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, predictions and much more – a week on TSTIME in one link.
Top stories this week
Crypto Fundraising Hits $30.3 Billion in H1, More Than All of 2021: Report
A report from crypto analytics firm Messari on Tuesday showed that the crypto sector has raised $30.3 billion in funding this year, already more than the entire 2021 total, which was $30.2 billion. The figure was reached through 1,199 rounds of financing in the first half of the year, with $10.3 billion, more than a third of the capital, going to the centralized financial sector. Notably, the NFT gaming sector raised more than all decentralized funding to $4 billion. DeFi raised relatively only $1.8 billion.
Michael Saylor to Step Down as CEO of MicroStrategy, But Stay on as Executive Chairman
Bitcoin maxi Michael Saylor will step down as CEO of MicroStrategy on August 8. With President Phong Le taking over as CEO, Saylor will assume his new role as executive chairman — a position that will focus almost entirely on building MicroStrategy’s Bitcoin reserves. “I believe that splitting the roles of Chairman and CEO will allow us to better pursue our two business strategies, namely acquiring and holding Bitcoin and growing our business analytics software,” he said.
Facebook’s metaverse will ‘fail’, says Vitalik Buterin
Ethereum co-founder Vitalik Buterin thinks any metaverse platform coming from Mark Zuckerberg’s Meta “fails”. Although Buterin singled out Meta, his comments were more broadly focused on the industry as a whole, saying that “we don’t really know the definition of ‘the metaverse’ yet, it’s way too early to know what people actually want.”
Voyager returns $270M in customer money, says it received ‘better’ offers than FTX
Bankrupt crypto lending company Voyager Digital has been acquitted by a New York judge to return $270 million in customer money as it works to (in theory) make all of its customers whole again. The company also stated that it has received several “higher and better” buyout offers than the offer submitted in July by Sam Bankman-Fried’s Alameda Research.
Meta enables Instagram NFT integration in over 100 countries
Instagram has rolled out NFT support in 100 countries in Africa, Asia-Pacific, the Middle East and the Americas. As part of the move, users will be able to integrate Coinbase or Dapper Labs wallets and post their NFTs based on Ethereum, Polygon or Flow. The move caused the price of the Flow blockchain’s native token, FLOW, to surge on Thursday pumped 54% to hit an intraday high of $2.83.
Winners and losers
At the end of the week, Bitcoin (BTC) is with $23,276.79ether (ETH) Bee $1,708.47 and XRP Bee $0.37. The total market capitalization is $1.09 trillion, according to to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Flow (FLOW) at 44.86%, Filecoin (FIL) at 37.69% and optimism (ON) at 25.60%.
The top three altcoin losers of the week are Qtum (QTUM) at 16.41%, Bitcoin Gold (BTW) at 14.30% and Bitcoin Cash (BCH) at 9.63%.
To learn more about crypto prices, read TSTIME’s market analysis.
Most Memorable Quotes
“Most people think that a metaverse is a virtual place, similar to the movie Ready Player One. They’re wrong. The metaverse is not a place; it is a moment in time.”
Evan Luthra, a TSTIME 30 Under 30 entrepreneur
“You didn’t see decentralized markets, decentralized lending models, DeFi in general, collapse. There was no contamination there. What you saw was poor balance sheet management from closed store lenders.
Jonathon Miller, Director at Kraken Australia
“We don’t really know the definition of ‘the metaverse’ yet, it’s way too early to know what people actually want. So anything Facebook makes now will fail.”
Vitalik Buterin, co-founder of Ethereum
“You want to encourage people to have some faith in the future and make decisions that make delaying gratification morally commendable and intelligent. Inflation hurts those people.”
Jordan Petersonclinical psychologist
“Regardless of how those funds are stored — locked into a smart contract or with a centralized custodian — that storage point becomes a target.”
Chainalysis, blockchain analytics company
“Of the billions of people and countless institutional investors on the planet, many will lack the technical resources, workflows, or interest in preserving their own private keys.”
Will Peck, Head of Digital Assets at WisdomTree
Forecast of the week
Metaverse’s market share will exceed $50 billion by 2026, new report says
Technology research and consulting firm Technavio has released a report on market finance from Metaverse that estimates the industry will have a market share of $50.37 billion by 2026. The company estimates that the market will grow at 21% per year over the next four years, and the forecast so far doesn’t seem too far off target as growth is expected to reach 20.11% by 2022.
FUD of the week
$2 Billion In Crypto Stolen From Cross-Chain Bridges This Year: Chainalysis
According to a report by blockchain analytics firm Chainalysis, hacking cross-chain bridges has so far resulted in $2 billion in losses in 13 different attacks in 2022. Chainalysis suggested that bridges are often targeted because they “have a central repository for funds that support the ‘bridged’ assets on the receiving blockchain”, which have become a target for hackers.
Solana Wallets ‘Compromised and Abandoned’ as Users Warned About Scam Solutions
Solana users have been urged to abandon their hot wallets and move their funds to cold storage this week after a significant exploit siphoned an estimated $8 million from about 8,000 compromised wallets. The hack was allegedly carried out through a security breach in the network of Web3 wallet provider Slope, and also affected users of Phantom wallet.
Blockchain Security Firm Warns of New MetaMask Phishing Campaign
Blockchain security firm Halborn sent out an alert on Thursday regarding a new phishing campaign targeting MetaMask wallet users. The active phishing campaign uses authentic-looking emails with MetaMask branding that urge users to comply with Know Your Customer (KYC) regulations and verify their wallets, essentially tricking them into providing their passphrases .
Best TSTIME Features
Crypto Cleanup: How Much Enforcement Is Too Much?
Many blockchain companies now believe that regulation is inevitable, but there is a growing debate about where to draw the line between protecting users and strangling the lifeblood of the industry – or forcing it outside of the United States.
NFT Communities Give the Green Light to Web3 Movies: A Decentralized Future for Fans and Hollywood
The film industry is one of the most centralized and traditional of all. Only a handful of movie studios and streaming conglomerates control the lion’s share of the global movie market.
What Kazakhstan’s New Tax Regime Means For The Crypto Mining Industry?
New amendments recently signed by the country’s president could bolster the energy grid refit while keeping general prices relatively subdued.