JPMorgan sees higher BTC price potential, a16z launches $4.5 billion crypto fund, PayPal hints at more crypto and blockchain involvement: Hodler’s Digest, May 22-28

Come every Saturday, hodler digest Will help you keep track of every major news story happening this week. The best (and worst) quotes, adoption and regulatory highlights, leading coins, predictions, and more — at one link last week on Cointelegraph.

Top stories of the week

Andreessen Horowitz closes $4.5 billion crypto fund amid market turmoil

Venture capitalist Andreessen Horowitz, or a16z, has launched a new $4.5 billion cryptocurrency fund. The a16z fund is the fourth of its kind and more than double the size of its third crypto investment fund. With $3 billion earmarked for venture capital and $1.5 billion for early-stage seed projects, the fund will look at investing in companies at various stages of their lifecycles. Andreessen’s new fund provides a strong indicator that venture capital interest in the crypto market remains high despite evidence of a brutal bear market.

JPMorgan Sets Fair Price for BTC at $38K, Declares Cryptocurrency Preferred Alternative Asset

A client-focused report released this week by JPMorgan Chase details the banking giant’s views on bitcoin, citing the asset’s fair value at $38,000. The seemingly bullish outlook comes after a subdued price action for Bitcoin, which has been trading below $30,000. But even in February, when BTC was valued at $43,000, JPMorgan strategists said $38,000 was a fair market value. JPMorgan’s client note this week also noted that if venture capital investment doesn’t falter, positive price action is likely across the cryptocurrency space.

WEF 2022: PayPal wants to embrace all possible crypto and blockchain services

According to comments from Vice President Richard Nash, PayPal aims to give its platform more blockchain and crypto influence. “In some jurisdictions, take your time in crypto shields through buy/sell/hold,” Nash told Cointelegraph at the World Economic Forum (WEF) in Davos, Switzerland. “Then seek to partner with others. , embrace everything we can, whether it’s the coins we have in the PayPal digital wallet today, private digital currencies, or CBDCs of the future.”

GameStop Launches Beta Cryptocurrency Wallet and Upcoming NFT Platform

Over time, until GameStop’s NFT marketplace launched, the company launched a beta version of the Ethereum-based wallet. The self-hosted crypto and NFT storage solution is called GameStop Wallet. The browser-based wallet will go hand in hand with the company’s future NFT marketplace. GameStop is also developing a mobile app version of the wallet.

South Korean regulator begins risk assessment of crypto as Terra 2.0 passes vote

South Korea’s Financial Supervisory Service (FSS) is working to regulate its assessment of digital asset risks following the collapse of the Terra ecosystem. While the standardization efforts for the FSS are just beginning, they are expected to lead to a legal framework for evaluating digital assets. Meanwhile, Terraform Labs CEO Do Kwon is advancing the ecosystem restoration plan, with majority support from the community. The Terra 2.0 ecosystem went live on Friday with a new blockchain and crypto asset.

winners and losers

This weekend, Bitcoin (bitcoin) lie in $28,449ether (Ethereum) exist $1,729 and Ripple exist $0.37. The total market value is $1.17 trillion, according to to CoinMarketCap.

Among the largest 100 cryptocurrencies, the top three altcoin winners this week are BORA (Borra) 18.15%, Bitcoin Gold (BTG) 17.79% and Ethereum Classic (ETC) was 11.09%.

Top 3 altcoin losers of the week are TerraClassicUSD (University of Science and Technology of China) At -46.13%, STEPN (GMT) at -27.38% and Elrond (EGLD) -25.70%.

For more information on cryptocurrency prices, be sure to read Market Analysis by Cointelegraph.

most memorable quotes

“Decentralization does put more control and power back into the hands of the people it belongs to.”

Sonali GiovinoHead of Communications at Defiyield

“Projects have to focus on the interests of their communities and users, because at the end of the day, that’s the most valuable thing you have.”

Nikki CharabiEcosystem success and support experts at Near Foundation

“Many of the policy and regulatory issues that restrict the flow of money are related to depriving people of their economic freedom.”

Jeremy AllaireCircle CEO

“In TradiFi, people are thinking, ‘I don’t want to lose money — how can you help me keep my wealth without the market?’ So it’s very risk management. In DeFi, degens It’s like, ‘Give me those triple-digit yields, wow!'”

Alexander FazelSwissBorg Chief Partner Officer

“The rise of the term ‘Web3’ is encouraging because it means that people are seeing this underlying technology being injected into different applications — applications they don’t necessarily expect.”

Gavin Woodco-founder of Polkadot and Ethereum

“There is absolutely no reason why a home deed cannot be a unique digital asset, as long as that asset is created and stored in the right way.”

Alex AltmanCOO of Seal Storage Technology

Forecast this week

Bitcoin price could drop to $15,500 if this lifetime historical support is retested

Bitcoin’s price has reportedly continued to struggle in recent days, typically trading below $30,000 Cointelegraph’s BTC Price Index. However, the asset could still reportedly fall further sharply Rectangular Capital.

Over the course of Bitcoin’s history, the asset’s price has followed the 200-week moving average (200WMA). “#BTC tends to trade -14% to -28% below the 200-day moving average,” Rekt Capital detailed as part of a Twitter post. “And since the $BTC 200-MA now represents a price point of around $22,000…a -14% downside wick below the 200-MA would lead to bitcoin around $19,000,” they added. “If #BTC repeats March 2020 downside wicking depth below 200 MA $BTC will revisit around $15,500 price point.”

FUD of the week

“Oops!” Elon Musk warns users against the latest deepfake crypto scam

Have you seen Tesla CEO Elon Musk’s video promoting 30% gains on deposits on crypto platforms? Please note that this video is a scam. The video, classified as a deepfake, was doctored to look real but it wasn’t, as confirmed by comments from Musk himself on Twitter. The video uses real footage of Musk’s TED talk in early 2022, altered to trick viewers into the scam. However, deepfakes are nothing new. The latest effort leverages Musk’s fame and his known involvement in cryptocurrencies.

Encrypted spam increased by 4,000% in two years — LunarCrush

According to the latest data from encryption intelligence agency LunarCrush, encryption-related spam has increased by 3,894% over the past two years. One aspect that makes detection difficult: Not all bad behavior is bot-related, a surprising amount comes from humans. Twitter is a hotbed of spam, based on LunarCrush data.

Targeted phishing scam yields $438K in cryptocurrency and NFTs from hacked Beeple accounts

A hacker or group of hackers recently took over Mike Winkelmann (aka Beeple) Twitter account. Hackers who hijacked the accounts of famous NFT artists posted phishing scam tweets surrounding Beeple’s recent collaboration with Louis Vuitton. Although Beeple managed to take back control of his Twitter account, the phishing campaign stole around $438,000 worth of ether and NFTs from victims.

Best Cointelegraph Features

Moon ‘created’ his lavish reality…and says you can too

“Three years and BOOM, you can be anything you want — a famous musician, a billionaire. Whatever you want to do, with the right mindset, anything can be accomplished.”

Crypto is changing the way humanitarian agencies deliver aid and services

“It’s almost like the whole idea of ​​a decentralized, distributed model in terms of how we operate and deploy the system.”

How the collapse of Terra will affect future stablecoin regulation

The collapse of the algorithmic stablecoin UST has had knock-on effects on the wider crypto market and put regulators on high alert.

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