Come every Saturday, Hodler’s Digest Will help you keep track of every important news report that happened this week. The best (and worst) quotes, adoption and regulatory focus, leading tokens, forecasts, etc.-Cointelegraph for the week on a link.
Headlines this week
Binance, the world’s largest cryptocurrency exchange, announced an accelerator fund worth up to $1 billion this week. The funds will be used to support the development of the Binance Smart Chain ecosystem.
Binance outlined that the 10-digit sum will become part of a hierarchical development model across four professional fields: talent development, liquidity incentive plan, builder plan, and investment and incubation plan.
According to Binance, it is said that the largest donor of the fund is the Investment and Incubation Program, which will receive approximately US$500 million. This branch will focus on multi-chain expansion in the fields of meta universe, games, virtual reality and artificial intelligence.
Coinbase announced on Tuesday that it will launch the NFT market later this year. The platform will initially support tokens from the Ethereum blockchain and will be launched in the United States before expanding globally.
Given that Coinbase had approximately 68 million verified users in the second quarter and 8.8 million monthly active users, the company’s new NFT platform may soon compete fiercely with giants such as OpenSea.
I saw evidence in this regard after the announcement, because the number of people registered on the waiting list has reached Nearly 1.1 million people in 48 hoursIn contrast, data from DappRadar shows that OpenSea’s 30-day average number of active users is 261,000.
The Group of Seven (G7) Forum, composed of the world’s seven major advanced economies, discussed a fully centralized form of digital assets called Central Bank Digital Currency (CBDC) this week. The meeting passed 13 public policy principles related to its implementation.
G7 decided that any newly launched CBDC should not harm the ability of the central bank to maintain financial stability, which shows that the issue of harming individual sovereignty by tracking individual consumption habits and programming their funds has been on the table.
Some CBDC-focused policies include requiring digital currencies to be energy-efficient and fully interoperable on a cross-border basis, while complementing current cash-based systems.
Celsius Network, a crypto lending platform, raised $400 million in equity financing led by Bank of Quebec and WestCap. The company said it will use the new funds to double the number of employees to approximately 1,000 employees and expand its products and products.
“This is not $400 million. Celsius Networks co-founder Alex Masinski said in an interview with the Financial Times on Tuesday that this is the credibility of the people who wrote these checks.
Another company that has completed financing is the crypto risk management company Elliptic, which has raised $60 million in Series C financing. This round of financing was led by Evolution Equity Partners and included support from SoftBank Vision Fund 2, AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital and SBI Group.
It was reported on Monday that two top engineers working on Facebook’s creepy digital currency project packed up and went to venture capital firm Andreessen Horowitz (a16z).
The engineers who escaped the clutches of Mark Zuckerberg were named Nassim Eddequiouaq and Riyaz Faizullabhoy. The two spent two years working on Facebook’s digital wallet called Novi. Faizullabhoy will serve as the chief technology officer of the a16z encryption department, and Eddequiouaq will serve as the chief information security officer.
Faizullabhoy said: “Over the past ten years, Andreessen Horowitz has shown impressive dedication in advancing the entire crypto ecosystem. We seized the opportunity to join their top team and provide them with a rapidly expanding product portfolio. Technical Support.”
Winners and losers
Among the 100 largest cryptocurrencies, the top three altcoin beneficiaries this week are Stacks (STX) 38.94%, permanent agreement (PERP) 30.55% and Telcoin (telephone) 24.63%.
The top three altcoin losers this week is Arweave (with) -21.68%, Tela (Luna) -17.50% and Fantom (FTM) -15.41%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“Bitcoin’s risk of $43,000 is much smaller than $300. It has now been established, with a large amount of venture capital invested in it, and all major banks are involved.”
Bill Miller, Founder of Miller Wheelies
“I think the huge difference between Ethereum and Bitcoin is that Bitcoin is a platform. The value of the ecosystem comes from the value of the currency, but in Ethereum, the value of the currency comes from the value of the ecosystem.”
Vitalik Butrin, Co-founder of Ethereum
“I can say’I have a gold ETF or a Bitcoin ETF’, but I store gold in my basement. Will the SEC allow it? Probably not. Unless the company can prove that they can keep it and actually resolve many of the things Gensler specifically mentioned Problem, otherwise it won’t work.”
