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

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Cointelegraph Magazine


Coming each Saturday, Hodler’s Digest will provide help to observe each single vital information story that occurred this week. The most effective (and worst) quotes, adoption and regulation highlights, main cash, predictions and rather more — every week on Cointelegraph in one hyperlink.

Prime Tales This Week

 

Infrastructure bill passes US Senate — without clarification on crypto

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

The bipartisan bill proposes roughly $1 trillion of funding into transportation and electrical energy infrastructure initiatives. The bill additionally places ahead extra stringent guidelines for companies dealing with crypto property whereas expanding reporting requirements for brokers, who will probably be required to report digital asset transactions value greater than $10,000 to the IRS. 

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

Their efforts didn’t bear fruit, nevertheless, with additional clarification on crypto not supplied.  Senator Toomey flamed the bill in the aftermath, noting that the laws 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

America Securities and Alternate Fee, or SEC, introduced a $10 million settlement with cryptocurrency change Poloniex on Aug. 9. 

Poloniex was charged with facilitating trades in unregistered securities between July 2017 and November 2019. In line with the indictment, the SEC additionally asserted that Poloniex workers have been misbehaving, as they actively sought to bypass securities regulation in a plot to extend the corporate’s market share. 

On the identical day, SEC commissioner Hester Peirce — recognized colloquially as “Crypto Mom” resulting from her common pushback in opposition to SEC crypto enforcement — slammed the regulators’ actions in a public assertion. 

Crypto Mother questioned the regulators’ opaque regulatory framework that crypto companies should navigate in the U.S. whereas asserting that, even when 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 change led by media-shy co-founder and CEO Brian Armstrong, posted Q2 income of $1.6 billion this week. 

The agency launched its Q2 report on Tuesday, and its internet revenue of $1.6 billion marked a mammoth enhance of 4,900% in comparison with the $32 million recorded in the identical interval of 2020. Coinbase’s whole income for the quarter was $2.23 billion, beating out analysts’ predictions of $1.78 billion in anticipated income. 

Apparently, for the primary time since Coinbase was based 9 years in the past, Ethereum (ETH) had a better buying and selling quantity than Bitcoin (BTC), with the property representing 26% and 24% of whole quantity, respectively.

 

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

Regardless of banks usually taking outing of their busy schedules to slam crypto, a brand new analysis report discovered that 55 out of the highest 100 banks by property beneath administration have some type of blockchain or crypto publicity.  

In line with analysis by Blockdata, the banks and their subsidiaries have direct and oblique investments in crypto and decentralized ledger know-how companies.

Notable banking giants named and shamed included Barclays, Citigroup and Goldman Sachs, who have been reported as essentially the most lively backers of crypto and blockchain companies, whereas  JPMorgan Chase and BNP Paribas have been additionally recognized as serial buyers in the sector.

 

 

Winners and Losers

 

 

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

Among the many greatest 100 cryptocurrencies, the highest three altcoin gainers of the week are IoTeX (IOTX) at 314.69%, XinFin Community (XDC) at 71.34%, and Ravencoin (RVN) at 71.23%. 

The highest 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 information on crypto costs, make certain to learn 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 International 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 Alternate Fee

 

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

Dan Held, Kraken director of progress advertising

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 quantity of floor in current weeks. The asset hit its all-time excessive of just about $65,000 again in April however subsequently fell in the times and weeks after, discovering its manner all the way down to round $30,000. On a number of events, the asset briefly fell beneath $30,000. 

Current weeks, nevertheless, have proven bullish value motion for Bitcoin, because the asset has posted chart motion seemingly indicative of a reversal, primarily based on evaluation from Cointelegraph’s Michaël van de Poppe. 

The $48,000 value vary on Bitcoin’s chart sits as notable resistance. A transfer previous the value zone of $47,500 to $49,000 might sign a potential additional transfer as much as eventual recent all-time highs, though van de Poppe famous $55,000 as a nearer-term goal following a break of the talked about resistance zone. Alternatively, ought to Bitcoin’s value break down, various ranges of value help exist, with $37,500 as an vital degree to carry.

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 color an image of a barely less-than-stable coin. 

Coinbase made the change following an audit displaying that USDC’s reserves weren’t all held in money. The earlier assertion learn: “Each USDC is backed by one dollar held in a bank account.” 

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

Whereas this is likely to be a blow to USDC homeowners Circle, the agency’s stablecoin money reserves are probably bigger than Tether’s and its USDT.

 

Alex Saunders sued for $350K by Nuggets News follower

Alex Saunders, the Aussie behind well-liked crypto YouTube channel Nuggets Information, is being sued by a disgruntled investor for nearly 479,270 Australian {dollars}, value roughly $353,027. 

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

Himmelfarb said that it was a “no-brainer” to belief Saunders when he was requested for loans and supplied funding alternatives by the crypto influencer, as he had been following him since 2017 and located him to be a good determine in the house. 

“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 stated in regard to his alleged 30 ETH mortgage to Saunders.

 

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

DAO Maker, a crowdfunding platform centered on elevating cash for crypto initiatives, was exploited by hackers who stole $7 million value of USDC out of 5,251 consumer accounts. 

In line with DAO Maker CEO Christoph Zaknun, the hackers have been in a position to syphon round $7 million value 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,” stated 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 attain out to the hackers to supply feedback, as no one is aware of who they’re.

 

Greatest Cointelegraph Options

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 house.

Is the cryptocurrency epicenter moving away from East Asia?

East Asia has skilled a serious decline in crypto adoption over the previous 12 months in comparison with different areas.

Measuring success: Offsetting crypto carbon emissions necessary for adoption?

Crypto firms are doing their greatest to go inexperienced by offsetting Bitcoin carbon emissions, however how correct are their estimates?



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