Yuga Labs Raises $450 Million in Funding, Charles Hoskinson’s Prediction Falls Short, Sees BTC ETFs Roll In?: Hodler’s Digest, March 20-26

Comes every Saturday Hodler’s Digest will help you follow every important news story this week. The best (and worst) odds, adoption and regulatory highlights, leading coins, forecasts and much more – a week on Coin-Crypto in one link.

Top stories this week

Table of Contents

Crypto Industry Shoots Back After EU Vote to Block ‘Unhosted’ Wallets

The cryptocurrency industry has hit back at the European Parliament, the legislative arm of the European Union, and voted for strict crypto regulations regarding “unhosted” private wallets.

The guidelines require crypto service providers to verify each individual’s identity using an unhosted wallet that communicates with them, while any transaction over $1,000 must be reported to authorities.

“Imagine if the EU required your bank to report you to the authorities every time you paid your rent just because the transaction was over $1,000,” Coinbase CEO Brian Armstrong wrote on Twitter. “Or if you sent money to your cousin to help with groceries, the EU required your bank to collect and verify private information about your cousin before you could transfer the money.”

Axie Infinity’s Ronin Bridge Hacked For Over $600 Million

Earlier this week, Axie Infinity’s Ronin Bridge was the victim of a hefty hack worth approximately $612 million, in which 173,600 Ether and 25.5 million USD Coin were stolen from the platform.

Ronin’s developers stated that the attacker used hacked private keys to fake recordings, draining the money from the Ronin Bridge in just two transactions.

In a statement on Wednesday, the developers said they “worked with law enforcement officers, forensic cryptographers and our investors to ensure that all funds are recovered or refunded. All AXS, RON and SLP [tokens] on Ronin are now safe.”

Terra Smash-Buy $139 Million Bitcoin, Wallet Hits 31,000 BTC

As part of the Bitcoin purchase led by Do Kwon, the founder of Terraform Labs, Luna Foundation Guard’s Terra wallet approached $1.5 billion in BTC after another massive purchase of $139 million this week.

Terra has been aggressively busting BTC since late January to build reserves in support of its TerraUSD (UST) stablecoin, with Kwon also outlining earlier this month that Terra plans to collect as much as $10 billion worth of BTC.

Terraform Labs is on track to soon overtake Tesla as the second-largest holder of Bitcoin, with MicroStrategy also in its sights, according to Bitcoin Treasuries data.

OpenSea will integrate Solana in April, further expanding the NFT ecosystem

Top NFT marketplace OpenSea announced a highly anticipated integration with the Solana blockchain on Wednesday. The extended support, which is expected to go live in April, will complement OpenSea’s existing support of Ethereum, layer-2 Polygon and Klaytn.

It appears the move has been well received, with OpenSea’s 16-second teaser video on Twitter garnering 615,500 views, 8,964 retweets, and 21,700 likes within 18 hours of posting.

Alluding to the sheer volume of tweets and media outlets commenting on the potential for a Solana launch, OpenSea cheerfully called the announcement the “best kept secret in Web3.”

MetaMask rolls out Apple Pay integration and other iOS updates

MetaMask, owned by ConsenSys, unveiled major updates on Tuesday for iPhone and Apple Pay users that allow them to purchase cryptocurrency directly from the app via debit or credit card, eliminating the hassle of sending Ether from a third-party source to add funds. , is removed.

Notably, the move is said to reduce gas costs, and MetaMask is using two payment gateways, Wyre and Transak, to support debit and credit card purchases. Users can now deposit up to $400 in their wallets daily through the new service.

“We wanted to expand the way users can convert crypto within the app itself and not have to leave,” James Beck, director of communications and content at ConsenSys, told Coin-Crypto.

Winners and losers

At the end of the week, Bitcoin (BTC) costs $45,119, Ether (ETH) for $3,275 and XRP at $0.81 The total market cap is $2.07 trillion, according to to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are STEPN (GMT) Bee 325.60%, Zilliqa (ZIL) Bee 303.89% and SKALE Network (SKL) at 82.33% The top three altcoin losers of the week are Axie Infinity (AXS) at -13.23%, Zcash (ZEC) at -8.16% and helium (HNT) at -7.54%.

To learn more about crypto prices, read CoinTelegraph Market Analysis

Most Memorable Quotes

“I’m kind of guessing that the long-term scenario of Bitcoin going up and reserves being strong enough to withstand the drop in UST demand is the most likely scenario.”

Do Kwon, founder and CEO of Terraform Labs

“New York can spend $2 billion in debt and buy $2 billion in Bitcoin — the Bitcoin yields 50% or more, the debt costs 2% or less.”

Michael Saylor, CEO of MicroStrategy

“Dictators will not really like Bitcoin because they have no control over it.”

