Come every saturday Hodler’s digest helps you keep track of every single important message that happened this week. The best (and worst) quotes, introductory and regulatory highlights, leading coins, predictions, and more – one week on Cointelegraph in one link.
This week’s top stories
DOGE co-founder has targeted the Ethereum bridge and NFTs for mass adoption
Billy Markus, the co-founder of the popular Dogecoin (DOGE), stressed the importance of completing an Ethereum-to-Dogecoin bridge on Thursday, pointing out that the asset could be integrated for payments on Ethereum-based NFT marketplaces.
Markus explained that there is “high demand” for buying NFTs within the crypto community and that enabling NFT purchases with DOGE “significantly increases its utility”.
The development of a Dogecoin-Ethereum bridge would represent a significant milestone for the meme coin as it would allow users to send DOGE from the Dogecoin blockchain to the Ethereum blockchain and transfer the asset to the DeFi and NFT sectors ERC-20 DOGE to use token contracts.
JPMorgan CEO says Bitcoin price could go up 10 times but still won’t buy it
Jamie Dimon, the CEO of JPMorgan Chase and a staunch crypto critic, has criticized the appeal of Bitcoin, despite admitting that its price could multiply by 10 in five years, presumably because he doesn’t want to get good returns on his investments.
During an interview with The Times of India, the CEO was asked whether Bitcoin (BTC) or other crypto assets should be banned or regulated. Dimon responded by attacking the hype surrounding the asset, stating:
“I’m not really interested in Bitcoin. I think people waste too much time and breathe on it. But it is regulated. […] And that will limit it to some extent. But whether it eliminates it, I have no idea and personally I don’t care. I am not a buyer of bitcoin. […] That doesn’t mean that the price can’t go up tenfold in the next five years. “
Morgan Stanley doubles its exposure to Bitcoin through Grayscale stocks
Speaking of large investment banks, it was reported on Monday that Morgan Stanley has more than doubled its exposure to the Grayscale Bitcoin Trust (GBTC) since April.
As of July 31, the Morgan Stanley Europe Opportunity Fund owned a total of 58,116 GBTC shares, according to a recent SEC filing. The stocks total around 1.96 million at the time of writing and it has to splurge on GBTC.
Previous filings show that Morgan Stanley has increased its stake in GBTC by more than 105% since April, suggesting that market volatility in recent months has affected his appetite for Bitcoin via Grayscale.
Visa is working on a blockchain interoperability hub for crypto payments
On Thursday, payment giant Visa announced an ambitious project aimed at being a “universal adapter” of blockchains that can connect multiple crypto-assets, stablecoins and “spawn of Satan” digital currencies (CBDCs).
The project, dubbed the Universal Payment Channel, hopes to serve as an interoperable blockchain hub that can connect to multiple blockchain networks and enable the transfer of different cryptos from different protocols and wallets.
“Imagine sharing the check with your friends when everyone at the table is using a different type of money – some with central bank digital currency […] like Swedish eKrona and others who prefer a private stablecoin like USDC, ”wrote Visa as it emphasized the benefits to users without revealing how central the hub could be.
White hat hackers paid DeFi’s highest reported bounty fee
Belt Finance automated market maker protocol said it paid a white hat hacker the biggest bounty in DeFi history. The protocol based on Binance Smart Chain (BSC), which operates a revenue optimization strategy, said white hat programmer Alexander Schlindwein discovered the vulnerability in Belt Finance’s protocol this week and reported the news to the team.
Schlindwein, who appears to have no intention of cheating, received $ 1.05 million for his work, including $ 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 next,” Schlindwein told Cointelegraph, adding:
“While studying their smart contracts, I noticed a possible flaw in their internal bookkeeping, which keeps track of each user’s deposited funds. Playing through the attack with pen and paper gave me more confidence in the beetle’s existence. I went on to create a proper Proof-of-Concept (PoC) that undoubtedly confirmed its validity and economic damage. “
Winner and Loser
At the end of the week, Bitcoin is at $ 47,351, Ether at $ 3,226 and XRP at $ 1.02. The total market capitalization is $ 2.05 trillion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, the three best altcoin winners of the week are dYdX (DYDX) at 86.90%, OMG network (OMG) at 42.04% and Axie Infinity (AXS) at 39.19%.
The three biggest altcoin losers of the week are Celo (CELO) at -19.59%, Huobi tokens (HT) at -13.58% and avalanche (AVAX) at -8.27%.
For more information on crypto pricing, be sure to read Market analysis by Cointelegraph.
