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
Twitter’s top brass are resigned as Elon Musk takes over.
Elon Musk purchased Twitter this week. He reportedly fired three high-ranking executives after that: Parag Agrawal (CEO), Vijaya Gadde (head of legal and policy Vijaya Gadde) and Ned Segal (chief financial officer). Musk claims that the three executives were dishonest about Twitter’s spam accounts, which almost led to Musk abandoning the Twitter deal. Musk stated that he has big plans to make Twitter a free platform for speech. Twitter was also featured in other news stories this week, with Binance investing $500 million and the New York Stock Exchange removing the private company.
Kazakhstan will build a central bank digital currency via the BNB Chain
According to Changpeng Zhao, Binance CEO, the BNB Chain in Binance will house Kazakhstan’s central bank digital currency. CBDCs have been a hot topic in recent years, as many regions around the world have made various moves towards the new money. The National Bank of Kazakhstan’s digital tenge will be available on BNB Chain. Binance has taken regulatory steps in Kazakhstan, a country that has expressed interest in crypto.
Report: The vast majority of blockchain energy research ‘lacks scientific rigor’
According to preprints from researchers at multiple universities, much of the information about blockchain carbon emissions is not valid on many levels. The preprint states, among other things, that many studies of blockchain energy consumption have used incomplete data, lack clarity about electricity costs, and made assumptions based upon old data. The topic of blockchains and energy requirements has been much debated.
Aussie federal Budget reaffirms that BTC will not be treated as foreign currency
According to Australia’s most recent federal budget, Bitcoin will not be legal tender in Australia. According to the budget document, Bitcoin would be taxed as any other crypto asset and not as a foreign currency. This is despite El Salvador’s recent move to legalize BTC. El Salvador classified Bitcoin as legal tender in 2021. Central African Republic also considers Bitcoin currency. According to comments by Danny Talwar, Koinly’s head of tax, crypto has been classified as an investment and not a currency since 2014.
Equifax, a company known for its massive data breaches, is launching a Web3 KYC system
Equifax and Oasis Labs are collaborating on a decentralized identity product. This product could improve Know Your Customer practices. The solution, which is hosted on Oasis’ platform, and using Equifax’s application programming interface keys (API), will allow individuals to confirm their identity without having to reveal sensitive information. This information will also keep a track on the company’s blockchain. However, the details of the technology were not disclosed. Equifax’s reputation has been tarnished by the 2017 global data breach that it suffered.
Winners and Losers
Bitcoin (BTC), Ether (ETH), and XRP (XRP) are at the end of the week at $20,485, $1,536 each, respectively. According to CoinMarketCap, the total market cap stands at $994.97 trillion
Klaytn at 77.22%, Dogecoin DOGE at 46.52%, and TerraClassicUSD (USTC ) @ 18.72% are the three biggest gainers among the 100 largest cryptocurrencies.
The top three altcoin losers for the week were Chain at 23.33%, Maker @ -13.67%, and Casper (CSPR ) at 9.28%.
To find out more about crypto prices, please visit Cointelegraph’s market analysis.
Most Memorable Quotes
“Blockchain is more than a technological breakthrough. It also enables socio-political changes.
Yat Siu is co-founder and executive chair of Animoca Brands
“The U.K. government envisions that the country will be an international hub for cryptocurrency and other digital assets.
Lisa Cameron, Member of the U.K. Parliament
“Traditional assets are driven primarily by economic growth, Fed policies and inflation. The technology that drives crypto is millennial adoption.
Morgan Creek Capital Management founder and CEO Mark Yusko
“I believe the IMF to be an inexorable foe of crypto.
David Tawil, president and co-founder of ProChain Capital
The bull market will return if [China] loves crypto. Although it will take a while, the red roses are already budging.
Arthur Hayes, ex-CEO of BitMEX
“Knowledge is the key to empowerment and confidence.”
Flori Martquez , co-founder and chief operational officer of BlockFi
Analyst predicts Bitcoin price to reach $30K next month, with breakout due
Bitcoin traded sideways in the early part of the week between $19,000 to $20,000, with very little price fluctuation. The asset started moving up towards $21,000 on Oct. 25, finding resistance at that level on Oct. 26, before retracing to $20,000 on October 27, according the Cointelegraph’s BTC price Index.
Eight CEO Michael van de Poppe predicted a potential near-term rise of up to $30,000 in BTC on Oct. 25. He tweeted: “In 2-3 weeks, #Bitcoin is expected to break out significantly.” My guess is that it will be $30K.”
FUD for the Week
CFTC Commissioner compares crypto contagion to 2008 financial crisis
Christy Goldsmith Romero, head of the Commodity Futures Trading Commission, recently asked for additional power from America’s government to prevent crypto problems from affecting mainstream finance. Romero made parallels between 2008’s financial crisis and current conditions by citing Terra’s fall as a risk to mainstream markets. Due to increased crossover activity between the two sectors, the crypto sector could have a negative impact on mainstream finance.
3Commas issues security alarm as FTX removes API keys after hack
After investigations, crypto exchange FTX found suspicious DMG cryptocurrency trading on FTX. Hackers phished victims to obtain their FTX API keys through fake websites that looked similar to 3Commas’. This resulted in unauthorized trades on FTX for DMG asset pair pairs. There may be other methods as well, such as malware.
Ex-chairman of Bithumb could spend 8 years in prison for alleged $70M fraud
Bithumb’s ex-chairman Lee Junghoon is facing fraud charges in South Korea. He is accused of defrauding a potential Bithumb buyer Kim Byunggun out $70 million. Jung-hoon was allegedly paid $70 million by Byung-gun to pay the down payment for the Bithumb Exchange purchase. The deal was contingent upon Bithumb listing crypto asset BXA. This allegedly never happened. Jung-hoon could spend eight years in prison if he is convicted on Dec. 20.
Top Cointelegraph Features
Crypto City: A Guide to San Francisco Bay Area
“There were many cypherpunks in those early Bitcoin meetups I attended.”
Through mutual aid and Web3 we can build community resilience to crisis situations
“We will use whatever works best for us. We’ll ditch it if it doesn’t work.
SEC stakes claim to Ethereum, putting Ethereum in the middle of the centralization debate
The transition from Ethereum to PoS was celebrated by many as a major upgrade. But, centralization worries are growing a month later.
These are the most interesting reads in blockchain. Each week, one delivery