Come each Saturday Hodler's Digest will show you how to hold monitor of each single vital information that occurred this week. Greatest (and worst) charges, launch and regulation highlights, main cash, predictions and extra - per week on Cointelegraph in a single hyperlink.
High tales of this week
Starting in early 2023, Coinbase's funds service, Coinbase Commerce, will facilitate crypto funds for purchasers buying Google's cloud companies, because of an settlement between the 2 firms. Google will solely permit sure crypto property for fee, together with bitcoin. Initially restricted to sure contributors, the choice to pay with crypto will ultimately broaden to different prospects, a Google Cloud govt advised CNBC. Google Cloud has taken a number of extra steps towards crypto and blockchain trade participation in 2022.
Banking giant BNY Mellon has entered the crypto custody space, offering bitcoin and ether custody services to certain clients via a new platform. The 238-year-old bank will do the accounting for customers' cryptos in a similar way to traditional assets, while also handling customers' private keys. Roman Regelman, CEO of Securities Services and Digital at BNY Mellon, said: “With Digital Asset Custody, we continue our journey of trust and innovation in the evolving space of digital assets, while leveraging leading technology and partnering with fintechs ."
Attack of the zkEVMs! Crypto's 10x moment
FTX Partners With Visa, BNB Chain Suffers Exploit And Elon Musk Returns $44 Billion Twitter Deal: Hodler's Digest, Oct. 2-8
SEC Denies WisdomTree's Spot Bitcoin ETF Application... Again
After several delays, the United States Securities and Exchange Commission (SEC) has rejected WisdomTree's spot bitcoin exchange-traded fund (ETF) proposal that the company filed in January. The SEC cited fears of market manipulation and fraud as rationale for its decision, consistent with its previous rationale for rejecting spot bitcoin ETFs. The SEC also rejected a spot bitcoin ETF proposal by WisdomTree in 2021.
PayPal Says Policy on Penalizing Users for Misinformation Was "Erroneous".
PayPal's acceptable use policy was scheduled to be amended in early November to provide a $2,500 fine for any platform user who promotes, posts, sends, or publishes so-called "misinformation." PayPal has since claimed that the policy provision was added in error. "PayPal does not penalize people for misinformation and that language should never be included in our policy," PayPal said. The fiasco has reignited concerns about centralized platforms among crypto users, who see self-custody as a key pillar of self-sovereignty and financial inclusion.
Data from DappRadar showed that $1.3 billion worth of venture capital flowed into Metaverse projects and blockchain games during the third quarter, a bright spot amid the darkness of the crypto bear market. While venture capital funding for these sectors fell 48% compared to Q2, the number in Q3 was still more than double the full-year 2021 figure.
Winner and Loser
Bitcoin at the end of the week (Bitcoin) is at $19,665ether (ETH) at $1,329 and XRP at $0.50. The total market capitalization is at $938.70 Billion, according to to CoinMarketCap.
Among the many high 100 cryptocurrencies, the highest three altcoin gainers of the week are Huobi Token (HT) at 87.06% TerraClassicUSD (USTC) at 63.33% and quant (QNT) at 22.07%.
The highest three altcoin losers of the week are Klaytn (CLAY) at -20.36%, Web computer systems (ICP) at -15.04% and eCash (CHECK OVER) at -14.48%.
For extra info on crypto costs, see Cointelegraph's Market Evaluation.
Assault of the zkEVMs! Crypto's 10x second
FTX Companions With Visa, BNB Chain Suffers Exploit And Elon Musk Returns $44 Billion Twitter Deal: Hodler's Digest, Oct. 2-8
Most Memorable Quotes
“Ethereum is the 'Resort California' of cryptocurrencies. You'll be able to examine in however not try.
“Elon Musk cites posts about Dogecoin, you get signups seven times a day.
"If we [the crypto industry] If we want to achieve Internet greatness, we need a solution for AML/CTF compliance.
“A bear market is the best time to start working in crypto and find a job.
“There is protection in gold. But in my opinion Bitcoin is far superior. It has math and code. It is defended by a decentralized protocol. You don't mess with math.
"It's incredibly important to never forget that we have immense responsibilities that influencers don't have. They have their own risks in terms of trusting their followers, but we have our responsibilities to maintain our integrity as journalists.
forecast of the week
BTC price hits 3-week low on US CPI as bitcoin liquidates $57 million
Bitcoin traded sideways for most of the week, slightly favoring the downside, according to Cointelegraph's BTC price index. However, the asset experienced some price volatility on October 13, in line with the release of US inflation data in September. Bitcoin's price fell nearly $18,200 after the news but subsequently recovered above $19,000.
In an Oct. 13 post, Crypto's pseudonymous Twitter user il Capo tweeted about the possibility that Bitcoin's decline could be a bear trap, noting a possible subsequent rally to $21,000 followed by a sharp drop.
FUD of the week
OFAC and US Treasury Department's FinCEN Announce $29 Million in Enforcement Actions Against Bittrex
Crypto exchange Bittrex faces indictments from two different US regulators: the Treasury Department’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN). Regulators have essentially claimed that Bittrex failed to conduct proper due diligence on its customers and transactions between 2014 and 2018, allowing users from sanctioned regions to use the platform. Bittrex confirmed it would settle a roughly $24 million settlement with OFAC, which can also be used as credit for its $29 million settlement with FinCEN. To get out of the situation, Bittrex stated that it has been up to date with expected standards since 2018.
Mango Markets, a decentralized finance platform running on the Solana blockchain, has reportedly bled around $100 million from its treasury thanks to an exploit. Someone manipulated price data for the platform's native MNGO assets and had them borrow crypto worth far more than the value of the MNGO they pledged as collateral. MNGO suffered a price drop of about 50% after news of the event. Later reports showed that the hacker came forward and demanded a $70 million reward for mistakes and other conditions in order to return stolen funds.
CNN Shuts Down Its NFT Marketplace and Offers a 20% Refund
After about four months, media outlet CNN has decided to shut down its non-fungible token (NFT) venture, seemingly another victim of the bear market. The media company's NFT project, known as Vault by CNN, essentially offered tokenized memories of historical news events spanning multiple decades in CNN's history. The project's roadmap called for six months of development, though the media agency has since claimed the project is a "6-week experiment," according to an announcement by Twitter account Vault by CNN. NFT buyers will receive a 20% refund of the price they paid to have their NFTs minted, according to a CNN contributor on Discord.
Best Cointelegraph Features
zkEVMs are launching this month, providing a path to infinite scaling for Ethereum. But who will win the race between Polygon, zkSync, Scroll and StarkWare?
From reversible transactions to increased regulation and a rising tide of censorship, mass adoption of crypto will make it look more like the systems we are trying to escape.
The crypto downturn is about more than the macro environment
The global economic downturn should not have a negative impact on cryptocurrency prices in the long-term, although it does affect crypto in the short-term.
The most engaging read in blockchain. Delivered once a week.
Cointelegraph Magazine writers and reporters contributed to this article.