Crypto

Morgan Stanley acquires more GBTC, Alibaba to halt crypto mining gear sales, and a possible scenario for $6 million BTC: Hodler’s Digest, Sept. 26


Coming each Saturday, Hodler’s Digest will show you how to observe each single essential information story that occurred this week. The finest (and worst) quotes, adoption and regulation highlights, main cash, predictions and a lot more — a week on Cointelegraph in a single hyperlink.

Top Stories This Week

DOGE co-founder sets sights on Ethereum bridge and NFTs for mass adoption

Billy Markus, the co-founder of the beloved Dogecoin (DOGE), emphasised the significance of finishing an Ethereum-to-Dogecoin bridge on Thursday, citing that the asset might be built-in for funds on Ethereum-based NFT marketplaces.

Markus acknowledged that there’s “high demand” to buy NFTs throughout the crypto neighborhood and that enabling NFT purchases with DOGE “greatly increases its utility.”  

The growth of a Dogecoin–Ethereum bridge would mark a important milestone for the meme coin, as it will allow customers to ship DOGE from the Dogecoin blockchain to the Ethereum blockchain, and make the most of the asset within the DeFi and NFT sectors through ERC-20 DOGE token contracts.

 

JPMorgan CEO says Bitcoin price could rise 10x but still won’t buy it

Jamie Dimon, the CEO of JPMorgan Chase and staunch crypto critic, has slammed Bitcoin’s enchantment regardless of admitting that its worth might multiply by 10 inside 5 years, presumably as a result of he doesn’t like making good returns on his investments. 

During an interview with The Times of India, the CEO was requested whether or not Bitcoin (BTC) or different crypto belongings ought to be banned or regulated. Dimon answered by taking a swing on the hype surrounding the asset, stating:

“I don’t really care about Bitcoin. I think people waste too much time and breath on it. But it is going to be regulated. […] And that will constrain it to some extent. But whether it eliminates it, I have no idea and I don’t personally care. I am not a buyer of Bitcoin. […] That does not mean it can’t go 10 times in price in the next five years.”

 

Morgan Stanley doubles exposure to Bitcoin through Grayscale shares

Speaking of enormous funding banks, it was reported on Monday that Morgan Stanley has more than doubled its publicity to the Grayscale Bitcoin Trust (GBTC) since April. 

According to a latest SEC submitting, the Morgan Stanley Europe Opportunity Fund owned a whole of 58,116 GBTC shares as of July 31. The holdings are price round $1.96 million on the time of writing, representing an 18.3% lower on the $2.4 million Morgan Stanley mentioned it has splurged on GBTC. 

Previous filings present that Morgan Stanley has elevated its shares of GBTC by more than 105% since April, suggesting that market volatility over latest months affected its urge for food for Bitcoin through Grayscale.

 

Visa working on blockchain interoperability hub for crypto payments

On Thursday, funds large Visa introduced an formidable venture that goals to be a “universal adapter” of blockchains that may join a number of crypto belongings, stablecoins and “spawn of satan” central financial institution digital currencies (CBDCs).

The venture, dubbed the “Universal Payment Channel,” is hoping to function an interoperable blockchain hub that may join to a number of blockchain networks and allow transfers of various crypto from numerous protocols and wallets. 

“Imagine splitting the check with your friends, when everyone at the table is using a different type of money — some using a central bank digital currency […] like Sweden’s eKrona, and others preferring a private stablecoin like USDC,” Visa wrote, because it emphasised the advantages to customers with out revealing how centralized the hub could also be.

 

White hat hacker paid DeFi’s largest reported bounty fee

Automated market maker protocol Belt Finance mentioned it paid a white hat hacker the most important bounty in DeFi historical past. The Binance Smart Chain (BSC)-based protocol, which operates a yield optimization technique, mentioned that white hat programmer Alexander Schlindwein found the vulnerability in Belt Finance’s protocol this week and reported the information to the group.

Schlindwein, who seems to don’t have any intent on swindling, was paid $1.05 million for his work, which consisted of $1 million from Immunefi and $50,000 from BSC’s Priority ONE program. 

“I went through the list of bug bounties on Immunefi and picked Belt Finance as the next one to work on,” Schlindwein advised Cointelegraph, including:

“While I was studying their smart contracts, I noticed a potential bug in the internal bookkeeping, which keeps track of each user’s deposited funds. Playing the attack through with pen and paper gave me more confidence in the existence of the bug. I continued by producing a proper proof-of-concept (PoC) which undoubtedly confirmed its validity and economic damage.”

 

 

 

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Winners and Losers

 

 

WLsept26 01

At the tip of the week, Bitcoin is at $47,351, Ether at $3,226 and XRP at $1.02. The whole market cap is at $2.05 trillion, according to CoinMarketCap. 

Among the most important 100 cryptocurrencies, the highest three altcoin gainers of the week are dYdX (DYDX) at 86.90%, OMG Network (OMG) at 42.04% and Axie Infinity (AXS) at 39.19%.

The high three altcoin losers of the week are Celo (CELO) at -19.59%, Huobi Token (HT) at -13.58% and Avalanche (AVAX) at -8.27%.

For more data on crypto costs, ensure to learn Cointelegraph’s market analysis.

 

 

Most Memorable Quotations

 

“I don’t really care about Bitcoin. I think people waste too much time and breath on it. But it is going to be regulated. […] And that will constrain it to some extent. But whether it eliminates it, I have no idea and I don’t personally care. I am not a buyer of Bitcoin. […] That does not mean it can’t go 10 times in price in the next five years.”

