Google and Coinbase strike a deal, BNY Mellon begins crypto custody and WisdomTree’s Bitcoin ETF gets denied: Hodler’s Digest, Oct. 9-15

1 year 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.

Breaking: Google taps Coinbase to bring crypto payments to unreality services

Starting successful aboriginal 2023, Coinbase’s outgo service, Coinbase Commerce, volition facilitate crypto payments for customers purchasing Google’s unreality services acknowledgment to a woody betwixt the 2 companies. Google volition lone let definite crypto assets for payment, including Bitcoin. Initially constricted to definite participants, the enactment to wage with crypto volition yet beryllium expanded to different customers, an enforcement astatine Google Cloud told CNBC. Google Cloud has taken respective different steps toward crypto and blockchain manufacture engagement successful 2022.

BNY Mellon, America’s oldest bank, launches crypto services

Banking elephantine BNY Mellon has entered the crypto custody field, offering definite customers Bitcoin and Ether custody services via a caller platform. The 238-year-old slope volition supply bookkeeping for clients’ crypto successful a akin manner arsenic it does for accepted assets, portion besides handling clients’ backstage keys. BNY Mellon’s CEO of securities services and digital, Roman Regelman, said: “With Digital Asset Custody, we proceed our travel of spot and innovation into the evolving integer assets space, portion embracing starring exertion and collaborating with fintechs.”

SEC rejects WisdomTree’s exertion for a spot Bitcoin ETF… again

Following aggregate delays, the United States Securities and Exchange Commission (SEC) has denied WisdomTree’s spot Bitcoin exchange-traded money (ETF) proposal, which the steadfast filed successful January. The SEC cited fears of marketplace manipulation and fraud arsenic the rationale for its decision, which is accordant with its erstwhile rationale for denying spot Bitcoin ETFs. The SEC besides denied a spot Bitcoin ETF connection from WisdomTree successful 2021.

PayPal says argumentation to punish users for misinformation was ‘in error’

PayPal’s Acceptable Use Policy was acceptable to alteration successful aboriginal November to see a $2,500 good for immoderate level users that promote, post, nonstop oregon publicize alleged “misinformation.” PayPal has since claimed that the argumentation proviso was added successful error. “PayPal is not fining radical for misinformation and this connection was ne'er intended to beryllium inserted successful our policy,” said PayPal. The fiasco has reignited concerns astir centralized platforms among crypto users who presumption self-custody arsenic an important pillar of self-sovereignty and fiscal inclusion.

Blockchain games and metaverse projects raised $1.3B successful Q3: DappRadar

Data from DappRadar revealed that $1.3 cardinal worthy of task superior flowed into metaverse projects and blockchain games successful Q3 — a agleam spot amid crypto carnivore marketplace darkness. While task superior backing for these sectors was down 48% compared with Q2, the Q3 fig was inactive much than treble the magnitude invested successful each of 2021.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $19,665, Ether (ETH) astatine $1,329 and XRP astatine $0.50. The full marketplace headdress is astatine $938.70 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are Huobi Token (HT) astatine 87.06%, TerraClassicUSD (USTC) astatine 63.33% and Quant (QNT) astatine 22.07%.

The apical 3 altcoin losers of the week are Klaytn (KLAY) astatine -20.36%, Internet Computer (ICP) astatine -15.04% and eCash (XEC) astatine -14.48%.

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

Most Memorable Quotations

“Ethereum is the ‘Hotel California’ of cryptocurrencies. You tin cheque in, but you can’t cheque out.

Charles Hoskinson, laminitis of Cardano

“Elon Musk quotes posts astir Dogecoin, you get 7 times regular signups.

Alex Harper, co-CEO and co-founder of Swyftx

“If we [the crypto industry] privation to execute net scale, we request a solution for AML/CTF compliance.

John Henderson, spouse astatine Airtree Ventures

“A carnivore marketplace is the champion clip to commencement moving successful crypto and find a job.

Raman Shalupau, laminitis of Crypto Jobs List

“There is extortion successful gold. But successful my opinion, Bitcoin is acold superior. It’s got mathematics and code. It’s defended by a decentralized protocol. You don’t messiness with math.

Greg Foss, enforcement manager of strategical initiatives astatine Validus Power Corp

“It’s incredibly important not to ever hide that we person an immense work that influencers bash not. They person their ain risks successful presumption of their followers’ trust, but we person our work to support our integrity arsenic journalists.

Kristina Cornèr, editor-in-chief of Cointelegraph

Prediction of the Week

BTC terms hits 3-week lows connected US CPI arsenic Bitcoin liquidates $57M

For astir of the week, Bitcoin traded sideways, somewhat favoring the downside, according to Cointelegraph’s BTC terms index. The plus sustained a just spot of terms volatility connected Oct. 13, however, successful enactment with the merchandise of September’s U.S. ostentation data. Bitcoin’s terms dropped down adjacent $18,200 pursuing the quality but subsequently rebounded supra $19,000.

In an Oct. 13 post, pseudonymous Twitter idiosyncratic il Capo of Crypto tweeted astir the anticipation of Bitcoin’s driblet being a carnivore trap, noting a imaginable consequent rally to $21,000, followed by a stark drop.

FUD of the Week

US Treasury’s OFAC and FinCEN denote $29M successful enforcement actions against Bittrex

Crypto speech Bittrex faces charges from 2 antithetic United States regulators: the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN). The regulatory authorities person fundamentally alleged that Bittrex did not behaviour due owed diligence connected its customers and transactions betwixt 2014 and 2018, which allowed users from sanctioned regions to usage the platform. Bittrex confirmed it would settee with OFAC for astir $24 million, which whitethorn besides beryllium applied arsenic a recognition toward its $29 cardinal colony owed to FinCEN. Looking to determination guardant from the situation, Bittrex stated that it has been up to day with expected standards since 2018.

$100M drained from Solana DeFi level Mango Markets, token plunges 52%

Mango Markets, a decentralized concern level moving connected the Solana blockchain, reportedly bled astir $100 cardinal from its treasury acknowledgment to an exploit. Someone manipulated terms information for the platform’s autochthonal MNGO asset, letting them get crypto worthy acold much than the worth of the MNGO they enactment up arsenic collateral. MNGO suffered a astir 50% terms driblet pursuing quality of the event. Later reporting saw the hacker coming forward, demanding a $70 cardinal bug reward and different presumption to instrumentality exploited funds.

CNN to unopen down its NFT marketplace and contented 20% refund

After astir 4 months, media outlet CNN has decided to discontinue its nonfungible token (NFT) endeavor, seemingly different carnivore marketplace casualty. The media company’s NFT project, known arsenic Vault by CNN, fundamentally offered tokenized memories of humanities quality events spanning aggregate decades done CNN’s history. The project’s roadmap projected six months of development, though the media outlet has since claimed the task was a “6-week experiment,” according to an announcement from the Vault by CNN Twitter account. NFT buyers volition get a 20% reimbursement of the terms they paid to mint their NFTs, according to a CNN staffer connected Discord.