Come every saturday Hodler’s digest helps you keep track of every single important message that happened this week. The best (and worst) quotes, introductory and regulatory highlights, leading coins, predictions, and more – one week on Cointelegraph in one link.
This week’s top stories
US Senate passes infrastructure law – without clarifying crypto
On Tuesday, the controversial infrastructure bill was passed in the US Senate with 69 to 30 votes.
The bipartisan bill provides around $ 1 trillion in funding for transportation and power infrastructure projects. The bill also provides stricter rules for companies dealing with crypto assets while Expansion of reporting requirements for brokerswho are required to report to the IRS transactions in digital assets worth more than $ 10,000.
Six Senators, including Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden, proposed an amendment to the buzz kill law on Monday that would exempt software developers, transaction validators, and node operators as brokers while this is being proposed Tax declaration requirements “Only applies to intermediaries.”
However, their efforts did not bear fruit as no further explanation on crypto was provided. Senator Toomey subsequently lit the bill, stating that the legislation was “too expensive, too extensive, too unpaid and too threatening for the innovative cryptocurrency economy”.
Walmart seeks the lead in crypto products to advance the digital currency strategy
On August 16, it was reported that US retail giant Walmart was looking for a seasoned crypto professional who could develop and advance a digital currency strategy and product roadmap for the company.
According to the job posting, Walmart is looking for someone with a track record of running and scaling businesses. You would also like to have at least 10 years of experience in product / program management and technology-based product marketing.
Ideally, the candidate should also know a thing or two about crypto, blockchain technology, and why JPEGs from poorly drawn pet rocks on Ethereum are selling at absurd prices.
Walmart’s future head of digital currency and crypto products will be based in the company’s home office in Bentonville, Arkansas. The state has produced talents like Billy Bob Thornton and Johnny Cash, and Bill and Hillary Clinton.
The Eth2 staking contract is considered the largest ether hodler at $ 21.5 billion
There was good news for Doge fanatics this week when the Dogecoin Foundation re-emerged after several years of total media silence.
According to an announcement on Tuesday, the foundation said it was re-establishing itself to raise the fiery Dogecoin (DOGE) Community. The foundation also announced that it will announce new projects aimed at encouraging the adoption of DOGE and promoting its benefits.
Ethereum co-founder Vitalik Buterin, Dogecoin co-founder Billy Markus and Dogecoin core developer Max Keller are listed as advisory board members on the project’s website. In addition, the interests of Tesla boss and DOGE proponent Elon Musk can be covered from the shadows by Neuralink CEO Jared Birchall.
It is not yet known whether Musk’s “toddler Hodler” son charged DOGE in light of the announcement.
Former US Treasury Department official joins Binance to lead AML efforts
Coinbase, the leading U.S. crypto exchange, has amassed a $ 4 billion cash-based war chest in two very productive quarters for the company.
The company reportedly expected to use the cash to cover costs caused by a variety of factors, including compliance with new U.S. lawmakers’ regulations.
Coinbase has its too official launch in Japan in partnership with banking giant Mitsubishi UFJ Financial Group while revealing plans for expansion $ 500 million worth of crypto move into the balance sheet and invest 10% of all profits in digital assets in the future.
Winner and Loser
At the end of the week, Bitcoin is at $ 48,778, Ether at $ 3,282 and XRP at $ 1.28. The total market capitalization is $ 2.09 trillion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, Avalanche are the three best altcoin winners of the week (AVAX) at 105.79%, arweave (AR) at 96.17% and Audius (AUDIO) at 93.78%.
The three biggest altcoin losers of the week are DigiByte (DGB) at -5.06%, Celsius (CEL) at -4.44% and BitTorrent (BTT) at -3.81%.
For more information on crypto pricing, be sure to read Market analysis by Cointelegraph.
The most memorable quotes
“Poly Network has no intention of holding Mr. White Hat legally responsible, as we are confident that Mr. White Hat will immediately return full control of its assets to Poly Network and its users. As stated in previous announcements and encrypted messages that have been released, we are grateful to Mr. White Hat’s outstanding contribution to the security improvements to Poly Network. “
Poly Network team
“Legislators and regulators must work together to bring innovation protection in line with all new regulations to ensure the digital asset market thrives in the United States.”
Glenn Thompson and Patrick McHenry, US representative
“The most important thing that can be done today is to move away from the idea that coin voting is the only legitimate form of decentralizing governance.”
