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Meta to launch metaverse hardware store, Elon Musk buys Twitter for $44B and ApeCoin pumps to new highs: Hodler’s Digest, April 24-30

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption…

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Coming every Saturday, Hodlers 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 buys Twitter for $44B crypto industry reacts

Eccentric billionaire Elon Musk bought Twitter for around $44 billion this week, or $54.20 per share in cash. After the deal was accepted, Musk said he hoped that even my worst critics remain on Twitter, because that is what free speech means.

The crypto industrys reaction was mixed, with Dogecoin co-creator Jackson Palmer describing the acquisition as a hostile takeover antithetical to the idea of freedom, while Bitcoin bulls Anthony Pompliano and Michael Saylor welcomed the move.

 

 

 

ApeCoin (APE) hits a new all-time high ahead of this weeks Otherside land auction

Bored Ape Yacht Club-affiliated ApeCoin (APE) hit a new all-time high of $22.60 on Thursday amid growing excitement about the upcoming Otherside metaverse land auction, which is being held by Animoca Brands and BAYC creator Yuga Labs.

Otherside is a forthcoming metaverse project within the BAYC ecosystem, and it is hosting the sale of its first 100,000 land parcels on Saturday. Wallets that already hold a BAYC or Mutant Ape Yacht Club NFT will be able to claim a land parcel for free.

 

Meta will open physical metaverse-themed store in San Francisco Bay Area

Mark Zuckerbergs Meta is set to open a retail store in Burlingame, California that will sell virtual reality and metaverse hardware. The store will be located on Meta’s Burlingame campus and will feature a wall-to-wall curved LED screen that displays what users see using Meta headsets.

The store will also provide demos for anything related to virtual reality headsets, video communications displays and smart glasses. The Meta Store is going to help people make that connection to how our products can be the gateway to the Metaverse in the future, said store head Martin Gilliard.

 

 

Central African Republic will adopt Bitcoin as legal tender: Report

The Central African Republic (CAR) reportedly passed a bill this week enabling Bitcoin to be used as legal tender alongside the franc. The CAR now joins El Salvador in taking the ambitious plunge into fully adopting BTC.

President Faustin-Archange Touadras chief of staff, Obed Namsio, was quoted as saying that the move was aimed at making the CAR one of the boldest and most visionary countries in the world. The nation of 5 million has one of the smallest economies in the world with a gross domestic product of roughly $2.4 billion.

 

Brazil’s Senate approves ‘Bitcoin law’ to regulate cryptocurrencies

The Federal Senate of Brazil also made a strong crypto move this week, passing the countrys first bill governing cryptocurrencies. The bill will enable the government to create a regulatory framework for the local crypto industry.

Senators have discussed providing crypto miners with incentives for setting up shop in Brazil, and they are also looking to introduce heavy punishments for any fraudulent or bad behavior in the sector.

In order to become law, the bill must next be approved by the Federal Senate’s Chamber of Deputies and then signed off by President Jair Bolsonaro.

 

 

 

 

 

Winners and Losers

 

At the end of the week, Bitcoin (BTC) is at $39,032, Ether (ETH) at $2,854 and XRP at $0.62. The total crypto market cap is at $1.77 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are ApeCoin (APE) at 60.14%, STEPN (GMT) at 20.28% and Kava (KAVA) at 13.88%.

The top three altcoin losers of the week are Zilliqa (ZIL) at -23.84%, Waves (WAVES) at -23.07% and Axie Infinity (AXS) at -23.02%.For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

 

 

Most Memorable Quotations

 

Bitcoin will never become zero because it has intrinsic value beyond its technological and monetary merits.

Lili Zhao, director of ecosystem growth for Neo

 

Theres a pre-pandemic world and a post-pandemic world, and a post-pandemic world has a lot more government deficits it has a lot more uncertainty related to growth.

Anthony Scaramucci, founder and managing partner of SkyBridge Capital

 

I hope that even my worst critics remain on Twitter, because that is what free speech means.

Elon Musk, CEO of Tesla

 

We were given a big gift when China banned crypto mining and trading it was a big mistake for them.

