Coming every Sunday, Hodler's Digest volition help y'all rails every single of import news story that happened this week. The all-time (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a calendar week on Cointelegraph in one link.

Top Stories This Calendar week

Bitcoin cost drop to key $9,000 support could place the uptrend in peril

Will the drama surrounding BTC's cost ever end? Probably not any fourth dimension before long. This week, Bitcoin fell $800 in a matter of hours to reach lows not seen since May 28. That came subsequently yet another unsuccessful attempt to gain house back up to a higher place $10,000. On the same day, the Due south&P 500 slumped, too, in what was its worst single-day performance since mid-March. The plunge shows BTC's multi-yr resistance level remains a challenge for bulls to overcome. Some analysts believe a major stock correction is imminent, and there are fears this could be calamitous for Bitcoin, with the appetite for loftier-risk avails declining. However, Cointelegraph Research shows that BTC remains the best-performing asset class of 2022 and so far. Analyst Michaël van de Poppe says it is crucial for Bitcoin to remain betwixt $9,050 and $9,300, or we could see a protracted retracement toward the mid-$7,000s. But he added: "We should remember that the price of Bitcoin has rallied massively since the March 12 crash. A correction of 25% to xxx% is salubrious and not unnatural in a market that trends upwardly."

Regulators: Deceased Quadriga founder committed fraud

Dissentious new revelations have been made nearly the doomed crypto commutation QuadrigaCX. The Ontario Securities Commission has compared the company to a Ponzi scheme, describing its founder, Gerald Cotten, as a "fraud." In 2022, Cotten suddenly died on his honeymoon in Bharat due to complications of Crohn'due south disease. He was the only person who held the private keys to the commutation'south account, and user funds worth $124 million were lost. According to the OSC, Cotten opened several accounts under aliases and credited himself with "fictitious currency." The regulator claims he was unable to run into his client'due south withdrawal requests when the price of crypto assets fell — causing him to create a Ponzi scheme roofing the demands using funds from other Quadriga clients. Because of his death, the OSC says legal action is impractical.

Tesla stock soars above $i,000, surpassing Bitcoin's market cap

Shares in the electric car company Tesla zoooooomed to a record high of $ane,027 this week — propelling its marketplace cap to $188 billion, $vii billion more than than Bitcoin'due south. There's something of a symbolic comparison between the 2, every bit the investor FOMO that drove several BTC rallies appears to be present in the stock market place. Analysts believe the rally may have been fueled by Elon Musk's plans to push ahead with the release of an autonomous semi-trailer truck. A retail frenzy has gripped the stock market of late, and professional traders accept described the demand as unprecedented. Unfortunately for Bitcoin, it hasn't enjoyed the same popularity of late — prompting dubiety in the short to medium term.

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Users punish Coinbase for outage past withdrawing record amount of BTC

After suffering a series of outages that coincided with major price moves in Bitcoin, it looks like some Coinbase users have had enough. On June 7, disgruntled traders withdrew 22,000 more BTC than they deposited — the biggest outflow in almost three years. To put that into context, that's an astonishing $214 1000000. Speculation has been growing that Coinbase is being punished for its unreliability, which left some users unable to log in when prices were plummeting. The company, which is the largest commutation in the U.Southward., recently said its autoscaling had been unable to keep up with a huge traffic spike on June one, and this was why so many people had difficulty accessing their accounts.

"Bitcoin Billionaires" movie to tell Winklevoss Bros' crypto story

They've already had their time at university chronicled in a film called "The Social Network" — and now, the lives of Tyler and Cameron Winklevoss are going to return to the silver screen again. The twins' journey to becoming the globe'southward first crypto billionaires is existence adjusted into a moving picture — and co-ordinate to producers: "This is Rocky II meets Wall Street in a globe filled with unique and mesmerizing characters." It's going to exist based on the book Bitcoin Billionaires by Ben Mezrich. After winning a lawsuit against Marking Zuckerberg in 2022, who they accused of stealing the idea for Facebook, the Winklevosses made their fortune by investing $11 million of the settlement in BTC.

