An Ethereum blockchain upgrade, crypto regulatory battles, and Bitcoin price discussion: Hodler’s Digest, Aug. 1-7


Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week


Square to acquire Australian fintech Afterpay in $29B deal

Jack Dorsey’s digital payments firm Square entered into a $29 billion stock deal to purchase Australian buy now, pay later (BNPL) firm Afterpay this week. 

Just like the name Afterpay implies, Square will essentially be buying the firm now and paying later, with the transaction set for the first quarter of 2022 and to be paid out entirely in Square common stock.

Bitcoin (BTC) proponent Anthony Pompliano was pleased with the news, noting on his web series The Best Business Show that Square is one of the only stocks he owns, as he forecasted that the firm’s valuation will explode following the acquisition.

In an Aug. 3 YouTube video, Pomp went for sheer and utter clickbait with the title “SQUARE is going to be worth 1 TRILLION dollars,” and he emphasized the potential of rolling out Afterpay’s BNPL services to 70 million Cash App users and 2 million Square merchants.


Ethereum London hard fork goes live

The London hard fork arrived almost on schedule on Aug. 5, ushering in Ethereum Improvement Proposal 1559. An interesting feature of the upgrade is that it also ushered in some bullish sentiments from Ethereum (ETH) proponents and some sour grapes from Bitcoin maxis. 

Ethereum has now transitioned away from a bidding-based fee market to a fixed price-and-burn mechanism, which may see the asset become deflationary if more ETH is burned than issued in block rewards. However, this may be more likely after the switch to proof-of-stake with ETH 2.0If the asset does become deflationary, it would reach the status of “ultrasound money,” which is a term that has also been a long-running meme in ETH communities that mocks Bitcoiners’ description of BTC as sound money due its capped supply of 21 million.


BREAKING: White House confirms support for minor changes to crypto tax proposal

The White House officially backed a last-minute amendment to the controversial U.S. infrastructure plan that proposes expanded cryptocurrency taxation to raise an additional $28 billion in revenue. The amendment maintains stringent reporting requirements for blockchain developers and validators while exempting miners. 

However, the amendment’s vague wording and lack of clearly defined terms suggest that crypto developers and proof-of-stake validators would still be subject to expanded reporting and taxation that some have described as “unworkable.”

For some reason, members of the White House seem intent on cracking down on tax evasion in crypto without understanding the nuances of the industry. They also seem to overlook the blatant rorting of the system from multinational giants who essentially vacuum capital out of the people’s pockets while paying zero tax.


Mike Novogratz blasts US officials for poor grasp of crypto industry

Amid the backdrop of looming crypto regulations that will most likely increase taxes and decrease profits, Galaxy Digital CEO Mike Novogratz has come out swinging in response to Senator Elizabeth Warren’s remarks calling cryptocurrency “the wild west” of the U.S. financial system.

The billionaire crypto proponent’s jabs were, of course, delivered through social media, with Novogratz taking to Twitter on Aug. 3 to assert that most U.S. officials have no idea what they are talking about when it comes to crypto: 

“Crypto is the future of our financial system and our citizens deserve officials that do their homework to understand this new technology. Most of our leaders haven’t done that yet. We also need regulators and politicians who understand that new ideas need room to grow.”


Circle and Unstoppable Domains to introduce username-based USDC payments

Circle and Unstoppable Domains are working to introduce username-based addresses as an alternative to long-winded alphanumeric crypto wallet addresses to aid the not-so-tech-savvy, a.k.a. newbies and boomers. 

According to an Aug. 4 announcement, blockchain domain name provider Unstoppable Domains and stablecoin issuer Circle are collaborating to release readable “.coin” usernames for USD Coin (USDC) transfers.

As part of the partnership, both companies will collaborate to enable support for .coin username extensions across wallets and crypto exchanges that list the number two-ranked stablecoin. 

Under this arrangement, USDC transfers will become akin to sending an email, likely mitigating the problem of transferring coins to the wrong address, losing funds forever and living with regrets over one’s lack of due diligence.

Winners and Losers



At the end of the week, Bitcoin is at $42,651, Ether at $2,867 and XRP at $0.74. The total market cap is at $1.73 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Voyager Token (VGX) at 94.22%, THORChain (RUNE) at 50.69%, and Ravencoin (RVN) at 44.13%.