Greg Tanaka, Palo Alto City Council member

 

Our survey shows something we have advocated over a long time: talking about the survival of digital assets is firmly over the question is now about evolution.

Julian Sawyer, CEO of Bitstamp

 

The problem with [Bitcoin] is you cant have truly free trade unless you have private trade.

Edward Snowden, government surveillance whistleblower

 

 

Prediction of the Week

 

Bitcoin repeats rare weekly chart signal that resulted in 50% BTC price dips

Bitcoins price traded largely sideways this week while still experiencing some volatility. The asset traded both above $40,000 and below $38,000 at times during the week, based on Cointelegraphs BTC price index.

Bitcoin could be headed for negative price action, according to pseudonymous Twitter personality Nunya Bizniz. Bizniz pointed out a pattern on Bitcoins chart that has previously occurred prior to 50% price drops the downward sloping of the assets 20-week and 50-week moving averages. This chart pattern has occurred twice before, each time seeing BTCs price subsequently decline by more than 50%.

 

 

FUD of the Week

STEPN impersonators stealing users’ seed phrases, warn security experts

Blockchain security firm Peckshield exposed multiple phishing websites for Web3 lifestyle app STEPN. According to the company, bad actors have been able to create and attach dubious MetaMask browser plugins that can be used to steal users’ seed phrases.

 

Bored Ape Yacht Club NFTs stolen in Instagram phishing attack

The Instagram account belonging to the Bored Ape Yacht Club NFT project was hacked on Monday. According to various unconfirmed social media reports, roughly 100 NFTs worth a combined $400,000 were stolen as part of a phishing attack and fake airdrop. Users believed the links used to carry out the attack were legit since it coincided with the one-year anniversary of BAYCs launch.

 

New York State Assembly passes ban on new BTC mines that don’t use green power

The New York State Assembly passed a bill earlier this week that aims to place a two-year ban on all new proof-of-work (PoW) cryptocurrency mining facilities that are backed by carbon-generated power. The bill also states that current miners who rely on carbon-powered rigs wont be able to renew their permits once they expire.

 

 

Best Cointelegraph Features

Crypto Valley and the Crypto Oasis: Ralf Glabischnig

A few spots worldwide will attract the people who can afford it because its safe for their family and those people bring the business.

The loss of privacy: Why we must fight for a decentralized future

As early blockchain adopters, we must bring decentralization to the masses and fight with the tech behemoths that are its natural enemies.

Decentralized credit scores: How can blockchain tech change ratings

Borrowing and lending are two important parts of DeFi, but they have been missing an effective operating credential: a decentralized credit rating.

 

The best of blockchain, every Tuesday

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Key shipping company files for Chapter 11 bankruptcy

The Illinois-based general freight trucking company filed for Chapter 11 bankruptcy to reorganize.

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The U.S. trucking industry has had a difficult beginning of the year for 2024 with several logistics companies filing for bankruptcy to seek either a Chapter 7 liquidation or Chapter 11 reorganization.

The Covid-19 pandemic caused a lot of supply chain issues for logistics companies and also created a shortage of truck drivers as many left the business for other occupations. Shipping companies, in the meantime, have had extreme difficulty recruiting new drivers for thousands of unfilled jobs.

Related: Tesla rival’s filing reveals Chapter 11 bankruptcy is possible

Freight forwarder company Boateng Logistics joined a growing list of shipping companies that permanently shuttered their businesses as the firm on Feb. 22 filed for Chapter 7 bankruptcy with plans to liquidate.

The Carlsbad, Calif., logistics company filed its petition in the U.S. Bankruptcy Court for the Southern District of California listing assets up to $50,000 and and $1 million to $10 million in liabilities. Court papers said it owed millions of dollars in liabilities to trucking, logistics and factoring companies. The company filed bankruptcy before any creditors could take legal action.

Lawsuits force companies to liquidate in bankruptcy

Lawsuits, however, can force companies to file bankruptcy, which was the case for J.J. & Sons Logistics of Clint, Texas, which on Jan. 22 filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Western District of Texas. The company filed bankruptcy four days before the scheduled start of a trial for a wrongful death lawsuit filed by the family of a former company truck driver who had died from drowning in 2016.

California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.

The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.

