{"id":8714,"date":"2021-08-21T16:30:28","date_gmt":"2021-08-21T20:30:28","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=8714"},"modified":"2021-08-23T17:01:33","modified_gmt":"2021-08-23T21:01:33","slug":"walmart-dogecoin-foundation-coinbase-war-chest-hodlers-digest-aug-15-21","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2021\/08\/21\/walmart-dogecoin-foundation-coinbase-war-chest-hodlers-digest-aug-15-21","title":{"rendered":"Walmart seeks crypto product lead, Dogecoin Foundation returns, Coinbase amasses $4B war chest: Hodler\u2019s Digest, Aug. 15-21"},"content":{"rendered":"

Coming every Saturday, <\/i><\/b>Hodler\u2019s Digest<\/i><\/b><\/a> will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link.<\/i><\/b><\/p>\n

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Top Stories This Week<\/b><\/h2>\n

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Walmart seeks crypto product lead to drive digital currency strategy<\/b><\/a><\/h4>\n

On Aug. 16, it was reported that U.S. retail giant Walmart was seeking out an experienced crypto expert who can develop and drive a digital currency strategy and product roadmap for the firm.<\/p>\n

According to the job listing, Walmart is looking for someone with a track record of leading and scaling businesses. They also want at least 10 years of experience in product\/program management and tech-based product commercialization.<\/p>\n

Ideally, the candidate should also know a thing or two about crypto, blockchain tech and why JPEGs of poorly drawn pet rocks are selling for absurd prices on Ethereum.<\/p>\n

Walmart\u2019s future digital currency and crypto product lead will be based in the company\u2019s home office in Bentonville, Arkansas. The state has produced talents such as Billy Bob Thornton and Johnny Cash, along with Bill and Hillary Clinton.<\/p>\n

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Team officially reestablishes Dogecoin Foundation after 6 years <\/a><\/b>
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There was good news for Doge fanatics this week as the Dogecoin Foundation resurfaced after several years of total media silence.\u00a0<\/span><\/p>\n

According to an announcement on Tuesday, the foundation stated it was reestablishing itself in a bid to support the fiery-eyed Dogecoin (<\/span>DOGE<\/span><\/a>) community. The foundation also said it would be announcing new projects that are centered on encouraging adoption of DOGE and promoting its utility.\u00a0<\/span><\/p>\n

The project\u2019s website lists Ethereum co-founder Vitalik Buterin, Dogecoin co-founder Billy Markus and Dogecoin Core developer Max Keller as advisory board members. Furthermore, Tesla CEO and DOGE proponent Elon Musk\u2019s interests may be catered to from the shadows via Neuralink CEO Jared Birchall.<\/span><\/p>\n

It is yet to be revealed if Musk\u2019s \u201ctoddler hodler\u201d son has loaded up on DOGE in light of the announcement. <\/span><\/p>\n

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Coinbase amasses a $4B war chest so it can outlast \u2018crypto winter\u2019<\/b><\/a>
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Coinbase, the top U.S. crypto exchange, has amassed a cash-based war chest worth $4 billion on the back of two very productive quarters for the firm.\u00a0<\/span><\/p>\n

The company reportedly expected to use the cash to cover costs incurred by a variety of factors, including conforming to new regulations handed down by the United States legislature.<\/span><\/p>\n

Coinbase has also announced its <\/span>official launch in Japan<\/span><\/a> in partnership with banking giant Mitsubishi UFJ Financial Group, while also revealing plans to add <\/span>$500 million worth of crypto<\/span><\/a> to its balance sheet and invest 10% of all generated profits into digital assets moving forward.<\/span><\/p>\n

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Winners and Losers<\/b><\/h2>\n

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At the end of the week, Bitcoin is at <\/span>$48,778<\/b>, Ether at <\/span>$3,282<\/b> and XRP at <\/span>$1.28<\/b>. The total market cap is at <\/span>$2.09 trillion<\/b>, <\/span>according<\/span><\/a> to CoinMarketCap.<\/span>\u00a0<\/span><\/p>\n

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Avalanche <\/span>(AVAX)<\/b> at 105.79%, Arweave <\/span>(AR)<\/b> at 96.17% and Audius <\/span>(AUDIO)<\/b> at 93.78%.\u00a0<\/span><\/p>\n

