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Infrastructure bill passes, Coinbase posts $1.6 billion in Q2 profit, $600 million stolen in DeFi hack: Hodler’s Digest, Aug.8-14



Infrastructure bill passes, Coinbase posts $1.6 billion in Q2 profit, $600 million stolen in DeFi hack: Hodler’s Digest, Aug.8-14

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

Infrastructure bill passes US Senate — without clarification on crypto

On Tuesday, the controversial infrastructure bill passed in the U.S. senate In a 69-30 vote.

The bipartisan bill proposes roughly $1 trillion of funding into transportation and electricity infrastructure projects. The bill also puts forward more stringent rules for firms handling crypto assets while expanding reporting requirements for brokers, who will be required to report digital asset transactions worth more than $10,000 to the IRS. 

Six senators, including Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden, proposed an amendment to the buzz-kill bill on Monday that would exempt software developers, transaction validators and node operators as brokers, while proposing that tax reporting requirements “only apply to the intermediaries.” 

Their efforts didn’t bear fruit, however, with further clarification on crypto not provided.  Senator Toomey flamed the bill in the aftermath, noting that the legislation was “too expensive, too expansive, too unpaid for and too threatening to the innovative cryptocurrency economy.”

Poloniex settles charges with SEC for operating unregistered exchange

The United States Securities and Exchange Commission, or SEC, announced a $10 million settlement with cryptocurrency exchange Poloniex on Aug. 9. 

Poloniex was charged with facilitating trades in unregistered securities between July 2017 and November 2019. According to the indictment, the SEC also asserted that Poloniex employees were misbehaving, as they actively sought to circumvent securities regulation in a plot to increase the company’s market share. 

On the same day, SEC commissioner Hester Peirce — known colloquially as “Crypto Mom” due to her regular pushback against SEC crypto enforcement — slammed the regulators’ actions in a public statement. 

Crypto Mom questioned the regulators’ opaque regulatory framework that crypto firms must navigate in the U.S. while asserting that, even if Poloniex had tried to register with the SEC, 

they “likely would have waited…and waited…and waited some more” for a verdict.

Coinbase’s Q2 profits top $1.6B as ETH volume surpasses BTC’s for the first time

Coinbase, the crypto exchange led by media-shy co-founder and CEO Brian Armstrong, posted Q2 profits of $1.6 billion this week. 

The firm released its Q2 report on Tuesday, and its net profit of $1.6 billion marked a mammoth increase of 4,900% compared to the $32 million recorded in the same period of 2020. Coinbase’s total revenue for the quarter was $2.23 billion, beating out analysts’ predictions of $1.78 billion in expected revenue. 

Interestingly, for the first time since Coinbase was founded nine years ago, Ethereum (ETH) had a higher trading volume than Bitcoin (BTC), with the assets representing 26% and 24% of total volume, respectively.

55% of the world’s top 100 banks reportedly have crypto and blockchain exposure

Despite banks often taking time out of their busy schedules to slam crypto, a new research report found that 55 out of the top 100 banks by assets under management have some form of blockchain or crypto exposure.  

According to research by Blockdata, the banks and their subsidiaries have direct and indirect investments in crypto and decentralized ledger technology firms.

Notable banking giants named and shamed included Barclays, Citigroup and Goldman Sachs, who were reported as the most active backers of crypto and blockchain firms, while  JPMorgan Chase and BNP Paribas were also identified as serial investors in the sector.

Winners and Losers

At the end of the week, Bitcoin is at $46,262, Ether at $3,189 and XRP at $1.01. The total market cap is at $1.92 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are IoTeX (IOTX) at 314.69%, XinFin Network (XDC) at 71.34%, and Ravencoin (RVN) at 71.23%. 

The top three altcoin losers of the week are THORChain (RUNE) at -12.02%, Quant (QNT) at -5.71%, and THETA (THETA) at -2.58%.

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

Most Memorable Quotations

“If #Bitcoin were to catch up to #Ethereum’s performance this year, the No. 1 crypto’s price would approach $100,000.”

Mike McGlone, senior commodity strategist for Bloomberg Intelligence

“Shutting off this growth engine would be the equivalent of stopping e-commerce in 1995 because people were afraid of credit card fraud. Or regulating the creation of websites because some people initially thought they were complicated and didn’t understand what they would ever amount to.”

Mark Cuban, billionaire investor

“If you want to store your coins truly outside of the reach of the state, you can just hold those private keys directly. That’s the equivalent of burying a bar of gold in your backyard.”

Nic Carter, co-founder of Coin Metrics

“This legislation imposes a badly flawed, and in some cases unworkable, cryptocurrency tax reporting mandate that threatens future technological innovation.”

Pat Toomey, U.S. Senator

“I think we’re already past the stage of crypto early adoption.”

Stephen Stonberg, Bittrex Global CEO

“We are living in a time where everything is going digital, including traditional assets.”

Austin Woodward, CEO of TaxBit

“Given how slow we have been in determining how regulated entities can interact with crypto, market participants may understandably be surprised to see us come onto the scene now with our enforcement guns blazing and argue that Poloniex was not registered or operating under an exemption as it should have been.”

