Morgan Stanley acquires more GBTC, Alibaba to stop the sale of encrypted mining equipment, and possible plans for $6 million BTC: Hodler’s Digest, September 26


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

The co-founder of DOGE looks at the Ethereum bridge and NFT to achieve mass adoption

Billy Markus, co-founder of the beloved Dogecoindog), emphasizing the importance of completing the Ethereum to Dogecoin bridge on Thursday, on the grounds that the asset can be integrated into the Ethereum-based NFT market for payment.

Markus stated that there is a “high demand” for buying NFTs in the crypto community, and buying NFTs through DOGE “has greatly improved its utility”.

The development of the Dogecoin-Ethereum Bridge will mark an important milestone for memecoin, as it will enable users to send DOGE in the Dogecoin blockchain to the Ethereum blockchain and pass ERC-20 DOGE Use this asset token contract in the DeFi and NFT fields.

The CEO of JPMorgan Chase said that the price of Bitcoin may rise 10 times but still will not buy

Jamie Dimon, CEO of JPMorgan Chase and staunch cryptocurrency critic Jamie Dimon, lashed out at Bitcoin’s appeal, even though he admitted that its price could rise tenfold in five years, presumably because he didn’t I like to get rich returns on my investment.

In an interview with The Times of India, the CEO was asked about Bitcoin (Bitcoin) Or other encrypted assets should be banned or regulated. Dimon responded to the hype surrounding assets, saying:

“I don’t really care about Bitcoin. I think people are wasting too much time and energy on this. But it will be regulated. […] This will limit it to a certain extent. But whether it eliminates it, I don’t know, I don’t personally care. I am not a buyer of Bitcoin. […] This does not mean that it cannot increase its price 10 times in the next five years. “

Morgan Stanley doubled its exposure to Bitcoin with Grayscale stocks

Speaking of large investment banks, there were reports on Monday that Morgan Stanley’s exposure to Grayscale Bitcoin Trust (GBTC) has more than doubled since April.

According to a recent document from the US Securities and Exchange Commission, as of July 31, Morgan Stanley’s European Opportunity Fund had a total of 58,116 GBTC shares. At the time of writing, the holdings are worth approximately US$1.96 million, which is 18.3% lower than the US$2.4 million stated by Morgan Stanley. It is squandering GBTC.

Previous documents show that Morgan Stanley has increased its stake in GBTC by more than 105% since April, which indicates that market volatility in recent months has affected its interest in Bitcoin through Grayscale.

Visa’s blockchain interoperability center dedicated to encrypted payments

On Thursday, payment giant Visa announced an ambitious project that aims to become a “universal adapter” for blockchains that can connect a variety of encrypted assets, stablecoins, and the “product of Satan” Central Bank Digital Currency (CBDC).

The project is called “Universal Payment Channel” and hopes to be an interoperable blockchain center that can connect to multiple blockchain networks and support the transmission of different cryptocurrencies from various protocols and wallets.

“Imagine that when everyone at the table uses a different type of currency, separate checks from your friends-some people use the digital currency of the central bank […] Like Sweden’s eKrona, others prefer private stablecoins like USDC,” Visa wrote, because it emphasizes the benefits to users, but does not disclose the degree of centralization of the center.

White hat hackers paid the largest bounty fee reported by DeFi

Belt Finance, an automated market maker agreement, stated that it paid white hat hackers the largest bounty in DeFi history. The Binance Smart Chain (BSC)-based protocol that runs the revenue optimization strategy said that white hat programmer Alexander Schlindwein discovered a loophole in the Belt Finance protocol this week and reported the news to the team.

Schlindwein appeared to have no intention of defrauding. His work earned US$1.05 million, including US$1 million from Immunefi and US$50,000 from BSC’s Priority ONE program.

Schlindwein told Cointelegraph, “I browsed the bug bounty list on Immunefi and chose Belt Finance as my next job” and added:

“When I researched their smart contract, I noticed a potential error in the internal bookkeeping, which tracks each user’s deposited funds. Attacks with pen and paper made me more confident that the error exists. I continue to make A proper proof of concept (PoC) was established, which undoubtedly confirmed its effectiveness and economic loss.”

Winners and losers

This weekend, Bitcoin is located at 47,351 USD, Ether USD 3,226 And XRP in 1.02 USD. Total market capitalization USD 2.05 trillion, according to To CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoins gaining this week are dYdX (DYDX) 86.90%, OMG network (OMG) 42.04% and Axie Infinity (axis) 39.19%.

The top three losers for altcoins this week are Celo (forehead) at -19.59%, Huobi Token (HT) -13.58% and avalanche (AVAX) -8.27%.

