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
Binance is launching a $ 1 billion fund to develop the BSC ecosystem
Binance, the world’s largest cryptocurrency exchange, announced a whopping $ 1 billion accelerator fund this week. The funds will be used to support the development of the Binance Smart Chain ecosystem.
Binance outlined that the ten-digit sum will be part of a tiered development model across four departments: Talent Development, the Liquidity Incentive Program, the Builder Program and the Investment & Incubation Program.
The fund’s biggest benefactor is said to be the Investment & Incubation Program, which Binance says will receive around $ 500 million. The office will focus on multichain expansion in areas such as metaverses, gaming, virtual reality and artificial intelligence.
Coinbase follows FTX and Binance in launching the NFT marketplace
Coinbase announced on Tuesday that it will launch an NFT marketplace later this year. The platform will initially support tokens from the Ethereum blockchain and be launched in the US before being expanded worldwide.
Given that Coinbase had around 68 million verified users and 8.8 million monthly active users in the second quarter, the company’s new NFT platform could soon start to compete seriously with giants like OpenSea.
Evidence of this was seen after the announcement, when waiting list registrations reached nearly 1.1 million people in 48 hours. In contrast, data from DappRadar shows that OpenSea has a 30-day moving average of 261,000 active users.
The G7 heads of state and government issue guidelines for the central bank’s digital currency
The Group of Seven (G7) forum, made up of the world’s seven largest advanced economies, this week discussed a fully centralized form of digital assets known as central bank digital currencies (CBDCs). The meeting resulted in the approval of 13 public order principles related to their implementation.
The G7 decided that all newly introduced CBDCs should “do no harm” to the central bank’s ability to maintain financial stability, suggesting that individual sovereignty is being compromised by tracking their spending habits and programming their money.
Some of the directives targeting CBDC included provisions requiring digital currencies to be energy efficient and fully interoperable across borders, complementing the current cash-based system.
Celsius Network crypto lending company raises $ 400 million
Celsius Network crypto lending platform raised $ 400 million in an equity financing round led by Caisse de dépôt et Placement du Québec and WestCap. With the fresh capital, the company wants to double its workforce to around 1,000 employees and expand its range and products.
“It’s not $ 400 million. It’s the credibility that comes with the people who wrote these checks, “Celsius Network co-founder Alex Mashinsky said in an interview with the Financial Times on Tuesday.
Another company looking to complete a capital increase was crypto risk management firm Elliptic, which $ 60 million in Series C funding. The round 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, to name a few.
Top engineers working on Facebook’s wallet jump ship to A16z’s crypto fund
Reports surfaced on Monday that two of the top engineers working on Facebook’s creepy digital currency project packed their bags and went on a hike to risk firm Andreessen Horowitz (a16z).
The engineers who escaped the clutches of Mark Zuckerberg are Nassim Eddequiouaq and Riyaz Faizullabhoy. The duo worked on Facebook’s digital wallet called Novi for two years. Faizullabhoy will serve as chief technology officer of a16z’s crypto division, while Eddequiouaq will serve as chief information security officer.
“Andreessen Horowitz has shown an impressive commitment to the advancement of the entire crypto ecosystem over the past decade, and we have seized the opportunity to join their world-class team and provide technical support for their rapidly growing portfolio,” said Faizullabhoy.
Winner and Loser
At the end of the week, Bitcoin (BTC) is at $ 60,687, Ether (ETH) at $ 3,817 and XRP at $ 1.13. The total market capitalization is $ 2.44 Trillion, according to to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin winners of the week are Stacks (STX) at 38.94%, Perpetual Protocol (PERP) at 30.55% and Telcoin (TEL) at 24.63%.
The three biggest altcoin losers of the week are Arweave (AR) at -21.68%, terra (LUNA) at -17.50% and Fantom (FTM) at -15.41%.
For more information on crypto pricing, be sure to read Market analysis by Cointelegraph.
The most memorable quotes
“Bitcoin is much less risky at $ 43,000 than it is at $ 300. It is now established, huge sums of venture capital have flowed into it, and all the big banks are involved. “
Bill Miller, Founder of Miller Value Partners
“I think the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem comes from the value of the currency, but with Ethereum, the value of the currency comes from the value of the ecosystem.”
Vitalik Buterin, Co-founder of Ethereum
“I can say, ‘I have a gold ETF or a Bitcoin ETF,’ but I keep that gold in my basement. Will the SEC allow that? Probably not. If companies can’t prove they can keep it and address many of the issues Gensler specifically mentioned, it won’t work. “
Tad Park, Founder and CEO of Volt Equity
“I’m not a student of Bitcoin and where it’s going, so I can’t tell you if it’s going to $ 80,000 or zero. But I believe digitized currency plays a huge role, and I believe this will help consumers around the world – be it a bitcoin or something else, or more of an official government digital currency, a digital dollar that will pay off. “
Larry Fink, Chairman of BlackRock
“We haven’t even reached the parabolic growth part of Web 3 that will create immeasurable wealth.”
