Saylor attacks Ether and Bitcoin Cash

Fed Chairman Jerome Powell doesn't believe the U.S. is in a recession. Market Activity Total Market Cap 1.05T (+6.31%) 24 Hour Volume 103.59B (+63.26%) Notable Movers[(MATIC) $0.8098]( (+9.31%) Notable Movers (DeFi)[(LDO) $1.58]( (+16.41%) Bitcoin Dominance 41,60%[(+0.21%)]( Bitcoin Price[(BTC) 22,997.36 (+7.30%)]( Ethereum Price[(ETH) $1,1631.89 (+9.85%)]( Cardano Price[(ADA) $0,5007 (+6.13%)]( Editor's Note Cyber Criminals Are Going Broke As we wrote in our news coverage yesterday, the crypto market crash isn’t just affecting investors — cyber criminals are also taking a hit. When you think about it, this is perfectly logical. If you’re a criminal who makes your money by stealing crypto from people, or tricking them into sending you 1 ETH with the promise of 1 ETH back, why wouldn’t you be hard hit by a bear market? The money that you are stealing just isn’t enough to get by anymore! That being said, yesterday’s report from cryptosecurity firm SonicWall noted that a dwindling return is not forcing our cybercriminals into the straight and narrow. Instead, they are turning to other illegal ways to make up for the lost crypto profits — cryptojacking. When I first started writing about cryptocurrency back at the tail end of 2017, cryptojacking was a story that was covered a lot. Nefarious hackers would get ahold of your computer power without you knowing, and while you were trying to surf the web, wondering why your connection was so slow, they were taking up all of your computer’s power to mine crypto. And these weren’t small cases either — in January 2018, people found that even YouTube ads actually had malicious cryptojacking scripts in them. This method of making money was so popular that some projects even turned the crime of cryptojacking on its head, and offered users benefits like ad-free experiences on their browsers in exchange for giving up some of their computing power to mine. But they weren’t always upfront about it….both illegal piracy site The Pirate Bay and major cable TV network Showtime used to secretly run a Monero miner on their users’ computers as a way to keep their experience ad free. 2018 was definitely a different world. But with the new focus on Web3 (that term wasn’t even used when this cryptojacking craze was going on back in 2018!), offering users a chance to curate their online experience in exchange for their computer power actually seems like an attractive “Web3” idea. Maybe this bear market inspiring criminals to maliciously cryptojack will in turn inspire projects to finally make non-malicious cryptojacking into a usable, sustainable idea. Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] rallies as Fed hikes rates]( 📈 The Federal Reserve has increased its base interest rate by three-quarters of a percentage point for the second time in a row. Bitcoin accelerated to $23,300 in the hours after the announcement was made — the Nasdaq closed up 4.2%. Some analysts had feared the Fed would hike rates by a full percentage point in its quest to tackle inflation. The U.S. central bank has warned further increases may be needed in the months ahead, but there are fears this could spark a recession. Debate is already raging as to whether the Fed would embark on another drastic 0.75 percentage point increase in September, or opt for a smaller rise. The target rate for inflation is 2%, but the Consumer Price Index hit a whopping 9.1% in June. Saylor attacks Ethereum]( 😱 Michael Saylor has criticized Ether and Bitcoin Cash — questioning whether both assets are economically, technically or ethically sound. MicroStrategy's CEO pointed to Ethereum co-founder Vitalik Buterin, who said that the blockchain is about 40% done. As an institutional investor, Saylor said he would need to wait until the protocol is complete before making a decision on its value — but Ethereum may not be complete or stable for three years. And while Ethereum's monetary policy could change over the next three years, Saylor said Bitcoin's monetary policy has been decided for the next 1,000 years. He also warned big upgrades introduce new attack surfaces. Saylor later dismissed Bitcoin Cash as a "horrific mistake" and a "failure." at Harmony over proposal]( 👀 Harmony is facing a backlash as it tries to recover from the $100 million hack of the Horizon Bridge. The blockchain project says it's determined to make victims whole — and estimates suggest 65,000 wallets were affected by the attack. One option involves minting 4.97 billion new ONE tokens, which would be gradually brought into circulation over a three-year period. But some investors have accused Harmony of "printing more tokens out of thin air" — and say they shouldn't be expected to pay victims. Such a dramatic increase of ONE's supply could ramp up inflationary pressure and affect prices in the long term. A vote is due to take place between August 1 and 15, but Harmony's team are being urged to consider other options. achieves unicorn status]( 🦄 Unstoppable Domains has achieved "unicorn" status in its latest funding round, and now commands a valuation of $1 billion. The company has raised $65 million and plans to use the cash "to fuel product innovation and grow partnerships in the Web3 space." Unstoppable offers NFT domains — a human-readable username that can be used as a website URL and as a payment address for wallets. Figures suggest that more than 2.5 million of these domains have been registered so far, and now, they can be used to log into more than 150 Web3 applications. Unstoppable's CEO, Matthew Gould, says tech giants have controlled people's digital identities for too long — and its offering helps put power back in the hands of the people. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [App Store]( [Google Play]( [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States