Vitalik Buterin, Ethereum co-founder
“Here at home in America, […] Our payments infrastructure is arguably the worst of any developed country in the world and is falling increasingly behind, while China works with determination and rush to build an infrastructure that will make the digital yuan a challenger to the dollar as a world reserve currency. “
David Marcus, Diem co-creator
“Ethereum outperforms Bitcoin and it is expected that this trend will continue for the remainder of 2021.”
Nigel Green, CEO of the DeVere Group
“Everything here revolves around DeFi. […] This is the Treasury Department trying to figure out how to get jurisdiction over DeFi. receives […] and also to expand the liability-free monitoring of a peer-to-peer financial system. “
Jake Chervinsky, General Counsel at Compound
“To be honest, as one of the first pilots, we have the question of paying salaries to employees of the Ministry of Digital Transformation in electronic hryvnia on the table.”
Mykhailo Fedorov, Deputy Prime Minister of Ukraine
“It’s important to remember that when we look at the business, the long-term arc of digital asset adoption in cryptocurrencies is far more important than the businesses we’re building.”
Mike Novogratz, Founder and CEO of Galaxy Digital
Forecast of the week
The “liquidity crisis” of Ethereum could reach a new ETH all-time high before Bitcoin – analyst
Bitcoin, the crypto industry’s largest asset by market capitalization, and Ethereum (ETH), the second largest asset, have both seen notable rallies in recent weeks. Although BTC as the top dog in the crypto industry has yet to be surpassed, according to the thoughts of CryptoQuant CEO Ki Young Ju, ETH could reach its own all-time high of $ 4,400 before BTC hits its record high of almost $ 65,000.
“In the long term, $ ETH could reach its all-time high earlier than $ BTC,” Ju tweeted on Wednesday. “The current $ ETH price is closer to ATH compared to $ BTC. Higher demand, lower supply. The $ ETH sell-side liquidity crisis is still worsening while the $ BTC foreign exchange reserve halted its downtrend in May. ”
On Friday, BTC surged above the $ 48,000 mark, and ETH traded above $ 3,200 – both of which are still well below their record highs.
FUD of the week
JPMorgan Chase is reportedly closing bank accounts for the bitcoin mining company
On August 19, US banking giant JPMorgan Chase reportedly suspended all account activities of Bitcoin mining company Compass Mining.
Whit Gibbs, the CEO of Compass Mining, went to Twitter to share the news:
“Greetings to @Chase for closing @compass_mining accounts because we’ve done our part in replacing the old guard with self-confident, forward-thinking hard money backers. Stand behind #Bitcoin or avoid us. “
It’s unclear whether the tantrum will be enough to get JPMorgan Chase to change his mind, and it’s also unclear how the shutdown of banking services to a Bitcoin mining company constitutes an attack on BTC in any way.
If anything, the banking giant increased its exposure to Bitcoin and the crypto sector in 2021.
$ 80 million liquid exchange hacked
Liquid, a Japanese crypto exchange, was the victim of an over $ 80 million hack this week that made the platform less … liquid.
Cointelegraph quickly covered the news after the exchange announced the attack that struck digital assets like BTC, Tron (TRX), Ripple (XRP) and ether.
The exchange stated that only their hot wallets would be affected, adding that their assets would be moved to a cold store for security reasons.
The platform has since provided an update, revealing that the hack totaled $ 91.35 million. The company has asked users not to place any crypto assets in liquid wallets until further notice.
T-Mobile investigates potential data hacks from 100 million customers
Speaking of hacks: US telecommunications giant T-Mobile investigated a suspected massive data breach earlier this week that may have compromised the information of more than 100 million users.
According to Vice’s motherboard, T-Mobile is investigating a potential data breach alleged by an author who posted details on an underground forum. A report on Sunday said the hacker obtained data from more than 100 million customers from T-Mobile servers.
Unlike the Poly Network hacker who $ 600 million siphoned off worth of digital assets because “cross-chain hacking is hot,” the T-Mobile hacker seems to have entrepreneurial instincts when he asked for 6 BTC – worth around $ 280,000 at current prices – in exchange for some of the dates.
Best Cointelegraph features
Shanghai Special: Crypto Raid Fallout and What Happens Next
Bitcoin possession is not forbidden, but many fear for the future of regulations in China. Here you can see where we are and where we could go.
Poly Network Hack Reveals DeFi Bugs, But Community Comes To The Rescue
The DeFi hacker’s original intentions remain unclear, but they refused to accept a $ 500,000 bounty after returning all funds.
The Perfect Storm: DeFi Hacks Will Advance The Crypto Sector
There is a silver lining to the DeFi hacks as new technologies develop to protect the sector: “DeFi will be much safer in 12 months.”