The top three altcoin losers of the week are Amp (AMP) at -14.97%, XinFin Network (XDC) at -4.74%, and Telcoin (TEL) at -1.66%. 

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.



Most Memorable Quotations


“We can see Bitcoin on the balance sheets of cities, states, governments, companies, small [and] big investors.”

Michael Saylor, MicroStrategy CEO


“We’re now moving into a world where we have these nonfungible software objects that have unique identities that can actually accept money, pay money and can participate in governance, either in decentralized autonomous organizations or potentially other kinds of governments that can govern themselves.”

Joe Lubin, ConsenSys founder and CEO


“I’m spending five hours a day on everything from regulation to licensing and everything in between.”

Sam Bankman-Fried, FTX CEO


“Primarily, crypto assets provide digital, scarce vehicles for speculative investment. Thus, in that sense, one can say they are highly speculative stores of value.”

Gary Gensler, chair of the U.S. Securities and Exchange Commission


“Crypto is a bit like the parable of the blind men and the elephant. People touch it from different sides. They get distracted and carried away and energized about these different topics.”

Marc Andreessen, Andreessen Horowitz general partner and co-founder


“If you put a gun to my head, and you said, ‘I can only have one.’ I would choose gold.”

Ray Dalio, billionaire hedge fund manager


“Just so we’re all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil….or #crypto assets.”

Brian Quintenz, U.S. CFTC commissioner


“The more people with stablecoins in the pocket, the more people who can participate in decentralized finance.”

Matthew Gould, Unstoppable Domains CEO

Prediction of the Week 


Bitcoin chart fractal suggests BTC price will have rallied to at least $80K by September

If this latest bullish BTC prediction turns out to be true, Bitcoiners may soon be able to start driving their lambos on the moon. 

Nunya Bizniz, an independent market analyst, posted a bullish prediction on Aug. 1, as they highlighted that the recent rally of around 40% in late July included 10 consecutive days of lovely green candles, and not those horrible red ones that bears love so much. 

The analyst noted that each of BTC’s previous 10-day bull runs has ended up with at least a 100% price increase within 30 to 60 days. Therefore, if history repeats itself, Bitcoin’s price may double and surge to new all-time highs around the $80,000 mark.

FUD of the Week 


South Korean regulator to reportedly shut down 11 crypto exchanges

Crypto regulations in South Korea may become more stringent after news circulated this week that South Korea’s top financial regulator, the Financial Services Commission, or FSC, is reportedly planning to shut down a dozen local cryptocurrency exchanges amid accusations of fraud.  

The FSC will suspend operations of at least 11 mid-sized crypto exchanges in South Korea due to alleged illegal activities and fraudulent collective accounts, according to local media outlets.  

The publication cited anonymous industry sources claiming that the names of the exchanges were not yet disclosed, so Koreans will not know exactly what to FUD over until the names come to light. The sources argued that the mentioned crypto exchanges will be unable to get approval for operation by the FSC. 

The report also notes that the authority is planning to implement stricter regulations for smaller crypto exchanges in South Korea, meaning that anyone firm that wants to partake in illegal behavior will have to do it on a large scale.


Monero’s former maintainer arrested in the US for allegations unrelated to cryptocurrency

Speaking of alleged illicit behavior, Riccardo Spagni, the former maintainer of the Monero (XMR) cryptocurrency, was arrested last month in Nashville, Tennessee, but not for anything related to crypto.  

Spagni is facing fraud charges tied to alleged offenses in South Africa between 2009 and 2011, during his time serving as an information technology manager at a company dubbed Cape Cookies. 

Spagni allegedly fabricated additional invoices from a supplier of Cape Cookies, which included inflated prices for goods and services, along with his bank details instead of the suppliers’. He now faces a hearing on Aug. 5 to determine whether he is held, pending trial. If convicted in South Africa, he faces 20 years in prison.


Breaking: BSV reportedly suffers ‘massive’ 51% attack

Bitcoin SV reportedly suffered a “massive” 51% attack on Aug. 3 that resulted in up to three versions of the chain being mined simultaneously.

Speaking about the attack, Lucas Nuzzi, a network data product manager at Coin Metrics, stated on Twitter that “someone is seriously trying to destroy BSV,” and added that:

“For over 3 hours, attackers were able to take over the chain. All exchanges that received BSV deposits during that time might have been double spent.”


