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

Top news this week

VanEck and 21Shares Submit Amended Ether ETF Application to SEC

Asset managers VanEck and 21Shares filed amended Form S-1s with the U.S. Securities and Exchange Commission on July 8 for a potential Ether exchange-traded fund (ETF). Neither of the amended filings provided a specific launch date, but experts have suggested that the Ethereum ETF could launch in July.

Lionel Messi Promotes Solana Mimecoin on Instagram

Soccer star Lionel Messi made headlines this week when he promoted WaterCoin on his Instagram Stories. Based in Solana, MimeCoin claims to be a charity project focused on water conservation and water-related issues, with plans to become a full-fledged eco-coin in the future. Please note that investing in MimeCoin can involve significant risk. Always do your own research before investing.

The average Bitcoin transaction fee fell to its lowest point in 2020 on July 7, reaching $38.69. This quantitative measure determines miner revenue by dividing the total number of transactions successfully published on the blockchain. According to recent data from CryptoQuant, the Bitcoin hashrate also fell in July, reaching December 2022 levels, suggesting that mining operations are capitulating.

Goldman Sachs to Launch 3 New Tokenization Products This Year: Report

Goldman Sachs is gearing up to launch three tokenized products this year for the U.S. and European markets. Matthew McDermot, Goldman’s global head of digital assets, has described Goldman’s plans to create an institutional-focused marketplace for exchanging tokenized real-world assets (RWAs), though details on the plans are scarce. The investment bank is just one of the latest institutions to show interest in the growing RWA tokenization industry in the U.S.

FDIC candidate Goldsmith Romero says banks can hold custody of digital assets

At her July 11 nomination hearing, Christie Goldsmith Romero, a candidate for the chairman of the Federal Deposit Insurance Corporation (FDIC), told U.S. lawmakers that banks should be allowed to store cryptocurrencies. Her response was in response to a question from Senator Cynthia Lummis, a member of the Senate Banking, Housing, and Urban Affairs Committee. It was the only explicit reference to digital assets in a closely watched hearing for nominations to positions at several U.S. federal regulatory agencies.

Winners and Losers

Bitcoin on the weekend (Bitcoin) is in $58,192ether (Ethereum) In ~ $3,132 and Ripple (XRP) In ~ $0.46. Total market capitalization is $2.15 According to CoinMarketCap, it is worth around $1 trillion.

Among the top 100 cryptocurrencies, the top 3 altcoins that have seen the most gains this week are Notcoin. (no) At 45.33%, Mantra (for) 37.23% and Celestia (TIA) 30.36%

The top 3 altcoin losers this week are Dogwifhat. (World Health Organization) -19.71% to Brett (baseline) (Brett) -9.33% and flare (Flip) It’s -7.33%.

For more information on cryptocurrency prices, read Cointelegraph’s market analysis.

Most memorable quotes

“Ethereum has unique strengths as a solid base layer, including some that Bitcoin doesn’t.”

Vitalik ButerinCo-founder of Ethereum

“If the Commission proceeds with its proposed amendments, the reviewing court is likely to conclude that (…) the Commission’s interpretation of the Exchange Act overstates the statutory language.”

Uniswap Labs

“Even though (Trump) has recently changed his mind on cryptocurrencies, you (President Biden) still have an opportunity to provide the regulatory clarity that voters are demanding.”

Room of Progress

“What a lot of people in the industry have become accustomed to – paying for gas, holding native tokens. (…) It’s not a normal set of logic when you’re trying to pay for a cup of coffee.”

Chintan TurakiaSr. Director of Engineering at Coinbase

“Nothing will get the SEC to act faster than distributing Mimecoin.”

David JungFounding Director of Creo Legal

“AI and Mimecoin got the spotlight (2024) and GameFi was pushed down the rankings.”

Russell BennettCEO of Metacade

Forecast for this week

Bitcoin Price Faces Major ‘Summer 2021’-Style Correction Despite BTC Whale Buying

According to a recent report from CryptoQuant, Bitcoin could undergo a summer-style correction in 2021. Analysis of the profit and loss indicator shows that the indicator is holding close to its 365-day moving average.

This suggests a possible reversion to the downtrend, despite whales continuing to accumulate coins despite selling pressure from the German government and the Mt. Gox refund plan.

CryptoQuant’s Bull-Bear indicator is also showing signs of breaking below the neutral line, suggesting that bears are taking over the market and a steeper correction is expected.

Additionally, the Bitcoin price is trading near or below the 200-day simple moving average, which is another sign of Bitcoin’s current price weakness.

FUD of the week

Paxful Co-Founder Schaback Admits AML Failures, Sentenced to 5 Years in Prison

Paxful co-founder and former CTO Artur Schaback was sentenced to five years in prison after the entrepreneur accepted a plea deal with the U.S. Department of Justice. Schaback pleaded guilty to failing to comply with anti-money laundering regulations and failing to comply with know-your-customer provisions. He will also pay a $5 million fine and step down from the Paxos board of directors. Schaback is scheduled to be sentenced on November 4, 2024.

German Government Sells $354 Million in BTC: Will Volatility Increase?

The German government is preparing to sell off another $342 million in Bitcoin, adding further selling pressure to the decentralized digital asset. Market participants are patiently waiting for the German government to sell off all of its Bitcoin holdings as Bitcoin continues to trade below its 200-day exponential moving average. The $9 billion Mt. Gox refund has also unsettled investors.

Compound Finance Site Potentially Compromised — ZachXBT

On July 11, 2024, anonymous on-chain detective ZackXBT alerted users that the Compound Finance website had been compromised. According to the blockchain detective, visitors to the Compound website were being redirected to a phishing site that poses a high security risk. The website exploit was confirmed by a member of the Compound Finance team, who warned users to stay away from the site for the time being.

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Immutable, Earn Bitcoin by Eating Tickets, ‘Big Studios Appear’ — Web3 Gamer

Immutable co-founder Robbie Ferguson says the Web3 ecosystem is at a “significant inflection point,” and Notcoin’s price has surged 17% while other gaming tokens have plummeted.

Ethereum ICO 10 Years Later: Blockchain Forensics Ends Double Spending Debate

An investigation by Cointelegraph and Greywolf has finally put to rest speculation that Bitcoin was double-spent on Ethereum’s initial coin offering in 2014.

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Editorial staff

Cointelegraph Magazine staff and reporters contributed to this article.