CoinSwitch Kuber became a crypto unicorn, Bitcoin returned to the market value of 1T USD, resulting in the resurface of the 2017 Ethereum fractal with 7000% revenue: Hodler’s Digest, October 3-9

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

Indian cryptocurrency exchange CoinSwitch Kuber raises US$260 million

The Indian cryptocurrency exchange CoinSwitch Kuber completed a $260 million Series C financing this week at a valuation of $1.91 billion, adding itself to the famous unicorn club.

This round of financing was led by Coinbase Ventures and Andreessen Horowitz, the latter has become a leading crypto venture capital firm. Following a valuation of US$1.91 billion, CoinSwitch Kuber is said to be the most valuable cryptocurrency company in India.

Speaking of funding, Sky Mavis, the developer of the very popular NFT game Axie Infinity, announced a $152 million Series B financing on Tuesday. As expected, Andreessen Horowitz supported this round of financing with the participation of FTX.

The Ethereum fractal in 2017 caused ETH to rise by 7,000%, and it will appear again in 2021

The same set of bullish indicators that send Ether (Ethereum) It surged 7,000% in 2017 and reappeared in 2021, indicating that the asset is expected to be in Dogecoin (dog).

Fractal indicators for 2017 include at least four technical patterns that can help push prices up, including relative strength index (RSI), stochastic RSI, bullish hammer, and Fibonacci retracement.

At the time of writing, Ether is worth $3,600, which suggests that if history repeats itself, the price may reach $13,000.

Nigeria’s Federal High Court approves the launch of eNaira CBDC

The Federal High Court of Nigeria has approved the launch of eNaira Central Bank Digital Currency (CBDC).

CBDC started its beta test at the 61st Independence Day celebration in the United States on October 1, and is now allowed to circulate with its legal tender. CBDC is touted as a faster, cheaper and safer transaction option. It will also be supported by the eNaira wallet.

The official website of eNaira stated that the digital version of Nigerian Naira will be available globally, and that “anyone can hold it”.

The judge rejected XRP hodlers’ application as a defendant to join the SEC against the Ripple case

The ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has taken another turn as the U.S. District Judge Analisa Torres ruled on Monday that the individual holds Ripple Tokens cannot participate in Ripple’s ongoing litigation as a defendant.

The ruling was made after several ambitious XRP hodlers aimed to submit their “Friends of the Court” briefing. If approved, they will be able to join Ripple in the bloody battle as defendants against the SEC’s XRP. It’s the statement of securities.

The judge stated that the ruling was for their own benefit, as it would force the SEC, which is willing to trigger, to also take action against XRP holders. However, it is determined that they can participate as “friends of the court”, that is, a party who has not participated in the litigation but is allowed to provide advice or information by the court.

As the price of BTC soared to USD 55,000, Bitcoin returned to its 1T USD asset

Bitcoin (Bitcoin) As the price soared above US$55,000, it returned to an asset state of US$1 trillion this week.

The damage caused by China’s mining ban in May appears to have been cleared, indicating that record highs may be reached in the coming weeks and months. At the time of writing, BTC is worth $54,900, which is 14.9% below its all-time high.

“To be honest, I think we will continue to see the power of Bitcoin,” Cointelegraph writer Michaël van de Poppe said, adding:

“The USDT pair will be great on altcoins, but we may adjust the $BTC pair for 6-8 weeks before the new party starts. December/January is usually the best time to buy alternatives.”

Winners and losers

This weekend, Bitcoin is located at USD 54,176, Ether USD 3,612 And XRP in 1.07 USD. Total market capitalization 2.30 trillion US dollars, according to To CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoins gaining this week are SHIBA INU (SHIB) At 244.87%, Fantom (FTM) 74.68% and Axie Infinity (axis) 47.02%.

The top three altcoin losers this week are eCash (XEC) at -10.20%, Huobi Token (HT) At -8.70% and ampere (ampere) -6.85%.

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

The most memorable quotes

“Policy makers should implement global standards for crypto assets and strengthen their ability to monitor the crypto ecosystem by addressing the data gap. […] Emerging markets facing encryption risks should strengthen macroeconomic policies and consider the benefits of issuing central bank digital currencies. “

International Monetary Fund

“For us, digital assets themselves have nothing to do with payments. They are about a new computing paradigm-a programmable computer that can be accessed anywhere, anyone can access, and is owned by millions of people around the world. “

Bank of America Securities

“We conducted a survey of our members, and the results were impressive: 110 countries are at some stage of studying CBDC.”

