Bitcoin is back under attack in multiple countries, and at a time when the virtual currency is in the spotlight. The biggest crisis may be in Argentina, where the government devalued the currency by more than 30% and nationalized currency exchange houses, in order to protect the local peso from devaluation. This move has led to a drop in bitcoin’s value to $400 USD, or 48% of its peak value in December 2017. The second biggest threat to bitcoin may be El Salvador, where the central bank has rejected the virtual currency. Honduran president Lenín Moreno has also rejected bitcoin as a legal payment method, and this may cause some movement in the price of bitcoin.
Bitcoin has been under the radar for the past week or so, and there are plenty of reasons for that. The currency has been under siege by regulators across the globe. On Tuesday, the European Central Bank published a report , which stated that Bitcoin is “not being used for nefarious purposes” but that it has “insufficient safeguards” in place to protect users. This, of course, was not the first Bitcoin-related warning shot fired by the ECB; earlier this month, the bank had issued a statement  which gave the currency “limited” status. In addition, the growing speculation surrounding the future of Bitcoin has caused its price to drop by nearly 50 per cent since the start of the year.Every Saturday, the Hodler Digest helps you stay on top of all the important news of the week. The best (and worst) quotes, highlights of introduction and regulation, top coins, predictions and more – the week on Cointelegraph in one link.
News of the week
Incorrect Fed comments drive down bitcoin prices and stocks
The cryptocurrency markets started the week in a positive mood. Last Sunday, Elon Musk said that Tesla would be willing to accept payment in bitcoins again – once it is proven that 50% of the energy its miners use comes from clean, renewable sources. Traders reacted positively to the tweet, and green candles were numerous. The improved sentiment has allowed bitcoin to break above the 40,000 level for the first time in over two weeks. Unfortunately, it seems that prices above this level are unstable. A new wave of selling got underway after Federal Reserve Chairman Jerome Powell hinted that interest rates could be raised in 2023, a year earlier than expected. Other officials went even further and indicated that the first increase could occur in late 2022. Bitcoin wasn’t the only one affected by the downturn. Equities and gold also fell, shattering the belief that BTC is an uncorrelated asset. After the price dropped to $35,000, it was feared that a death cross was forming for bitcoin. Some traders are predicting that $32,500 could be the next stop before BTC falls back to a low of $30,000.
World Bank rejects request for assistance from El Salvador BTC
As determined as El Salvador’s president is to make bitcoin a legal tender, a series of unfortunate events this week have shown that it’s harder than it looks. The World Bank refused to assist the country in the transition, due to environmental and transparency concerns related to digital assets. While prominent bitcoiners were not happy with the World Bank’s rejection, they were frankly not surprised either. Blockstream’s chief strategist, Samson Mouw, made a particularly scathing contribution by tweeting: PIRACY THE WORLD BANK CANNOT HELP EL SALVADOR MAKE THE WORLD BANK OBSOLETE Meow. Elsewhere, the Salvadoran minister denied reports that the country is considering using bitcoin to pay salaries, warning that such discussions are too premature. Economists also continue to warn of the potential impact of El Salvador’s decision. Steve Hanke has made no secret of the fact that passage of this bill could lead to the complete collapse of the country’s already fragile economy. In a light-hearted speech, he said politicians who supported President Nayib Bukele’s bitcoin law were stupid, adding: You do not pay for your taxi ride with bitcoins. This is ridiculous. […] 70% of the people in El Salvador don’t even have a bank account.
Mark Cuban calls for stablecoin regulation after Iron Finance bank robbery
Crypto-enthusiast billionaire Mark Cuban has called for regulation of stablecoins after losing money in a dramatic brawl. Iron Finance was the victim of a historic bank robbery detailing the price of a stable iron coin. As a result, the value of the TITAN native token dropped nearly 100% in two days, from an all-time high of $ $64.04 to just a fraction of a cent. In an email to Bloomberg, Cuban wrote: Even though I liked it, it was actually my own fault for being lazy. DeFi games like this are all about sales and math, and I was too lazy to understand the key numbers. Cryptocurrency Twitter, which is already recovering from Elon Musk’s flip-flop, was not happy with Cuban’s comments. Kraken CEO Jesse Powell said the problem was not due to a lack of regulation, he wrote on Twitter: The fact that you didn’t do your own research and made a bad investment because your time was worth more than your money is your problem.
The death of the NFT? CNN, Fox, Mila Kunis (and the US Space Force) don’t see it that way
Earlier this month, some critics proclaimed the death of unplayable chips after a report from Protos showed that sales had dropped from to 90% since the peak in early May. But maybe the situation is not as bad as it seems. First, let’s not forget that earlier this month, Sotheby’s auctioned off a rare CryptoPunk for $11.8 million … setting a new world record. It should also be noted that there is no shortage of new announcements from the NFT. Here are a few that have come to light in recent days. CNN said it planned to symbolize historical moments in current events. This came at a time when Fox, another US media giant, announced it was launching a $100 million fund for the creation of NFT content. Sotheby’s has confirmed its intention to auction the source code of the World Wide Web as a digital collector’s item. And to follow her lead, celebrity Mila Kunis is entering the highly male-dominated crypto space by launching her own NFT project. Even the U.S. Space Force, which is derided, takes the NFT for granted. His marks literally go to the moon –, in tribute to Neil Armstrong, the first human to set foot on the lunar surface. Since all of these projects have a chance to captivate audiences, it may not be wise to dismiss NFT as a passing fad that will die out.
I have nothing PrisonerJohn McAfee claims his crypto-currency assets are gone.