Winners and Losers

At the cease of the week, Bitcoin is at $9,406.49, Ether at $235.82 and XRP at $0.19. The total market place cap is at $266,929,829,690.

Amongst the biggest 100 cryptocurrencies, the top 3 altcoin gainers of the calendar week are SwissBorg, Kyber Network and Verge. The top three altcoin losers of the week are HedgeTrade, WAX and Unibright.

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For more info on crypto prices, make sure to read Cointelegraph'south marketplace analysis.

Nigh Memorable Quotations

"No family should have to experience hunger simply because they don't have a bank account."

Stephen Lynch, congressman

"$9,850 is now less important every bit a resistance. $10,000 is now more important."

Koroush AK, cryptocurrency investor

Prediction of the Week

eToro CEO predicts market crash "within three weeks" — safe haven Bitcoin?

I mentioned earlier how some people think that a stock market crash could be calamitous for crypto. And according to eToro's CEO Yoni Assia, catastrophe could strike Wall Street in the adjacent three weeks. "Someone, not certain whom, is going to sell/short their position and crash the markets," he warned. The grim warning follows weeks of unusually buoyant growth in stocks, which accept clocked gains despite mass protests and the economical bear on of COVID-19. Non anybody subscribes to the theory that Bitcoin will tank with the markets, though, and some believe it could show a viable safe haven for those wishing to escape the chance.

FUD of the Week

Indian government once more proposes coating ban on cryptocurrencies

The Indian crypto community had been starting to roar back to life later on the threat of an outright ban on cryptocurrencies appeared to fade. But at present, information technology looks similar they're back to square one. The country's Ministry building of Finance has renewed the proposals — despite the Supreme Courtroom overturning the Reserve Bank of India's ban on banks providing services to individuals and firms that deal in cryptocurrencies but three months ago. Last summertime, the government'south controversial draft nib had suggested that those caught mining, holding, selling or using crypto could face a jail term of up to 10 years — and/or a fine of $iii.two million.

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False SpaceX YouTube channels scam victims out of $150,000 in Bitcoin

Crypto scammers accept stolen at least $150,000 by impersonating SpaceX YouTube accounts and hosting fake Bitcoin giveaways. The fraudsters hacked legitimate pages and inverse the branding and content to emulate Elon Musk's official SpaceX channel. Archived footage of Musk was then circulate equally if information technology was a live event, and viewers were asked to send Bitcoin. Information technology's believed at least eighty,000 people watched the stream, and estimates suggest the scammers accept netted 15.31 BTC every bit a result.

UAE flight bellboy faces jail over $100,000 crypto loan default

Spare a thought for this flight bellboy who is facing up to three years in jail in the United Arab Emirates for being unable to pay installments on a $100,000 loan he took out to invest in crypto around the all-time high. Reddit user Crypthomie lost his task with Etihad due to the pandemic, and he can no longer afford to pay his monthly dues of $2,230. He'southward got until the end of 2022 to settle the debt. The unfortunate investor took out the loan on December. 18, 2022 — the same twenty-four hour period Bitcoin reached its all-time high of $20,000. Subsequently less than a year, he reported an 85% loss on his digital investments — primarily because he had besides invested in "some shitcoins that lost 95% of their value."

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Best Cointelegraph Features

Bitcoin mail service-halving written report for Q2 2022

Strengthening network fundamentals back up the bullish case for Bitcoin's price one month after the halving, according to research by Cointelegraph Markets.

Bitcoin market dynamics see change afterwards BTC reward halving

1 month later the Bitcoin halving, several key factors seem to point to a pivotal modify in the BTC market and investor behavior. António Madeira has more.

Building empires: Biggest crypto exchanges push for global presence

As Gareth Jenkinson writes, crypto exchanges, such as OKEx, Binance, Huobi, Kraken and BitMEX are outlining the central challenges they face in pushing to establish global operations.