Ted Park, Founder and CEO of Volt Equity
“I’m not a student of Bitcoin and I don’t know where it will go, so I can’t tell you whether it will rise to 80,000 US dollars or zero. But I do believe that digital currency has a huge effect, and I believe it will help the world’s consumption. People-whether it’s Bitcoin or other things, or more of the government’s official digital currency, the digital dollar, will play a role.”
Larry Fink, Chairman of BlackRock
“We have not even reached the parabolic growth part of Web 3, which will create countless wealth.”
Mark Yusco, CEO of Morgan Creek Capital
“The reason I own Bitcoin is because the U.S. government and every government in the Western Hemisphere are now printing money.”
Barry Sternlicht, Co-founder of Starwood Capital Group
“In general, we have experienced low inflation for a long time. We let the central bank try a very, very loose monetary policy in unknown areas. It is completely reasonable for people to want an alternative to fiat currency.”
Bill Winters, Chief Executive Officer, Standard Chartered Bank
“We have been in the cryptocurrency bubble because there is still a lot to build.”
Franklin Bi, Director of Portfolio Development, Pantera Capital
Forecast this week
For many years, the crypto industry has not been able to obtain regulatory approval for the physically-backed Bitcoin exchange-traded fund (ETF). However, as some entities seek approval from the US Securities and Exchange Commission (SEC) for Bitcoin ETFs that are based on futures rather than physically backed alternatives, a roundabout approach to equality may become a reality.
According to a tweet by Eric Balchunas, a senior ETF analyst at Bloomberg, on Friday, ProShares Bitcoin Strategy ETF and Invesco Bitcoin Strategy ETF may receive U.S. securities in the week of October 18 Approval by the trading committee.
“The Bitcoin futures ETF stated that it will not face any opposition in the SEC, according to multiple sources that confirmed this (other than that, I heard the same thing),” Balchunas tweeted along with an article from Bloomberg. “The transaction is almost completed. It is expected to be launched next week.” Barcunas said that he personally thinks that the probability of approval is more than 90%.At the beginning of October, Barcunas 75% chance of mentioning Bitcoin futures ETF green light in October.
However, the committee can also postpone its decision. Cointelegraph published a separate article this week covering comments from Todd Rosenbluth, senior director of CFRA ETF and mutual fund research, stating that the Bitcoin futures ETF has been approved May not arrive until 2022.
at the same time, Evidence surfaced on Friday It shows that the SEC may approve Valkyrie’s Bitcoin futures ETF. The ETF’s stock was approved by the US Securities and Exchange Commission for registration on the Nasdaq. Although the SEC may decide to postpone the ruling on this particular ETF to December, the current deadline is October 25.
FUD this week
The top crypto mining equipment provider Bitmain closed its doors in China on October 11. After the Chinese government recently resisted encryption and the evil freedom it represents, the company was forced to cease operations.
The company stated that its move to stop the transportation of encrypted mining equipment is a response to China’s carbon neutral policy and environmental goals. However, Bitmain will continue to provide Antminer encrypted mining equipment to users around the world, including Taiwan and Hong Kong, while the company has also increased its Antbox mobile mining container production capacity.
“From October 11, 2021, Antminer will stop shipping to mainland China. For mainland Chinese customers who purchase long-term products, our staff will contact them to provide alternative solutions,” Bitmain said in the announcement.
Although Bloomberg’s Eric Balchunas pointed out that the possibility of approving Bitcoin futures-based ETFs during the week of October 18 (as described above) is high, CFRA’s Todd Rosenbluth expressed a different view earlier this week.
Although he acknowledged that Bitcoin futures products are likely to be the first products approved by the SEC, Rosenbluth asserted that due to the overcast regulatory environment, the crypto industry may have to wait until next year.
The researchers also suggested that regulators may wait for all these products to reach their goals so that they can be approved at the same time to avoid “first mover advantage.”
On Wednesday, it was reported that Matis Mäeker, head of the Estonian Financial Intelligence Unit (FIU), urged the Estonian government to withdraw all cryptocurrency exchange licenses in the state.
According to reports, Mäeker is seeking to re-establish the regulatory landscape surrounding encryption and push it in a new direction. The head of FIU asserted that the public is not aware of the risks inherent in the encryption industry, and pointed to conventional metaphors for mischievous behaviors such as money laundering, terrorist financing, and hacking.
He also argued that, in its current state, the Estonian encryption industry has neither created jobs for citizens, nor has it made “any major contribution” to the country’s tax authorities.
“These risks are very, very high. We need to make a significant and very rapid response,” he said.
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