The most memorable quotes
“I’m not really interested in Bitcoin. I think people waste too much time and breathe on it. But it is regulated. […] And that will limit it to some extent. But whether it eliminates it, I have no idea and personally I don’t care. I am not a buyer of Bitcoin. […] That doesn’t mean that the price can’t go up tenfold in the next five years. “
Jamie Dimon, CEO of JPMorgan Chase
“The most difficult aspect of Bitcoin to grasp is that it is completely unique – nothing like it has ever been. There is nothing the media can compare it to, and they are unable to fully understand the extent of the coming paradigm shift that Bitcoin will bring. “
Samson Muh, Blockstream’s Chief Strategy Officer
“There is no doubt that the institutional and asset management market for crypto assets is becoming more mainstream.”
Henry Howell, Head of Business Development for Nickel Digital Asset Management
“Millennial gamers own 55% of all crypto assets compared to just 5% of all millennials, which shows that gamers are far more likely to hold crypto than the average person. Eighty percent of players who own crypto are also interested in using cryptocurrencies to buy games and in-game items. “
David Gan, Founder of OP Crypto Capital Management Ltd.
“Saule Omarova, Biden’s choice to lead the OCC, is not only a threat to our traditional economy, she also wants crypto to be forgotten. Crypto is faced with pioneering government regulations. This nomination must be stopped. “
Ted Cruz, US Senator
“I think it is not possible to destroy crypto, but it is possible for governments to slow down its development.”
Elon Musk, CEO of Tesla
“Sooner or later, ETH will overtake Bitcoin and become the global standard.”
Sandeep Nailwal, Co-founder of Polygon
Forecast of the week
Former Bitcoin lead developer predicts the demise of the BTC network … with a huge silver lining
Gavin Andresen, one of the earliest developers of the Bitcoin network, recently posted a blog post about one of the possible outcomes for Bitcoin in many years’ time. However, Andresen added the caveat that the future he described is possible but unlikely.
Andresen’s forecast saw BTC at a high price of $ 6 million per coin in 2061 plus $ 7,500 in transaction fees. However, the price of Bitcoin will not have risen on this valuation alone, it will have increased by six times mainly due to inflation. He predicted that by 2061, $ 6 million will have the purchasing power of $ 1 million at today’s dollar value. Large BTC holders will be running the coin’s blockchain by then, with most transactions on other blockchains taking place via packaged versions of BTC.
If you fast forward another 39 years to 2100, Bitcoin will see very little activity on its main blockchain, as the mining reward has been halved so many times at this point that mining and maintaining the network is not worth the hassle. At that point, the whales that rule Bitcoin would stop the network and BTC would then simply live in packaged form on other blockchains.
FUD of the week
Second largest Ethereum mining pool to discontinue all operations
Following the latest move by the Chinese government, the Ethereum mining pool Sparkpool suspended access to new users in China and abroad on Thursday.
Measures will be taken to ensure the safety of users’ assets in response to China’s renewed ban on crypto, according to an announcement on Monday. “Further details on the shutdown will be provided through on-site announcements, emails and messages,” said Sparkpool.
Sparkpool was founded in China in early 2018 and has grown into one of the largest ether mining pools in the world. On Wednesday, Sparkpool’s mining power accounted for around 22% of Ethereum’s global hash rate. However, after the suspension it is now 0%. According to PoolWatch, Ethermine leads the mining pool package and accounts for an estimated 25% of Ethereum’s global hashrate.
Alibaba bans the sale of crypto miners amid China’s crackdown
Alibaba also faced some crypto-mining-related issues this week, while the crackdown on China became public on Monday, and announced on Monday that its platform will ban the sale of cryptocurrency miners and categorize it for blockchain miners and miners Accessories will be banned from their website on October 8th.
The company’s decision was tied to regulatory compliance issues with crypto. The e-commerce giant is also stopping the sale of crypto mining devices and banning the use of its platforms to sell major cryptocurrencies such as Bitcoin, Ether (ETH) and Litecoin (LTC).
Alibaba stated that any sellers who continue to list banned crypto-related products and services after October 15 will face a range of penalties, including banning transactions and freezing and closing merchant accounts.
CFTC hits Kraken fined $ 1.25 million for allegedly illegal offers
The United States Commodity Futures Trading Commission (CFTC) announced Tuesday that it was ordering the top crypto exchange, Kraken, to pay $ 1.25 million civil penalties on allegations that the exchange was against the commodity exchange Act violates.
The CFTC certifies that Kraken has failed to register with the regulator as a Futures Commission Merchant (FCM) and therefore offers illegal margin retail merchandise trading via crypto assets.
The CFTC said the move was “part of a broader effort to protect US customers,” stressing that exchanges that offer “margined, leveraged or funded trading in digital assets” must register as FCMs or face the regulatory gavel .
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