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Bitcoin tourists exit the market, Peter Schiff’s bank closes down and Voyager to restructure: Hodler’s Digest, July 3-9

ByNdasi Tata

Jul 10, 2022
july 3 9 1

july 3 9 1

Coming every Saturday, Hodler’s Digest 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 — a week on Cointelegraph in one link.

Top Stories This Week

Peter Schiff’s bank closure strengthens Bitcoin case for financial freedom

Avid Bitcoin hater and gold peddler Peter Schiff saw his bank in Puerto Rico, Euro Pacific International Bank, shut down this week, with regulators pulling the plug on the grounds that the bank was not maintaining the net minimum capital requirements. Schiff noted that, as a result, “accounts are frozen and customers may lose money.” The crypto community on Twitter was quick to swoop in, with pseudonymous user HodlMagoo noting the priceless irony: “Do you understand why you need bitcoin now?”

Bitcoin ‘tourists’ have been purged, only hodlers remain: Glassnode

According to Glassnode’s “The Week On-Chain” report published on Monday, supposed “market tourists” have been completely “purged” from the BTC market, leaving only seasoned hodlers or investors transacting with the asset. The report also stated that “shrimps” — those holding less than 1 BTC, and whales — those with 1,000 to 5,000 BTC — were “increasing meaningfully.”

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum developers completed the second-to-last Merge trial on the Sepolia public testnet this week. There was a minor hiccup, with 25-30% of validators going offline after the Merge due to “wrong configs.” However, devs such as Terence Tsao stated that “hiccups will not delay the Merge.” The final Merge trial on Goerli is slated to go through in the next few weeks, and it appears the official Ethereum Merge is on track for now.

Voyager Digital files for Chapter 11 bankruptcy, proposes recovery plan

On Tuesday, Voyager Digital filed for bankruptcy as part of a “reorganization” plan just days after the crypto exchange paused trading, withdrawals and deposits. Under the plan, Voyager is looking to make users whole again by offering a combination of Voyager tokens, crypto, proceeds from the Three Arrows Capital recovery, and common shares in the newly reorganized company.

The bottom is in: CNBC’s Jim Cramer says crypto has ‘no real value’

The crypto community on Twitter has joked that the crypto bottom is in after Jim Cramer predicted that the market will plunge further, saying that crypto has “no real value.” Cramer has developed a reputation in the crypto community for giving stock/crypto tips that generally end up being at odds with how the market behaves. “How many companies can Sam Bankman-Fried save?” he said.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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