Coming every Saturday, Summary of Hodler will help you follow every important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.
Top stories this week
Elon Musk buys Twitter for $44 billion – crypto industry reacts
Eccentric billionaire Elon Musk bought Twitter for around $44 billion this week, or $54.20 a share in cash. After the deal was accepted, Musk said he hoped “even my worst critics will stay on Twitter, because that’s what free speech means.”
Reaction from the crypto industry has been mixed, with Dogecoin co-creator Jackson Palmer describing the acquisition as a “hostile takeover” contrary to the idea of freedom, while Bitcoin bulls Anthony Pompliano and Michael Saylor welcomed the decision.
ApeCoin (APE) Hits New High Ahead of This Week’s Otherside Land Auction
Bored Ape Yacht Club affiliate ApeCoin (APE) hit a new all-time high of $22.60 on Thursday amid growing excitement over the upcoming Otherside metaverse land auction, which is being hosted by Animoca Brands and the creator of BAYC, Yuga Labs.
Otherside is an upcoming metaverse project within the BAYC ecosystem, and it welcomes the sale of its first 100,000 plots of land on Saturday. Wallets that already hold a BAYC or Mutant Ape Yacht Club NFT will be able to claim a plot of land for free.
Meta will open a Metaverse-themed physical store in the San Francisco Bay Area
Mark Zuckerberg’s Meta is set to open a retail store in Burlingame, Calif., which will sell VR and Metaverse gear. The store will be located on Meta’s Burlingame campus and will feature a wall-to-wall curved LED display that displays what users see using Meta headsets.
The store will also offer demonstrations for everything related to virtual reality headsets, video communication displays and smart glasses. “The Meta Store is going to help people make that connection to how our products can be the gateway to the Metaverse in the future,” said store manager Martin Gilliard.
Central African Republic to Adopt Bitcoin as Legal Tender: Report
The Central African Republic (CAR) reportedly passed a bill this week allowing bitcoin to be used as legal tender alongside the franc. CAR now joins El Salvador in taking the ambitious step towards full adoption of BTC.
President Faustin-Archange Touadéra’s chief of staff, Obed Namsio, reportedly said the move was aimed at making the CAR one of the “boldest and most visionary” countries in the world. The nation of 5 million has one of the smallest economies in the world with a gross domestic product of around $2.4 billion.
Brazilian Senate Approves ‘Bitcoin Law’ to Regulate Cryptocurrencies
Brazil’s Federal Senate also made an important decision on crypto this week, passing the country’s first bill governing cryptocurrencies. The bill will allow the government to create a regulatory framework for the local crypto industry.
The senators discussed offering crypto miners incentives to set up shop in Brazil, and they are also seeking to introduce stiff penalties for any fraudulent or bad behavior in the industry.
To become law, the bill must then be approved by the Chamber of Deputies of the Federal Senate, then signed by President Jair Bolsonaro.
Winners and losers
On weekends, Bitcoin (BTC) is at $39,032Ether (ETH) to $2,854 and XRP to $0.62. The total crypto market capitalization is $1.77 trillion, according to at CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are ApeCoin (MONKEY) at 60.14%, STEPN (GMT) at 20.28% and Kava (KAVA) at 13.88%.
The top three altcoin losers of the week are Zilliqa (ZIL) at -23.84%, Waves (WAVES) at -23.07% and Axie Infinity (AXS) at -23.02%. For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Most Memorable Quotes
“Bitcoin will never become zero because it has intrinsic value beyond its technological and monetary merits.”
Lili ZhaoDirector of Ecosystem Growth for Neo
“There’s a pre-pandemic world and a post-pandemic world, and a post-pandemic world has a lot more public deficits — it has a lot more growth-related uncertainty.”
Antoine Scaramuccifounder and managing partner of SkyBridge Capital
“I hope even my worst critics stay on Twitter, because that’s what free speech means.”
Elon MuskTesla CEO
“We got a big giveaway when China banned crypto mining and trading – it was a big mistake for them.”
Greg Tanakamember of the Palo Alto City Council
“Our survey shows something we’ve been advocating for a long time: talking about the survival of digital assets is definitely over – the question is now about evolution.”
Julien SawyerBitstamp CEO
“The problem with [Bitcoin] it’s that you can’t have true free trade unless you have private trade.
Edward Snowdengovernment surveillance whistleblower
Prediction of the week
Bitcoin Repeats Rare Weekly Chart Signal That Drives BTC Prices Down 50%
Bitcoin price has traded largely sideways this week while still experiencing some volatility. The asset traded both above $40,000 and below $38,000 at times during the week, based on Cointelegraph BTC Price Index.
Bitcoin could be heading for negative price action, according to pseudonymous Twitter personality “Nunya Bizniz”. Bizniz pointed to a trend on Bitcoin’s chart that has already occurred before the 50% price declines — the downward slope of the asset’s 20-week and 50-week moving averages. This chart pattern has happened twice before, each time seeing the price of BTC fall by more than 50%.
FUD of the week
STEPN Impersonators Steal User Keyphrases, Security Experts Warn
Blockchain security firm Peckshield exposed multiple phishing websites for Web3 lifestyle app STEPN. According to the company, bad actors were able to create and attach dubious MetaMask browser plugins that can be used to steal users’ seed phrases.
Bored Ape Yacht Club NFTs stolen in Instagram phishing attack
The Instagram account of the Bored Ape Yacht Club NFT project was hacked on Monday. According to various unconfirmed reports on social media, approximately 100 NFTs with a combined value of $400,000 were stolen in a phishing attack and fake airdrop. Users believed the links used to carry out the attack were legitimate as they coincided with the first anniversary of BAYC’s launch.
New York State Assembly passes ban on new BTC mines that don’t use green energy
The New York State Assembly passed a bill earlier this week that seeks to ban for two years all new proof-of-work (PoW) cryptocurrency mining facilities that are backed by energy generated by carbon. The bill also states that current miners who rely on carbon-fueled rigs will not be able to renew their permits once they expire.
Best Crypto Features
Crypto Valley and the Crypto Oasis: Ralf Glabischnig
“A few spots around the world will attract people who can afford it, because it’s safe for their families – and those people bring the business.”
The Loss of Privacy: Why We Must Fight for a Decentralized Future
As early adopters of blockchain, we need to bring decentralization to the masses and fight against the tech giants who are its natural enemies.
Borrowing and lending are two important parts of DeFi, but they lack a rationale for efficient operation: decentralized credit scoring.
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Meta Launches Metaverse Hardware Store, Elon Musk Buys Twitter For $44 Billion, And ApeCoin Hits New Highs: Hodler’s Digest, April 24-30
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