Alex Gladstein, chief strategy officer at the Human Rights Foundation

“Ethereum is like New York City: it’s huge, expensive, and overcrowded in certain areas. However, it also boasts the richest application ecosystem, with more than 500 apps valued at over $100 billion — more than 10x the size of any other competing network.”

Grayscale, digital asset manager

“Nothing grows as fast as cryptocurrency.”

Karim Khanjeza, Member of Parliament of Kyrgyzstan

“Web3 takes the concept of democratization to a whole new level, where data/information can not only be made openly shareable, but can also be made openly incorruptible.”

Shubham Gupta, Indian Administrative Service Officer

“I estimate the probability of Bitcoin ever going to PoS at exactly 0%. There is no appetite among Bitcoiners to destroy the protocol’s security by making such a move.”

Chris Bendiksen, Bitcoin researcher at CoinShares

“People should have the freedom to choose other money. If the government is going to misuse our money, we should be free to use other, higher quality money.”

Canadian Conservative Party candidate for Prime Minister Pierre Poilievre

Forecast of the week

VanEck Says Bitcoin Could Hit $4.8 Million If It Becomes The Global Reserve Assets

US investment giant VanEck has come up with a lofty prediction about Bitcoin — and one that has very little chance of coming true in the near future. The company suggested this week that 1 BTC could be worth $4.8 million if it becomes the world’s reserve currency.

The extremely optimistic estimate was part of a report by Eric Fine, VanEck’s head of active debt management in emerging markets, and chief economist Natalia Gurushina, who outlined a thought experiment comparing the price implications for gold and Bitcoin after adopting them as reserve currencies. .

VanEck’s analysis found that the implied price for BTC ranged from $1.3 million to $4.8 million. But in the end, they concluded that the Chinese yuan is the most likely currency to become a global reserve asset if the US dollar crumbles in the future.

FUD of the week

Crypto Skeptical Gamers Rate the Bomb Storybook Brawl After FTX Buys It

A bunch of angry gamers have bombed Storybook Brawl on Steam over fears of potential NFT and blockchain integrations, after crypto exchange FTX US acquired its developer, Good Luck Games.

FTX US announced the acquisition on Friday and at the time of reporting, 600 of the 761 reviews were negative, with most commenting on how good the game was until it sold out to a crypto company.

“Good Luck Games was acquired by FTX, a cryptocurrency company, as a way of ‘helping crypto get through to gamers’. I don’t want to be a part of that and I don’t want cryptos ‘breakthroughs’ in things I’m interested in deleted,” wrote Steam user “King Bear,” who clocked over 60 hours into the game.

With inflation going through the roof, Sudan’s central bank warns citizens against using crypto

The Central Bank of Sudan (CBOS) has warned local citizens against dealing with cryptocurrencies due to risks such as “financial crimes, electronic piracy and the risk of losing their value”.

The warning came amid reports that crypto is gaining momentum in Sudan as the African nation faces triple-digit inflation following a military coup in 2021.

The CBOS also mentioned legal risks as cryptocurrencies are not classified as money “or even private money and property” under Sudanese law. The central bank admitted it has recently noticed a surge in crypto promotions on social media.

Greenpeace, Ripple Co-Founder Is Campaigning To Change The Bitcoin Code

Greenpeace has teamed up with Ripple co-founder and executive chairman Chris Larsen to launch a new campaign that aims to transform Bitcoin mining practices into an environmentally sustainable model.

The campaign is called “Change the Code, Not the Climate”, and Greenpeace in particular raised concerns that the energy needed to mine Bitcoin comes largely from fossil fuels.

“If only 30 people – the key miners, exchanges and core developers who build and contribute to Bitcoin’s code – agreed to reinvent proof-of-work mining or move to a low-energy protocol, Bitcoin would stop using it. pollute the planet”, the campaign notes.

Bitcoin enthusiasts were less than pleased with the new campaign, with several prominent industry leaders claiming that the Bitcoin network would never leave proof-of-work.

Best CoinTelegraph Features

Crypto Critics: Could FUD Ever Be Useful?

“Anyone who says David Gerard personally didn’t put their crypto on Wikipedia is an asshole,” says editor, Wikimedia spokesperson and professional crypto hater David Gerard in his typical no-nonsense manner.

The Bitcoin Shitcoin Machine: Mining BTC With Biogas

A Bitcoin mining facility in Slovakia converts human and animal waste into Bitcoin hash rate, securing the network while mining Bitcoin.

Planet of the Bored Apes: BAYC’s Success Turns into Ecosystem

The success of the “Bored Ape Yacht Club” collection led to the creation of an NFT universe powered by its own ApeCoin token.

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