The top three altcoin losers of the week are DigiByte <\/span>(DGB)<\/b> at -5.06%, Celsius <\/span>(CEL)<\/b> at -4.44% and BitTorrent <\/span>(BTT)<\/b> at -3.81%.<\/span><\/p>\n

For more info on crypto prices, make sure to read <\/span>Cointelegraph\u2019s market analysis<\/span><\/a>.<\/span><\/p>\n

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Most Memorable Quotations<\/b><\/h2>\n

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\u201cPoly Network has no intention of holding Mr. White Hat legally responsible, as we are confident that Mr. White Hat will promptly return full control of the assets to Poly Network and its users. As we have stated in previous announcements and encrypted messages that have been made public, we are grateful for Mr. White Hat\u2019s outstanding contribution to Poly Network\u2019s security enhancements.\u201d<\/span><\/p><\/blockquote>\n

Poly Network team<\/b><\/a><\/p>\n

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\u201cLawmakers and regulators must work together to properly balance protecting innovation with any new regulations to ensure the digital asset marketplace flourishes in the United States.\u201d<\/span><\/p><\/blockquote>\n

Glenn Thompson and Patrick McHenry<\/b><\/a>, U.S. representatives<\/b><\/p>\n

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\u201cThe most important thing that can be done today is moving away from the idea that coin voting is the only legitimate form of governance decentralization.\u201d<\/span><\/p><\/blockquote>\n

Vitalik Buterin<\/b><\/a>, Ethereum co-founder<\/b><\/p>\n

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\u201cHere at home in America, [\u2026] our payments infrastructure is arguably the worst of any developed country in the world, and increasingly falling behind, while China is moving with determination and haste to build an infrastructure that will make the digital yuan a challenger to the dollar as the world\u2019s reserve currency.\u201d<\/span><\/p><\/blockquote>\n

David Marcus<\/b><\/a>, Diem co-creator<\/b><\/p>\n

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\u201cEthereum is outperforming Bitcoin, and it can be expected to continue this trend for the rest of 2021.\u201d<\/span><\/p><\/blockquote>\n

Nigel Green<\/b><\/a>, CEO of DeVere Group<\/b><\/p>\n

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\u201cThis is all about DeFi. […] This is the Treasury Department trying to work out how to get jurisdiction over DeFi […] and also expand its warrantless surveillance over a peer-to-peer financial system.\u201d<\/span><\/p><\/blockquote>\n

Jake Chervinsky<\/b><\/a>, general counsel at Compound<\/b><\/p>\n

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\u201cFrankly, as one of the first pilots, we have on the table the question of paying salaries to employees of the Ministry of Digital Transformation in electronic hryvnia.\u201d<\/span><\/p><\/blockquote>\n

Mykhailo Fedorov<\/b><\/a>, vice prime minister of Ukraine<\/b><\/p>\n

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\u201cIt\u2019s important to remember that when we look at the business, the long-term arc of adoption of digital assets in crypto matters far more than the businesses we are building.\u201d<\/span><\/p><\/blockquote>\n

Mike Novogratz<\/b><\/a>, founder and CEO of Galaxy Digital<\/b><\/p>\n

Prediction of the Week\u00a0<\/b><\/h2>\n

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Ethereum \u2018liquidity crisis\u2019 could see new ETH all-time high before Bitcoin \u2014 Analyst<\/b><\/a><\/h4>\n

Bitcoin, the crypto industry\u2019s largest asset by market cap, and Ethereum (<\/span>ETH<\/span><\/a>), the second-largest asset, have both posted notable price recoveries over the past several weeks. Although BTC has yet to be surpassed as the crypto industry\u2019s top dog, ETH might tap its own all-time price high near $4,400 sooner than BTC reaches its record level of nearly $65,000, according to thoughts from CryptoQuant CEO Ki Young Ju.\u00a0<\/span><\/p>\n

\u201c$ETH might reach its all-time high earlier than $BTC in the long term,\u201d Ju tweeted on Wednesday. \u201cCurrent $ETH price is closer to ATH compared to $BTC. Higher demand, lower supply. $ETH sell-side liquidity crisis still intensifies, while $BTC exchange reserve stopped its downward trend in May.\u201d\u00a0<\/span><\/p>\n

On Friday, <\/span>BTC fluctuated above the $48,000 mark<\/span><\/a>, and ETH traded above $3,200 \u2014 which, however, are both still notably shy of their record highs.<\/span><\/p>\n