Best Cointelegraph Features

BlockFi faces regulatory heat, a sign of possible crypto lending regulations?

The crypto lending giant BlockFi is facing regulatory scrutiny from a handful of states in America ahead of a proposed public listing.

Civic engagement and crypto: Miami unveils its own digital coin

MiamiCoin is not just a cryptocurrency, but rather a decentralized application that can function as a developer platform for cities.

Ready to deploy? Amazon’s Bitcoin acceptance can prime a payments future

Amazon denied reports it will accept BTC payments soon, but seemingly, it’s only a matter of time before the tech giants embrace the token economy.


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SEC delays another ETF decision, Binance news, and more sideways BTC price action: Hodler’s Digest, July 11–17


Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week


New data hints why Bitcoin price action has spent two months at $30K

Bitcoin (BTC) posted another week of range-bound price action. Bitcoin has traded in a fairly tight range over the past several days, acting more like a volatile stablecoin than the bullishly tilted turbulent cryptocurrency folks know and love. Bitcoin has largely been stuck in a price range between roughly $30,000 and $40,000 for weeks

Nunya Bizniz, a Bitcoin-focused Twitter personality, noted $30,000 as a potential key level on Bitcoin’s price chart, citing a number of reasons, including a Fibonacci level.  

Will Bitcoin head north or south next? No one knows for sure, but data from Glassnode revealed folks stocking up on BTC off centralized exchanges, with roughly 2,000 Bitcoin leaving those platforms each day over the past fortnight. Such data rhymes with activity seen in April, when Bitcoin rose to nearly $65,000 per coin

On the bearish front, trader Michaël van de Poppe noted a potential price fall for Bitcoin down to around $29,000 and then $24,000 if support around $31,000 broke down.


SEC delays decision on Wisdom Tree Bitcoin ETF

An approved Bitcoin exchange-traded fund (ETF) continues to elude the United States. This week, the U.S. Securities and Exchange Commission, or SEC, postponed its decision on Wisdom Tree’s Bitcoin ETF, looking for comments from the public on the product — something the commission has done in the past regarding Bitcoin ETF proposals

“The Commission requests that interested persons provide written submissions of their views, data and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal,” the SEC detailed in a public document.


Binance stops stock token sales, ‘effective immediately’

More Binance headlines flowed in this week as the exchange decided to halt stock token trading offerings. The company gave no rationale for the move. Folks with current positions in the platform’s stock tokens are allowed a 90-day window to exit their trades. 

Over the past couple of weeks, Binance has faced regulatory resistance on a number of fronts

This week brought further regulatory news regarding Binance. Italy jumped on the bandwagon of national regulators concerned with the exchange. Binance lacks approval for providing crypto trading in the region, according to a warning sent out from the Italian Companies and Exchange Commission.


US government delves deeper into crypto accountability with $10M bounty

United States government agencies have not been shy about regulating the burgeoning crypto industry. Thursday news detailed that President Biden’s team plans to further track crypto asset usage. In part, the team is focused on looking for any ransomware ties to crypto usage. 

Folks who help the government track down nefarious characters involved in certain online attacks could find themselves rewarded with as much as $10 million in bounty.


Crypto community divided on whether Bitcoin is an inflation hedge

For many in the crypto community, Bitcoin is considered a potential hedge against inflation. Bitcoin’s recent price action, however, has given less evidence for such classification as inflation surges to decade highs in the U.S. Some folks doubt the asset as a hedge, while others argue the opposite. 

Meanwhile, former U.S. Treasury Secretary Steven Mnuchin has slightly altered his take on BTC

“The first part of it is I think the underlying technology of blockchain is really incredible and has lots of different things, particularly in fintech and finance,” he told CNBC. “I think as it relates to Bitcoin — if people want to buy Bitcoin as a substitute, no different from buying gold or some other asset — it’s fine.”

Winners and Losers



At the end of the week, Bitcoin is at $31,895, Ether at $1,911 and XRP at $0.59. The total market cap is at $1.30 trillion, based on CoinMarketCap data. 

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Axie Infinity (AXS) at 57.38%, Flow (FLOW) at 30.36%, and NEM (XEM) at 17.86%. 

