Coming every Saturday Hodler Summary It will help you keep track of all the important news that happened this week. Best (and Worst) Quotes, Highlights Adoption & Regulation, Major Coins, Predictions & More – A Week on Cointelegraph in One Link.
This week’s top news
Elon Musk buys Twitter for $44 billion — crypto industry responds
Eccentric billionaire Elon Musk bought Twitter for $44 billion this week, or $54.20 a share in cash. After agreeing to the deal, Musk said he hopes “even the worst critics will stay on Twitter, because that’s what free speech is.”
Reaction from the crypto industry has been mixed, with Dogecoin co-founder Jackson Palmer calling the acquisition a “hostile takeover” that goes against the idea of freedom, while bitcoin bulls Anthony Pompliano and Michael Saylor welcomed the decision.
ApeCoin (APE) hits new high ahead of this week’s other land auction
Bored Ape Yachting Club affiliate ApeCoin (APE) hit a new all-time high of $22.60 Thursday amid growing excitement over the upcoming Metaversite Land auction, hosted by Animoca Brands and BAYC creator, Yuga Labs.
Otherside is the upcoming metaverse project within the BAYC ecosystem, and welcomes the sale of its first 100,000 plots of land on Saturday. Governors who already own a BAYC or Mutant Ape Yacht Club NFT will be able to claim a plot of land for free.
Meta will open a physical Metaverse store in the San Francisco Bay Area
Mark Zuckerberg’s Meta is set to open a retail store in Burlingame, California, that will sell VR and Metaverse gear. The store will be located on the Meta Burlingame campus and will feature a wall-to-wall curved LED display showing what users see using the Meta headphones.
The store will also offer demonstrations of everything related to virtual reality headsets, video communication screens and smart glasses. “The Meta Store will help people connect that connection with how our products become the gateway to the Metaverse of the future,” said Martin Gilliard, Store Manager.
Central African Republic Adopts Bitcoin as Legal Currency: Report
The Central African Republic has reportedly passed a bill this week that would allow bitcoin to be used as legal tender alongside the franc. CAR now joins El Salvador in taking an ambitious step towards full BTC adoption.
President Faustin-Archange Touadera’s chief of staff, Obed Namsiou, has reportedly said the move is aimed at making the Central African Republic one of the “boldest and visionary countries” in the world. The country of 5 million people has one of the smallest economies in the world with a GDP of about $2.4 billion.
Brazil’s Senate Approves “Bitcoin Law” Regulating Cryptocurrency
Brazil’s Federal Senate also made an important decision regarding cryptocurrencies this week, passing the country’s first law governing cryptocurrencies. The bill would allow the government to create a regulatory framework for the domestic crypto industry.
The senators have discussed offering incentives for crypto miners to set up shop in Brazil, as well as seeking tough penalties for any fraudulent or bad behavior in the sector.
To become law, the bill must then be approved by the lower house of the Federal Senate, and then signed by President Jair Bolsonaro.
Winners and losers
On weekends, Bitcoin (BTC) at $39.032ether (ETH) to me $2,854 And XRP to me $0.62. Total cryptocurrency market cap is $1.77 trillion according to At CoinMarketCap.
Among the top 100 cryptocurrencies, ApeCoin was the top three gainers for the week (monkey) By 60.14%, Steben (GMT) By 20.28% and Kfa (reward) by 13.88%.
The top three altcoin losers of the week are Zilliqa (Zell) At -23.84%, waves (waves) At -23.07% and Axie Infinity (AXS) at -23.02%. For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
Most memorable quotes
“Bitcoin will never be zero because it has an intrinsic value that goes beyond its technological and monetary advantages.”
Lily ChowNew Ecosystem Growth Manager
“There’s a pre-pandemic world and a post-pandemic world, and the post-pandemic world has a lot more public deficits — it has a lot of uncertainty related to growth.”
Antoine ScaramucciFounder and Managing Partner of SkyBridge Capital
“I hope my worst critic remains on Twitter, because that’s what free speech means.”
Elon MuskCEO of Tesla
“We got a big giveaway when China banned cryptocurrency mining and trading – it was a huge mistake for them.”
Greg TanakaMember of Palo Alto City Council
“Our survey shows something we have been championing for a long time: talk of digital asset survival is definitely over – the question now is about evolution.”
Julian SawyerBitstamp CEO
“The problem with [Bitcoin] You can’t have real free trade unless you have your own trade.
Edward SnowdenGovernment Violation Detection Device
Predicting the week
Bitcoin Repeats Rare Weekly Chart Signal That Drives Bitcoin Prices 50% Down
Bitcoin price has traded largely sideways this week while still experiencing some volatility. The asset traded above $40,000 and below $38,000 at times during the week, based on Cointelegraph Bitcoin Price Index.
Bitcoin may be headed for negative price action, according to Twitter personality by the pseudonym “Nonia Business.” Bizniz noted a trend on the Bitcoin chart that actually occurred before the 50% price drop – the bearish slope of the asset’s 20-week and 50-week moving averages. This chart pattern has happened twice before, each time we see BTC price drop more than 50%.
FUD of the week
Security experts warn that STEPN impersonators steal user keystrokes
Blockchain security firm Peckshield has exposed several phishing sites for the lifestyle app Web3 STEPN. According to the company, bad actors were able to create and attach MetaMask browser plugins that can be used to steal users’ raw phrases.
NFTs stolen from bored monkey club in Instagram phishing attack
The Instagram account of the Bored Ape Yacht Club NFT project was hacked on Monday. According to various unconfirmed reports on social media, nearly 100 NFTs with a total value of $400,000 were stolen in a phishing attack and fake airdrop. Users believed that the links used to carry out the attack were legitimate because it coincided with the first anniversary of BAYC’s launch.
New York State Assembly Passes Ban on New BTC Mines That Don’t Use Green Energy
The New York State Assembly passed a bill earlier this week that seeks a two-year ban on all new Proof of Work (PoW) crypto-mining facilities backed by carbon-powered energy. The bill also states that existing miners who rely on carbon-fueled rigs will not be able to renew their permits once they expire.
Best Encryption Features
Cryptographic Valley and Crypto Oasis: Ralph Galabishnigg
“There are few places around the world that will attract people who can afford it, because it is safe for their families – and these people bring work.”
Loss of Privacy: Why We Should Fight for a Decentralized Future
As early adopters of blockchain, we need to decentralize the masses and fight against the tech giants who are their natural enemies.
Borrowing and lending are important parts of DeFi, but they lack the rationale for an effective process: decentralized credit scoring.