Mark Yusko, CEO of Morgan Creek Capital
“The reason I own Bitcoin is because the US government and every government in the Western Hemisphere is now printing money until the end of time.”
Barry starlight, Co-founder of Starwood Capital Group
“By and large, we’ve been through a long period of low inflation and we have central banks experimenting with very, very loose monetary policy on uncharted territory. It is perfectly reasonable that people want an alternative to fiat currency. “
Bill Winters, CEO of Standard Chartered
“We are constantly in a crypto bubble because there is still so much to build.”
Franklin Bi, Director of Portfolio Development at Pantera Capital
Forecast of the week
SEC likely to allow Bitcoin futures ETFs to trade next week: reports
The crypto industry has for years escaped regulatory approval of a physically secured Bitcoin Exchange Traded Fund (ETF). A detour approach to the equation could become a reality, however, as several companies seek US Securities and Exchange Commission approval for a Bitcoin ETF based on futures rather than a physically hedged alternative.
Two of these ETFs, the ProShares Bitcoin Strategy ETF and the Invesco Bitcoin Strategy ETF, could get the green light from the SEC in the week of October 18, according to tweets from Eric Balchunas, a senior ETF analyst at Bloomberg, on Friday.
“Bitcoin futures ETFs should not face any resistance from the SEC, according to several sources that confirm this (apart from that I hear the same thing),” Balchunas tweeted along with an article from Bloomberg. “Pretty much done deal. Expect the launches next week. ”Balchunas said he personally thinks approval is more than 90% likely. Early October, Balchunas mentioned 75% quota Green light for Bitcoin Futures ETF in October.
The Commission could, however, delay its decision. Cointelegraph published a separate article this week with comments from Todd Rosenbluth, CFRA’s senior director, ETF and mutual fund research, who noted the approval of Bitcoin futures ETFs may not arrive before 2022.
In the meantime, Evidence surfaced on Friday shows that the cornerstone is being laid for a possible SEC approval of Valkyrie’s Bitcoin futures ETF. The ETF’s shares were SEC listed on the Nasdaq. Although the SEC may decide to postpone a decision on this particular ETF until December, the current deadline is October 25th.
FUD of the week
Bitmain stops shipping Antminer crypto mining rigs to China
The leading provider of crypto mining equipment Bitmain closed its doors in China on October 11th. The company was forced to cease operations following the Chinese government’s recent opposition to crypto and the diabolical freedom it represents.
The company said its move to stop shipping crypto mining rigs is part of a response to China’s climate-neutral policies and environmental goals. However, Bitmain will continue to deliver Antminer crypto mining rigs to users around the world, including Taiwan and Hong Kong, while the company has also increased its production capacity for its Antbox mobile mining containers.
“As of October 11, 2021, Antminer will stop shipping to mainland China. For mainland China customers who have purchased long term products, our staff will be in touch to offer alternative solutions, ”Bitmain said in an announcement.
Bitcoin futures ETF is likely to be postponed until 2022, research firm CFRA says
Although Bloomberg’s Eric Balchunas noted significant potential opportunities for Bitcoin futures-based ETF approval in the week of October 18 (as detailed above), CFRA’s Todd Rosenbluth expressed a different view earlier this week.
While admitting that a Bitcoin futures product is likely to be the first to get the green light from the SEC, Rosenbluth claims that the crypto sector may have to wait until next year due to the clouded regulatory environment.
The researcher also suggested that regulators could wait for all of these products to achieve their goals so they could be approved at the same time to avoid a “first mover advantage”.
The Estonian regulator wants to revoke all crypto exchange licenses
It was reported on Wednesday that Matis Mäeker, the head of the Estonian Financial Intelligence Unit (FIU), has urged the Estonian government to withdraw all crypto exchange licenses in the state.
According to reports, Mäeker is trying to restore the regulatory landscape surrounding crypto and steer it in a new direction. The FIU chief claimed that the public was unaware of the risks posed by the crypto industry while pointing out the regular tropes of naughty behavior such as money laundering, terrorist financing and hacking.
He also argues that the Estonian crypto industry in its current state is not creating jobs for citizens or doing “anything significant” to the country’s tax authorities.
“These risks are very, very high. We have to react fundamentally and very quickly, ”he said.
Best Cointelegraph Features
US Debt Ceiling Crisis: A Catalyst For Ultimate Decoupling From Crypto?
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Crypto scores with European football
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The Metaverse, Play-to-Earn and the New Economic Model of Gambling
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