FUD of the Week\u00a0<\/b><\/h2>\n

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<\/b>JPMorgan Chase reportedly shuts down bank accounts of Bitcoin mining firm<\/a><\/b>
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On Aug. 19, U.S. banking behemoth JPMorgan Chase reportedly blocked all account activities of Bitcoin mining firm Compass Mining.\u00a0<\/span><\/p>\n

Whit Gibbs, the CEO of Compass Mining, took to Twitter to share the news:<\/span><\/p>\n

\u201cShoutout to @Chase for shutting down @compass_mining accounts for doing our part to replace the old guard with self-sovereign, future-focused supporters of hard money. Get behind #Bitcoin or get out of our way.\u201d<\/span><\/p><\/blockquote>\n

It is unclear if the temper tantrum will be enough to sway JPMorgan Chase to change its mind, and it is also unclear how shutting down banking services to one Bitcoin mining firm represents an attack on BTC in any way.\u00a0<\/span><\/p>\n

If anything, the banking giant has been upping its exposure to Bitcoin and the crypto sector in 2021.<\/span><\/p>\n

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Liquid exchange hacked to the tune of $80 million<\/b><\/a>
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Liquid, a Japanese crypto exchange, was the victim of a $80 million-plus hack this week which made the platform not so\u2026 liquid.\u00a0<\/span><\/p>\n

Cointelegraph reported on the news quickly after the exchange announced the attack, which compromised digital assets including BTC, Tron (<\/span>TRX<\/span><\/a>), Ripple (<\/span>XRP<\/span><\/a>) and Ether.\u00a0\u00a0<\/span><\/p>\n

The exchange explained that only its hot wallets were affected and added that its assets were being moved into cold storage for security purposes.\u00a0<\/span><\/p>\n

The platform has since provided an update and revealed the hack totaled $91.35 million. The firm has urged users to not deposit any crypto assets in Liquid wallets until further notice.<\/span><\/p>\n

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<\/b>T-Mobile looking into potential hack of data on 100 million customers<\/a><\/b>
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Speaking of hacks, U.S. telecom giant T-Mobile was looking into an alleged massive data breach at the start of this week that may have compromised the information of more than 100 million users.\u00a0<\/span><\/p>\n

According to Vice\u2019s Motherboard, T-Mobile is looking into a potential data breach claimed by an author who posted details on an underground forum. A Sunday report said the hacker claims to have obtained data on more than 100 million customers from T-Mobile servers.<\/span><\/p>\n

Unlike the Poly Network hacker, who <\/span>syphoned $600 million<\/span><\/a> worth of digital assets because \u201ccross-chain hacking is hot,\u201d the T-Mobile hacker seems to be displaying entrepreneurial instincts, as they were asking for 6 BTC \u2014\u00a0 worth around $280,000 at current prices \u2014\u00a0 in exchange for some of the data.<\/span><\/p>\n

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Best Cointelegraph Features<\/b><\/h2>\n

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Shanghai Special: Crypto crackdown fallout and what happens next<\/b><\/a><\/h4>\n

Owning Bitcoin isn’t banned, but many fear for the future of regulations in China. Here’s a look at where we stand and where we might be headed.<\/span><\/p>\n

Poly Network hack exposes DeFi flaws, but community comes to the rescue<\/b><\/a>
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The DeFi hacker\u2019s initial intentions remain unclear, but they refused to accept a $500,000 bounty after returning all funds.<\/span><\/p>\n

The perfect storm: DeFi hacks will advance the crypto sector moving forward<\/b><\/a><\/h4>\n

There is a silver lining from the DeFi hacks as new tech develops to protect the sector: “DeFi will be much safer in 12 months from now.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 one week on Cointelegraph in one link!<\/p>\n","protected":false},"author":15,"featured_media":8721,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"mc4wp_mailchimp_campaign":[],"_links_to":"","_links_to_target":""},"categories":[35,2413],"tags":[2883,2731,3098,2795,3097,3095,3096,3057,3094],"yst_prominent_words":[225,222,456,701,717],"_links":{"self":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/8714"}],"collection":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/comments?post=8714"}],"version-history":[{"count":8,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/8714\/revisions"}],"predecessor-version":[{"id":8746,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/8714\/revisions\/8746"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media\/8721"}],"wp:attachment":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media?parent=8714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/categories?post=8714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/tags?post=8714"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/yst_prominent_words?post=8714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}