The top three altcoin losers of the week are Telcoin (TEL) at -31.02%, 0x (ZRX) at -24.41%, and Theta (THETA) at -23.42%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.



Most Memorable Quotations


“We’re trying to be the fastest tortoise in the race. The long game pays off over time.”

Cameron Winklevoss, co-founder of crypto exchange Gemini


“The issue isn’t #Bitcoin, #Ethereum, or other crypto protocols — they’re just fine. The risk comes from the banks’ operational processes.”

Caitlin Long, Avanti Bank & Trust CEO and founder


“I think the regulatory pressure is stronger than before but it will get a lot of bad actors out of the industry and make sure that the industry’s reputation is much better than without it. So, I think this kind of a crackdown may be a good thing for the industry in the long term.”

Jihan Wu, Bitmain co-founder and ex-CEO


“Market intelligence suggests cryptoassets are largely held by retail investors, with institutional investors having limited exposure at present. However, there are some signs of growing interest in cryptoassets and related services from institutional investors, banks, and key payment system operators. These developments could increase the interlinkages between cryptoassets and other systemic financial markets and institutions.”

Bank of England, the United Kingdom’s central bank


“If we are the biggest exchange, [buying Goldman Sachs and CME] is not out of the question at all.”

Sam Bankman-Fried, FTX CEO


“The easiest industry to reduce overnight was a gray area industry. Some 68,000 gigawatts of power was removed instantly from China just by saying no to Bitcoin mining.”

Phil Harvey, CEO of Phoenix Store


“Certainly Bitcoin has been a great performer over time. But most of the gains have occurred during a great global deflationary period in which all risk assets rose. Now that inflation is picking up for real, for the first time since Bitcoin’s inception, it’s drastically underperforming.”

Mati Greenspan, founder of a firm known as Quantum Economics


“You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency. I think that’s one of the strong arguments in its favor.”

Stephen Lynch, U.S. representative


“I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”

Jackson Palmer, Dogecoin co-founder 


“Money is definitely a drug.”

Damien Hirst, artist

Prediction of the Week 


El Salvador Bitcoin move will put pressure on network: JPMorgan

Bitcoin became an official currency of El Salvador in June. However, a recent report from JPMorgan Chase doubts Bitcoin’s ability to function under that context. 

Bitcoin’s scalability has been a significant talking point in recent years, with the asset transitioning to a store of value rather than a currency. Bitcoin’s blockchain does not move funds particularly quickly or cheaply compared to mainstream payment cards or various other crypto assets. 

In the JPMorgan Chase report, experts note the weight BTC must carry should El Salvador rely heavily on the asset following its recognition as legal tender. “Daily payment activity in El Salvador would represent 4% of recent on-chain transaction volume and more than 1% of the total value of tokens which have been transferred between wallets in the past year,” the report detailed, as per Bloomberg.

FUD of the Week 


Ukrainian police seize 3,800 PS4 consoles used for illegal crypto mining

Allegedly, a group of crypto miners thought it was a good idea to set up shop in a warehouse previously owned by an electricity supply outfit called JSC Vinnytsiaoblenergo

Pilfering the necessary wattage from JSC Vinnytsiaoblenergo, the unlawful miners used almost 4,000 PlayStation 4 consoles, as well as many other tech devices, for their operation. Ukrainian police raided the facility.


Crypto crackdown targeting USD access points has begun: Caitlin Long

The regulatory skies may be darkening in the distance, with further crackdown headed toward crypto in the United States

Bitcoin and Ethereum may be safe from the storm in a direct manner, although regulators may pursue fiat on-ramps and middlemen connected to crypto activities, according to Avanti Bank & Trust founder and CEO Caitlin Long.


UK FCA will spend £11M to warn people about investing in crypto

The United Kingdom’s Financial Conduct Authority, or FCA, sees crypto investing as highly risky, according to a draft of a speech from FCA executive Nikhil Rathi

The agency wants the country’s people, particularly its younger generations, to know about such risks, putting about $15 million worth of pound sterlings to work toward getting its message across. “More people are seeing investment as entertainment,” Rathi expressed, as per the draft.


Best Cointelegraph Features

Hedge funds see the crypto market decline as an investment opportunity

From rebalancing cash positions to announcing new investment products, hedge funds seem undeterred by the current crypto market decline.