Kristalina Georgieva, President of the International Monetary Fund

“This is a crazy concept. As a country, we have accepted so many smart, young, and talented people to come up with a way to replace our reserve currency. […] I hope that all the enthusiasm and energy for cryptocurrency will be used to make the United States stronger. “

Ken Griffin, Founder of Citadel LLC

“The best way to look at it is that if you are an investor, either you believe in decentralized finance and centralized finance, or you believe in Bitcoin, Ethereum, and blockchain, or you don’t believe it. If you don’t, Just stay in the gold as a hedge, and if you do, then tip.”

Kevin O’Leary, Shark tank Judge

“I will not involve any kind of token, but I think the securities law is very clear-if you are raising funds […] And investment public […] In compliance with the securities laws, there is a reasonable expectation of profits based on the efforts of others. “

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission

“The bill with Congresswoman Ross will set disclosure requirements when paying ransoms and let us understand how much money cybercriminals have stolen from U.S. entities to fund criminal businesses – and help us hunt them down.”

Elizabeth Warren, United States Senator

“Bitcoin’s resistance point of $50,000 since May seems to have matured and could become the supporting value of cryptocurrency in the fourth quarter.”

Mike McGron, Bloomberg Senior Commodity Strategist

Forecast this week

The BTC bull market still has “at least 6 months”-5 things worth paying attention to in Bitcoin this week

This week, Bitcoin broke through the $50,000 mark and continued to rise above $55,000. Despite the price increase in early September, Bitcoin has shown more downward trends for most of the month. So far, the price trend of BTC in October has brought upward pressure, but time will tell us how it performed for the rest of the month.

On a broader scale, in a tweet on October 2, PlanB, the creator of the inventory-to-flow model, stated that the current Bitcoin bull market still has several months of upside potential. “My guess is: the second phase of the bull market has at least 6 months left,” PlanB said in a tweet, and released one of his BTC stock-to-flow models.

Several other factors are also related to determining Bitcoin’s prospects, including the analysis of asset hash rate estimates and technical indicators.

FUD this week

Allegedly, “Evolution Ape” NFT creator absconded for US$2.7 million

According to reports, the Hodlers of the Evolved Apes NFT avatar project were taken aback this week, because one of the developers was reported to be a rogue and swiped 798 ETH, worth about $2.9 million.

Allegedly, the anonymous developer with the pseudonym “Evil Ape” wiped out all the funds generated by the initial minting of 10,000 tokenized apes and the sales proceeds on the secondary market.

In addition to the alleged theft of 798 ETH, Evil Ape also shut down the project’s website and Twitter account. The creator of the project also promised to launch a blockchain-based fighting game. Although the prospects are bleak, the community is pushing for a recovery plan called “Fight Back Apes”.

Billionaire Ken Griffin slams cryptocurrency as a “jihad call” against the U.S. dollar

Hedge fund manager Ken Griffin was the source of some hybrid FUD this week because he slammed cryptocurrencies as a “jihad call” against the U.S. dollar.

Griffin is the founder of Citadel LLC, a US$38 billion hedge fund. He said that cryptocurrency is “we don’t believe in the U.S. dollar’s ​​jihadist call” because he targets nasty young people because they spend a lot of time in digital assets.

He added: “I hope that all the enthusiasm and energy for cryptocurrency will be used to make the United States stronger.”

However, the founder of Citadel stated that his company has not yet entered the crypto industry due to “lack of regulatory certainty,” which shows that he is more worried about compliance than a jihad call for precious dollars.

Gensler confirmed that the SEC will not ban encryption…but Congress can

SEC Chairman Gary Gensler said on Tuesday that his agency has no power or intent to prohibit encryption, and said, “It depends on Congress.”

However, Gensler emphasized that many encrypted tokens fall within the scope of the SEC’s enforcement powers. He took the “financial stability problem” caused by stablecoins as the agency’s focus.

“This is the question of how we obtain this area within the scope of investor consumer protection that we have, and how to cooperate with banking regulators and other agencies-how do we ensure that the Ministry of Finance includes it in the scope of anti-money laundering and tax compliance Inside?” Gensler said.

Best Cointelegraph features

Beyond Bitcoin: The future of digital assets is bigger than the first cryptocurrency

Although Bitcoin is the most well-known digital asset, it is only one of many digital assets that develop financial services around the world.

Currency in 2030: A future where DeFi and CBDC can work together

In the case of mutually beneficial coexistence, decentralized finance and central bank digital currencies will eventually make currencies universally available on a global scale.

The situation at the time of bank failure: first-hand information on Iceland in 2008

“Imagine if the money in your bank account suddenly buys you 1/10 of the money it has? That happened within a week.”

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