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
Coinbase Commerce will allow customers to pay crypto using Coinbase’s payment system, Coinbase Commerce. This is thanks to a partnership between the companies. Google will allow only certain crypto assets to be used for payment, such as Bitcoin. An executive from Google Cloud said that although initially restricted to certain participants, the ability to pay with crypto will be eventually available to all customers. Google Cloud has also taken other steps towards crypto and blockchain industry participation in 2022.
BNY Mellon launches crypto services
BNY Mellon, the banking giant, has launched a crypto custody service that offers certain customers Bitcoin and Ether custody via a new platform. The 238-year old bank will offer crypto custody services to clients in the same way it handles traditional assets. It will also handle clients’ private keys. Roman Regelman, BNY Mellon CEO of securities and digital, stated that “Digital Asset Custody” will allow the bank to continue its journey of trust, innovation, and inclusion into the rapidly evolving space of digital assets. It will also embrace leading technology and collaborate with fintechs.
WisdomTree’s request for a spot Bitcoin ETF is rejected by the SEC…
The United States Securities and Exchange Commission (SEC), has rejected WisdomTree’s spot Bitcoin exchange traded fund (ETF) request, which was filed in January. This decision follows multiple delays. According to its previous reasoning for denial of spot Bitcoin ETFs, the SEC used market manipulation and fraud fears as its reason for their decision. In 2021, the SEC rejected a proposal for a spot Bitcoin ETF from WisdomTree.
PayPal claims that its policy to punish users who misinform was ‘in error’
PayPal’s Acceptable Use Policy was to be changed in November. It will now include a $2,500 penalty for anyone who promotes, posts, sends or publicly discusses so-called “misinformation.” PayPal claims that this provision was added by mistake. PayPal stated that it is not fining misinformation-related activity and that this language was not intended to be included in its policy. This fiasco raised concerns among crypto users about centralised platforms. They view self-custody and financial inclusion as important pillars of self-sovereignty.
DappRadar: Q3 DappRadar: Blockchain games and metaverse project raise $1.3B
DappRadar data revealed that $1.3B worth of venture capital was invested in metaverse projects and crypto games in Q3 — a bright spot in the crypto bear market. Venture capital funding in these sectors fell 48% compared to Q2, but the Q3 figure was more than twice the amount that was invested in all 2021.
Winners and Losers
Bitcoin (BTC), Ether (ETH), and XRP (XRP) are at $19,665 at the end of this week. The market cap stands at $938.70 trillion according To CoinMarketCap.
The top three altcoins that gained the most this week out of 100 are Huobi Token at 87.06% and TerraClassicUSD both at 63.33%. Quant (QNT ) is at 22.07%.
Klaytn (KLAY), at -20.36%; Internet Computer @ -15.04%; and eCash (XEC), at -14.48%.
To find out more about crypto prices, please visit Cointelegraph’s market analysis.
Most Memorable Quotes
“Ethereum, the ‘Hotel California’ of cryptocurrency. You can check in but not out.
Charles Hoskinson was the founder of Cardano
“Elon Musk quotes posts about Dogecoin, you get seven times daily signups.
Alex Harper, cofounder and CEO of Swyftx
“If the crypto industry wants to reach internet scale, it needs a solution for AML/CTF compliance.
John Henderson, partner at Airtree Ventures
A bear market is the best place to work in crypto and look for a job.
Raman Shah, founder Crypto Jobs List
“Gold is protected. Bitcoin, however, is my opinion far superior. It has math and code. It is protected by a decentralized protocol. Math is your most important subject.
Greg Foss is the executive director for strategic initiatives at Validus Energy Corp
“It is vital to remember that we are responsible for a lot more than influencers. While they may have to take risks with their followers’ trust and respect, we journalists have the responsibility of upholding our integrity.
Kristina corner , editor-in chief of Cointelegraph
BTC price hits a 3-week low on US CPI, as Bitcoin liquidates $57M
According to Cointelegraph’s BTC Price Index, Bitcoin traded sideways for most of the week. This favors the downside. On Oct. 13, the asset experienced some price volatility, as a result of September’s U.S. Inflation data. The news caused Bitcoin’s price to drop to $18,200, but it rebounded to above $19,000.
A pseudonymous Twitter user il Capo from Crypto posted on Oct. 13, expressing concern about Bitcoin’s possible fall being a bear trap. He also noted a possible subsequent rally to $21,000 that could be followed by a sharp drop.
FUD for the Week
US Treasury’s OFAC, and FinCEN announce $29M in Enforcement Actions against Bittrex
Two US regulators have brought charges against Bittrex, a crypto exchange. They are the Department of the Treasury’s Office of Foreign Assets Control and the Financial Crimes Enforcement Network. Bittrex was accused of not conducting proper due diligence on customers and transactions in the period 2014-2018, which allowed users from sanctions to access the platform. Bittrex has confirmed that it will settle with OFAC for $24 million. This amount could also be used as credit towards FinCEN’s $29 million settlement. Bittrex said it was up to date with the expected standards since 2018 and is looking to move on from this situation.
$100M taken from Solana DeFi platform Mango Markets; token plunges 52%
Mango Markets, a Decentralized Finance Platform running on the Solana Blockchain, was able to allegedly bleed around $100 million from it treasury through an exploit. Someone altered the price data of the platform’s native MNGO asset. This allowed them to borrow crypto far greater than the MNGO they had as collateral. MNGO saw a drop in price of around 50% after the news. The hacker, who demanded a $70million bug reward and other terms for returning exploited funds, came forward later.
CNN will close down NFT marketplace and refund 20%
CNN, a media outlet, has announced that it will discontinue its nonfungible token NFT (nonfungible token) project after four months. This is another bear market victim. Vault by CNN was the NFT project of media company CNN. It offered tokenized memories from historical news events that spanned multiple decades in CNN’s history. Although the project’s roadmap predicted six months of development time, the media outlet claimed that the project was only a 6-week experiment. According to a Vault by CNN tweet account, the announcement said that the project was in the midst of six months. According to a CNN employee on Discord, NFT buyers will receive a 20% reimbursement for the cost they paid to mint their NFTs.
Top Cointelegraph Features
Attack on the zkEVMs Crypto’s 10x Moment
This month, zkEVMs will be available and provide a pathway to infinite scaling of Ethereum. Who will win the race against StarkWare, zkSync and Scroll?
Cryptocurrency will suffer mass adoption
Mass adoption will make crypto more like the systems that we are trying to escape, from reversible transactions to increased regulation to a rising tide in censorship.
The macro environment is also a factor in crypto’s downturn
Even if the global economic downturn has a short-term impact on crypto prices, it should not have a lasting negative effect.
These are the most interesting reads in blockchain. Each week, one delivery