China’s crypto industry is gone? Beijing’s crackdown keeps sending shockwaves

The Chinese government’s ongoing crusade against cryptocurrencies might have dramatic consequences for both domestic and global crypto traders.

Adopting a decentralized way of life, from small steps to giant leaps

Decentralization may seem out of reach for many, but here are some realistic ways to reject the idea of centralization in our daily lives.


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Market & Analysis

Amazon rumored to be accepting Bitcoin, MicoStrategy pledges to buy more BTC, Bitcoin struggles at $40K: Hodler’s Digest, July 25-31


Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week


Amazon plans to accept Bitcoin payments this year, claims insider

The crypto community was going wild at the beginning of this week after rumors circulated that Amazon was planning to accept Bitcoin payments. 

The rumors started after Amazon posted a job opening for a digital currency and blockchain product lead on July 22. Four days later, an anonymous source within Amazon reportedly told London business newspaper City A.M. that the e-commerce giant was planning to start accepting Bitcoin (BTC) payments by the end of 2021. 

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future — this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” the source told City A.M., according to a report published on Sunday.

Chinese crypto journalist Colin Wu attributed Monday’s surging market action, during which Bitcoin gained roughly 15% in less than three hours, to Amazon’s rumored plans. 

How wrong that very self-assured sounding quote from an unnamed source turned out to be after the multinational giant refuted the speculation two days later. 

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” a spokesperson said.


Bitcoin struggles at $40K after ‘most confusing’ Jerome Powell press conference

Bitcoin rose above $40,000 on July 29, a day after the Federal Reserve hinted that it was getting closer to winding down its asset purchasing program that has boosted the economic recovery of the United States. 

The digital gold previously approached $41,000 ahead of the critical Fed update. Unsurprisingly, it started losing upward momentum after the Federal Open Market Committee released its policy statement, followed by a press conference helmed by the Fed’s chairman, Jerome Powell.

Powell had previously said that the Fed’s asset purchases would continue until it sees “substantial further progress” in the U.S. economic recovery. However, for a while, it was unspecified as to what that actually meant, and Powell finally cleared that up after being questioned in a July 28 press conference.

Turns out that “substantial further progress” means strong labor numbers and gains towards maximum employment. 

Maximum employment refers to the highest level of achievable employment that the economy can sustain while maintaining a stable inflation rate. Given the rise of inflation and the decline of jobs due to the pandemic, the Fed’s maximum employment targets may need further clarification.   

BTC investors have been closely monitoring how soon the central bank might unwind its $120-billion-per-month bond-buying program due to its role in aiding the Bitcoin bull market.


Binance cuts withdrawal limits, rolls out tax reporting tool

Following increased scrutiny aimed at Binance from governments and financial institutions across the globe, the world’s biggest crypto exchange has been working on regulatory compliance. 

In the latest attempt to maintain dialogue with global regulators, Binance introduced withdrawal limits and a new tax reporting system.    

The company officially announced on July 27 a major update to its Know Your Customer policies, significantly reducing maximum withdrawal amounts for users who have not completed full identity verification.

Effective from the date of the announcement, new Binance accounts whose users have completed only basic account verifications will be unable to withdraw more than 0.06 Bitcoin per day, worth roughly $2,329 at the time of writing. Previously, the maximum daily withdrawal amount was capped at 2 BTC, or about $77,661. 

On July 30, the platform also announced that it will be shutting down its crypto derivatives trading for customers across Europe, first starting with Germany, Italy and the Netherlands. 

This week, Changpeng Zhao, the CEO and founder of Binance, said he wanted the crypto exchange to work with local regulators as it establishes regional headquarters.

Zhao, also known as CZ, hinted that Binance would depart from its decentralized approach to finance and that wanted the exchange to coordinate with regulators as the company expands.

“We want to be licensed everywhere,” CZ said. “From now on, we’re going to be a financial institution.”


MicroStrategy pledges to buy more BTC despite paper loss on its holdings of $424.8M in Q2

MicroStrategy pledged to buy more Bitcoin despite reporting impairment losses of $424.8 million in Q2, after it stated that it was “pleased” by the results of its digital asset strategy in its July 29 Q2 report. 

