Musk fires Twitter execs, research stirs blockchain energy debate and CFTC brass shares crypto concerns: Hodler’s Digest, Oct. 23-29

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

Top Stories This Week

JPMorgan executes first DeFi commerce on public blockchain

A cross-border forex swap was carried out on a public blockchain by JPMorgan as a part of a pilot program involving the Monetary Authority of Singapore’s (MAS) Project Guardian, SBI Digital Asset Holdings, Oliver Wyman Forum and DBS Bank. The Polygon blockchain hosted the swap between tokenized deposits of the Japanese yen and the Singapore greenback, helped by good contract know-how from Aave.

UnionBank of the Philippines launches Bitcoin and Ethereum buying and selling

Philippine banking large UnionBank now provides sure retail shoppers entry to Bitcoin and Ether buying and selling and custody, due to a collaborative pilot between the financial institution and crypto firm Metaco. The providing from UnionBank makes use of Harmonize, a platform from Metaco. UnionBank operates beneath the regulatory approval of the Bangko Sentral ng Pilipinas, the central financial institution of the Philippines. The providing has been nearly a 12 months within the making, the results of a January 2022 partnership between Metaco and UnionBank. This can be not UnionBank’s first foray into the crypto sector.

Come one, come all! Meta to deliver NFT minting and buying and selling to Instagram

New upcoming options on Instagram will assist customers create, showcase and additionally promote nonfungible tokens (NFTs) on the social media platform. A social media operation beneath Meta (previously Facebook), Instagram will present an “end-to-end toolkit” for NFTs, in keeping with a latest announcement from Meta. NFTs created on Instagram could be offered on the platform in addition to off of it. The Solana blockchain was additionally added to the listing of appropriate blockchains for Instagram, as per the announcement. 

Elon Musk faces class-action swimsuit over mass Twitter layoffs

Elon Musk has already carried out a number of adjustments to Twitter since finalizing its acquisition on Oct. 27. After firing top-level Twitter brass, Musk has reportedly begun vital employees layoffs. The affected employees are reportedly combating again through a class-action lawsuit geared toward Musk that basically claims the layoffs required extra advance discover. A regulatory submitting additionally not too long ago publicized Musk as Twitter’s solely board member after he eliminated all others.

You have our swords: 12 impartial entities pledge authorized assist for Ripple

The United States Securities and Exchange Commission’s (SEC) authorized case in opposition to Ripple continues after almost two years. The newest developments see official assist from 12 completely different entities backing Ripple within the type of submitted amicus briefs. The Chamber of Digital Commerce and Coinbase sit among the many listing of supporters. The SEC claims Ripple’s XRP sale was an unregistered securities providing. The case’s consequence can probably have an effect on the crypto business as a complete.

Winners and Losers

At the top of the week, Bitcoin (BTC) is at $20,861, Ether (ETH) at $1,626 and XRP at $0.49. The whole market cap is at $1.03 trillion, in keeping with CoinMarketCap.

Among the most important 100 cryptocurrencies, the highest three altcoin gainers of the week are Loopring (LRC) at 45.27%, Dogecoin (DOGE) at 41.72% and Arweave (AR) at 40.73%.  

The high three altcoin losers of the week are Aptos (APT) at -11.80%, Klaytn (KLAY) at -7.22% and Terra Classic (LUNC) at -6.77%.

For extra data on crypto costs, ensure to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“If the world financial system is a circulatory system, it’s stagnant. Parts are dying.

Ray Youssef, co-founder and CEO of Paxful

“I feel DeFi will substitute establishments primarily based on revolutionary use instances that we’re beginning to see right now.

Mike Belshe, co-founder and CEO of BitGo

“Great cryptocurrencies must undergo a number of collapses.

Charles Hoskinson, founding father of Cardano

“Crypto exchanges usually decide the winners and losers of the crypto world, as listed on one is an nearly surefire solution to increase your token worth and present early buyers a possibility for liquidity.

Habeeb Syed, senior affiliate legal professional at Vicente Sederberg

“I feel folks care about compounding worth fairly than going public or being non-public.

Guillaume Pousaz, founder and CEO of Checkout.com

“It’s simpler to rent expertise within the bear market.

Changpeng “CZ” Zhao, CEO of Binance

Prediction of the Week 

Bitcoin worth backside takes form as ‘old coins’ hit a document 78% of provide

Bitcoin noticed some worth volatility this week, making a transfer previous $21,000 on Nov. 4, in keeping with Cointelegraph’s BTC worth index. The U.S. Federal Reserve additionally raised rates of interest one other 0.75%, coinciding with a few of Bitcoin’s volatility.   

According to information from Glassnode, the variety of Bitcoin held for six months or longer now accounts for many of Bitcoin’s circulating provide — over 78% — as of October’s finish. This may imply lessened odds of serious promoting exercise forward.

FUD of the Week

Deribit crypto alternate halts withdrawals amid $28M scorching pockets hack

Crypto derivatives alternate Deribit suffered a scorching pockets assault this week, with $28 million stolen. The alternate, nevertheless, will use its reserves to pay for the loss, and prospects shouldn’t really feel any results other than the platform pausing withdrawals whereas it ensures sound safety. Other than that, the alternate is reportedly functioning usually. Deribit usually holds 99% of shoppers’ property in chilly storage, which restricted the hack. 

‘Everything is fine’ — Gala Games requires calm after fears of multi-billion greenback hack

FUD surrounding Gala Games this week turned out to be unfounded. In brief, worry ensued after PeckShield seen $2 billion in GALA tokens had been seemingly created by a lone pockets tackle. GALA fell notably in worth in consequence. The actual motive for the odd pockets exercise? Gala Games’ affiliated bridge pNetwork drained a weak liquidity pool earlier than anybody may hack it. GALA’s worth regained some losses after the reason was communicated to the general public.

Santander UK limits crypto transactions for its prospects

Effective on Nov. 15, banking prospects of Santander within the United Kingdom won’t be able to ship greater than 1,000 kilos to crypto exchanges in any given transaction, and no more than 3,000 kilos whole per 30 days. The financial institution claims the bounds will assist shield prospects, given the shortage of regulatory protections in crypto. The limits pertain to all outgoing pound transactions that relate to crypto. Santander additionally hinted at additional restrictions sooner or later.

Best Cointelegraph Features

Andy Warhol would have beloved (or probably hated) NFTs

“There were a lot of cypherpunks at those early Bitcoin meetups that I went to.”

Can web outages actually disrupt crypto networks?

“We’re going to use whatever seems easiest — whatever’s going to work. And when it’s not working, we’re going to ditch it.”

Developers have to cease crypto hackers — or face regulation in 2023

One report signifies that greater than $2.5 billion in crypto was misplaced to cross-chain bridge hacks over the past two years alone.