Hodler’s Digest is available every Saturday to help you keep track of every important news story. A week of Cointelegraph news, including the best and worst quotes, highlights on adoption and regulation, top coins, predictions, and more — all in one place.
Top Stories this Week
BuyTheBroncosDAO, a newly launched autonomous decentralized organization, is seeking capital to buy the NFL’s Denver Broncos team for approximately $4 billion.
Fans of all wealth levels can own a piece of the Broncos as there are no minimum contributions required to join the DAO.
“The goal, essentially is to create an infrastructure so fans from all walks can own the Denver Broncos,” Sean O’Brien, one of the DAO’s organizers, told CNBC earlier in the week. O’Brien was a former Cisco employee.
Dogecoin founder Billy Markus lambasted memecoin shills this week, blasting projects that aren’t about memes and the community but instead are “made by people who want to get rich off other people trying get rich.”
“Satire can contain mildly clever elements. Jokes are hilarious. Spam advertising, lying about the project’s participants, making up absurd promises, trying desperately to get Elon to promote you, and so on. He said this on Twitter.
Markus emphasized Binance Smart Chain tokens in particular. He said that they had “made the internet worse” and pointed out the large number of spammers flooding social media with dubious cryptocurrency advertisements.
On Thursday, the crypto market crashed following news that Russia had invaded Ukraine. Assets such as Bitcoin, Ether, and XRP dropped 7.3%, 9.5%, and 9.2%, respectively.
People around the world, including the crypto community, reacted strongly to the news of the invasion. Vitalik Buterin (Ethernet co-founder), was born in Russia and condemned the action on Twitter.
“This is a crime against both the Ukrainian and Russian people. Although I wish all security, I am aware that there won’t be any. Glory to Ukraine .”
Crypto markets had reversed their declines post-Russian Invasion. The United States announced that it would be imposing sanctions on major Russian banks.
Canadian Prime Minister Justin Trudeau reversed Thursday’s use of the Emergencies Act. In the aftermath of protests in large numbers across Canada, the order was used to stop the use of the Emergencies Act. It also stopped border crossings between Canada and the United States. The government was able to block $8 million from 210 bank accounts linked to “Freedom Convoy” protestors in Canada.
Canada’s highly contentious situation appears to be improving. Trudeau stated that “we are confident the existing laws and bylaws will now suffice to keep people safe.”
After being cut off from banks and crowdfunding platforms like GoFundMe, the Emergencies Act was invoked by protestors.
Morena Valdez, Salvadoran Tourism Minister, claimed earlier this week that the country’s tourism sector has risen more than 30% in the past year since September 2021’s adoption of the Bitcoin Law.
Valdez said that 60% of all tourists heading to the country from the United States at the end of 2021 are American.
“We conducted a survey to determine the activity according the the before and after Bitcoin. In November and December, the tourism sector grew. In an interview with El Salvador News English, Valdez stated that this sector grew by more than 30%.
Winners and Losers
Bitcoin (BTC), Ether (ETH), and XRP (XRP) are at $39,335, $2,718, respectively, at the end of the week. According to CoinMarketCap, the total market cap stands at $1.76 trillion.
The top three altcoins that gained the most this week out of 100 cryptocurrencies are Anchor Protocol (ANC), Terra (LUNA), and Maker (MKR), all at 63.75%.
Top three altcoin losers this week are Convex Finance at 27.07%, Harmony @ -19.65%, and Oasis network (ROSE ) at 19.41%.
Cointelegraph’s market analysis provides more information on crypto prices.
Most Memorable Quotes
“Politicians who oppose Bitcoin have the same brand as those who support the internet. It also indicates where their money is coming from .”
Aarika Rhod , elementary school teacher, and congressional candidate
“Companies will not hesitate to spend tens to millions on marketing, but they won’t spend even a fraction on making sure there’s something left to sell.”
Tree of Alpha – Twitter personality
It is fascinating to see the strong bullishness of cryptocurrencies. Even in a bearish crypto market where values would plummet 80%, less that half of investors said they would reduce their investment or exit the market span>
Marion Laboure , director of macro strategy at Deutsche Bank
“I don’t know what the SEC intends to prove in the XRP litigation.”
Joseph Hall – attorney and former managing director for policy at U.S. Securities and Exchange Commission
“If your confidence in being on the right side for those in power is not 100%, then you might want to invest some #Bitcoin.”
Samson Mow Chief Strategy Officer at Blockstream
“We need Bitcoin for Mexico to be legal tender.”
Indira Kemis , Mexican senator
“Remember that dogecoin was created 8 years ago. As satire. Making fun of the stupid coins. irony. satire. The current meme coins are not memes. They are made by people who want to make money off of others trying to become rich. .”
Billy Markus , co-creator and founder of Dogecoin
“Institutions that run algorithmic trading bots believe BTC to be a tech stock.”
Ki Young Ju , CEO of CryptoQuant
According to Cointelegraph’s ETH price indicator, Ether is the second-largest crypto industry asset in terms of market capitalization. It was traded between $2750 and $2350 most recently.
ETH’s price action was volatile during the week but a chart pattern by market analyst Wolf and Twitter personality Wolf suggested a potential price target of above $10,000.
The analyst provided an ETH weekly candle chart. It shows a possible ascending triangular pattern. This could result in ETH exceeding $10,000 based upon how the chart pattern usually plays out. Wolf’s chart points to an approximate target of $13,250. However, weekly chart patterns take longer to develop than chart patterns that are created in shorter timeframes.
Other observations and thoughts about ETH were also included in Cointelegraph’s Wednesday piece. These included the possibility of a bull trap, an upward price fakeout, which would invalidate Wolf’s bullish price target.
FUD for the Week
A number of celebrities and influencers on A-list have been in trouble for promoting a scheme that was allegedly a pump-and-dump scheme linked to the BNB Chain-based safeMoon token.
The team behind the token was accused of misleading investors by attempting to lure several celebrities to SafeMoon. Some of the most well-known names are musicians Nick Carter, Soulja Boy and Lil Yachty, as well as YouTubers Jake Paul, Ben Phillips, and Lil Yachty.
Court documents show that SafeMoon and its subsidiaries allegedly mimicked Ponzi schemes, tricking investors into buying tokens under the pretense of unrealistic profit potential. It is also claimed that SafeMoon’s executives fled the project after the price of SafeMoon began to plummet last year.
Fine art collectors sounded the alarm this week when 0x650d (the pseudonymous owner the CryptoPunks NFT “Punk It!”) suddenly pulled out of their Sotheby’s auction only moments before the live auction was due to begin.
The CryptoPunks collection is worth an estimated $30 million.
As an example, 0x650d posted “nvm”, decided to hodl on Twitter, and then followed up with a meme with the caption “Taking punks mainstream by rugging Sothebys.”
The Kazakhstan government shut down 13 crypto mining companies that account for an astounding 202 megawatts in power consumption earlier this week.
The Ministry of Energy of the Republic of Kazakhstan announced Monday’s shutdown as part of a continuing effort to regulate the local BTC industry and eliminate illicit mining operations.
Since China banned crypto mining last January, bitcoin mining has seen a surge in popularity in Kazakhstan. Kazakhstan is now the country with the second largest global hash rate. Although crypto mining is legalized by the government, miners must obtain licenses and pay reasonable electricity bills.
Top Cointelegraph Features
The Metaverse is not coming. It’s here. We will examine its effects on privacy and see how decentralization might help.
“The ability for owners to delegate their votes to industry experts or topic specialists will allow them to exercise a stronger and clearer voice when it comes to the management of these businesses.”
There are a lot of crypto-friendly rules in the country.