Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Ethereum’s highly anticipated transition to proof-of-stake, popularly known as the Merge, hit a roadblock recently after developer Péter Szilágyi uncovered a bug that could cause data corruption. However, the issue was quickly resolved by Ethereum developers, who deployed a hotfix that required participants to roll back their updates and test whether things were running smoothly. The Ethereum Foundation is looking to pay considerably higher sums to bug hunters leading up to the Merge.
The Uniswap Foundation was voted into existence this week by an overwhelming majority of responses in favor of the move. A decentralized exchange, Uniswap was a hot name during the 2021 crypto bull market that was initially catalyzed by decentralized finance protocols. The privilege of voting on the formation of the Uniswap Foundation required holding UNI, the exchange’s asset. The move to create the foundation tallied over 86 million “yes” votes, far surpassing the 40 million votes in favor required for the motion to pass. Among its activities, the foundation aims to work on the Uniswap project’s governance and hire staff.
Crypto ATM provider Bitcoin Depot wants to list its stock on the Nasdaq via a merger with special-purpose acquisition company GSR II Meteora (GSRM). Bitcoin Depot is aiming to go public in the first quarter of 2023 with BTM as its ticker, pending regulatory approvals. The deal between GSRM and Bitcoin Depot totals $885 million in value. While several crypto-native firms have grown rapidly in recent years, public listings outside of Coinbase and Bitcoin miners have been rare.
To push for Web3 growth, a multi-year Metaverse plan was unveiled by Beijing’s municipal government. Although China has shown a strong aversion to private-sector crypto industry involvement, government-run initiatives are seemingly a different story. Spanning from 2022 to 2024, the Metaverse innovation and development plan includes several objectives, such as to “expand intelligent and interactive online education models and develop industry-wide digital teaching platforms,” according to an official document.
The United States Securities and Exchange Commission (SEC) continues to drag its feet on approving a Bitcoin spot exchange-traded fund. Another bid by VanEck to list its spot Bitcoin ETF has been met with further hesitation by the SEC, which delayed its ruling earlier this week. VanEck has seen the government agency deny two of its previous Bitcoin spot ETF applications. The SEC has designated Oct. 11 as the deadline for approving or denying the application in question.
Winners and Losers
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are EOS (EOS) at 23.28%, Huobi Token (HT) at 11.71% and Cosmos (ATOM) at 11.01%.
The top three altcoin losers of the week are Flow (FLOW) at -15.35%, Lido DAO (LDO) at -14.37% and Filecoin (FIL) at -13.98%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“People continue to underrate how often cryptocurrency payments are superior not even because of censorship resistance but just because they’re so much more convenient.”
Vitalik Buterin, co-founder of Ethereum
“I am a big believer that we need to use the Metaverse as an instrument of communicating knowledge and making it accessible to people.”
Giovanna Graziosi Casimiro, community and events producer for Decentraland
“We are sometimes made aware of addresses potentially related to crime and are specifically instructed not to freeze the addresses without the explicit request from law enforcement.”
“Bitcoin’s mission is to be honest money.”
Ben Hart, 64-year-old breakdancer
“Let’s be confident in this industry because this industry has really evolved in terms of mining machine technologies, in terms of infrastructure build-ups, by using green energies, and in terms of a good ratio mix of individual and institutional players.”
Edward Lu, senior vice president of Canaan
“I think that the NFT has given massive exposure to all the digital artists mostly because it’s a very natural place for us.”
Gal Yosef, artist behind the Meta Eagle Club NFT collection
Prediction of the Week
Bitcoin’s price traded largely sideways this week, although the asset took a downward turn on Friday, dropping below $21,000, according to Cointelegraph’s BTC price index. With the end of August in sight, Bitcoin looks toward September — a historically rocky month for the digital asset. Between 2013 and 2021, Bitcoin’s September performance has been positive only twice — in 2015 and 2016. This September could be especially volatile given the asset’s stronger correlation with stocks.
FUD of the Week
Pseudonymous Twitter user Serpent, a cybersecurity pro, recently detailed several different tactics employed by nefarious players to con unsuspecting crypto and nonfungible token owners. Serpent’s 19-part thread included mention of malware, copycat websites and more. One particular effort targets recent hack victims, with nefarious actors offering a way to recover funds for the victims but instead making off with a fee they require for the nonexistent service.
Securities Commission Malaysia recently put crypto exchange Huobi on its Investor Alert List, stating the entity does not hold proper regulatory registration. “We are currently in discussions with Malaysian regulatory authorities regarding our presence in the local Malaysian market,” the Huobi Group told Cointelegraph in response. Huobi has recently made forward regulatory strides in the United States and Australia while facing headwinds in Thailand.
Earlier in 2022, foreign exchange trading was banned by Afghanistan’s central bank, with crypto included under the ruling. The move has led to 16 crypto exchange closures as well as arrests. “There is no instruction in Islamic law to approve it [online foreign exchange trading]. As a result, we have banned it,” said a spokesman from the country’s central bank in a comment to Bloomberg.
Best Cointelegraph Features
DeFi’s credibility took a serious nosedive in the bear market, but CeFi fared even worse. But what doesn’t kill you makes you stronger, right?
The flow of digital assets has surged among the boulevards of a city known for its “hundred spires.”
The hype around metaverse has taken a hit after recent turmoil in crypto markets, but industry leaders and stakeholders still see it as the future of Web3.