Mastercard and Paxos help banks offer crypto, Jack Dorsey details new social platform and Tesla hodls BTC: Hodler’s Digest, October 16-22

Advertisement

Comes every Saturday Hodler’s Digest will help you follow every important news story this week. The best (and worst) odds, adoption and regulatory highlights, leading coins, predictions and much more – a week on Cointelegraph in one link.

Top stories this week

Mastercard Taps Paxos to Launch Crypto Trading for Banks

Banks will soon be equipped to offer customers crypto trading and custody thanks to a new program called “Crypto Source” from Mastercard and Paxos Trust Company. As part of the program, Mastercard will handle some of the compliance, security and interface details, while Paxos will handle crypto custody and trading. Expected in the last quarter of 2022, the Crypto Source program will essentially provide the foundation for banks to offer crypto trading and custody to their customers.

Jack Dorsey Unveils Decentralized Social With Algo Choice And Portable Accounts

Overseen by former Twitter CEO Jack Dorsey, a new social media platform called “Bluesky Social” has entered its private beta phase after years of anticipation. The foundation of the platform is a protocol known as the Authenticated Transfer Protocol (formerly called ADX). The protocol essentially removes the walls around user data, allowing users to move their accounts from platform to platform instead of locking their profiles and information on one platform.

Read also


Functions

Old-fashioned photographers grapple with NFTs: new world, new rules


Functions

North American Cryptominers Prepare to Challenge China’s Dominance

Hodl! Tesla Holds All Its Remaining $218 Million in Bitcoin in Q3

After divesting 75% of its Bitcoin holdings in the second quarter, Tesla decided to keep its remaining BTC in the third quarter, according to the company’s latest earnings report. The third quarter earnings report provides detailed information on Tesla’s balance sheet with $218 million in digital assets. Notably, in February 2021, Tesla revealed that it had $1.5 billion in Bitcoin, but sold most of its holdings the following year due to China-related COVID-19 concerns.

Not Like China: Hong Kong Reportedly Wants to Legalize Crypto Trading

Although it is a special administrative region of China, Hong Kong is reportedly looking to ease its crypto regulations to benefit the industry. China has taken regulatory measures in the past to discourage activity in the crypto industry. Crypto trading in Hong Kong itself is largely restricted to professional investors, thanks to Hong Kong’s Securities and Futures Commission (SFC). However, the SFC is now taking steps to allow retail crypto trading as well as other crypto-friendly activities.

‘Performing as Expected’ – Aptos Labs Defends Day 1 Criticism

Aptos, a blockchain built with programming language once intended for Meta’s 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 Oct. 18. The initial low numbers were expected, according to Aptos on Twitter. October 20 report disclosed numbers for the blockchain had risen to 16 TPS.

Winners and losers

At the end of the week, Bitcoin (BTC) is with $19,115ether (ETH) Bee $1,299 and XRP Bee $0.44. The total market capitalization is $916.20 billion, according to to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Casper (CSPR) at 32.19%, Lido DAO (I WANT) at 16.23% and Maker (MKR) at 16.07%.

The top three altcoin losers of the week are TerraClassicUSD (USTC) at -24.65%, Axie Infinity (AXS) at -16.18% and EthereumPoW (ETHW) at -15.52%.

To learn more about crypto prices, read CoinTelegraph Market Analysis.

Read also


Functions

Capitalism’s Perestroika Moment: Bitcoin Rises as Economic Centralization Falls


Functions

Sell ​​or hodl? How to prepare for the end of the bull run, part 2

Most Memorable Quotes

“Well, I mean, there are a few reasons [for having Bitcoin in space]. One, because it’s cool, and you can.

Adam Backco-founder and CEO of Blockstream

“Now is the time to tell your friends and explain the benefits of crypto because when they FOMO at $70,000 [per Bitcoin] you should tell them not to enter the market.

Marcel Pechman, Markets Analyst and Cointelegraph Contributor

“Right now, hacking is certainly the biggest problem we think about in the industry and poses a real threat to security.

Kim Grauerresearch director at Chainalysis

“We believe everything [in museums] will be an NFT, just like a serial number, for every product there will be an NFT.”

Hussein HallakCEO and founder of Next Decentrum Technologies

“PoW was a dead end for Ethereum.

Tansel KayaCEO of Mindstone Blockchain Labs

“Price manipulation is a cousin of misrepresentation, and in many jurisdictions, misleading and deceptive behavior is illegal and grounds for legal claims.

Michael Bacinapartner at Piper Alderman

Prediction of the week

Bitcoin Price ‘Easy’ Because of the $2 Million in Six Years – Larry Lepard

Bitcoin’s price has again been trading relatively sideways for most of this week, according to Cointelegraph’s BTC price index.

Equity Management Associates founder Larry Lepard sees Bitcoin reaching $2 million per coin in the next five or six years, he said in a statement. Quoth the Raven podcast episode published October 16. “Bitcoin could go to zero, but personally I believe Bitcoin will rise 100x,” said Lepard. However, he also noted that Bitcoin could drop to $14,000 before then.

FUD of the week

Report: Half of all DeFi exploits are cross-bridge hacks

Cross-chain bridges are the weakest point of security in decentralized finance (DeFi), according to a Token Terminal report. The crypto data provider indicated that cross-chain bridge exploits, largely on Ethereum Virtual Machine blockchains, have caused about $2.5 billion in lost money over the past two years. Cross-chain bridge exploits accounted for about half of all DeFi hacks during that period.

77.1% of Salvadorans surveyed think the government should ‘stop spending government money’ on Bitcoin

Most Salvadorans are unhappy with their government’s Bitcoin spending, according to residents surveyed as part of a survey by José Simeón Cañas Central American University in El Salvador. The country made Bitcoin legal tender in September 2021, although only 24.4% of Salvadorans surveyed have used Bitcoin for payments since, as of the September 2022 poll. In addition, less than 40% of those polled were in favor of El Salvador’s decision. to make Bitcoin legal tender.

4,400 disgruntled investors are chasing Terra’s Do Kwon

The UST Restitution Group (URG), which was previously organized to file lawsuits against Terra investors, has now shifted its focus to the search for Terra head Do Kwon. The URG Discord group has 4,400 participants discussing and searching for Kwon as a result of the Terra project collapse earlier in 2022. Authorities have taken several steps to locate the Terraform Labs co-founder. According to an interview published this week by journalist Laura Shin, Kwon said he had to leave Singapore due to security measures.

Best CoinTelegraph Features

‘Terra hit us incredibly hard’: Sunny Aggarwal of Osmosis Labs

“The Terra Luna protocol was created by someone with an IQ of 50 or 150. And honestly, I can’t tell which one.”

DeFi abandons Ponzi farms for ‘real yield’

“Marketing dollar returns are fake. It’s like the Dotcom boom phase where customers pay to buy a product.”

KYC to bet your ETH? It’s probably coming to the US

It shouldn’t surprise anyone if regulators start telling node validators to impose KYC and AML requirements on users deploying Ether.

Editorial

Writers and reporters from Cointelegraph Magazine contributed to this article.

Visit Source link!

Leave a Comment