Visa Stablecoin Plan, Debt Cap Impact on Bitcoin Price: Hodler’s Digest, May 23-29 April
Top stories of this week
Circle introduces the USDC cross-chain transfer protocol
Circle has introduced a cross-chain protocol that enables USDC transfers between the Ethereum and Avalanche blockchains. The protocol works by burning the selected amount of native USDC in the source chain and coining an equivalent amount of new USDC in the intended target chain. The protocol essentially makes USDC transfers between the two networks faster and easier to use, since prior to its introduction, users had to use third-party bridges or a Circle partner to facilitate transfers between the two networks. Additional support for Solana and other blockchains will be added later in 2023.
Stablecoin payments: Visa shares plans for “ambitious” crypto product
Cuy Sheffield, head of crypto at Visa, announced on April 24 a new cryptocurrency-related project focused on stablecoin payments. Details are sparse at this point; However, Sheffled shared a job posting related to the project, describing that the “Visa Crypto team is developing the next generation of products to make commerce easier in everyone’s digital and mobile lives.” The job posting is looking for candidates with a good understanding of Layer 1 and Layer 2 solutions and, among other things, experience in writing smart contracts using the Solidity programming language.
Kraken is asking the San Francisco court to intervene against IRS claims
Crypto exchange Kraken has blasted the US Internal Revenue Service (IRS) for an “unwarranted treasure hunt” for users’ trading information. According to court documents, the company asked a federal court in San Francisco to step in and order the IRS to back down. The IRS issued a subpoena in February requesting additional information on Kraken users who traded $20,000 or more in a single year from 2016 to 2020.
Meta announced in its first-quarter earnings report that its Metaverse unit, Reality Labs, posted a loss of about $4 billion during the quarter. In a costly endeavor for the company, the $4 billion loss adds to Reality Labs’ $14 billion loss for all of 2022, somewhat dampening losses. Mark Zuckerberg wasn’t impressed by Reality Labs’ loss either, reiterating that “we continue to expect Reality Labs’ operating losses to increase year over year in 2023” as the company is focused on long-term growth.
Gary Gensler Links Crypto to Cash in Viral Video from 2018 – Crypto Twitter Reacts
Viral clips of Securities and Exchange Commission Chairman Gary Gensler began circulating this week, showing that he takes a highly contradictory stance on crypto compared to what he now advocates. As it stands, Gensler believes that almost every crypto asset other than BTC is a security, and from that standpoint has pushed hard to regulate the crypto sector. However, in a snippet of one of his 2018 “Blockchain and Money” lectures — while he was a professor at the Massachusetts Institute of Technology — Gensler said, “Three-fourths of the market is non-equity, it’s just one commodity, cash.” , crypto.” He even hinted that ether is not a security, despite repeatedly implying otherwise over the past several years.
Winner and Loser
Bitcoin at the end of the week (Bitcoin) is at $29,275ether (ETH) at $1,900 And XRP at $0.47. The total market capitalization is at $1.2 Trillions, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Render Token (RNDR) at 40.91% Cronos (CRO) at 13.47% and Injective (INJ) at 10.49%.
The top three altcoin losers of the week are PancakeSwap (CAKE) at 19.13% Zilliqa (Goal) at 12.41% and optimism (OP) at 11.26%.
For more information on crypto prices, see Cointelegraph’s Market Analysis.
also read
characteristics
This is how Ethereum’s ZK rollups can become interoperable
characteristics
Agents of Influence: Whoever controls the blockchain controls the cryptoverse
Most Memorable Quotes
“It’s a critical moment here in the United States and, as I like to say, it’s really a moment for Congress to engage.”
Jeremy Allaire, CEO of Circle
“I think it’s probably no coincidence that you’re seeing all these de-dollarization concerns at the same time they’re cracking down on crypto.”
David Sacks, co-host of the All-In Podcast
“[Blockchain] it’s about helping different groups of people come together to trust each other more and collaborate on many different types of projects across distances.”
Vitalik Buterin, co-founder of Ethereum
“The battles over mining aren’t really about mining. It’s not really about environmental concerns. What it’s really about is controlling energy consumption.”
Perianne BoringCEO of the Chamber of Digital Commerce
“While DeFi has immense potential, more education is needed to remove the confusion and fear plaguing mainstream users.”
Julian HospCEO and co-founder of Cake DeFi
forecast of the week
Analysts at odds over Fed, US debt ceiling impacting bitcoin price
After House Republicans barely passed their bill raising the U.S. debt ceiling on April 26, market analysts promptly began weighing the potential impact on Bitcoin (BTC) price. Analysts such as investment firm Onramp chief operating officer Jesse Meyers believe that raising the debt ceiling is likely to prompt the Federal Reserve to print more money, boosting capital inflows into “risky” assets like BTC.
“If the debt ceiling is lifted and the credit crunch leads to an economic crisis…they’re going to have to print big,” he noted. “#Bitcoin was the winner during the last round of stimulus.”
FUD of the week
Ordinals Finance Did a $1M Rug Pull: CertiK
Ethereum-based decentralized finance protocol Ordinals Finance has been accused of performing a carpet pull. The protocol allows users to lend and borrow inscriptions. However, blockchain security firm CertiK reported that the protocol’s developer abruptly pulled 256 million OFI tokens from its smart contracts using a “safuToken” function. According to CertiK, another 13 million OFI were then removed through an “ownerRewithdraw” function, bringing the total number of tokens withdrawn to 269 million. Overall, the reported loss for investors was estimated at around $1 million, nearly half of the total OFI market cap.
A crypto wallet launched 114 shady memecoins in two months
According to research by pseudonymous blockchain investigator ZachXBT, published on April 26, a particular wallet address has launched “114 memecoin scams” in the past 45 days. ZachXBT tracked the address 0x739c58807B99Cb274f6FD96B10194202b8EEfB47 and found that stolen funds from fraud are continuously sent to this address. ZachXBT was unable to calculate how much the funds accounted for as the alleged scammer used multiple wallets to split funds. “I suppose there is more. These are just the ones sent to that deposit address lol,” wrote ZachXBT.
Google Ads data: $4 million stolen by crypto phishing URLs
According to Google Ads data coupled with blockchain analytics, over $4 million was stolen by people who clicked on malicious phishing websites impersonating legitimate crypto platforms. This marks a worrying trend for the crypto community as these shady websites are promoted in Google search results and closely replicate real-world platforms.
Best Cointelegraph Features
EOS was the largest ICO in history, but the development has not lived up to expectations. Now the community wants to make it back into the top ten.
District 9 Director’s Shooter, Decentraland Redlight District Battle: Web3 Gamer
Decentraland’s row over District X showing ‘no mercy’ to autoclickers and spending Sunday afternoon in a virtual Irish pub.
Elizabeth Warren wants the police to be at your door in 2024
Senators Elizabeth Warren and Roger Marshall want to make your crypto wallet illegal – and their plan runs counter to the principles they have championed.
Subscribe to
The most engaging read in blockchain. Delivered once a week.
Brian Quarby
Brian Quarmby discovered crypto in 2013 and immediately fell in love with the idea of decentralization. Since then Brian has been living and working in Asia, returning to Melbourne in late 2019. Brian loves sports and art and is optimistic that NFTs can transform the lives of artists in the near future.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.