JPMorgan sees higher BTC price potential, a16z unveils $4.5 billion crypto fund, and PayPal hints at more crypto and blockchain involvement: Hodler’s Digest, May 22-28
Investors are now free to invest in cryptocurrencies without the fear of losing their capital. This is largely due to the collapse or re-emergence of traditional investment platforms like banks, brokerages, and insurance companies.
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The “a16z crypto” is a fund that was created by Andreessen Horowitz. The fund will invest in cryptocurrencies and blockchain-based companies like Coinbase, Ripple, and Circle.
Every Saturday, Hodler’s Digest will keep you up to date on all of the major news stories from the previous week. A week on Cointelegraph in one link: the finest (and worse) remarks, adoption and regulatory highlights, top currencies, forecasts, and much more.
This Week’s Top Stories
In the midst of market upheaval, Andreessen Horowitz closes a $4.5 billion crypto fund.
Andreessen Horowitz, or a16z, a venture capital firm, has announced the launch of a new $4.5 billion cryptocurrency fund. The a16z fund is the fourth of its type, and it has raised more than twice as much money as its previous crypto investment fund. The fund will attempt to invest in firms at different phases of their life cycle, with $3 billion set aside for venture investments and $1.5 billion set aside for early-stage initiatives. Despite evidence of a harsh bear market, Andreessen’s new fund is a clear signal that venture capital interest in the crypto business remains robust.
JPMorgan sets the fair price of Bitcoin at $38,000 and deems cryptocurrency to be a preferred alternative asset.
JPMorgan’s opinions on Bitcoin were disclosed in a client-focused statement this week, with the asset’s fair value pegged at $38,000. The ostensibly bright view followed a period of poor Bitcoin price movement, which has been rangebound below $30,000. Even when BTC was valued at $43,000 in February, JPMorgan analysts felt $38,000 was a realistic market value. The likelihood of good price movement for the whole crypto market was also mentioned in JPMorgan’s client report this week, assuming venture capital investment does not wane.
PayPal plans to embrace all crypto and blockchain services at the World Economic Forum in 2022.
PayPal’s vice president Richard Nash said that the company wants to increase the blockchain and crypto impact on its platform. At the World Economic Forum (WEF) in Davos, Switzerland, Nash told Cointelegraph, “Just strolling gently in the crypto shield with buy/sell/hold in some countries.” “And then trying to collaborate with others to embrace all we can, whether it’s today’s coins in PayPal digital wallets, private digital currencies, or CBDCs in the future.”
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GameStop has announced the beta launch of a bitcoin wallet and the future NFT platform.
With the clock running down before the debut of GameStop’s NFT marketplace, the retailer has released a test version of an Ethereum-based wallet. The GameStop Wallet is a self-custody crypto and NFT storage solution. The company’s future NFT marketplace will work in tandem with the browser-based wallet. The wallet will also be available as a mobile app from GameStop.
As Terra, a Korean watchdog is beginning to analyze the danger of cryptocurrency. 2.0 receives a majority vote.
Following the collapse of the Terra ecosystem, Korea’s Financial Supervisory Service (FSS) is seeking to unify its assessment of digital asset risks. While the FSS’s standardization initiatives are still in their early stages, they are likely to result in a legal framework for assessing digital assets. Meanwhile, Do Kwon, the CEO of Terraform Labs, is going forward with an ecosystem recovery plan that has received widespread support from his community. On Friday, the Terra 2.0 ecosystem went live with a new blockchain and cryptocurrency asset.
Losers and Winners
Bitcoin (BTC) is at $28,449, Ether (ETH) is at $1,729, and XRP is at At the end of the week, Bitcoin (BTC) is at $28,449, Ether (ETH) at $1,729 and XRP at $0.37. The total market cap is at $1.17 trillion, according to CoinMarketCap..37 at the conclusion of the week. According to CoinMarketCap, the entire market cap is $1.17 trillion.
The top three altcoin gainers of the week among the top 100 cryptocurrencies are BORA (BORA) at 18.15 percent, Bitcoin Gold (BTG) at 17.79 percent, and Ethereum Classic (ETC) at 11.09 percent.
TerraClassicUSD (USTC) is down 46.13 percent this week, followed by STEPN (GMT) at -27.38 percent and Elrond (EGLD) at -25.70 percent.
Read Cointelegraph’s market analysis for more information on crypto pricing.
