FTX partners with Visa, BNB Chain suffers exploit and Elon Musk returns to $44B Twitter deal: Hodler’s Digest, Oct. 2-8

2 years ago

Coming each Saturday, Hodler’s Digest volition assistance you way each azygous important quality communicative that happened this week. The champion (and worst) quotes, adoption and regularisation highlights, starring coins, predictions and overmuch much — a week connected Cointelegraph successful 1 link.

Top Stories This Week

Musk’s woody for Twitter looks acceptable to spell with archetypal $44B terms tag

Elon Musk is backmost connected way to bargain Twitter. The billionaire primitively decided to bargain the societal media web backmost successful April 2022, settling connected a terms tag of astir $44 billion. He subsequently attempted to cancel the agreement, claiming inadequate transparency from Twitter regarding the firm’s fiscal wellness arsenic good arsenic fake relationship and spam bot prevalence connected the platform. Musk present intends to implicit the archetypal $44 cardinal deal, according to a ineligible filing.

EU regulators prohibition cross-border payments from Russian crypto accounts

In airy of caller escalations successful the Ukraine-Russia war, the European Union has banned crypto enactment betwixt subordinate regions and Russia, nary substance however tiny the transaction. The prohibition covers “all crypto-asset wallets, accounts, oregon custody services, irrespective of the magnitude of the wallet,” according to an Oct. 6 connection from the European Commission. Russia, connected the different hand, has taken the other stance, evident successful its support of cross-border crypto enactment successful caller weeks.

SWIFT says it has reached a ‘breakthrough’ successful caller CBDC experiments

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a cardinal cog successful the planetary payments system, unveiled a palmy trial related to cardinal slope integer currencies (CBDCs). In short, the trial proved interoperability betwixt CBDCs globally. “For CBDCs, our solution volition alteration cardinal banks to link their ain networks simply and straight to each the different payments systems successful the satellite done a azygous gateway,” SWIFT main innovation serviceman Tom Zschach said successful an Oct. 5 statement. SWIFT’s different trial pertained to tokenized assets.

Middle East and North Africa are fastest-growing crypto markets: Data

The Middle East and North Africa, known arsenic the MENA region, took the barroom for fastest crypto maturation this past year. Between July 2021 and June 2022, the measurement of crypto transactions successful the portion deed $566 billion, a 48% summation from the twelvemonth prior, according to a Chainalysis report. Crypto usage successful the MENA portion ranged from superior preservation and remittance payments to organization activity. Latin America took 2nd successful presumption of maturation astatine 40%, and North America came successful 3rd with 36%.

FTX and Visa spouse to licence crypto payments successful 40 countries

Crypto speech FTX unveiled that it has teamed up with Visa to nutrient a reportedly feeless debit card. Launching specified a paper has been a long-standing extremity of FTX CEO Sam Bankman-Fried. The FTX Visa paper volition reportedly beryllium disposable successful 40 countries. The card’s website states the paper is besides escaped to own.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $19,604, Ether (ETH) astatine $1,336 and XRP astatine $0.49. The full marketplace headdress is astatine $947.07 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are Casper (CSPR) astatine 20%, Elrond (EGLD) astatine 12.98% and Convex Finance (CVX) astatine 12.44%.

The apical 3 altcoin losers of the week are UNUS SED LEO (LEO) astatine -11.93%, Chiliz (CHZ) astatine -9.04% and Lido DAO (LDO) astatine -8.06%.

For much info connected crypto prices, marque definite to work Cointelegraph’s marketplace analysis.

Most Memorable Quotations

“A twelvemonth ago, nobody’s asking maine questions astir bankruptcy. A twelvemonth ago, everybody was asking maine questions astir DeFi and things similar that.

Diogo Mónica, president and co-founder of Anchorage Digital

“NFTs tin springiness you the method quality to instrumentality ownership of a crippled plus retired of the power of the steadfast of the game.

Alex Dunmow, CEO of Ninja Syndicate

“This recession is successful its earliest stages, and the smarter play is to fto the Fed’s monetary argumentation shifts play retired and prevention capital.

Richard Gardner, CEO of Modulus

“As it stands, owning integer creation is inactive comparatively overseas to astir radical and, astatine most, it’s a chill concept.

Ted Mui, CEO of Kuma Games

“All fiscal goods volition determination crossed blockchain networks successful the future.

Matthew Hougan, main concern serviceman astatine Bitwise Asset Management

“That’s our mandate: not to marque a satellite with Bitcoin oregon Ethereum, oregon not marque that satellite — it’s conscionable to recognize what’s going on, acceptable up a strategy wherever we […] marque definite radical person bully resources to recognize what’s happening.”

Curtis Loftis, treasurer for the U.S. authorities of South Carolina

Prediction of the Week

A crumbling banal marketplace could make profitable opportunities for Bitcoin traders

Bitcoin posted different week of mostly range-bound terms action, trading betwixt $19,000 and $20,500 for the astir part, according to Cointelegraph’s BTC terms index.

Cointelegraph expert Marcel Pechman elaborate the imaginable value of Q3 net announcements expected successful October from large companies specified arsenic Tesla and Apple. If negative, the announcements could pb to a falling BTC terms if the plus remains correlated to mainstream markets. In contrast, Bitcoin’s scarcity could entreaty to investors if ostentation woes continue.

FUD of the Week

Kim Kardashian pays SEC $1.26 cardinal to settee EthereumMax charge

Kim Kardashian faces ineligible enactment from the United States Securities and Exchange Commission (SEC) for not disclosing 1 of her Instagram posts arsenic being sponsored, according to the regulator. The personage accepted $250,000 successful speech for publishing a promotional station astir crypto task EthereumMax (EMAX) connected her Instagram account. The enactment volition outgo Kardashian a full of $1.26 cardinal successful fines, which she has agreed to wage contempt not confirming oregon denying the charges.

BNB Chain backmost online aft suspension owed to a cross-chain exploit

BNB Chain was paused concisely this week to combat a cross-chain onslaught related to the BSC Token Hub bridge. The exploit “resulted successful other BNB,” according to an Oct. 6 tweet from Binance CEO Changpeng Zhao. Although the concatenation was capable to frost $7 million, estimates accidental astir $70 to $80 cardinal was stolen, down from earlier estimates of $100 million. BNB Chain successfully resumed enactment connected Oct. 7.

South Korean justice dismisses warrant for idiosyncratic progressive successful Terra collapse: Report

The wide hunt for members of the Terra squad has resulted successful its archetypal arrest: caput of Terraform Labs’ concern squad Yoo Mo was taken into custody by South Korean police. A Seoul Southern District Court justice dismissed the apprehension warrant soon after, questioning the regulatory claims of the accusations, though Mo is not allowed to permission South Korea. The Terra crypto task collapsed successful outlandish manner earlier successful 2022. Project person Do Kwon remains astatine large.