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

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

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come every saturday Hodler’s Digest helps you keep track of all the important news stories that happened this week. He summarizes his week on Cointelegraph, including the best (and worst) estimates, adoption and regulation highlights, major coins, and predictions in one link.

Top news of the week

Starting in early 2023, Coinbase’s payment service, Coinbase Commerce, will facilitate crypto payments for customers purchasing Google’s cloud services, thanks to a deal between the two companies. Google only allows certain cryptocurrencies for payments, including Bitcoin. Initially limited to select participants, the option to pay in crypto will eventually be extended to other customers, a Google Cloud executive told CNBC. and have taken several other steps to engage in the blockchain industry.

America’s Oldest Bank BNY Mellon Launches Cryptocurrency Service

Banking giant BNY Mellon has entered the crypto custody space, offering Bitcoin and Ether custody services to select customers via a new platform. The 238-year-old bank provides bookkeeping for customers’ cryptocurrencies in the same way as traditional assets, while also handling their private keys. Roman Regelman, CEO of Brokerage Services and Digital at BNY Mellon, said:

SEC Rejects Spot Bitcoin ETF WisdomTree’s Application…Again

After multiple delays, the U.S. Securities and Exchange Commission (SEC) has rejected WisdomTree’s January proposal for a Bitcoin exchange-traded fund (ETF). The SEC cited fears of market manipulation and fraud as reasons for its decision. This is consistent with our previous reasons for rejecting spot Bitcoin ETFs. The SEC also rejected a spot Bitcoin ETF proposal from WisdomTree in 2021.

PayPal says policy punishing users for false information was ‘wrong’

PayPal’s Acceptable Use Policy was changed in early November to fine platform users of $2,500 for promoting, posting, transmitting or publishing so-called “false information.” PayPal has since claimed that the policy provision was added in error. “PayPal does not fine people for incorrect information. This language was never intended to be inserted into our policy,” he said. The debacle reignited concerns over centralized platforms among cryptocurrency users, who see self-management as a key pillar of self-sovereignty and financial inclusion.

Blockchain Gaming and Metaverse Project Raises $1.3 Billion in Q3: DappRadar

Data from DappRadar reveals that $1.3 billion worth of venture capital flowed into Metaverse projects and blockchain games in the third quarter. Venture capital funding into these sectors was down 48% compared to the second quarter, but the third quarter figures were more than double the amount invested for the whole of 2021.

winner and loser

Bitcoin for the weekend (Bitcoin) is $19,665,ether (ethereum) and $1,329 When XRP and $0.50The total market capitalization is $938.70 a billion, according to Go to Coin Market Cap.

Among the 100 largest cryptocurrencies, this week’s top 3 altcoin earners are Huobi Tokens. (HT) 87.06% at TerraClassic USD (USTC) 63.33% and quant (QNT) 22.07%.

This Week’s Top 3 Altcoin Losers Are Klaytn (clay) -20.36% for internet computers (ICP) -15.04% and eCash (XEC) -14.48%.

For more information on crypto prices, be sure to read Cointelegraph’s market analysis.

most memorable quotes

“Ethereum is the “Hotel California” of cryptocurrencies. You can check in, but you cannot check out.

Charles HoskinsonFounder of Cardano

“Elon Musk cites a post about Dogecoin, we get 7 signups every day.

Alex HarperCo-CEO and Co-Founder of SwyfTX

“If we [the crypto industry] If you want to achieve internet scale, you need a solution for AML/CTF compliance.

John Hendersona partner at Airtree Ventures

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

Raman Shalupau, Founder of Crypto Jobs List

“Gold has protection. But Bitcoin is much better in my opinion. It has math and code. It is defended by decentralized protocols.

Greg FossExecutive Director of Strategic Initiatives at Validus Power Corp

“It is very important to never forget that we have a great responsibility that influencers do not have. is responsible for keeping

Christina CornellEditor-in-Chief of Cointelegraph

Forecast for the week

BTC price hits 3-week low in US CPI as Bitcoin liquidates $57 million

According to Cointelegraph’s BTC Price Index, bitcoin has been flat for most of the week, with a slight downward trend. However, the asset sustained significant price volatility on Oct. 13, which coincides with his release of US inflation data for September. Following the news, bitcoin prices fell to near $18,200 before rebounding above $19,000.

In a post on Oct. 13, Crypto pseudonymous Twitter user il Capo tweeted that Bitcoin’s fall could be a bear trap, followed by a possible rally to $21,000, followed by a significant drop. pointed out to follow.

FUD of the week

US Treasury Department OFAC and FinCEN Announce $29 Million Enforcement Action Against Bittrex

Cryptocurrency exchange Bittrex faces charges from two different US regulators: the US Treasury Department’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN). Regulators basically allege that Bittrex failed to conduct proper due diligence on his customers and transactions between 2014 and 2018, allowing users in sanctioned territories to use the platform. doing. Bittrex has confirmed it will settle with OFAC for approximately $24 million. This could also apply as a credit to his $29 million settlement by FinCEN. Aiming to move forward from this situation, Bittrex said it has been up to date with expected standards since 2018.

Solana DeFi Platform Mango Markets Sees $100 Million Outflow, Tokens Plunge 52%

Mango Markets, a decentralized financial platform running on the Solana blockchain, reportedly drained nearly $100 million from its treasury thanks to an exploit. Someone has manipulated the price data of the platform’s native MNGO assets and forced them to borrow crypto worth far more than the value of his MNGO that he presented as collateral. MNGOs suffered a price drop of around 50% on news of the event. Subsequent reports said the hackers came forward and demanded a $70 million bug reward and other conditions to return the stolen funds.

CNN Shuts Down NFT Marketplace, Offers 20% Refund

About four months later, media outlet CNN decided to drop its non-fungible token (NFT) initiative. The media company’s NFT project, known as CNN’s Vault, essentially provided tokenized memories of historic news events spanning decades throughout CNN’s history. According to an announcement from Vault via CNN’s Twitter account, the project’s roadmap predicted a six-month development period, but the media claims the project is a “six-week experiment.” . According to Discord’s CNN staff, the NFT’s purchaser can get his 20% refund of the price he paid to make the NFT.

Best Features of Cointelegraph

Attack of zkEVM!10x Moment of Crypto

zkEVM launched this month, providing a path to infinite scaling for Ethereum. But who will win the race between Polygon, zkSync, Scroll and StarkWare?

Mass adoption will be terrible for crypto

Mass adoption, from reversible transactions to increased regulation to heightened censorship, will make cryptocurrencies look like the system we’re trying to escape.

The crypto recession is not limited to the macro environment

The global economic downturn, while affecting cryptocurrencies in the short term, should not have a long-term negative impact on cryptocurrency prices.

editorial staff

Writers and reporters from Cointelegraph Magazine contributed to this article.

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