Bitcoin under threat, El Salvador Refused, Mark Cuban stung, McAfee’has nothing’: Hodler’s Digest, June 13–19

Coming every Saturday, Hodlers Digest will allow you to track every single important news story that happened this week. The greatest (and worst) quotations, adoption and regulation highlights, leading payouts, predictions and much more per week on Cointelegraph in 1 link.Top Stories This Week Hawkish Fed remarks push Bitcoin price and stocks reduced againThe crypto markets had begun the week with a spring in their step.Last Sunday, Elon Musk revealed that Tesla will be prepared to accept Bitcoin as a payment procedure again once it might be demonstrated that 50% of the electricity used by miners comes from clean, renewable sources.Traders responded favorably to the tweet, and also there were green stools aplenty. Upbeat sentiment helped drive Bitcoin above $40,000 for the very first time in over a fortnight. Unfortunately, however, it seems costs above this level were unsustainable.A new wave of selling off its ugly head days later following Federal Reserve chairman Jerome Powell indicated that interest rates may rise in 2023 per year sooner than planned. Other officials went further, indicating the very first increase could occur in overdue 2022. Bitcoin wasnt alone in suffering the sell-off. Stocks and gold also dropped, eating away at the narrative that BTC is an uncorrelated asset.With costs falling as low as $35,000, there are now fears that a death cross may be forming for Bitcoin. Some traders are forecasting that $32,500 would be the next stop before BTC revisits the swing low at $30,000.  World Bank refuses El Salvadors petition for assistance on BTC transitionAs determined as El Salvadors president may be to introduce Bitcoin as legal tender, and a series of unfortunate events this week showed that its harder than it looks.The World Bank has refused to assist the country in its own transition, mentioning the environmental and transparency shortcomings associated with the electronic asset.Although prominent Bitcoiners werent pleased with all the World Banks denying, its fair to say they werent amazed either.One particularly sarcastic contribution originated from Blockstreams chief strategy officer Samson Mow, that tweeted: BREAKING: WORLD BANK CANNOT HELP EL SALVADOR MAKE WORLD BANK OBSOLETE. Miaow.Elsewherean El Salvadorean minister denied reports that the country was examining the possibility of using Bitcoin for salary payments, warning such talk was too premature.Economists have also been continued to issue warnings regarding the possible ramifications of El Salvadors transfer. Steve Hanke pulled no punches when he said with this law has the potential to fully fall the countrys already fragile economy.Striking a cheery note, he explained the politicians that backed President Nayib Bukeles Bitcoin Law were stupid, including: Youre not going to cover your taxi ride with a Bitcoin. Its foolish. 70 percent of the people in El Salvador dont actually have bank account.  Mark Cuban involves stablecoin regulation in wake of Iron Finance bank runBillionaire crypto enthusiast Mark Cuban has known for stablecoins to be controlled after losing money in a stunning carpet pull.Iron Finance fell prey into a historic bank run that detailed the price of this IRON stablecoin. Consequently, the value of its own native token TITAN dropped by almost 100 percent over two days from all-time highs of $64.04 to a mere percentage of a single cent.In an email delivered to Bloomberg, Cuban wrote: Although I got rocky on this, it is on me for being lazy. The thing about DeFi resembles this is the fact that it’s about earnings and mathematics and that I was too lazy to do the mathematics to ascertain what the key metrics were.Crypto Twitter, already reeling in the U-turn performed by Elon Musk, wasnt a lover of Cubans remarks.Krakens CEO Jesse Powell said a shortage of regulation wasnt this problem, tweeting: Just not doing your research and YOLOing into a terrible investment as your time was worth more than your money is your own problem.  The death of NFTs? CNN, Fox, Mila Kunis (and the U.S. Space Force) dont believe soEarlier this past month, some critics have been sounding the death knell for nonfungible shortly after a Protos report indicated that sales had slumped by 90% since the peak in early May. But things may not be as dreadful as they first appear.First off, remember that Sothebys auctioned off a rare CryptoPunk for about $11.8 million before this month setting a new world record in the process. Moreover, its worth noting that theres no shortage of new NFT announcements.Heres only a few which have emerged in recent days. CNN said that its preparation to tokenize historical moments from the information. This came as Fox, another U.S. media behemoth, revealed its launch a $100 million fund for NFT content production. Sothebys verified that it is going to auction off the source code for the World Wide Web in the kind of an electronic collectible. Its tokens are literally going to the moon paying tribute to Neil Armstrong, the first person to set foot onto the lunar surface.Given the way all of these jobs have the opportunity to capture the publics imagination, it might be unwise to describe NFTs as a passing craze thats fading off.  