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

Top news this week

Roaring Kitties Fraud Lawsuit Against GameStop Dismissed After 3 Days

The lawsuit against GameStop trader Roaring Kitty (aka Keith Gill) was voluntarily dismissed after three days. The lawsuit, filed by Martin Radev, accused the meme trader of securities fraud for manipulating GameStop’s stock price. However, Radev’s lawsuit was dismissed without prejudice, allowing him to refile the lawsuit against Gill in the future.

Bitcoin Crash Surges ‘Buy the Dip’ Mentions on Social Platforms

With Bitcoin recently falling below $60,000, many investors are “buying the dip.” Talk of taking advantage of price fluctuations has been on the rise on social media in the past few days. According to research firm Santiment, the frequency of internet mentions of the term has doubled during Bitcoin’s downward price movement.

On July 2, the Ethereum Foundation revealed that their email servers had been compromised in late June. Malicious actors sent 35,794 emails to subscribers claiming that the Ethereum Foundation and the Lido decentralized autonomous organization were promoting 6.8% yields on ETH, stETH, and wETH. Following the malicious links would have resulted in users losing their funds. Fortunately, the Ethereum Foundation was able to close the security vulnerability that led to the email compromise and alert other organizations to the malicious activity. According to the foundation, no funds were lost as a result of the exploit. However, 81 emails may have been exposed during the breach.

Circle Becomes First Global Stablecoin Issuer to Become MiCA Compliant

On July 1, 2024, Circle announced that it had become the first stablecoin issuer to be compliant with the European Union’s MiCA regulations. Circle’s USDC and EURC stablecoins are fully compliant with the EU’s new regulatory framework. Co-founder and CEO Jeremy Allaire also announced that the company chose France as the home for its European operations due to the country’s progressive regulatory environment and Circle’s working relationship with the French Prudential Supervision and Resolution Authority.

Bitwise File Modified Ethereum ETF S-1 – Experts Predict July Launch

Asset manager Bitwise has filed an amended S-1 form for an Ethereum exchange-traded fund (ETF). Experts predict that the ETH ETF will launch in early July. The asset manager has stated that the ETF will be exempt from fees for the first six months after launch or until the exemption fee reaches $500 million. Bloomberg ETF analyst Eric Balchunas claims that the ETH ETF will launch in early July, possibly ahead of the July 8 deadline for filing S-1 documents with the U.S. Securities and Exchange Commission.

Winners and Losers

Bitcoin on the weekend (Bitcoin) is in $55,742ether (Ethereum) In ~ $2,955 and Ripple (XRP) In ~ $0.42. Total market capitalization is $2.04 According to CoinMarketCap, it is worth around $1 trillion.

Among the top 100 cryptocurrencies, the top 3 altcoins that rose the most this week are MultiversX. (EGLD) At 10.02%, MANTRA (for) 5.90% and TRON (Trex) 3.03%

The top 3 altcoin losers this week are Core. (main point) -32.46%, Lido DAO (LDO) 32.00% and Ethena (this) -31.65%.

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

Most memorable quotes

“ETFs are a solid catalyst for relative strength in ETH as summer progresses and flows build, and I am confident that the current ETH/BTC price is a bargain for patient traders.”

K33 study

“I continue to be concerned about the profound implications of AI censorship. They are losing their usefulness over time due to ‘alignment’ training.”

Charles HoskinsonCo-founder of Cardano

“As the financial sector continues to evolve, we must innovate across a range of areas and apply technologies not traditionally associated with central banking.”

Tiff McClellamGovernor of the Bank of Canada

“Fund tokenization is likely the biggest digital asset trend happening today, and this is a huge validation that global asset management firms are entering this growing market.”

Sergey NazarovCo-founder of Chainlink

“It is irrational to buy securities simply because an individual named Roaring Kitty posted a harmless tweet on social media.”

Eric RosenDynamis Partner and Former Federal Prosecutor

“The more options we have, the better we can serve both L1 and L2 users, and the more we can simplify the work of L2 developers.”

Vitalik ButerinCo-founder of Ethereum

Forecast for this week

3 Reasons Why Bitcoin Analysts Think BTC Price ‘Cycle Top’ Has Arrived

Capriole founder Charles Edwards believes Bitcoin has already reached its “peak cycle” for several reasons.

First, Edwards points to the steady rise in Bitcoin’s long-term holder (LTH) inflation rate, which is a measure that tracks the annual accumulation or distribution rate. The higher the value, the more long-term holders are adding downward selling pressure to the market. An interest rate close to 2% would indicate a market peak, and according to Edwards, it is currently at 1.9%.

The analyst also argued that the increase in Bitcoin’s dormant z-score supports the figures obtained from Bitcoin’s LTH inflation rate, arguing that the coins moving in 2024 are significantly older than in previous cycles.

Edwards explained that the final consolidation was due to a surge in Bitcoin consumption. According to the analyst, a surge in consumption over the past seven to 10 years also represents a market peak.

FUD of the week

Bittensor Network Shuts Down After $8 Million Stolen

The Bittensor network was temporarily shut down after an exploit that resulted in $8 million worth of 32,000 TAO tokens being stolen from the protocol in a series of malicious attacks. The issue was discovered by pseudonymous on-chain detective ZackXBT, who said that the funds were likely stolen due to a private key leak. The Bittensor team assured users in an update that the exploit had been contained and that user funds were safe.

What Dropped Bitcoin Price Below $60K? Chart Points to Potential Mt. Gox Redemption

Investors and speculators believe that the $9 billion Mt. Gox repayment is the reason Bitcoin has fallen below the $60,000 price level. Capriole founder and analyst Charles Edwards pointed to the surge in Bitcoin’s trading volume over the past seven to 10 years as evidence that the now-defunct Mt. Gox exchange has begun repaying its creditors.

Bitcoin falls below $58,000 for first time in 2 months on Coinbase

On Coinbase, the price of Bitcoin briefly dropped to $57,874 on July 4, 2024, causing over $54.9 million worth of BTC longs to be liquidated in 24 hours. These price levels had not been seen for over two months, raising investors’ concerns that a broader selloff could follow, pushing the price of the decentralized digital asset even lower.

Popular Magazine Articles of the Week

Could the Financial Crisis End the Crypto Bull Market?

Blockchain technology does not exist in a vacuum, and the outside world has become a less secure place. Can cryptocurrencies survive the TradFi crash?

Crypto-Sec: Phishing Scammers Target Hedera Users, Address Pollution Criminals Pay $70K

Hedera marketing emails were hacked and used in phishing attacks, a critical vulnerability in MoveIt was patched, and there was also a $70K address poisoning attack.

Bitcoin $500K Prediction, Spot Ether ETF ‘Staking Issue’ — Thomas Fahrer, X Hall of Flame

Thomas Farrer says there are a number of “low probability” events that could propel Bitcoin into a “strong bull market.”

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Editorial staff

Cointelegraph Magazine staff and reporters contributed to this article.