Hodler's roundup, July 14-20 – Cointelegraph Magazine

This week's top stories

Pixelverse will incorporate the Pudgy Penguin character in a Telegram minigame

The face of the popular non-fungible token (nft) collection Pudgy Penguins will be integrated as a character into Pixelverse’s minigame on Telegram. On July 16, Pixelverse announced that it would be introducing the Pudgy Penguins character “Pudgy” into the game, joining other crypto favorites like Doge from the Dogecoin memecoin and Mew, a character representing a Solana memecoin. The integration allows players to play the character in Pixelverse’s game. A standalone Pudgy Penguins mobile game is slated to launch sometime in 2025. While the nft market is down, some experts argued that the space is experiencing a correction cycle.

Craig Wright Admits He Is Not Satoshi and Posts Disclaimer on His Website

On July 16, Craig Wright posted a legal notice on the homepage of his website, emphatically stating that he was not the pseudonymous creator of bitcoin, Satoshi Nakamoto. The notice cited the recent ruling by the UK High Court of Justice and directed website traffic to the summary of findings presented by the crypto Open Patent Alliance. The notice admits that Wright was not the author of the bitcoin white paper and admits that the computer scientist does not own the copyright to the technology described in the white paper.

<h2 class="wp-block-heading" id="h-ethereum-etfs-will-have-a-bigger-impact-on-eth-price-bitwise”>ethereum ETFs will have a bigger impact on eth price: Bitwise

U.S. Ether exchange-traded funds (ETFs) will get off to a rocky start but could have a bigger impact on the asset’s price than bitcoin ETFs for btc, according to Bitwise chief investment officer Matt Hougan. According to Hougan, one reason Ether ETFs will have a bigger impact on the asset’s price is that Ether’s inflation rate effectively amounts to zero, given the widespread use of ethereum-based applications compared to the “small amount of eth” that is created daily.

State Street plans to jump into blockchain technology with a stablecoin and deposit token: report

State Street has taken a serious interest in blockchain settlement technology. According to Bloomberg, the global asset manager is considering creating its own stablecoin and deposit token. Additionally, it could leverage its investment in UK-based payments startup Fnality to create new settlement options and join “digital cash consortium efforts.” State Street created a dedicated digital finance division in 2021. That division subsequently suffered layoffs, but was revived and integrated into the core business this year.

<h2 class="wp-block-heading" id="h-trump-reportedly-in-good-spirits-will-still-attend-nashville-btc-conference”>Trump is reportedly in “good spirits” and would attend the btc conference in Nashville

Former US President Donald Trump is still scheduled to speak at the bitcoin Conference in Nashville, Tennessee, despite surviving an assassination attempt on July 13 in Pennsylvania, according to David Bailey, one of the event’s organizers and CEO of bitcoin Magazine. The event will take place from July 25-27, with Trump scheduled to speak on July 27.

Winners and losers

At the end of the week, bitcoin (bitcoin) I sat down $66,239Ether (Ethnicity) in $3,486 and XRP in $0.56The total market capitalization is $2.42 billion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are dogwifhat (Wife) At 61%, Worldcoin (WLD) at 55.94% and Arweave (ARKANSAS) at 48.98%.

The top three altcoin losers of the week are Uniswap (UNI) at 1.45%, TRON (TRX) a -1.19% and Gnosis (OGN) at -0.45%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

The most memorable quotes

“If you see a ‘pro-crypto’ politician today, it’s worth exploring their underlying values ​​and seeing which side they’ll prioritize if a conflict arises.”

Vitalik ButerinCo-founder of ethereum

“bitcoin L2s are not just an innovation; they are a necessity for the evolving crypto ecosystem in Asia.”

Robbie LiuHead of Asia at Polyhedra Network

“Innovation is no longer optional but essential to meet future challenges, which requires a continuous pursuit of excellence.”

The International Association for Trustworthy Blockchain Applications

“We believe that cryptocurrencies should bring daily benefits to humanity, not just sit in a bank vault.”

Andrey LazutkinChief technology Officer of Tangem

“Keep in mind that after launch there will be flows and I’m sure there will be more eth products, then Solana and then… it will probably never end. The dam has broken.”

bitcoin-adoption-threaten-us-dollar-dominance-morgan-stanley” target=”_blank” rel=”nofollow”/>ai-boss-says-llms-not-enough-human-level-ai-is-not-just-around-the-corner” target=”_blank” rel=”nofollow”/>crypto-products” rel=”noreferrer noopener”>Eric Balchunassenior ETF analyst at Bloomberg

“China’s concern with cryptocurrencies has always been capital flight. (…) Cryptocurrencies further democratize finance and enable capital flight for middle- and low-income classes.”

