Hodler’s Digest is available every Saturday to help you keep track of every important news story. A week of Cointelegraph news, including the best and worst quotes, highlights on adoption and regulation, top coins, predictions, and more — all in one place.
Top Stories this Week
Elon Musk is on track again to purchase Twitter. In April 2022, Elon Musk decided to purchase the social media network. He settled on a $44 billion price tag. The billionaire tried to cancel the deal, claiming that Twitter did not provide enough transparency about the company’s financial health and the presence of spambots on the platform. According to a legal filing, Musk plans to close the original $44 Billion deal.
EU regulators ban cross border payments from Russian crypto accounts
The European Union has placed a ban on crypto transactions between its member countries and Russia due to recent developments in the Ukraine-Russia conflict. According to an Oct. 6 statement by the European Commission, the ban applies to “all crypto-asset wallets and accounts or custody services, regardless of the amount in the wallet.” Russia has, however, taken the opposite position, as evident by its recent approval of cross-border cryptocurrency activity.
The Society for Worldwide Interbank Financial Telecommunications (SWIFT), an important cog in the global payment system, has unveiled a successful test regarding central bank digital currencies. The test demonstrated interoperability among CBDCs worldwide. In a statement on Oct. 5, Tom Zschach, chief innovation officer at SWIFT, stated that CBDCs will be able to connect to their networks through one gateway. The tokenized assets were the other test that SWIFT used.
The fastest growth in crypto this year was achieved by the Middle East and North Africa (also known as the MENA area). According to Chainalysis, between July 2021 and June 20,22, $566 billion was spent on crypto transactions, which is 48% more than the previous year. The MENA region saw crypto usage ranging from capital preservation to remittances payments to institutional activity. Latin America was second in terms growth with 40% and North America third with 36%.
Visa and FTX partner to allow crypto payments in 40 countries
FTX, a crypto exchange, announced that it has teamed with Visa to create a supposedly fee-free debit card. Sam Bankman-Fried, CEO of FTX, has long aimed to launch such a card. According to reports, the FTX Visa card is available in 40 countries. According to the card’s website, it is also free for you to have.
Winners and Losers
Bitcoin (BTC), Ether (ETH), and XRP (XRP) are at $19,604 at the end of this week. According to to CoinMarketCap, the total market cap stands at $947.07 trillion.
The top three altcoin gains of the week among the 100 largest cryptocurrencies are Casper at 20% and Elrond at 12.98%, respectively, and Convex Finance at 12.44%.
The top three altcoin losers for the week were UNUS SEED LEO at 11.93%, Chiliz @ -9.04%, and Lido DAO at 8.6%.
For more information on crypto prices, please refer to Cointelegraph’s market analysis.
Most Memorable Quotes
“A year ago, no one was asking me questions about bankruptcy. One year ago, everyone was asking me questions regarding DeFi and other similar topics.
Diogo Monica, President and Co-Founder of Anchorage Digital
“NFTs give you technical capability to own a game asset without the permission of its publisher.
Alex Dunmow is the CEO of Ninja Syndicate
“This recession is still in its early stages. It is smarter to let the Fed’s monetary policies shifts play out, and to save capital.
Richard Gardner, CEO at Modulus
“Digital art ownership is, as it stands, still a foreign concept to many people.
Ted Mui, CEO at Kuma Games
“All financial goods will be moved across blockchain networks in future.”
Matthew Hougan is chief investment officer at Bitwise Asset Management
“That’s our mission: it’s not to create a world with Bitcoin and Ethereum, or not make one world. It’s to understand the current situation, establish a system […] ensure that people have access to good resources to understand how it’s happening.”
Curtis Loftis , treasurer for South Carolina
According to Cointelegraph’s BTC price index, Bitcoin traded between $19,000 and $20,000.500 for another week.
Marcel Pechman, a Cointelegraph analyst, described the importance of big companies like Apple and Tesla’s Q3 earnings announcements in October. If the announcements are negative, it could cause a fall in Bitcoin’s price if the asset is not correlated to the mainstream markets. If inflation continues to be a problem, Bitcoin’s scarcity might appeal to investors.
FUD for the Week
Kim Kardashian is facing legal action by the United States Securities and Exchange Commission for failing to disclose that one of her Instagram posts was sponsored. In exchange for publishing a post about cryptocurrency project EthereumMax (EMAX), the celebrity was offered $250,000. Kardashian will be fined $1.26million for the act, although she did not confirm or deny the charges.
BNB Chain is back online after being suspended due to cross-chain exploit
BNB Chain was temporarily halted this week in order to stop a cross-chain attack on the BSC Token Hub Bridge bridge. According to a tweet by Binance CEO Changpeng Zhao on Oct. 6, the exploit “resulted [in] additional BNB,” Although $7 million was frozen by the chain, it is believed that approximately $70-$80 million was taken, a decrease from the $100 million estimate. BNB Chain resumed business on October 7.
A broad search for Terra team members led to its first arrest. Yoo Mo, the head of Terraform Labs business team was taken into custody . The arrest warrant was dismissed by a Seoul Southern District Court judge shortly thereafter. He questioned the allegations and Mo is prohibited from leaving South Korea. In 2022, Terra crypto’s project fell apart in an extraordinary fashion. Do Kwon, the project leader, remains at large.
Top Cointelegraph Features
Expert on Wall Street: Bill Noble says that Crypto Spring is unavoidable
It’s either 10% or 10% each day. There are no five-year gaps between crises. In fact, all it takes is 45 minutes to get my information.
What is the NFT market’s future after all the dust has settled now?
The NFT market has seen a lot of change since 2021’s boom, from celebrity endorsements to profile photos.
The Securities and Exchange Commission will take legal action against Ethereum that extends far beyond the United States borders.
These are the most interesting reads in blockchain. Each week, one delivery