Coming every Saturday Hodler’s Digest It will help you keep track of every important news that happened this week. Best (and worst) quotes, top adoption and regulation, leading currencies, forecasts and much more – a week on Cointelegraph in one link.
This week’s top news
Banks will soon be equipped to offer customers cryptocurrency trading and custody thanks to a new program called “Crypto Source” from Mastercard and Paxos Trust. As part of the program, Mastercard will cover some of the compliance, security and interface details while Paxos handles cryptocurrency custody and trading. The Crypto Source program, expected in the fourth quarter of 2022, is expected to provide the basis that will allow banks to offer cryptocurrency trading and custody to their clients.
Under the guidance of former Twitter CEO Jack Dorsey, a new social media platform called “Bluesky Social” has entered its own beta phase after years of anticipation. The platform is based on a protocol known as the Authenticator Transfer Protocol (formerly known as ADX). The protocol essentially removes the walls around user data, allowing users to move their accounts from one platform to another instead of securing their personal files and information on a single platform.
After offloading 75% of its bitcoin holdings in the second quarter, Tesla decided to hold the remaining BTC in the third quarter, according to the company’s latest earnings report. The third-quarter earnings report details Tesla’s balance sheet, which contains $218 million in digital assets. In February 2021, Tesla privately disclosed that it held $1.5 billion worth of Bitcoin, but sold most of its holdings the following year due to COVID-19 concerns related to China.
Despite being a special administrative region in China, Hong Kong is looking to relax its crypto regulations in favor of the industry. China has taken regulatory steps to discourage the activity of the cryptocurrency industry in the past. Cryptocurrency trading in Hong Kong itself is largely restricted to professional investors, thanks to the Hong Kong Securities and Futures Commission (SFC). However, the SFC is now taking steps to allow retail cryptocurrency trading, as well as other crypto-friendly activities.
Aptos, a blockchain built using a programming language previously intended for the Meta Diem project, launched its mainnet on October 17. The well-funded blockchain created by Aptos Labs claims a processing capacity of 160,000 transactions per second (TPS). However, only 4 TPS was observed at the time of the Cointelegraph report on October 18. Initial low numbers were expected, according to Aptos on Twitter. October 20 reports Blockchain numbers are revealed to have risen to 16 TPS.
Winners and losers
Among the top 100 cryptocurrencies, Casper was the top three gainers of the week (CSPR) With 32.19%, Lido Dao (I am doing) By 16.23% and Maker (MKR) by 16.07%.
The top three altcoin losers this week are TerraClassicUSD (USTC) By -24.65%, Axi Infinity (AXS) At -16.18% and EthereumPoW (ETHW) at -15.52%.
For more information on crypto prices, be sure to read Cointelegraph Market Analysis.
Most unforgettable quotes
“Well, I mean, there are several reasons [for having Bitcoin in space]. One, because it’s cool, and you can.
Adam Buckco-founder and CEO of Blockstream
“Now is the time to tell your friends and explain the advantages of crypto, because when they are FOMOing at $70K [per Bitcoin] You must tell them not to enter the market.
Marcel BichmannAnd the Market Analyst and Cointelegraph Contributor
“Right now, piracy is definitely the biggest problem that we think of that is happening in the industry and that is a very real threat to security.
Kim GrouerDirector of Research at Chainalysis
We believe in everything [in museums] It will be an NFT, just like a serial number, there will be an NFT for every product.”
Hussein HallaqCEO and Founder of Next Decentrum Technologies
PoW has been a dead end for Ethereum.
Tancel KayaCEO of Mindstone Blockchain Labs
“Price gouging is a relative of misrepresentation, and in many jurisdictions, engaging in misleading and deceptive behavior is illegal and the basis for legal claims.
Michael Pasinapartner at Piper Alderman
Predicting the week
Bitcoin price has been trading relatively sideways for most of this week again, according to Cointelegraph’s BTC Price Index.
Larry Leppard, founder of the equity management firm, sees bitcoin reaching $2 million per coin over the next five or six years, he said in quoth crow Podcast episode published on October 16 “Bitcoin could hit zero, but I personally think bitcoin will go up 100x,” according to Leppard. However, he also indicated that Bitcoin might drop to $14,000 before then.
FUD of the week
Cross-chain bridges are the weakest point of security in decentralized finance (DeFi), according to a Token Terminal report. The crypto data provider explained that cross-chain bridge exploits, largely on the Ethereum Virtual Machine blockchain, have accounted for about $2.5 billion in lost funds over the past two years. Cross-chain bridge hacks account for about half of all DeFi hacks during that period.
Most Salvadorans are unhappy with their government’s spending on bitcoin, according to residents surveyed as part of a study from José Simeon Canas University of Central America in El Salvador. The country submitted a legal tender for Bitcoin in September 2021, although only 24.4% of Salvadorans surveyed have used Bitcoin for payments since then, as of the September 2022 poll. In addition, less than 40% of those surveyed supported El Salvador’s Decision to Submit a Bitcoin Legal Bidding.
Previously organized to initiate lawsuits from Terra investors, the Re-UST Group (URG) has now shifted focus to the search for Terra Do Kwon’s president. The URG Discord group has 4,400 participants discussing and searching for Kwon as a result of the collapse of the Terra project earlier in 2022. Authorities have taken various actions to find the co-founder of Terraform Labs. Kwon said safety precautions prompted him to leave Singapore, according to an interview published by journalist Laura Shen this week.
“Terra Luna’s protocol was created by someone with an IQ of 50 or 150. And frankly, I can’t say which one.”
“Returns based on marketing dollars are fake. It’s like the dotcom boom that pushes customers to buy a product.”
It shouldn’t surprise anyone if regulators start telling node auditors to impose KYC and AML requirements on users who suspend Ether.
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