At a first glance, it appeared that MicroStrategy had lost the plot, as the Q2 report showed that as of June 30, MicroStrategy held an approximate 105,085 BTC with a carrying value of $2.051 billion, at an impairment loss of $689.6 million since acquisition. The average carrying amount per Bitcoin was an estimated $19,518. 

Earlier this week Elon Musk’s Tesla also published a Q2 report which showed a $23 million impairment loss on its Bitcoin holdings.

As both firms categorize Bitcoin as an “intangible asset,” accounting rules mandate that they must report an impairment loss when the asset’s price drops below its cost basis. However, they are not required to report price appreciation in the specified asset until the position is realized through a sale.

The digital asset figures were calculated using Generally Accepted Accounting Principles (GAAP) — a collection of commonly accepted accounting rules used for financial reporting. The firm also provided non-GAAP calculations, which in this report exclude the “impact of share-based compensation expense and impairment losses and gains on sale from intangible assets.”

The non-GAAP figures paint a different picture for MicroStrategy’s digital asset holdings, with the BTC cost basis at $2.741 billion but its market value is $3.653 billion, which reflects an average cost per BTC at $26,080 and a market price of $34,763 as of June 30.

This may be the reason why MicroStrategy CEO Michael Saylor continues to double down on BTC and pursue the hodl modl.


PayPal set to launch crypto trading in the UK and may embrace DeFi

On July 30, it was revealed that global payments platform PayPal is looking to expand its crypto trading services to the U.K. market, with the firm also revealing that it is looking at embracing DeFi. 

According to the company’s second-quarter earnings call on July 28, PayPal was very keen to pat itself on the back after the firm noted how well it performed during Q2 with its crypto trading services. CEO Dan Schulman stated that the U.K. is likely to be the next country where crypto trading is offered, and “maybe even next month.” 

Speaking on DeFi, Schulman suggested that PayPal was looking into “what the next generation of the financial system looks like” and how to integrate smart contracts and decentralized apps into the platform:

“How can we use smart contracts more efficiently? How can we digitize assets and open those up to consumers that may not have had access to that before? There are some interesting DeFi applications as well. And so we are working really hard.”

Schulman also revealed that revenues of PayPal-owned mobile payment service Venmo grew by 183% year-over-year and that there has been strong adoption and trading of crypto on Venmo as well. Venmo launched crypto trading services to an estimated 70 million users in mid-April.

Paypal’s 2020 entrance into crypto was widely cited as one of the early catalysts for last year’s meteoric bull run, with the firm first announcing it would introduce U.S. crypto trading service in November.

Winners and Losers



At the end of the week, Bitcoin is at $38,906 Ether at $2,357 and XRP at $0.72 The total market cap is at $1.53 trillion, based on CoinMarketCap data.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Quant (QNT) at 70.71%, Amp (AMP) at 55.88%, and Terra (LUNA) at 43.75%.

The top three altcoin losers of the week are Compound (COMP) at -5.79%, Mdex (MDX) at -5.35%, and Shiba Inu (SHIB) at -5.19%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.



Most Memorable Quotations


“I think central bank digital currencies were concocted in hell by Satan himself.” 

Rich Checkan, president of Asset Strategies International


“You even have some in the House that sit not too far from me on the House Financial Services Committee that would call blockchain basically a financial 9/11.” 

Representative Ted Budd of North Carolina, member of the House Financial Services Committee and Congressional Blockchain Caucus


“They claim to enable ‘transparency.’ Their backers talk about the ‘democratization of banking.’ There’s nothing ‘democratic’ or ‘transparent’ about a shady, diffuse network of online funny money.” 

Sherrod Brown, United States Democratic Senator


“Spending America deeper into a hole is a stupid, inflationary & altogether undesirable way to drive ppl to digital assets. I want USD to continue as the world’s reserve currency. We need to reign in spending & support financial innovation on US soil.” 

Cynthia Lummis, United States Republican Senator


“When the scourge of the COVID-19 pandemic hit and forced many economies into partial and total lockdowns, it reinforced the need to pursue digitization.” 

Mahamudu Bawumia, Vice President of Ghana


“There has been an enormous failure by the big banks to reach consumers all across the country. Digital currency and central bank digital currency may be an answer there.” 

Elizabeth Warren, United States Senator and former presidential candidate


“We continue to be pleased by the results of the implementation of our digital asset strategy. Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy.”  

