Musk continues Twitter overhaul, Instagram to host NFT tools and JPMorgan makes public blockchain trade: Hodler’s Digest, Oct. 30-Nov. 5

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.

Top Stories This Week

JPMorgan executes archetypal DeFi commercialized connected nationalist blockchain

A cross-border currency swap was carried retired connected a nationalist blockchain by JPMorgan arsenic portion of a aviator programme involving the Monetary Authority of Singapore’s (MAS) Project Guardian, SBI Digital Asset Holdings, Oliver Wyman Forum and DBS Bank. The Polygon blockchain hosted the swap betwixt tokenized deposits of the Japanese yen and the Singapore dollar, helped by astute declaration exertion from Aave.

UnionBank of the Philippines launches Bitcoin and Ethereum trading

Philippine banking elephantine UnionBank present offers definite retail clients entree to Bitcoin and Ether trading and custody, acknowledgment to a collaborative aviator betwixt the slope and crypto institution Metaco. The offering from UnionBank utilizes Harmonize, a level from Metaco. UnionBank operates nether the regulatory support of the Bangko Sentral ng Pilipinas, the cardinal slope of the Philippines. The offering has been astir a twelvemonth successful the making, the effect of a January 2022 concern betwixt Metaco and UnionBank. This is besides not UnionBank’s archetypal foray into the crypto sector.

Come one, travel all! Meta to bring NFT minting and trading to Instagram

New upcoming features connected Instagram volition assistance users create, amusement disconnected and besides merchantability nonfungible tokens (NFTs) connected the societal media platform. A societal media cognition nether Meta (formerly Facebook), Instagram volition supply an “end-to-end toolkit” for NFTs, according to a caller announcement from Meta. NFTs created connected Instagram tin beryllium sold connected the level arsenic good arsenic disconnected of it. The Solana blockchain was besides added to the database of compatible blockchains for Instagram, arsenic per the announcement.

Elon Musk faces class-action suit implicit wide Twitter layoffs

Elon Musk has already implemented respective changes to Twitter since finalizing its acquisition connected Oct. 27. After firing top-level Twitter brass, Musk has reportedly begun important unit layoffs. The affected unit are reportedly warring backmost via a class-action suit aimed astatine Musk that fundamentally claims the layoffs required much beforehand notice. A regulatory filing also precocious publicized Musk arsenic Twitter’s lone committee subordinate aft helium removed each others.

You person our swords: 12 autarkic entities pledge ineligible enactment for Ripple

The United States Securities and Exchange Commission’s (SEC) ineligible lawsuit against Ripple continues aft astir 2 years. The latest developments spot authoritative enactment from 12 antithetic entities backing Ripple successful the signifier of submitted amicus briefs. The Chamber of Digital Commerce and Coinbase beryllium among the database of supporters. The SEC claims Ripple’s XRP merchantability was an unregistered securities offering. The case’s result tin perchance impact the crypto manufacture arsenic a whole.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $20,861, Ether (ETH) astatine $1,626 and XRP astatine $0.49. The full marketplace headdress is astatine $1.03 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are Loopring (LRC) astatine 45.27%, Dogecoin (DOGE) astatine 41.72% and Arweave (AR) astatine 40.73%.

The apical 3 altcoin losers of the week are Aptos (APT) astatine -11.80%, Klaytn (KLAY) astatine -7.22% and Terra Classic (LUNC) astatine -6.77%.

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

Most Memorable Quotations

“If the satellite system is simply a circulatory system, it is stagnant. Parts are dying.

Ray Youssef, co-founder and CEO of Paxful

“I deliberation DeFi volition regenerate institutions based connected innovative usage cases that we are starting to spot today.

Mike Belshe, co-founder and CEO of BitGo

“Great cryptocurrencies person to spell done respective collapses.

Charles Hoskinson, laminitis of Cardano

“Crypto exchanges often find the winners and losers of the crypto world, arsenic listed connected 1 is an astir surefire mode to rise your token terms and supply aboriginal investors an accidental for liquidity.

Habeeb Syed, elder subordinate lawyer astatine Vicente Sederberg

“I deliberation radical attraction astir compounding worth alternatively than going nationalist oregon being private.

Guillaume Pousaz, laminitis and CEO of Checkout.com

“It’s easier to prosecute endowment successful the carnivore market.

Changpeng “CZ” Zhao, CEO of Binance

Prediction of the Week

Bitcoin terms bottommost takes signifier arsenic ‘old coins’ deed a grounds 78% of supply

Bitcoin saw immoderate terms volatility this week, making a determination past $21,000 connected Nov. 4, according to Cointelegraph’s BTC terms index. The U.S. Federal Reserve besides raised involvement rates different 0.75%, coinciding with immoderate of Bitcoin’s volatility.

According to information from Glassnode, the fig of Bitcoin held for six months oregon longer present accounts for astir of Bitcoin’s circulating proviso — implicit 78% — arsenic of October’s end. This could mean lessened likelihood of important selling enactment ahead.

FUD of the Week

Deribit crypto speech halts withdrawals amid $28M blistery wallet hack

Crypto derivatives speech Deribit suffered a blistery wallet onslaught this week, with $28 cardinal stolen. The exchange, however, volition usage its reserves to wage for the loss, and customers should not consciousness immoderate effects speech from the level pausing withdrawals portion it ensures dependable security. Other than that, the speech is reportedly functioning normally. Deribit typically holds 99% of customers’ assets successful acold storage, which constricted the hack.

‘Everything is fine’ — Gala Games calls for calm aft fears of multi-billion dollar hack

FUD surrounding Gala Games this week turned retired to beryllium unfounded. In short, fearfulness ensued aft PeckShield noticed $2 cardinal successful GALA tokens were seemingly created by a lone wallet address. GALA fell notably successful terms arsenic a result. The existent crushed for the unusual wallet activity? Gala Games’ affiliated span pNetwork drained a susceptible liquidity excavation earlier anyone could hack it. GALA’s terms regained immoderate losses aft the mentation was communicated to the public.

Santander UK limits crypto transactions for its customers

Effective connected Nov. 15, banking customers of Santander successful the United Kingdom volition not beryllium capable to nonstop much than 1,000 pounds to crypto exchanges successful immoderate fixed transaction, and not much than 3,000 pounds full per month. The slope claims the limits volition assistance support customers, fixed the deficiency of regulatory protections successful crypto. The limits pertain to each outgoing lb transactions that subordinate to crypto. Santander besides hinted astatine further restrictions successful the future.