I have nothing: Imprisoned John McAfee maintains his crypto fortune is goneStill behind bars in Spain because he struggles extradition into the U.S., anti virus software leader John McAfee has told his one thousand Twitter followers he doesnt have concealed crypto.He wrote: I wish I’d but it has dissolved through the many palms of Team McAfee (your view isn’t needed ), and also my remaining resources are all seized. My friends evaporated through fear of association.And, striking a defiant note, ” he added: I have nothing. Nevertheless, I regret nothing.A Spanish court is set to make a decision on whether to approve McAfees extradition within days. The entire market cap is at $1,496,219,684,262. The best three altcoin losers of this week are Kusama, Internet Computer and Decred.For additional info on crypto costs, make certain you read Cointelegraphs market evaluation.   Most Memorable Quotations[Crypto is] the very first genuinely new asset class in approximately 150 years.Ric Edelman, Edelman Financial Engines creator While [El Salvadors] authorities did approach us for assistance Bitcoin, this isn’t something the World Bank will support, provided the environmental and transparency shortcomings.World Bank For new investors, its better to buy when the market is well below trend. Now is among those times.Dan Morehead, Pantera Capital CEO There’s minimal risk of this #dollar falling in value vs. similarly depreciating currencies, meaning that diversification into store-of-value resources like #gold and #Bitcoin is simply a sensible move, in our view.Mike McGlone,” Bloomberg Intelligence senior product strategist Michael Saylor is focused on a long term investment strategy instead of short-term gains or losses. Placing company debt online is risky, but it may obviously result in a massive return as well.Kadan Stadelmann, even Komodo chief technology officer Youre will not cover your taxi ride with a Bitcoin. Its foolish. Youve got 70 percent of the people in El Salvador dont actually have bank accounts.Steve Hanke, economist When more people are purchasing cryptocurrency than investing in a stock market ISA, you need to conclude the worlds gone crypto crazy.Laith Khalaf, AJ Bell monetary analyst at my opinion, it looks like the bottom would be in.Jurrien Timmer, Fidelity Investments manager of international macro Although Musk is temporarily causing turmoil on the market, his involvement could be good for crypto from the long term, as he is attracting new people to crypto, albeit for occasionally the wrong reasons.Erik Nurm, CoinSwap founderPrediction of the Week Elon Musk cant rescue Dogecoin from crashing the next 60 percent, analyst assertsA dreaded head and shoulder pattern has emerged in Dogecoins charts and according to one analyst, this also suggests the meme coins price could drop by another 67%.Pseudonymous trader Tyler Durden claimed in a tweet a drop to $0.05 has been programmed, including: Even Elon can not save this together with his tweets. He has tried and each time he just created another reduced high. Gulp.With prices currently dipping below $0.30, DOGE has been a very long way in the all-time highs of $0.73 seen in the very first week of May the culmination of a jaw-dropping 15,000% rise since the start of the year.Interest from the joke cryptocurrency is presently falling across a few metrics, signaling Doge may have had its own day.FUD of this Week Scammers mail out fake hardware wallets to victims of Ledger data breachThe consequences of Ledgers major data breach continue to be felt almost a year later.A Reddit consumer that was one of those affected claims they obtained a fake Ledger Nano X wallet in the mail wrapped in seemingly authentic packaging.The device came with a badly written letter purporting to be in the Ledgers CEO that warned you must switch to another device to remain safe.Even worse, but they also received a fake manual requesting them to enter their own private Ledger recovery phrase to join their cryptocurrency wallet into the newest hardware.  Crypto fan simplifies a combined bag for game-deprived football fansNot everyone is a fan of football fan tokens, it seems.Organizations representing soccer fans in England and Wales have accused clubs of attempting to squeeze extra money out of supporters only to provide them a cosmetic say in how nightclubs are run.The value of fan tokens plunged along with the remainder of the crypto market after peaking in April and May. This volatility, coupled with increasing matchday costs generally, has left some fans feeling priced out of getting their voices heard.Sue Watson, chair of West Ham United Independent Supporters Association, asked: Why should you’ve got to pay to have any kind of say in the club?  This unknown cryptocurrency soared by 164,842% in hours, only to wreck 99%About $7.65 billion entered the cryptocurrency market in only 3 hours through a broadly anonymous altcoin on Monday.WebDollar (WEBD) surged from $0.0003711 to $0.6121 in only 3 hours per 164,842% rise in its economy valuation.Over a short period period, its market cap went from $1.84 million to $1.5 billion. Two hours after having $9.5 million, it dropped by greater than 99 percent, and with its standing rapidly falling down into No. 873.  Very best Cointelegraph FeaturesAn asset for all courses: Things to expect from Bitcoin as a legal tenderNew technology that reduces costs of global payments would be a blessing for poor nations that rely upon remittances but can BTC as legal tender repair that?Joining the ranks: Bitcoins correlation with gold and stocks would be growingBTC used to be an uncorrelated asset, but thats no longer the situation. What can gold and stocks indicate about the crypto markets?Bullish all how? MicroStrategy doubles down on its own Bitcoin betMicroStrategys newest bond offering attempts to provide a yield of 6.25%6.5% significantly higher than an average junk bond yield of 4.01%.

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