The Most Memorable Quotes
“Decentralization effectively returns control and authority to the people, where it belongs.”
“Projects must keep an eye on their community’s and users’ best interests since, in the end, that’s the most important asset they have.”
Near Foundation’s ecosystem success and enablement professional, Nicky Chalabi
“A lot of the legislative and regulatory concerns that restrict people’s ability to move money have to do with taking away their economic liberties.”
Circle’s CEO, Jeremy Allaire
“People in TradiFi are wondering, ‘I don’t want to lose money; how can you assist me maintain my wealth regardless of market conditions?’ As a result, it’s heavily focused on risk management. The degens in DeFi are like, ‘Gimme those triple-digit yields, wow!’
SwissBorg’s chief relationship officer, Alexander Fazel
“The growth of the name ‘Web3’ is positive because it indicates that consumers are seeing this underlying technology flow into a variety of applications — even those they didn’t anticipate.”
“There’s no reason why a deed to a property couldn’t be a one-of-a-kind digital asset, as long as it’s generated and preserved correctly.”
Seal Storage Technology’s chief operating officer, Alex Altman
The Week’s Prediction
If Bitcoin price retests this lifetime historical support level, it might fall below $15.5K.
According to Cointelegraph’s BTC price index, bitcoin’s price has been struggling in recent days, sometimes falling below $30,000. According to Rekt Capital, the asset might potentially fall much more.
The 200-week moving average has been respected by Bitcoin’s price throughout its existence (200WMA). Rekt Capital said in a Twitter thread that “#BTC tends to wick -14 percent to -28 percent below the 200-MA.” “And, given that the $BTC 200-MA currently indicates a price of $22000… They noted that a -14 percent negative wick below the 200-MA would result in a Bitcoin price of $19,000. “And if #BTC repeats the negative drop depth below the 200-MA from March 2020, $BTC will revisit the $15500 price target.”
The Week’s FUD
‘Yikes!’ Elon Musk has issued a warning to consumers about the newest deepfake cryptocurrency fraud.
Have you seen a video of Tesla CEO Elon Musk promising 30% returns on cryptocurrency deposits? You should be aware that the video is a hoax. The video, which has been classified as a deepfake, has been doctored to seem genuine but is not, as confirmed by a tweet from Musk himself. The film uses true footage of Musk giving a TED Talk in 2022, but it has been manipulated to lead viewers into a trap. Deepfakes, on the other hand, are nothing new. This current initiative makes use of Musk’s celebrity as well as his recognized cryptocurrency engagement.
In two years, crypto spam has increased by 4,000 percent – LunarCrush
According to recent statistics from LunarCrush, a crypto intelligence firm, crypto-related spam has increased by 3,894 percent in the previous two years. One factor that makes identification tough is that the bad behavior isn’t entirely bot-related; people are responsible for a surprising percentage of it. According to the LunarCrush statistics, Twitter is a spam hotspot.
From a compromised Beeple account, a targeted phishing scheme gets $438K in bitcoin and NFTs.
Mike Winkelmann, a.k.a. BeepleTwitter ,’s account was recently hacked by a hacker or gang of hackers. The hacker(s) who took over the account of the well-known NFT artist sent out phishing scam tweets centered on Beeple’s recent partnership with Louis Vuitton. Despite the fact that Beeple was able to regain control of his Twitter account, the phishing attempt resulted in the theft of $438,000 in Ether and NFTs from victims.
Cointelegraph’s Best Features
His opulent world was ‘made’ by the Moon… and asserts that you may, too
“In three years, you can be whatever you want to be – a renowned singer, a millionaire.” Whatever you want to achieve, everything is possible if you have the appropriate mentality.”
The way humanitarian organizations distribute help and services is changing because to cryptocurrency.
“In terms of how we ran and implemented the system, it’s almost as if the entire notion of a decentralized, distributed architecture is precisely what worked.”
What influence will Terra’s demise have on future stablecoin regulations?
The collapse of algorithmic stablecoin UST sent shockwaves across the crypto market, and authorities were on high alert.
The “a16z maker” is a term used to refer to the general investment strategy of Andreessen Horowitz. The company has announced that it will be investing $4.5 billion into crypto assets, with a focus on Bitcoin and Ethereum. JPMorgan Chase also sees higher BTC price potential in the future, according to its recent report.
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