the week

Find hackers who can help you recover your crypto life savings

Lost your crypto password? These are the hackers who managed to get it back.

Get Bitcoin To Eat Tickets, Immutable Says ‘Big Studios Are Showing Up' – Web3 Gamer

Static co-founder Robbie Ferguson said the Web3 ecosystem is at a “critical inflection point,” with Notcoin's price up 17 percent as other gaming tokens plummet.

Ten years after the Ethereum ICO: Blockchain forensics ends the double spend debate

An investigation by Cointelegraph and Gray Wolf finally put forward the hypothesis that Bitcoin was spent twice during Ethereum's 2014 initial coin offering.

Subscribe

A very engaging read in Blockchain. It is given once a week.

Editorial staff

Cointelegraph magazine writers and reporters contributed to this article.