Hester Peirce, commissioner of the U.S. Securities and Exchange Commission

“Bitcoin’s journey to becoming Gold 2.0 has been beautiful.”

Dan Held, Kraken director of growth marketing

Prediction of the Week 

Bitcoin Technicals: Why BTC price breaking $48K resistance is the key to new all-time highs

Bitcoin has recovered a notable amount of ground in recent weeks. The asset hit its all-time high of almost $65,000 back in April but subsequently fell in the days and weeks after, finding its way down to around $30,000. On multiple occasions, the asset briefly fell below $30,000. 

Recent weeks, however, have shown bullish price movement for Bitcoin, as the asset has posted chart action seemingly indicative of a reversal, based on analysis from Cointelegraph’s Michaël van de Poppe. 

The $48,000 price range on Bitcoin’s chart sits as notable resistance. A move past the price zone of $47,500 to $49,000 could signal a possible further move up to eventual fresh all-time highs, although van de Poppe noted $55,000 as a nearer-term target following a break of the mentioned resistance zone. Alternatively, should Bitcoin’s price break down, a number of levels of price support exist, with $37,500 as an important level to hold.

FUD of the Week 

Coinbase removes ‘backed by US dollars’ claim for USDC stablecoin

Earlier this week Coinbase tweaked its description of number-two stablecoin USD Coin (USDC) to paint a picture of a slightly less-than-stable coin. 

Coinbase made the change following an audit showing that USDC’s reserves weren’t all held in cash. The previous statement read: “Each USDC is backed by one dollar held in a bank account.” 

The new statement reads: “Each USDC is backed by one dollar or asset with equivalent fair value, which is held in accounts with US regulated financial institutions.”

While this might be a blow to USDC owners Circle, the firm’s stablecoin cash reserves are likely larger than Tether’s and its USDT.

Alex Saunders sued for $350K by Nuggets News follower

Alex Saunders, the Aussie behind popular crypto YouTube channel Nuggets News, is being sued by a disgruntled investor for almost 479,270 Australian dollars, worth roughly $353,027. 

Plaintiff Ziv Himmelfarb filed a formal written order demanding that the YouTuber pay the amount in losses and damages for unpaid loans and allegedly bogus investments. 

Himmelfarb stated that it was a “no-brainer” to trust Saunders when he was asked for loans and offered investment opportunities by the crypto influencer, as he had been following him since 2017 and found him to be a reputable figure in the space. 

“When he told me he had temporary liquidity issues in May, I was glad to help with a short-term loan, but couldn’t get any of my money back since then. Hopefully I can get repaid,” Himmelfarb said in regard to his alleged 30 ETH loan to Saunders.

DAO Maker crowdfunding platform loses $7M in latest DeFi exploit

DAO Maker, a crowdfunding platform focused on raising money for crypto projects, was exploited by hackers who stole $7 million worth of USDC out of 5,251 user accounts. 

According to DAO Maker CEO Christoph Zaknun, the hackers were able to syphon around $7 million worth of USDC.

“One of the reasons why this did happen is probably that the amount of deposits within the [Strong Holder Offering] contract really exceeded our expectations,” said Zaknun in an AMA on Twitch. “Initially, we never expected more than $2.5 million to be deposited in there, but over time, the SHOs became very popular.”

Cointelegraph didn’t reach out to the hackers to provide comments, as nobody knows who they are.

Best Cointelegraph Features

Large hodlers accumulate Bitcoin below $50K as BTC transactions over $1M soar

The dominance of Bitcoin transaction values above $1 million has doubled year-over-year, hinting at a rising institutional involvement in the cryptocurrency space.

Is the cryptocurrency epicenter moving away from East Asia?

East Asia has experienced a major decline in crypto adoption over the past year when compared with other regions.

Measuring success: Offsetting crypto carbon emissions necessary for adoption?

Crypto companies are doing their best to go green by offsetting Bitcoin carbon emissions, but how accurate are their estimates?

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Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived



Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

Bitcoin (BTC) is likely in the middle of a short-term correction that has taken it below $60,000. Following this correction, a rebound in price is likely. 

BTC decreased considerably on Oct 26 and created a bearish engulfing candlestick.  This is a type of bearish candlestick in which the entire upward movement from the previous day is negated with an equal or larger drop the next day.

The main support area is found between $52,400 and $53,350. This range is made up of a short (white) and a long-term (black) Fib retracement level and a horizontal support area. There is also a minor support level at $56,550, created by only the short-term Fib level. 

Technical indicators support the continuation of the decrease.

The MACD, which is created by short and long-term moving averages (MA) is falling. Currently, the MACD is still positive, indicating that the short-term trend is moving faster than the long-term trend. However, it’s decreasing, signaling that the MA is decelerating.

The RSI, which is a momentum indicator is also decreasing. It’s above 50, signaling that momentum is still bullish, but the decreasing RSI indicates that momentum is also losing strength.

BTC gets rejected

The six-hour chart shows that BTC is moving underneath a descending resistance line since the Oct 20 all-time high price. 

