Mastercard and Paxos help banks offer crypto, Jack Dorsey details new social platform and Tesla hodls BTC: Hodler’s Digest, Oct. 16-22

Coming each Saturday, Hodler’s Digest will help you observe each single necessary information story that occurred this week. The greatest (and worst) quotes, adoption and regulation highlights, main cash, predictions and far more — per week on Cointelegraph in a single hyperlink.

Top Stories This Week

Mastercard faucets Paxos to launch crypto buying and selling for banks

Banks will quickly be outfitted to offer purchasers crypto buying and selling and custody due to a new program known as “Crypto Source” from Mastercard and Paxos Trust Company. As a part of this system, Mastercard will cowl a number of the compliance, safety and interface details whereas Paxos handles crypto custody and buying and selling. Expected within the remaining quarter of 2022, the Crypto Source program will primarily present the underpinning that may let banks offer crypto buying and selling and custody to their purchasers.

Jack Dorsey unveils decentralized social with algo alternative and moveable accounts

Under the supervision of former Twitter CEO Jack Dorsey, a new social media platform known as “Bluesky Social” has entered its personal beta part after years of anticipation. Underpinning the platform is a protocol referred to as the Authenticated Transfer Protocol (previously named ADX). The protocol primarily removes the partitions round person information, letting customers transfer their accounts from platform to platform reasonably than having their profiles and info locked on a single platform.

Hodl! Tesla hangs onto all its remaining $218M in Bitcoin in Q3

After offloading 75% of its Bitcoin holdings in Q2, Tesla determined to retain its remaining BTC in Q3, in response to the corporate’s newest earnings report. The Q3 earnings report detailed Tesla’s steadiness sheet carrying $218 million in digital belongings. In February 2021, Tesla notably unveiled holding $1.5 billion value of Bitcoin, however offered most of its holdings the next 12 months because of China-related COVID-19 considerations.

Not like China: Hong Kong reportedly desires to legalize crypto buying and selling

Although a particular administrative area of China, Hong Kong is reportedly seeking to ease its crypto laws to favor the business. China has taken regulatory steps to discourage crypto business exercise prior to now. Crypto buying and selling in Hong Kong itself is basically restricted to skilled traders, due to Hong Kong’s Securities and Futures Commission (SFC). However, the SFC is now taking steps to permit retail crypto buying and selling, in addition to different crypto-friendly pursuits.

‘Performing as expected’ — Aptos Labs defends day 1 criticism

Aptos, a blockchain constructed utilizing programming language that was as soon as supposed for Meta’s Diem mission, launched its mainnet on Oct. 17. The well-funded blockchain created by Aptos Labs claims a processing capability of 160,000 transactions per second (TPS). However, simply 4 TPS was noticed on the time of Cointelegraph reporting on Oct. 18. The preliminary low numbers have been anticipated, in response to Aptos on Twitter. Oct. 20 reporting revealed numbers for the blockchain had risen to 16 TPS.

Winners and Losers

At the tip of the week, Bitcoin (BTC) is at $19,115, Ether (ETH) at $1,299 and XRP at $0.44. The whole market cap is at $916.20 billion, in response to CoinMarketCap.

Among the most important 100 cryptocurrencies, the highest three altcoin gainers of the week are Casper (CSPR) at 32.19%, Lido DAO (LDO) at 16.23% and Maker (MKR) at 16.07%. 

The high three altcoin losers of the week are TerraClassicUSD (USTC) at -24.65%, Axie Infinity (AXS) at -16.18% and EthereumPoW (ETHW) at -15.52%.

For extra information on crypto costs, be certain to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“Well, I imply, there are just a few causes [for having Bitcoin in space]. One, as a result of it’s cool, and you may.

Adam Back, co-founder and CEO of Blockstream

“Now is the time to inform your folks and clarify the advantages about crypto, as a result of after they’re FOMOing at $70,000 [per Bitcoin] you ought to be telling them to not enter the market.

Marcel Pechman, markets analyst and Cointelegraph contributor

“Right now, hacking is actually the most important challenge that we’re desirous about that’s taking place within the business that’s an actual menace to safety.

Kim Grauer, director of analysis at Chainalysis

“We believe everything [in museums] will be an NFT, just like a serial number, for every product there will be an NFT.”

Hussein Hallak, CEO and founding father of Next Decentrum Technologies

“PoW was a useless finish for Ethereum.

Tansel Kaya, CEO of Mindstone Blockchain Labs

“Price manipulation is a cousin of misrepresentation, and in lots of jurisdictions, partaking in deceptive and misleading conduct is illegal and grounds for authorized claims.

Michael Bacina, accomplice at Piper Alderman

Prediction of the Week 

Bitcoin worth ‘easily’ because of hit $2M in six years — Larry Lepard

Bitcoin’s worth traded comparatively sideways for many of this week but once more, in response to Cointelegraph’s BTC worth index. 

Equity Management Associates founder Larry Lepard sees Bitcoin reaching $2 million per coin over the subsequent 5 – 6 years, he stated on a Quoth the Raven podcast episode revealed on Oct. 16. “Bitcoin could go to zero, but I personally believe Bitcoin’s going to go up 100x,” in response to Lepard. He additionally, nevertheless, famous the opportunity of Bitcoin dropping to $14,000 earlier than then.

FUD of the Week

Report: Half of all DeFi exploits are cross-bridge hacks

Cross-chain bridges are the weakest safety level in decentralized finance (DeFi), in response to a Token Terminal report. The crypto information supplier detailed that cross-chain bridge exploits, largely on Ethereum Virtual Machine blockchains, have accounted for about $2.5 billion in misplaced funds during the last two years. Cross-chain bridge exploits symbolize about half of all DeFi hacks throughout that interval.

77.1% of Salvadorans surveyed assume the gov’t ought to ‘stop spending public money’ on Bitcoin

Most Salvadorans will not be happy with their authorities’s Bitcoin spending, in response to residents polled as a part of a research from El Salvador’s José Simeón Cañas Central American University. The nation made Bitcoin authorized tender in September 2021, though simply 24.4% of Salvadorans polled have used Bitcoin for funds since then, as of polling in September 2022. Additionally, lower than 40% of these polled favored El Salvador’s resolution to make Bitcoin authorized tender.

4,400 disgruntled traders are attempting to find Terra’s Do Kwon

Formerly organized to provoke lawsuits from Terra traders, the UST Restitution Group (URG) has now shifted focus to looking for Terra head Do Kwon. The URG Discord group has 4,400 members who’re discussing and looking for Kwon because of the Terra mission’s collapse earlier in 2022. Authorities have taken varied measures to search out the Terraform Labs co-founder. Kwon stated security precautions drove him to go away Singapore, in response to an interview revealed this week by journalist Laura Shin.

Best Cointelegraph Features

‘Terra hit us incredibly hard’: Sunny Aggarwal of Osmosis Labs

“The Terra Luna protocol was created by someone with either an IQ of 50 or 150. And frankly, I can’t tell which one.”

DeFi abandons Ponzi farms for ‘real yield’

“Returns based on marketing dollars are fake. It’s like the Dotcom boom phase of paying customers to buy a product.”

KYC to stake your ETH? It’s most likely coming to the US

It shouldn’t shock anybody if regulators start telling node validators to impose KYC and AML necessities on customers staking Ether.