Hodler’s Digest, June 30 – July 6 – Cointelegraph Magazine

Hodler'S Digest, June 30 - July 6 - Cointelegraph Magazine

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This week's main news

Roaring Kitty fraud charges against GameStop dropped after 3 days

By GameStop merchant Roaring Kitty, aka Keith Gill, he was voluntarily terminated after three days. The lawsuit filed by Martin Radev accuses the meme trader of securities fraud for his role in rigging GameStop's stock price. However, Radev's case was dismissed without prejudice, meaning he can sue Gill again in the future.

As Bitcoin crashes, so-called ‘buy the dip' is on the rise on social media.

Bitcoin's recent dip below $60K is prompting many investors to “buy the dip”, as talk of exploiting the price volatility has increased dramatically on social media over the past several days. According to the research firm Sentiment, the frequency of mentions of the word on the Internet has doubled during Bitcoin's price drop.

On July 2, the Ethereum Foundation announced that its email server was hacked at the end of June. The malicious actor sent 35,794 emails to subscribers of the Ethereum Foundation and Lido Decentralized Autonomous Organization promoting a 6.8% yield on ETH, stETH and weETH. Following malicious links would end up draining money from users. Thankfully, the Ethereum Foundation has been able to plug the security vulnerability that caused the email breach and will notify other organizations of malicious activity. According to the foundation, no money was lost as a result of the exploitation. However, the emails of 81 individuals may have been exposed during the breach.


Circle will be the first global stablecoin issuer to honor MiCA.

In the year On July 1, 2024, Circle announced that it was the first stablecoin issuer to comply with EU MCA regulations. Circle's USDC and EURC stablecoins are fully compliant with the EU's new regulatory framework. Co-founder and CEO Jeremy Allaire said the company chose France as the headquarters for its European operations because of France's progressive climate and the club's working relationship with the French Prudential Regulation and Resolution Authority.

Bitwise files updated Ethereum ETF S-1 – experts predict the launch of July

Asset manager Bitwise has filed an updated S-1 form for its Ethereum exchange-traded fund (ETF), as experts predict the ETH ETF will continue to sell in early July. The asset manager has indicated that it will waive fees for its ETF in the first six months after launch or until it reaches a threshold of $500 million in forgiven fees. Bloomberg ETF analyst Eric Balchunas continues to argue that ETH ETFs will go live in early July ahead of the July 8 deadline to file S-1 filings with the US Securities and Exchange Commission.

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Hodler's Digest, June 30 - July 6 - Cointelegraph Magazine 16

Winners and losers

At the end of the week, Bitcoin (BTC) at $55,742, Ether (ETH) at $2,955 and XRP at $0.42. According to CoinMarketCap, the total market cap is $2.04 trillion.

Among the largest 100 cryptocurrencies, the top three altcoin gainers for the week were MultiversX (EGLD) at 10.02%, MANTRA (OM) at 5.90% and TRON (TRX) at 3.03%.

The top three altcoin losers of the week were Core (CORE) at -32.46%, Lido DAO (LDO) at 32.00% and Athena (ENA) at -31.65%.

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

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The most memorable quotes

ETFs are encouraging relative ETH strength as the summer progresses and flows accumulate, and I view the current ETH/BTC price as a selling point for the patient trader.

K33 research

“I'm concerned about the deep implications of AI censorship. They're increasingly losing their advantage due to ‘alignment' training.”

Cardano co-founder Charles Hoskinson

“As the financial sector evolves, we need to innovate in different areas and apply skills that are not related to central banking.”

Tiff McClam, Governor of the Bank of Canada

“Fund tokenization is probably the biggest digital asset trend happening today, and it's a testament to global asset management companies that they're tapping into this growing market.”

Sergey Nazarov, co-founder of Chainlink

“It is unreasonable to buy securities just because an individual named Roaring Kitty posted harmless tweets on social media.”

Eric Rosen, Dynamis partner and former federal prosecutor

The more options we have, the better we can make it for users on L1 and L2, and the easier it is for L2 developers.

Ethereum co-founder Vitalik Buterin

Forecast of the week

3 reasons why Bitcoin analysts think BTC price is in a ‘cyclical high'

Capriole founder Charles Edwards believes that Bitcoin has reached the “peak of the cycle” for several reasons.

First, Edwards pointed to a steady increase in Bitcoin's long-term hold (LTH) inflation, a metric tracking annual accumulation or distribution rates. The higher the value, the more long-term holders will put downward selling pressure on the market. Prices around 2% mark market highs, and we're currently at 1.9%, according to Edwards.

The analyst argued that the increase in Bitcoin Dormancy z-score confirms the readings from Bitcoin LTH inflation, saying that the age of the coins moved in 2024 is significantly longer than previous cycles.

Edwards explained that the final convergence came from the rise in the cost of Bitcoin. According to the analyst, the increase in 7-10 years marks the peak of the market.

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Hodler's Digest, June 30 - July 6 - Cointelegraph Magazine 18

FUD of the week

$8M heist forces Bittensor network to shut down

The Bittensor network has been forced to temporarily shut down following a series of malicious attacks that cost $8 million worth of the protocol's 32,000 TAO tokens. Anonymous onchain sleuth ZackXBT discovered the issue and expressed his belief that the theft of funds was probably due to a private key leak. In an update, the Bittensor team has assured users that the exploit has been contained and that user funds are safe.

What Pushed Bitcoin Price Below $60K? Charts of Matt. Gox fees may apply.

Investors and speculators believe that the $9 billion Mt.Gox payout is responsible for Bitcoin's fall from the $60k price level. Capriol founder and analyst Charles Edwards pointed to Bitcoin's seven- to 10-year highs, the now-defunct Mt. Gox indicates that the exchange has begun repaying creditors.

Bitcoin on Coinbase has fallen below $58K, for the first time in 2 months

The price of Bitcoin on Coinbase fell to $57,874 on July 4, 2024, after more than $54.9 million in BTC long positions fell in a 24-hour window. These price levels have not been seen for more than two months, causing investors to fear that a widespread sell-off may occur, and the value of the decentralized digital asset is even lower.

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The best magazine sections of the week

Could the financial crisis end crypto's bull run?

Blockchain technology does not exist in a vacuum, and the outside world has become a less secure place. Can Crypto Survive TradFi's Fall?

Crypto-Sec: Phishing Scammer Follows Hedera Users, Address Poisoner Earns $70,000

Hadera's marketing email was hacked and used for phishing attacks, a critical vulnerability in MoveIt was fixed, and a $70K address poisoning attack.

Bitcoin's $500K Prediction, Spot Ether ETF ‘Troublesome Case' — Thomas Farrer, X Flame Hall

Thomas Fahrer says there are several “low-probability” events that could push Bitcoin into a “strong bull market.”


Editorial staff

Cointelegraph magazine writers and reporters contributed to this article.

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