The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded. Court papers reportedly did not list amounts for damages.

In some cases, debtors don't have to take a drastic action, such as a liquidation, and can instead file a Chapter 11 reorganization.

Truck shipping products.

Shutterstock

Nationwide Cargo seeks to reorganize its business

Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.

The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors. The company operates with 183 trucks and 171 drivers, FreightWaves reported.

Nationwide Cargo's three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)

The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.  From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue.

Related: Veteran fund manager picks favorite stocks for 2024

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Key shipping company files Chapter 11 bankruptcy

The Illinois-based general freight trucking company filed for Chapter 11 bankruptcy to reorganize.

Published

on

The U.S. trucking industry has had a difficult beginning of the year for 2024 with several logistics companies filing for bankruptcy to seek either a Chapter 7 liquidation or Chapter 11 reorganization.

The Covid-19 pandemic caused a lot of supply chain issues for logistics companies and also created a shortage of truck drivers as many left the business for other occupations. Shipping companies, in the meantime, have had extreme difficulty recruiting new drivers for thousands of unfilled jobs.

Related: Tesla rival’s filing reveals Chapter 11 bankruptcy is possible

Freight forwarder company Boateng Logistics joined a growing list of shipping companies that permanently shuttered their businesses as the firm on Feb. 22 filed for Chapter 7 bankruptcy with plans to liquidate.

The Carlsbad, Calif., logistics company filed its petition in the U.S. Bankruptcy Court for the Southern District of California listing assets up to $50,000 and and $1 million to $10 million in liabilities. Court papers said it owed millions of dollars in liabilities to trucking, logistics and factoring companies. The company filed bankruptcy before any creditors could take legal action.

Lawsuits force companies to liquidate in bankruptcy

Lawsuits, however, can force companies to file bankruptcy, which was the case for J.J. & Sons Logistics of Clint, Texas, which on Jan. 22 filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Western District of Texas. The company filed bankruptcy four days before the scheduled start of a trial for a wrongful death lawsuit filed by the family of a former company truck driver who had died from drowning in 2016.

California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.

The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.

The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded. Court papers reportedly did not list amounts for damages.

In some cases, debtors don't have to take a drastic action, such as a liquidation, and can instead file a Chapter 11 reorganization.

Truck shipping products.

Shutterstock

Nationwide Cargo seeks to reorganize its business

Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.

The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors. The company operates with 183 trucks and 171 drivers, FreightWaves reported.

Nationwide Cargo's three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)

The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.  From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue.

Related: Veteran fund manager picks favorite stocks for 2024

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Tight inventory and frustrated buyers challenge agents in Virginia

With inventory a little more than half of what it was pre-pandemic, agents are struggling to find homes for clients in Virginia.

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No matter where you are in the state, real estate agents in Virginia are facing low inventory conditions that are creating frustrating scenarios for their buyers.

“I think people are getting used to the interest rates where they are now, but there is just a huge lack of inventory,” said Chelsea Newcomb, a RE/MAX Realty Specialists agent based in Charlottesville. “I have buyers that are looking, but to find a house that you love enough to pay a high price for — and to be at over a 6.5% interest rate — it’s just a little bit harder to find something.”

Newcomb said that interest rates and higher prices, which have risen by more than $100,000 since March 2020, according to data from Altos Research, have caused her clients to be pickier when selecting a home.

“When rates and prices were lower, people were more willing to compromise,” Newcomb said.

Out in Wise, Virginia, near the westernmost tip of the state, RE/MAX Cavaliers agent Brett Tiller and his clients are also struggling to find suitable properties.

“The thing that really stands out, especially compared to two years ago, is the lack of quality listings,” Tiller said. “The slightly more upscale single-family listings for move-up buyers with children looking for their forever home just aren’t coming on the market right now, and demand is still very high.”

Statewide, Virginia had a 90-day average of 8,068 active single-family listings as of March 8, 2024, down from 14,471 single-family listings in early March 2020 at the onset of the COVID-19 pandemic, according to Altos Research. That represents a decrease of 44%.

Virginia-Inventory-Line-Chart-Virginia-90-day-Single-Family

In Newcomb’s base metro area of Charlottesville, there were an average of only 277 active single-family listings during the same recent 90-day period, compared to 892 at the onset of the pandemic. In Wise County, there were only 56 listings.

