Come every Saturday Hodler’s resume will help you keep track of all the important news that happened this week. Best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.
Breaking news this week
Elon Musk buys Twitter for $44 billion – crypto industry reacts
This week, eccentric billionaire Elon Musk bought Twitter for about $44 billion, or $54.20 a share in cash. After the deal was accepted, Musk said he hoped “even my worst critics will stay on Twitter because that’s what free speech means.”
The reaction from the crypto industry has been mixed, with Dogecoin co-founder Jackson Palmer calling the acquisition a “hostile takeover” contrary to the idea of freedom, while bitcoin bulls Anthony Pompliano and Michael Saylor hailed the decision.
ApeCoin (APE) Hits New High Ahead of Otherside Land Auction This Week
Bored Ape Yacht Club subsidiary ApeCoin (APE) hit a new all-time high of $22.60 on Thursday amid growing excitement over the upcoming Otherside metaverse land auction being hosted by Animoca Brands and BAYC creator Yuga Labs.
Otherside is an upcoming metaverse project within the BAYC ecosystem and welcomes the sale of its first 100,000 plots of land on Saturday. Wallets that already have BAYC or Mutant Ape Yacht Club NFT in them will be able to claim a piece of land for free.
Meta will open a Metaverse-themed physical store in the San Francisco Bay Area.
Mark Zuckerberg’s Meta is set to open a retail store in Burlingame, California that will sell virtual reality devices and the Metaverse. The store will be located on the Meta Burlingame campus and will feature a wall-to-wall curved LED display that displays what users see with the Meta headset.
The store will also feature demos of everything related to virtual reality headsets, video communication displays and smart glasses. “The Meta Store will help people connect with how our products can be the gateway to the Metaverse of the future,” said Store Manager Martin Gilliard.
Central African Republic to Accept Bitcoin as Legal Tender: Report
The Central African Republic (CAR) reportedly passed a law this week allowing bitcoin to be used as legal tender alongside the franc. CAR is now joining El Salvador in an ambitious move towards full BTC adoption.
Obed Namsio, chief of staff to President Faustin-Archange Touadéra, reportedly said the move was intended to make the CAR one of the world’s “most courageous and far-sighted” countries. The country of 5 million people has one of the smallest economies in the world with a gross domestic product of around $2.4 billion.
Brazilian Senate Approves ‘Bitcoin Law’ to Regulate Cryptocurrencies
The Brazilian Federal Senate also made a major decision on cryptocurrencies this week, passing the country’s first bill regulating cryptocurrencies. The bill will allow the government to create a regulatory framework for the local crypto industry.
The senators have discussed offering incentives for crypto miners to open a store in Brazil, and are also seeking to introduce harsh penalties for any fraud or misbehavior in the sector.
To become law, the bill must be approved by the Chamber of Deputies of the Federal Senate and then signed by President Jair Bolsonaro.
Winners and Losers
On weekends bitcoin (BTC) I sat $39,032Ether (Ethereum) to $2,854 and XRP to $0.62. The total capitalization of the crypto market is $1.77 trillion, in accordance with on CoinMarketCap.
Among the top 100 cryptocurrencies, ApeCoin is in the top three altcoin growth of the week. (MONKEY) by 60.14%, STEP (GMT) by 20.28% and Kava (KAVA) by 13.88%.
Zilliqa is the top three losing altcoins of the week (ZIL) by -23.84%, Waves (WAVE) by -23.07% and Axie Infinity (AXS) by -23.02%. For more information on cryptocurrency prices, be sure to check out Cointelegraph’s market analysis.
Most Memorable Quotes
“Bitcoin will never go to zero because its intrinsic value goes beyond its technological and monetary merit.”
Lily ZhaoNeo Ecosystem Development Director
“There is a pre-pandemic world and a post-pandemic world, and the post-pandemic world has a lot more government deficits — it has a lot more growth-related uncertainty.”
Antoine Scaramuccifounder and managing partner of SkyBridge Capital
“I hope even my worst critics stay on Twitter, because that’s what freedom of speech is all about.”
Elon MuskTesla CEO
“We received a big reward when China banned the mining and trading of cryptocurrencies – it was a big mistake for them.”
Greg Tanakamember of the Palo Alto City Council
“Our poll shows what we’ve been advocating for a long time: the talk of digital asset survival is definitely over – now it’s a matter of evolution.”
Julien SawyerBitstamp CEO
“A problem with [Bitcoin] the point is, you can’t have real free trade if you don’t have private trade.
Edward Snowdenstate surveillance whistleblower
Bitcoin repeats rare weekly chart signal that lowers BTC prices by 50%
The price of bitcoin has mostly traded sideways this week, but still experienced some volatility. The asset traded both above $40,000 and below $38,000 at times during the week, based on Cointelegraph BTC Price Index.
Bitcoin may be heading towards negative price action, according to a Twitter user with the pseudonym “Nunya Bizniz”. The business pointed to a trend on the Bitcoin chart that was already in place prior to the 50% price drop – the downward slope of the asset’s 20-week and 50-week moving averages. This pattern on the chart happened twice, each time the price of BTC fell by more than 50%.
FOOD of the week
Security experts warn that STEPN impersonators are stealing user passphrases
Blockchain security firm Peckshield has uncovered several phishing websites for the Web3 STEPN life-of-it app. According to the company, attackers were able to create and connect dubious MetaMask browser plugins that can be used to steal users’ seed phrases.
NFTs from Bored Ape Yacht Club stolen in Instagram phishing attack
The Instagram account of the Bored Ape Yacht Club NFT project was hacked on Monday. According to various unconfirmed social media reports, around 100 NFTs totaling $400,000 were stolen in a phishing attack and fake giveaway. Users believed the links used to carry out the attack were legitimate because they coincided with the first anniversary of BAYC’s launch.
New York State Assembly passes ban on new BTC mines that do not use green energy
Earlier this week, the New York State Assembly passed a bill that aims to ban all new proof-of-work (PoW) cryptocurrency mining facilities that are powered by carbon-based energy for two years. The bill also states that current miners who rely on carbon-fired drilling rigs will not be able to renew their permits after they expire.
Top Cryptocurrency Features
Crypto Valley and Crypto Oasis: Ralph Glabischnigg
“Several places around the world will attract people who can afford it because it’s safe for their families – and those people are bringing in the business.”
The Loss of Privacy: Why We Should Fight for a Decentralized Future
As early adopters of blockchain, we must bring decentralization to the masses and fight against the tech giants that are its natural enemies.
Borrowing and lending are two important parts of DeFi, but they lack the rationale to work effectively: decentralized credit scoring.