Still behind bars in Spain fighting his extradition to the United States, anti-virus software pioneer John McAfee has told his millions of Twitter followers that he has not hidden crypto-currencies. He wrote: I wish I could, but it has been resolved in the many hands of the McAfee team (your faith is not required) and all my remaining assets have been confiscated. My friends have evaporated for fear of being associated. And, with a challenging look, he added: I have nothing. And yet I do not regret it. A Spanish court is expected to decide in the coming days whether to approve McAfee’s extradition. The businessman is accused of tax evasion and failing to report income from paid promotions of cryptocurrencies, consulting work and profits from his investments. At a court hearing earlier this week, he said the charges against him were politically motivated and that he would die behind bars if he were transferred to the United States.
Winners and losers
At the end of the week Bitcoin stands at $ $35,702.06, Ether at $ $2,228.54 and XRP at $ $0.79. The total value of the contract is 1,496,219 684,262. In the top 100 cryptocurrencies, the three altcoins that gained the most this week were Quant, XinFin Network , and Theta Fuel. The top three altcoins that lost this week are Kusama, Internet Computer and Decred. For more information on crypto currency prices, be sure to check out Cointelegraph’s market analysis.
Most memorable quotes
Cryptocurrencies are] the first truly new asset class in about 150 years. Rick Edelman, founder of Edelman Financial Engines Although the government [of El Salvador] has asked us to help them with bitcoin, the World Bank cannot support this idea because of environmental and transparency gaps. World Bank For new investors, it is best to buy when the market is well below trend. This is one of those moments. Dan Morehead, CEO Pantera Capital The downside risk to the #dollar is low compared to currencies that similarly depreciate, meaning that diversifying into valuable assets like #gold and #bitcoin is simply a smart move in our opinion. Mike McGlone, Senior Commodities Strategist, Bloomberg Intelligence Michael Sailor is clearly focused on a long-term investment strategy rather than short-term gains or losses. Company debts are risky, but of course they can also lead to large profits. Kadan Stadelmann, Technical Director, Komodo You won’t pay for a taxi ride with bitcoins. This is ridiculous. …70% of the people in El Salvador don’t even have bank accounts. Steve Hanke, economist When more people buy cryptocurrencies than invest in the ISA stock market, you have to conclude that the world has gone cryptocurrency crazy. Laith Khalaf, financial analyst, AJ Bell In my opinion, the background seems to be in place. Jurrien Timmer, Director Global Macro at Fidelity Investments Even if Musk is temporarily causing turbulence in the market, his involvement could be beneficial to cryptocurrencies in the long run, as he attracts new people to cryptocurrencies, though sometimes for the wrong reasons. Eric Nurm, founder of CoinSwap
Not even Elon Musk can save Dogecoin from another 60% collapse, saysanalyst.
A scary head-and-shoulders figure has appeared on Dogecoin’s charts – and according to one analyst, this suggests that the price of the meme coin could fall by another 67%. Pseudonymous trader Tyler Durden said in a tweet that the drop to $ was planned at $0.05 , adding: Even Elon can’t save this with his tweets. He tried, and each time he just produced a lower maximum. Gul. Prices have now fallen below $0.30, DOGE is far from the all-time high of $0.73 reached in the first week of May, the culmination of a staggering rise of 15,000% since the beginning of the year. Interest in this fictional cryptocurrency has now dropped in more ways than one, suggesting that Doge may have run its course.
FUD of the week
Fraudsters send fake hardware wallets to victims of Ledgerdata breach
The consequences of the major data breach at Ledger are still being felt almost a year later. One of the victims, a Reddit user, claims to have received a fake Ledger Nano X wallet in the mail, wrapped in what appeared to be authentic packaging. The device was accompanied by a poorly worded letter, supposedly from Ledger’s CEO, warning: You should upgrade to a new device to be sure. To make matters worse, they also received false instructions asking them to enter their private ledger recovery phrase to connect their cryptocurrency wallets to the new hardware.
Cryptocurrency tokens for fans – an ambiguous solution for football fans addicted to gambling.
Not everyone seems to like football fan chips. Organisations representing football fans in England and Wales have accused clubs of trying to squeeze extra money out of fans – just to give them a say in how clubs are run. The value of fan tokens has fallen with the rest of the crypto-currency market after peaking in April and May. This volatility, combined with the rising cost of tickets to games in general, has left some fans feeling that their voices are not being heard. Sue Watson, chairman of West Ham United’s independent supporters’ association, asked: Why do you have to pay to have a say in the club?
This unknown cryptocurrency rose 164,842% in a few hours, before crashing 99%
More than $ 7.65 billion entered the cryptocurrency market in just three hours on Monday via a largely unknown altcoin. WebDollar (WEBD) went from $0.0003711 to $0.6121 in just three hours, an increase of 164.842% in its market value. In five minutes, the market value went from 1.84 million to 1.5 billion. After 40 minutes, he was back at 5.12 million . And 50 minutes later, it shot up again to a staggering $9.5 billion. At one point, WebDollar was the 18th largest cryptocurrency in the world in terms of market capitalization, surpassing cryptocurrencies like Stellar, VeChain and Tron. It didn’t take long. Two hours after reaching 9.5 billion, it fell more than 99%, and the rating dropped to 873.
Active for all classes What to expect from bitcoin as legal tender
The new technology that lowers the cost of international payments is a boon for poor countries that rely on remittances – but will it make BTC a legal tender?
Drive alignment: Bitcoin’s correlation with gold and stocks is rising
BTC used to be an uncorrelated asset, but that is no longer the case. What can gold and stocks tell us about the crypto-currency markets?
Bullish until the end? MicroStrategy bets on bitcoin twice
MicroStrategy’s latest bond targets a yield of 6.25%-6.5%, well above the average bond yield of 4.01%.
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