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

PayPal’s Acceptable Use Coverage was set to vary in early November to incorporate a $2,500 tremendous for any platform customers that promote, put up, ship or publicize so-called “misinformation.” PayPal has since claimed that the coverage provision was added in error. “PayPal just isn’t fining individuals for misinformation and this language was by no means supposed to be inserted in our coverage,” mentioned PayPal. The fiasco has reignited issues about centralized platforms amongst crypto customers who view self-custody as an necessary pillar of self-sovereignty and monetary inclusion.

Blockchain video games and metaverse tasks raised $1.3B in Q3: DappRadar

Information from DappRadar revealed that $1.3 billion price of enterprise capital flowed into metaverse tasks and blockchain video games in Q3 — a vibrant spot amid crypto bear market darkness. Whereas enterprise capital funding for these sectors was down 48% in contrast with Q2, the Q3 determine was nonetheless greater than double the quantity invested in all of 2021.

Winners and Losers

On the finish of the week, Bitcoin (BTC) is at $19,665, Ether (ETH) at $1,329 and XRP at $0.50. The whole market cap is at $938.70 billion, in accordance with CoinMarketCap.

Among the many greatest 100 cryptocurrencies, the highest three altcoin gainers of the week are Huobi Token (HT) at 87.06%, TerraClassicUSD (USTC) at 63.33% and Quant (QNT) at 22.07%.  

The highest three altcoin losers of the week are Klaytn (KLAY) at -20.36%, Web Laptop (ICP) at -15.04% and eCash (XEC) at -14.48%.

For more information on crypto costs, be certain to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“Ethereum is the ‘Resort California’ of cryptocurrencies. You’ll be able to examine in, however you’ll be able to’t try.

Charles Hoskinson, founding father of Cardano

“Elon Musk quotes posts about Dogecoin, you get seven instances day by day signups.

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

“If we [the crypto industry] need to obtain web scale, we want an answer for AML/CTF compliance.

John Henderson, accomplice at Airtree Ventures

“A bear market is the perfect time to begin working in crypto and discover a job.

Raman Shalupau, founding father of Crypto Jobs Checklist

“There’s safety in gold. However for my part, Bitcoin is way superior. It’s received math and code. It’s defended by a decentralized protocol. You don’t mess with math.

Greg Foss, govt director of strategic initiatives at Validus Energy Corp

“It’s extremely necessary to not ever neglect that now we have an immense duty that influencers don’t. They’ve their very own dangers by way of their followers’ belief, however now we have our duty to maintain our integrity as journalists.

Kristina Cornèr, editor-in-chief of Cointelegraph

Prediction of the Week 

BTC worth hits 3-week lows on US CPI as Bitcoin liquidates $57M

For many of the week, Bitcoin traded sideways, barely favoring the draw back, in accordance with Cointelegraph’s BTC worth index. The asset sustained a good bit of worth volatility on Oct. 13, nevertheless, according to the discharge of September’s U.S. inflation information. Bitcoin’s worth dropped down close to $18,200 following the information however subsequently rebounded above $19,000.  

In an Oct. 13 put up, pseudonymous Twitter consumer il Capo of Crypto tweeted about the opportunity of Bitcoin’s drop being a bear lure, noting a possible subsequent rally to $21,000, adopted by a stark drop.

FUD of the Week

US Treasury’s OFAC and FinCEN announce $29M in enforcement actions towards Bittrex

Crypto trade Bittrex faces costs from two completely different United States regulators: the Division of the Treasury’s Workplace of International Property Management (OFAC) and the Monetary Crimes Enforcement Community (FinCEN). The regulatory authorities have primarily alleged that Bittrex didn’t conduct correct due diligence on its prospects and transactions between 2014 and 2018, which allowed customers from sanctioned areas to make use of the platform. Bittrex confirmed it might settle with OFAC for round $24 million, which can even be utilized as a credit score towards its $29 million settlement owed to FinCEN. Seeking to transfer ahead from the scenario, Bittrex acknowledged that it has been updated with anticipated requirements since 2018.

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

Mango Markets, a decentralized finance platform operating on the Solana blockchain, reportedly bled round $100 million from its treasury because of an exploit. Somebody manipulated worth information for the platform’s native MNGO asset, letting them borrow crypto price way over the worth of the MNGO they put up as collateral. MNGO suffered a roughly 50% worth drop following information of the occasion. Later reporting noticed the hacker coming ahead, demanding a $70 million bug reward and different phrases to return exploited funds.

CNN to close down its NFT market and challenge 20% refund

After about 4 months, media outlet CNN has determined to discontinue its nonfungible token (NFT) endeavor, seemingly one other bear market casualty. The media firm’s NFT undertaking, referred to as Vault by CNN, primarily provided tokenized reminiscences of historic information occasions spanning a number of many years by way of CNN’s historical past. The undertaking’s roadmap projected six months of growth, though the media outlet has since claimed the undertaking was a “6-week experiment,” in accordance with an announcement from the Vault by CNN Twitter account. NFT patrons will get a 20% reimbursement of the worth they paid to mint their NFTs, in accordance with a CNN staffer on Discord.

Finest Cointelegraph Options

Assault of the zkEVMs! Crypto’s 10x second

zkEVMs are launching this month and provide a path to infinite scaling for Ethereum. However who will win the race between Polygon, zkSync, Scroll and StarkWare?

Mass adoption can be horrible for crypto

From reversible transactions to elevated regulation and a rising tide of censorship, mass adoption goes to make crypto look extra just like the programs we’re making an attempt to flee.

Crypto’s downturn is about greater than the macro atmosphere

The worldwide financial downturn mustn’t have a long-term adverse impact on cryptocurrency costs, even whether it is influencing crypto within the quick time period.

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Cointelegraph Journal writers and reporters contributed to this text.