Due to the demand from move-up buyers in Tiller’s area, the average days on market for homes with a median price of roughly $190,000 was just 17 days as of early March 2024.

“For the right home, which is rare to find right now, we are still seeing multiple offers,” Tiller said. “The demand is the same right now as it was during the heart of the pandemic.”

According to Tiller, the tight inventory has caused homebuyers to spend up to six months searching for their new property, roughly double the time it took prior to the pandemic.

For Matt Salway in the Virginia Beach metro area, the tight inventory conditions are creating a rather hot market.

“Depending on where you are in the area, your listing could have 15 offers in two days,” the agent for Iron Valley Real Estate Hampton Roads | Virginia Beach said. “It has been crazy competition for most of Virginia Beach, and Norfolk is pretty hot too, especially for anything under $400,000.”

According to Altos Research, the Virginia Beach-Norfolk-Newport News housing market had a seven-day average Market Action Index score of 52.44 as of March 14, making it the seventh hottest housing market in the country. Altos considers any Market Action Index score above 30 to be indicative of a seller’s market.

Virginia-Beach-Metro-Area-Market-Action-Index-Line-Chart-Virginia-Beach-Norfolk-Newport-News-VA-NC-90-day-Single-Family

Further up the coastline on the vacation destination of Chincoteague Island, Long & Foster agent Meghan O. Clarkson is also seeing a decent amount of competition despite higher prices and interest rates.

“People are taking their time to actually come see things now instead of buying site unseen, and occasionally we see some seller concessions, but the traffic and the demand is still there; you might just work a little longer with people because we don’t have anything for sale,” Clarkson said.

“I’m busy and constantly have appointments, but the underlying frenzy from the height of the pandemic has gone away, but I think it is because we have just gotten used to it.”

While much of the demand that Clarkson’s market faces is for vacation homes and from retirees looking for a scenic spot to retire, a large portion of the demand in Salway’s market comes from military personnel and civilians working under government contracts.

“We have over a dozen military bases here, plus a bunch of shipyards, so the closer you get to all of those bases, the easier it is to sell a home and the faster the sale happens,” Salway said.

Due to this, Salway said that existing-home inventory typically does not come on the market unless an employment contract ends or the owner is reassigned to a different base, which is currently contributing to the tight inventory situation in his market.

Things are a bit different for Tiller and Newcomb, who are seeing a decent number of buyers from other, more expensive parts of the state.

“One of the crazy things about Louisa and Goochland, which are kind of like suburbs on the western side of Richmond, is that they are growing like crazy,” Newcomb said. “A lot of people are coming in from Northern Virginia because they can work remotely now.”

With a Market Action Index score of 50, it is easy to see why people are leaving the Washington-Arlington-Alexandria market for the Charlottesville market, which has an index score of 41.

In addition, the 90-day average median list price in Charlottesville is $585,000 compared to $729,900 in the D.C. area, which Newcomb said is also luring many Virginia homebuyers to move further south.

Median-Price-D.C.-vs.-Charlottesville-Line-Chart-90-day-Single-Family

“They are very accustomed to higher prices, so they are super impressed with the prices we offer here in the central Virginia area,” Newcomb said.

For local buyers, Newcomb said this means they are frequently being outbid or outpriced.

“A couple who is local to the area and has been here their whole life, they are just now starting to get their mind wrapped around the fact that you can’t get a house for $200,000 anymore,” Newcomb said.

As the year heads closer to spring, triggering the start of the prime homebuying season, agents in Virginia feel optimistic about the market.

“We are seeing seasonal trends like we did up through 2019,” Clarkson said. “The market kind of soft launched around President’s Day and it is still building, but I expect it to pick right back up and be in full swing by Easter like it always used to.”

But while they are confident in demand, questions still remain about whether there will be enough inventory to support even more homebuyers entering the market.

“I have a lot of buyers starting to come off the sidelines, but in my office, I also have a lot of people who are going to list their house in the next two to three weeks now that the weather is starting to break,” Newcomb said. “I think we are going to have a good spring and summer.”

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