More recently, the line rejected the price on Oct 25 (red icon), initiating the current downward move. The rejection also coincided with the $63,650 resistance area.

As long as the descending line remains unbroken, the short-term trend is considered bearish.

Wave count

The short-term wave count shows that BTC is likely in an A-B-C correction, which is potentially contained inside a parallel channel. For a long-term wave count analysis, click here.

Currently, BTC is in the C wave, which is the final portion of the correction and after which a rebound in price is likely.

There is considerable support near $56,500 and a drop to those levels would give waves A:C an exact 1:1 ratio. Furthermore, it would coincide with the support line of the channel. In addition to this, the area coincides with the short-term Fib support outlined in the first section. 

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin drops $1K in five minutes in fresh dip below $60K



Bitcoin drops $1K in five minutes in fresh dip below $60K

Ethereum slips below $4,000 as an anticipated correction suddenly takes hold of crypto markets.

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Bitcoin drops K in five minutes in fresh dip below K

Bitcoin (BTC) fell sharply on Oct. 27 as $60,000 finally gave way to two-week lows.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin bites into major buy wal

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $58,000 at the time of writing, hitting its lowest since Oct. 15.

The move follows multiple retests of $60,000, with Bitcoin now taking liquidity in a large support wall with $57,000 as its base.

Analysts, as Cointelegraph reported, were already prepared, with some data suggesting a deeper dive to a low as $50,000 would still preserve the overall bull trend.

#Bitcoin couldn’t break through $63.6K and tests the other side of the range.

Might be dropping another time if $61.6K can’t break and then I’m looking at $58K next. pic.twitter.com/HIsvhE5ZlZ

— Michaël van de Poppe (@CryptoMichNL) October 27, 2021

Commenting on the situation meanwhile, Charles Edwards, CEO of investment firm Capriole, blamed leveraged traders for sparking the volatility.

“Basically Bitcoin looks incredible here on most metrics, but leverage traders have gone out of control,” he argued.

“We won’t get sustainable price rises until that changes.”

Data showed $500 million being liquidated in a single hour across cryptocurrency.

Altcoins lose big on trend reversal

Ether (ETH) led a bleed from altcoins Wednesday, falling below its hard-won $4,000 support line.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Related: Expanding ecosystem and $1.86B futures open interest back Solana’s $250 target

Several of the top ten cryptocurrencies by market cap saw daily losses of over 15%, including Dogecoin (DOGE) and Solana (SOL).

Shiba Inu (SHIB) was still largely in the green, up 23% on the day despite the market turnaround and continuing a wild month.

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Redditors cheer as GameStop assembles team of NFT experts



Redditors cheer as GameStop assembles team of NFT experts

“Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” Gamestop’s Head of Web3 Gaming job listing reads.

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Redditors cheer as GameStop assembles team of NFT experts

GameStop (GME) is assembling a team of blockchain and NFT experts to work on the firm’s upcoming NFT platform.

The firm’s GME stock is a cult favorite amongst retail traders as a result of the r/wallstreetbets and Robinhood saga earlier this year. On Reddit the r/Superstonk community boasts 659,000 members, and is dedicated to hosting business and stock discussions related to GME.

A post about GameStop’s job listings yesterday has received more than 10,000 upvotes at the time of writing, with many members posting bullish sentiments over GameStop’s latest move.

GameStop quietly unveiled a bare-bones website for its NFT marketplace in May. The site currently features a Nintendo Gameboy-style gaming console with an Ethereum logo, along with a message calling out for recruits to work on the platform.

Since then the firm has held its cards close to its chest, however on Oct. 25 it listed a total of eight jobs for crypto-friendly candidates, including three roles for NFT experienced software engineers, three jobs for product marketers and with two roles focused on Web3 based gaming.

One of the listings for the Head of Web3 Gaming job says that GameStop is looking for someone with experience with “Ethereum, NFTs and blockchain-based gaming platforms.” The firm has also hinted that there are some plans related to the Metaverse in the works.

“GameStop is looking for a unique individual who can help accelerate the future of gaming and commerce. In this future, games are the places to go, and play is driven by the things you bring. Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” the job listing reads.

Web3, billions in revenue, NFTs, Ethereum Layer 2. probably nothing. $GME pic.twitter.com/s3PiaqtWQl

— Chris SilvΞstro (@vestro) October 26, 2021

Related: Reddit may be preparing to launch its own NFT platform

Members of the r/Superstonk community were singing the firm’s praises yesterday, with “Triaspia2” calling it one of the “best job listings” they had seen, while pledging to buy more GME as it was a “bullish signal.”

Redditor “Donnybiceps” was equally bullish, noting that:

“NFTs are the future and people who haven’t gotten on board the GME train while knowing all these clues then you should be blaming yourself for not thinking this through.”

GME has had a volatile performance in October, going as low as $166 before bouncing to around $187 and subsequently crashing down again. However, according to data from Tradingview, the price of GME has still gained 2.8% this month to sit at $178 at the time of writing. The year-to-date gain for GME is a whopping 844%.

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