Michael Saylor, MicroStrategy CEO


“Bitcoin Mining is the most ESG friendly business in the world. Bitcoin miners are 24/7 consumers of energy that can be placed near wasted power assets. Bitcoin miners help energy companies plan/control their demand — this brings in revenue to divest from coal and invest in renewable energy assets.” 

Will Szamosszegi, CEO and founder of Sazmining Inc., from Markets Pro Q&A

Prediction of the Week 


Ethereum price can hit $14K if the March 2020 chart fractal holds

Now that it looks like the cryptomarkets are picking back up, numerous bullish predictions are beginning to resurface. The recent flip in sentiment makes one wonder whether the highly coveted “moon” may once again be in sight.  

Earlier this week TradingView user “TradingShot” spotted an extremely bullish fractal on the Ethereum chart which indicated that ETH may close 2021 above $14,000.

The Ethereum fractal involves three technical indicators: a 50-day simple moving average (SMA), a Fibonacci channel and a relative strength index.

Ether closed above its 50-day SMA in July 2021, the first time since the May 2021 bearish buzzkill market correction. As TradingShot pointed out, breaking above the 50-day SMA has historically predicted bull runs. For instance, a run-up above the 50-day SMA in April 2020 took the ETH/USD exchange rate from around $170 to over $500 in September 2020 — in only 137 days.

A word of caution, however, based on this author’s 20-second analysis: The last time ETH hit all-time highs around the $4,000 to $4,300 price range in mid-May, it stayed there for roughly five days before crashing sharply and forcing the bulls into hibernation.

FUD of the Week 


Warren urges Treasury Secretary Yellen to combat rising crypto threats

Earlier this week, U.S. Democratic Senator and anti-crypto proponent Elizabeth Warren called on Treasury Secretary Janet Yellen and other regulators to develop a “comprehensive and coordinated” framework for addressing risks in the cryptocurrency market.

“As the demand for cryptocurrencies continues to grow and these assets become more embedded in our financial system, consumers, the environment, and our financial system are under growing threats,” Warren said in a letter to Yellen.  

According to Warren, an under-regulated cryptocurrency market poses a significant risk to major financial players, such as hedge funds and banks. What Warren is forgetting, however, is that hedge funds and banks are usually bailed out with taxpayer money in times of financial crises, so they really have nothing to worry about. 

The senator is renowned for pushing back against cryptic currencies or whatever they are called, and has described assets like Dogecoin as a “fourth-rate alternative to real currency.”

It appears she hasn’t seen enough memes from the DOGE community to be swayed on the value of Dogecoin as of yet.


IMF issues veiled warning against El Salvador’s Bitcoin Law

The International Monetary Fund, or IMF, warned this week that the consequences of a country adopting Bitcoin as a national currency “could be dire.”

The IMF didn’t specify which country it was talking about, but one thinks it may be El Salvador — the first nation to adopt Bitcoin as a national currency. 

According to assertions from IMF marketing department financial counselor and director Tobias Adrian and legal department general counsel and director Rhoda Weeks-Brown, 

countries adopting cryptocurrencies as national currencies or “granting crypto assets legal tender status” risks domestic prices becoming highly unstable. 

They also emphasized that the assets could be used contrary to Anti-Money Laundering and financing of terrorism measures, in addition to having issues surrounding macroeconomic stability and the environment.


Law professor calls for crypto mining regulation during US Senate hearing

Just as everyone was getting excited about the majority of the global BTC hash rate migrating out of China to the U.S., one little-known law expert has to come to ruin it all. 

Professor Angela Walch of the St. Mary’s University School of Law attended the July 27 crypto hearing before the U.S. Senate Committee on Banking, Housing and Urban Affairs to call for stricter regulations on people who keep the crypto sector moving smoothly. 

Thankfully, she wasn’t asking for a China-esque ban and, in addressing the committee, Walch claimed that miners held “meaningful power” over the way blockchain networks operate. She asserted that they can potentially exploit the role of transaction ordering, which could become a “major issue” for cryptocurrencies. 

In stressing the point, professor Walch likened the miner extractable value paradigm — where miners earn more profits from ordering transactions in a certain way — as being akin to a “bribe.” 

She may have a point, though — sometimes it does feel like you’re bribing someone to get an Ethereum transaction through the books when tokenized cats clog up the network and send gas fees to the moon.


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