Jamie Dimon, CEO of JPMorgan Chase

 

“The most difficult aspect of Bitcoin to grasp is that it’s completely unique — nothing like it has ever existed. There’s nothing for the media to compare it to, and they’re unable to fully understand the magnitude of the coming paradigm shift that Bitcoin will bring.”

Samson Mow, chief technique officer of Blockstream

 

“There is no doubt that the crypto assets market is becoming more mainstream in the institutional and wealth management sectors.”

Henry Howell, head of enterprise growth for Nickel Digital Asset Management

 

“Millennial gamers hold 55% of all crypto assets, compared to just 5% of all millenials, showing that gamers are far more likely to hold crypto than the average person. Eighty percent of gamers who own crypto are also interested in using cryptocurrency to purchase games and in-game items.”

David Gan, founding father of OP Crypto Capital Management Ltd.

 

“Not only is Saule Omarova, Biden’s pick to lead the OCC, a threat to our traditional economy, she also wants to regulate crypto into oblivion. Crypto faces future-defining government regulations. This nomination needs to be stopped.”

Ted Cruz, U.S. senator

 

“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”

Elon Musk, CEO of Tesla

 

“Sooner or later, ETH will outpace Bitcoin and become the global standard.”

(*26*), co-founder of Polygon

 

Prediction of the Week 

 

Former Bitcoin lead dev predicts demise of BTC network… with a major silver lining

Gavin Andresen, one of many earliest builders of the Bitcoin community, revealed a weblog submit lately about one of many potential outcomes for Bitcoin a few years down the street. Andresen, nevertheless, included the caveat that the longer term he described is possible, but unlikely. 

Andresen’s forecast noticed BTC in 2061 having a hefty price ticket of $6 million per coin, full with $7,500 transaction charges. Bitcoin’s worth won’t have risen to that valuation solely of its personal accord, nevertheless, however largely as a results of inflation by a issue of six. He predicted that, by 2061, $6 million could have the buying energy of $1 million at in the present day’s greenback worth. Large holders of BTC will run the coin’s blockchain by then, with most transactions going down on different blockchains through wrapped variations of BTC. 

Fast-forward one other 39 years to 2100, and Bitcoin will see little or no exercise on its predominant blockchain since, by that point, the mining reward could have been reduce in half so many instances that mining and sustaining the community usually are not definitely worth the effort. At that time, the whales ruling Bitcoin would halt the community, and BTC would then merely stay on different blockchains in wrapped kind.

FUD of the Week 

 

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Second-largest Ethereum mining pool to suspend all operations

Following the newest crackdown from the Chinese authorities, Ethereum mining pool Sparkpool suspended entry to new customers in China and overseas on Thursday.  

According to an announcement on Monday, the measures are being put in place to guarantee the protection of customers’ belongings in response to China banning crypto but once more. “Further details about the shutdown will be sent out through announcements, emails, and in-site messages,” Sparkpool mentioned.

Launched in China in early 2018, Sparkpool emerged as one of many largest Ether mining swimming pools on the planet. As of Wednesday, Sparkpool’s mining energy represented round 22% of Ethereum’s world hash price. However, following the suspension, it now accounts for 0%. According to PoolWatch, Ethermine leads the mining pool pack, making an estimated 25% of Ethereum’s world hashrate.

 

Alibaba to ban crypto miner sales amid Chinese crackdown

Alibaba additionally confronted some crypto mining-related points this week amid the crackdown in China, saying on Monday that its platform will prohibit gross sales of cryptocurrency miners and droop classes for blockchain miners and equipment from its web site on Oct. 8.

The firm’s resolution was tied to regulatory compliance points with crypto. The e-commerce large can be halting gross sales of crypto mining gadgets and imposing a ban on utilizing its platforms to promote main cryptocurrencies, reminiscent of Bitcoin, Ether (ETH) and Litecoin (LTC). 

Alibaba acknowledged that any sellers who proceed to checklist banned crypto-related merchandise and companies after Oct. 15 will face a vary of penalties together with blocking shops, and freezing and closing service provider accounts.

 

CFTC hits Kraken with $1.25M in fines over alleged illegal offering

The United States Commodity Futures Trading Commission (CFTC) introduced Tuesday that it’s ordering high crypto change Kraken to pay $1.25 million in civil penalties over allegations that the agency change is violating the Commodity Exchange Act.

The CFTC attests that Kraken has failed to register with the regulatory physique as a futures fee service provider (FCM), and is subsequently providing unlawful margined retail commodity buying and selling through crypto belongings. 

The CFTC mentioned the motion was a “part of broader effort to protect U.S. customers” and emphasised that exchanges that provide “margined, leveraged or financed digital asset trading” should register as an FCM or face the regulatory hammer.

 

Best Cointelegraph Features

Digest 02 10 3

The next generation of data-driven healthcare is here

Implementing synthetic intelligence and blockchain expertise into healthcare and drugs is essential to unlocking human longevity.

Before NFTs: Surging interest in pre-CryptoPunk collectibles

“They’re looking for these antiquities but keep hitting a wall because they’re so used to using OpenSea.”

Cool green mayor giving a grand in Bitcoin to each resident

“I never thought so many people would care about this tiny little town in Missouri.”

Read More at cointelegraph.com

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