Coinbase posts $1.1B loss, Polygon dApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13

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   Elon Musk: US ’past peak inflation’ after Tesla sells 90% of Bitcoin With Tesla now having sold 90% of its Bitcoin holdings during the bear market, Elon Musk says the U.S. economy is “past peak inflation” and predicts that only a “mild to moderate” recession…

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Coinbase posts $1.1B loss in Q2 on ‘fast and furious’ crypto downturn

Crypto exchange giant Coinbase has cited a “fast and furious” downturn of the crypto markets as the reasons behind a staggering $1.1 billion net loss in the second quarter of 2022, which also saw trading volume and transaction revenue tumbling.  It’s the second consecutive quarter of loss for the crypto company and the largest loss since its listing on the Nasdaq Stock Exchange (Nasdaq) in April 2021.  The results, which also missed analyst expectations, were shared in a Q2 2022 Shareholder Letter from Coinbase on Aug. 9, stating: “The current…

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Solana-hacked crypto could be claimed as a tax loss: Experts

For unlucky crypto investors looking to turn lemons into lemonade — it turns out that digital assets lost during an exploit or hack can potentially be claimed as a tax loss, provided you live in the right country, experts told Cointelegraph.  Following the news that more than 8,000 Solana wallets had been compromised and that an estimated $8 million dollars in crypto had been stolen due to a security breach in Web3 wallet provider Slope’s network, this may be some much-needed consolation. The Solana hack, and it’s possible tax consequences:…

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‘This is on me’ — Robinhood CEO to lay off 23% of staff after Q2 loss

Online brokerage Robinhood will lay off nearly a quarter of its employees, citing a continued deterioration of the macro environment and a broad crypto market crash.  The bad news came in a blog post on August 2 from cofounder and CEO Vlad Tenev, on the same day it released tepid Q2 financial results, while the New York Department of Financial Services announced a $30 million fine for the company’s crypto branch due to alleged anti-money laundering, cybersecurity, and consumer protection violations. Tenev wrote that the layoffs would impact all functions…

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CoinShares reports $21.7M loss tied to Terra implosion

On Tuesday, European cryptocurrency investment firm CoinShares posted its interim Q2 2022 results. Compared to the prior year’s quarter, the firm’s revenue declined from 19.6 million pounds ($23.89 million) to 14.2 million pounds ($17.31 million). At the same time, its net income fell from 26.6 million pounds ($32.42 million) in Q1 2021 to 0.1 million pounds ($0.12 million).  CoinShares explained that the losses were largely tied to its exposure to the Terra (LUNA) — now called Terra Classic (LUNC) — ecosystem, which collapsed in May of this year: “While our Asset…

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Liquidity protocol uses stablecoins to ensure zero impermanent loss

At a time when the decentralized finance (DeFi) protocols have seen a significant outflow of funds from the market, maintaining liquidity has become even more challenging. Liquidity plays a central role in the DeFi ecosystem, and many protocols over time have come up with various new solutions to keep liquidity pools brimming. The latest trend in the liquidity market is focused on cross-chain solutions. Many experts believe cross-chain solutions are the future of DeFi, and Symbiosis Finance, a liquidity protocol, has come up with its own stablecoin-based cross-chain liquidity solution.…

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Bitcoin addresses in loss hit all-time high amid $18K BTC price target

Bitcoin (BTC) meandered into the weekly close on July 3 after weekend trading produced a brief wick below $18,800. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bollinger bands signal volatility due Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it stuck to $19,000 rigidly for a third day running. The pair had gone light on volatility overall at the weekend, but at the time of writing was still on track for the first weekly close below its prior halving cycle’s all-time high since December 2020. The previous weekend’s…

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Sandbox LAND on Polygon, ETH gain a tax loss and more…

Popular Ethereum-based Metaverse gaming platform The Sandbox has unveiled a bridge that enables users to transfer their virtual NFT LAND and native SAND tokens over to Layer-2 network Polygon (MATIC). While The Sandbox will live on Ethereum for the most part, the platform has emphasized that conducting SAND and LAND transactions on Polygon will result in lower gas fees, faster transaction speeds and greener interactions on the blockchain. The firm stated via Twitter on June 29 that it is now ready to start deploying LAND on Polygon, and users will…

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Defi Pioneer, Bancor, Under Fire for Pausing Impermanent Loss Protection Due to Hostile Market Conditions

Bancor, a Decentralized Finance protocol often regarded as a pioneer in the DeFi ecosystem, has come under heavy scrutiny after it announced that it would pause its impermanent loss protection program. The DeFi platform cited extreme market conditions for stopping this program. However, Bancor has been criticized for pausing the program when liquidity providers need the protection program the most. Bancor reiterated that the pause would only be temporary, stressing that it was done in a bid to protect the protocol and its users. The post stated, “The temporary…

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