Visa Stablecoin Plan, Effect of Debt Ceiling on Bitcoin Price: Hodlers Digest, April 23-29

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Top Stories This Week Circle Launches Cross-Chain USDC Transfer Protocol

Circle has launched a cross-chain protocol that enables USDC transfers between Ethereum and Avalanche blockchains. The protocol works by burning the selected amount of native USDC on the source string and minting an equivalent amount of new USDC on the intended destination string. The protocol essentially makes USDC transfers between the two networks faster and more user-friendly, because before its launch, users had to use third-party bridges or a Circle partner to facilitate transfers between the two networks. Additional support for Solana and other blockchains will be added later in 2023.

Stablecoin payments: Visa shares plans for ambitious crypto product

Cuy Sheffield, head of crypto at Visa, announced a new cryptocurrency-related project on April 24, focusing on stablecoin payments. Details are scarce at this point; however, Sheffiled shared a job listing related to the project, with the description noting that the Visa Crypto team is building the next generation of products to facilitate commerce in everyone’s digital and mobile life. The job listing is looking for candidates with a good understanding of Layer 1 and Layer 2 solutions, as well as experience in writing smart contracts using the Solidity programming language, among others.

Kraken asks San Francisco court to intervene against IRS claims

Crypto exchange Kraken has retaliated against the US Internal Revenue Service (IRS) for what it sees as an unwarranted scavenger hunt for users trading information. According to court documents, the company asked a federal court in San Francisco to intervene and ask the IRS to back down. The IRS issued a summons in February demanding additional information about Kraken users who traded $20,000 or more in a single year from 2016 to 2020.

Meta revealed in its first-quarter earnings report that its metaverse unit, Reality Labs, recorded a loss of approximately $4 billion in the quarter. In what has been a costly undertaking for the company, the $4 billion loss comes on top of Reality Labs’ $14 billion loss in all of 2022. Still, Meta posted a total profit of ‘about $5.7 billion in the first quarter from companies working on artificial intelligence. limit losses somewhat. Mark Zuckerberg was also not phased by the loss of Reality Labs, as he reiterated that we continue to expect Reality Labs operating losses to increase year over year in 2023, because the company is looking at long-term growth.

Gary Gensler Associates Crypto With Money In Viral Video From 2018 Crypto Twitter Reacts

Viral clips of Securities and Exchange Commission Chairman Gary Gensler began circulating this week showing him taking a very contradictory stance on crypto compared to what he currently holds. As it stands, Gensler believes that almost all crypto assets except BTC are security and has gone to great lengths to regulate the crypto industry from this perspective. However, in an excerpt from one of his 2018 Blockchain and Money lectures while working as a professor at the Massachusetts Institute of Technology, Gensler said: Three-quarters of the market isn’t securities, it’s just a commodity, money, crypto. He even suggested that Ether was not a security, although he has repeatedly suggested otherwise over the past couple of years.

Winners and losers

At the end of the week, Bitcoin (BTC) is at $29,275, Ether (ETH) at $1,900, and XRP at $0.47. The total market cap is $1.2 trillion, according to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Render Token (RNDR) at 40.91%, Cronos (CRO) at 13.47% and Injective (INJ) at 10.49% .

The top three altcoin losers of the week are PancakeSwap (CAKE) at 19.13%, Zilliqa (ZIL) at 12.41%, and Optimism (OP) at 11.26%.

For more information on crypto prices, be sure to read Cointelegraphs market analysis.

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Most Memorable Quotes

It’s a critical time here in the United States and, as I like to say, it really is a time for Congress to step in.

Jeremy Allaire, CEO of Circle

I think it’s probably no coincidence that you’re seeing all of these de-dollarization concerns at the same time as they’re cracking down on crypto.

David Sacks, All-In Podcast Co-Host

[Blockchain] It’s about helping different groups of people come together so they can trust each other more, to collaborate over greater distances on many different kinds of projects.

Vitalik Buterin, co-founder of Ethereum

The fights over mining aren’t really about mining. It’s not really an environmental issue. What it’s really about is controlling power consumption.

Perianne Boring, CEO of the Chamber of Digital Commerce

While DeFi has immense potential, more education is needed to quell the confusion and fear plaguing mainstream users.

Julian Hosp, CEO and co-founder of Cake DeFi

Forecast of the Week Analysts disagree on the impact of the Fed and US debt ceiling on the price of Bitcoin

After House Republicans barely passed their bill to raise the US debt ceiling on April 26, market analysts quickly began to assess its potential impact on the price of Bitcoin (BTC). Analysts such as the chief operating officer of investment firm Onramp, Jesse Meyers, believe that raising the debt ceiling will likely prompt the Federal Reserve to print more money, thereby boosting capital inflows into countries. risky assets like BTC.

When the debt ceiling is lifted and the credit crunch leads to the economic crisis… They will have to print money on a massive scale, he noted. #Bitcoin was the winner in the last round of stimulus.

FUD of the Week Ordinals Finance Achieved $1 Million Carpet Draw: CertiK

Ethereum-based decentralized finance protocol Ordinals Finance has been accused of conducting a coin toss. The protocol allows users to lend and borrow registrations. However, blockchain security firm CertiK reported that the protocol developer abruptly removed 256 million OFI tokens from its smart contracts using a safuToken function. According to CertiK, another 13 million OFIs were subsequently removed via an ownerRewithdraw function, bringing the total number of tokens withdrawn to 269 million. In total, the loss reported to investors was estimated at around $1 million, or nearly half of OFI’s total market cap.

A crypto wallet launched 114 dodgy memecoins in two months

According to research by pseudonymous blockchain sleuth ZachXBT published, on April 26, a specific wallet address launched 114 memecoin scams in the previous 45 days. ZachXBT has tracked the address 0x739c58807B99Cb274f6FD96B10194202b8EEfB47 and discovered that funds stolen by scams are continually being sent to this address. ZachXBT was unable to calculate the amount of funds, as the alleged scammer used multiple wallets to distribute the funds. I suspect there are more too. These are only the ones sent to this drop address lol, ZachXBT wrote.

Google Ads data: $4 million stolen via crypto-phishing URLs

According to data from Google Ads coupled with blockchain analysis, over $4 million was stolen from people who clicked on malicious phishing websites that mimic legitimate crypto platforms. This marks a worrying trend for the crypto community, given that these dubious websites are promoted on Google search results and closely replicate real-world platforms.

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Brian Quarmby

Brian Quarmby discovered crypto in 2013 and immediately fell in love with the idea of ​​decentralization. Brian has since lived and worked in Asia and moved back to Melbourne at the end of 2019. Brian is a lover of sport and art and is optimistic about the potential of NFTs to transform the lives of artists in the near future.

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