Coinbase Has a $1.1B Loss, Polygon dApps Rocket 400% in 2022 and Elon Musk Says Inflation is Coming Down: Hodler’s Digest, 7-13 August

Coming every Saturday, Hodler’s Digest will help you track every important news that happened this week. The best (and worst) quotes, adoption and regulatory highlights, leading coins, predictions and much more – a week on Cointelegraph in one link.

Top stories this week

Elon Musk: US ‘Prior Peak Inflation’ After Tesla Sells 90% of Bitcoin

As Tesla has now sold 90% of its Bitcoin holdings during the bear market, Elon Musk says the US economy is “past peak inflation” and predicts that only a “mild to moderate”[ads1]; recession may come. “We sort of have some insight into where the prices are going over time, and the interesting thing we’re seeing now is that most of our items, most of the things that go into a Tesla — not all, more than half of the prices — are trending down six months from now, Musk said at Tesla’s 2022 annual meeting of shareholders.

Coming Soon: ETH Developers Move Up Merge Date

The long-awaited merger appears to be ahead of schedule, with Ethereum core developers Tim Beiko and Terence Tsao agreeing to a developer conference on Thursday to tentatively set the date for the merger at September 15. The previously estimated date from Beiko was 19 September , suggesting that the final preparation work is going smoothly after the final Goerli test net merge went off without a hitch this week.

Coinbase posts $1.1 billion loss in Q2 due to ‘fast and furious’ crypto downturn

Major crypto exchange Coinbase posted a massive second-quarter loss of $1.1 billion, citing a “fast and furious” crypto downturn during the quarter. The firm noted that Q2 was a “tough quarter” as trading volume and transaction revenue fell by 30% and 35% respectively. It marks the second consecutive quarter of losses for the company this year. “The current downturn came fast and furious, and we see customer behavior mirroring that of previous down markets,” the firm wrote in a shareholder letter posted Tuesday.

Decentralized apps on Polygon reached 37,000, rocketing 400% this year

The number of DApps on Ethereum scaling platform Polygon topped 37,000 this week, marking a 400% increase since the start of 2022. The project provided an overview of DApp projects built on Polygon, notably showing that “74% of teams integrated exclusively on Polygon , while 26% was distributed on both Polygon and Ethereum.” Polygon also stated that its ecosystem has now seen more than “142 million unique user addresses and $5 billion in assets secured,” with around 1.6 billion transactions processed on the network to date.

Anonymous user sends ETH from Tornado Cash to prominent people after sanctions

A day after the US Treasury Department sanctioned crypto mixer Tornado Cash for its alleged role in money laundering operations, intervals of 0.1 Ether transactions began to be sent from the smart contract to prominent figures such as Coinbase CEO Brian Armstrong and US TV host Jimmy Fallon. The move appears to be a criticism or satirical commentary on the US government’s current policy of also sanctioning addresses that interacted with Tornado Cash.

Coinbase Has a .1B Loss, Polygon dApps Rocket 400% in 2022 and Elon Musk Says Inflation is Coming Down: Hodler’s Digest, 7-13  August

Winners and losers

At the end of the week, Bitcoin (BTC) is at $23,840.93Ether (ETH) on $1,882.20 and XRP on $0.37. The total market value is at 1.13 trillion dollars, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin winners of the week are Celsius (CEL) of 93.85%, Ankr (Anchor) of 46.99% and Decred (DCR) of 26.34%.

The top three altcoin losers of the week are ApeCoin (MONKEY) at 9.03%, Curve DAO Token (CRV) of 5.01% and Kusama (KSM) of 4.53%.

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

Most memorable quotes

“A senior community has almost no exposure to the crypto ecosystem unless their grandchildren tell them about it.”

Owen Robertson, marketing associate at Dominant Strategies

“The fact that I don’t have an alternative to Facebook is why Facebook is a monopoly. But if it was on a blockchain, I could transfer data freely, it could be [different] Facebook’s.”

Yat Siu, co-founder of Animoca Brands

“Over the last six months or so, we’ve seen company valuations come down to slightly more realistic valuations, and it’s become a great time to start allocating capital.”

Gerard Berile, venture and investment director at Wave Financial

“Going forward, that mentality towards risk management, while still being bullish on the long term, is very important. […] You can be bullish on crypto, but you can still sell yourself out of the market.”

Jeffrey Gao, CEO of Cypherpunk Holdings

“Scalability isn’t just like a boring thing where you just need ‘cost numbers to go down’ scalability, I think actually enables and unlocks whole new classes of applications.”

Vitalik Buterin, co-founder of Ethereum

“So I think institutional adoption is where it’s going, and the institutions are the enablers […] the killer app for consumers to really take crypto and DeFi to the next level.”

Boris Alergant, Head of DeFi Markets at Ripple Labs

Prediction of the week

$29K Bitcoin is closer than you might expect, according to derivatives data

With Bitcoin’s price continuing to struggle against $24,000 resistance, facing rejection on August 10 but failing to break the 52-day ascending channel, market analyst Marcel Pechman of Cointelegraph suggested that the price could eventually reach $29,000 by October. He pointed to a bullish chart formation with a support level of $22,500 indicating that the price could climb to just under $30,000. Pechman also noted that while BTC derivatives data shows a lack of interest from leveraged longs, there is no indication that a surprise crash is priced into the market.

FUD of the week

ASIC chair plagued by large numbers of “risk-taking” crypto investors

Australian Securities and Investments Commission (ASIC) chairman Joe Longo has raised the alarm over the number of Australians investing in “unregulated, volatile” crypto assets during the pandemic. As part of a media release on Thursday, Longo pointed to ASIC surveys from November 2021 that found crypto was the second most common investment product, with 44% of respondents reporting holding it. Of these investors, 25% indicated that cryptoassets were the only investment class in which they were involved.

Cross-chain bridge RenBridge laundered $540M in hacking revenue: Elliptic

According to a Wednesday report from blockchain analytics firm Elliptic, crypto bridge RenBridge has facilitated the laundering of at least $540 million in hacking proceeds since 2020. According to the report, the laundering was done via a process known as chain hopping — converting one form of cryptocurrency into another and moving it across multiple block chains.

Tornado Cash co-founder reports being fired at GitHub as industry reacts to sanctions

Tornado Cash co-founder Roman Semenov claimed that his account on developer platform GitHub was suspended on Monday. Semenov noted that despite not being individually named as a Specially Designated National by the US Treasury’s Office of Foreign Assets Control, he appeared to face consequences related to the Treasury’s allegations that Tornado Cash laundered more than $7 billion in crypto.

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