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

The most memorable quotes

“I don’t really care about Bitcoin. I think people are wasting too much time and energy on this. But it will be regulated. […] This will limit it to a certain extent. But whether it eliminates it, I don’t know, I don’t personally care. I am not a buyer of Bitcoin. […] This does not mean that it cannot increase its price 10 times in the next five years. “

Jamie Dimon, CEO of JPMorgan Chase

“The hardest aspect of Bitcoin to grasp is that it is completely unique-it has never existed. The media cannot be compared, and they cannot fully understand the importance of the paradigm shift that Bitcoin is about to bring.”

Samson Mow, Chief Strategy Officer, Blockstream

“There is no doubt that the crypto asset market is becoming more and more mainstream in the field of institutions and wealth management.”

Henry Howell, Head of Business Development, Nickel Digital Asset Management

“Millennial gamers hold 55% of all crypto assets, while all millennials account for only 5%, which shows that gamers are more likely to hold crypto assets than ordinary people. 80% of gamers who own cryptocurrencies are also interested Use cryptocurrency to purchase games and in-game items.”

David Gan, Founder of OP Crypto Capital Management Ltd..

“Biden’s choice to lead the OCC’s Saule Omarova not only poses a threat to our traditional economy, but she also wants to regulate cryptocurrency so that it will be forgotten. Cryptocurrency faces government regulations that define the future. This nomination needs to stop.”

Ted Cruise, United States Senator

“I think it is impossible to destroy cryptocurrency, but the government may slow down its development.”

Elon Musk, Tesla CEO

“Sooner or later, ETH will surpass Bitcoin and become a global standard.”

Sandeep Nail Art, Co-founder of Polygon

Forecast this week

The former chief Bitcoin developer predicts the demise of the BTC network… there is a silver lining

Gavin Andresen is one of the earliest developers of the Bitcoin network, and he recently published a blog post about one of the potential outcomes of Bitcoin for many years to come. However, Anderson warned that the future he described is possible, but unlikely.

Andresen’s prediction shows that the price of BTC in 2061 will be as high as USD 6 million per coin, and the transaction fee will be USD 7,500. However, the price of Bitcoin will not rise to that valuation just because of itself, but mainly because of six times inflation. He predicted that by 2061, based on today’s dollar value, the purchasing power of US$6 million will reach US$1 million. At that time, the large holders of BTC will run the blockchain of tokens, and most transactions will be carried out on other blockchains through the packaged version of BTC.

Fast forward 39 years to 2100, and Bitcoin will have very little activity on its main blockchain, because by then, mining rewards will be reduced by half, so that mining and maintaining the network is not worth the effort. At that time, the whale ruling Bitcoin will stop the network, and then BTC will simply exist on other blockchains in packaged form.

FUD this week

The second largest Ethereum mining pool suspends all operations

Following the latest crackdown by the Chinese government, the Ethereum mining pool Sparkpool suspended access to new users in China and abroad on Thursday.

According to Monday’s announcement, in response to China’s ban on cryptocurrency again, measures are being taken to ensure the safety of user assets. “More details about the closure will be sent through announcements, emails and live messages,” Sparkpool said.

Sparkpool was launched in China in early 2018 and has become one of the largest ether mining pools in the world. As of Wednesday, Sparkpool’s mining power accounted for approximately 22% of Ethereum’s global hash rate. However, after the suspension, it now accounts for 0%. According to PoolWatch, Ethermine is in the leading position in mining pool packages and is estimated to account for 25% of Ethereum’s global hash rate.

Alibaba will ban the sale of crypto miners during China’s crackdown

Alibaba also faced some issues related to crypto mining during the crackdown in China this week. It announced on Monday that its platform would ban the sale of cryptocurrency miners and suspended the category of blockchain miners and accessories on its website on October 8.

The company’s decision is related to the regulatory compliance issue of encryption. The e-commerce giant also stopped the sale of crypto mining equipment and prohibited the use of its platform to sell major cryptocurrencies such as Bitcoin and Ethereum (Ethereum) And Litecoin (LTC).

Alibaba said that any sellers who continue to list banned encryption-related products and services after October 15 will face a series of penalties, including lockdown of stores, freezing and closing of merchant accounts.

CFTC fined Kraken US$1.25 million for alleged illegal issuance

The US Commodity Futures Trading Commission (CFTC) announced on Tuesday that it is ordering the top cryptocurrency exchange Kraken to pay a civil fine of $1.25 million on the grounds that the exchange violated the Commodity Exchange Act.

The CFTC confirmed that Kraken failed to register as a futures commission merchant (FCM) with the regulator, and therefore provided illegal margin retail commodity trading through encrypted assets.

The CFTC stated that the action is “part of a broader effort to protect American customers” and emphasized that exchanges that provide “margin, leverage, or financing digital asset trading” must be registered as FCM, otherwise they will face heavy regulatory hammer.

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