Mikko OhtamaaCEO and co-founder of Trading Strategy

Prediction of the week

Traders expect bitcoin price of $71,500 as open interest rises 13%

bitcoin could head towards the $71,500 mark after breaking above the $65,000 price mark on Tuesday based on historical patterns, as observed by cryptocurrency traders.

The price rally has also increased interest among future traders who are betting on bitcoin's short-term price movements. “Breaking above $65,000 would mean that the price is ready to move within the $65,000 to $71,500 region,” pseudonymous cryptocurrency trader Rekt Capital wrote in a post on x on July 16, when bitcoin was hovering around $65,000.

However, a large number of short positions are at risk of being liquidated at $71,500, meaning that many future traders are confident that the price will not reach that level for now. Approximately $1.47 billion worth of short positions will be eliminated at $71,500, according to data from CoinGlass.

FUD of the week

<h2 class="wp-block-heading" id="h-indian-crypto-exchange-falls-victim-to-235m-hack”>Indian cryptocurrency exchange hit by $235 million hack

Indian cryptocurrency exchange WazirX reportedly suffered a major security breach on July 18, resulting in the loss of approximately $235 million. The attack involved multiple suspicious transactions from WazirX’s Safe Multisig wallet, detected on the ethereum blockchain by security firm Web3 Cyvers. The hacker quickly exchanged the stolen assets for various cryptocurrencies, including Ether, Tether, Pepe, and others. In response to the incident, WazirX has paused withdrawals and is said to be investigating the breach.

Mt. Gox creditors report multiple 'brute force' attempts on their accounts

A subreddit for Mt. Gox creditors has been inundated with reports over the week from users seeing multiple login attempts to their accounts, sparking fears of a potential cyberattack. On a subreddit for Mt. Gox creditors known as “r/mtgoxinsolvency,” several users reported issues logging into their accounts on the Mt. Gox website, while others shared screenshots showing a large number of unauthorized login attempts to their accounts. The defunct cryptocurrency exchange has now distributed 36% of the bitcoin held to creditors after recently moving over 140,000 bitcoin — worth nearly $9 billion — to one known cold wallet and two unknown addresses.

Li​.Fi protocol hack: $10 million lost

Li.Fi, an application programming interface for the ethereum virtual machine and Solana exchanges and bridges, was attacked on July 16, resulting in the loss of over $10 million worth of cryptocurrency. Li.Fi warned its community on x that users should not interact with Li.Fi-powered applications until further notice. A Li.Fi spokesperson later informed Cointelegraph that the “smart contract exploit” had been contained and the “affected smart contract facet disabled.” Approximately $10 million worth of cryptocurrency holdings were drained, which also affected the Arbitrum blockchain.

The best magazine pieces of the week

<h3 class="wp-block-heading" id="h-saudi-arabia-s-riyadh-may-be-crypto-s-sleeping-giant-crypto-city-guide”>Riyadh, Saudi Arabia, could be the sleeping giant of cryptocurrencies: crypto City Guide

While cryptocurrencies may still operate in a grey space in Saudi Arabia, the country's talent pool and burgeoning gaming sector hold promise for the Web.

<h3 class="wp-block-heading" id="h-coinbase-will-not-mention-crypto-in-five-years-avichal-garg-x-hall-of-flame”>Coinbase won't mention the word 'crypto' in five years: Avichal Garg, x Hall of Flame

nft-creator-nate-alex-70-cryptopunks/” target=”_blank” rel=”nofollow”/>ethereum-etf-bitcoin-hall-of-flame/” target=”_blank” rel=”nofollow”/>Electric Capital co-founder Avichal Garg believes that bitcoin spot ETFs have helped soften the blow of the collapse of cryptocurrency exchange FTX.

<h3 class="wp-block-heading" id="h-crypto-sec-evolve-bank-suffers-data-breach-turbo-toad-enthusiast-loses-3-6k”>crypto-Sec: Evolve Bank suffers data breach and Turbo Toad enthusiast loses $3,600

ai-eye/” target=”_blank” rel=”nofollow”/>ai-reply-guys-copilot-picture-panic-trump-deepfakes-ai-eye/” target=”_blank” rel=”nofollow”/>crypto-bull-run-china-bitcoin-herbert-sim-hall-of-flame/” target=”_blank” rel=”nofollow”/>crypto-sec-turbo-toad-phishing-attack-and-evolve-data-breach/” target=”_blank” rel=”nofollow”>A Turbo Toad enthusiast lost over $3,000 to a phishing attack, Microsoft patched another “zero-click” Office vulnerability, and Evolve leaked 33TB of customer data to ransomware attackers.

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The editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.