Come every saturday Hodler’s digest helps you keep track of all the important news that happened this week. Best (and worst) quotes, introductory and regulatory highlights, top coins, predictions and more – one week on Cointelegraph in one link.
This week’s top news
Indian cryptocurrency exchange CoinSwitch Kuber raises $ 260 million
Indian crypto exchange CoinSwitch Kuber closed a $ 260 million Series C funding round with a valuation of $ 1.91 billion this week, adding to the prestigious unicorn club.
The round was led by Coinbase Ventures and Andreessen Horowitz, the latter of which has grown into a leading crypto venture capital company. At a valuation of $ 1.91 billion, CoinSwitch Kuber is arguably India’s most valuable crypto company.
Speaking of funding, Sky Mavis, the developer of the hugely popular NFT game Axie Infinity, announced a $ 152 million Series B funding round Tuesday. It is not surprising that Andreessen Horowitz supported the financing round with FTX participation.
Ethereum fractal from 2017 leads to 7,000% profit for ETH will reappear in 2021
The same set of bullish indicators sent Ether (ETH), which rose 7,000% in 2017, has resurfaced in 2021, suggesting the asset is well on its way to reaching the pre-Dogecoin moon (DOGE).
The 2017 Fractal Indicator contains at least four technical patterns that are instrumental in driving prices higher, including the Relative Strength Index (RSI), the Stochastic RSI, the Bullish Hammer, and the Fibonacci Retracement.
At the time of writing, Ether is valued at $ 3,600, suggesting that if history repeats itself, the price could hit $ 13,000.
Nigeria’s federal court approves the implementation of eNaira CBDC
The Federal Court of Justice of Nigeria has approved the introduction of the digital central bank currency eNaira (CBDC).
CBDC was touted on the occasion of the 61st CBDC as a faster, cheaper and safer option for transactions. It is also supported by an eNaira wallet.
The official eNaira website states that a digital version of Nigerian Naira will be available worldwide and says that “anyone can get it”.
Richter rejects offer from XRP holders to join the SEC as a defendant on the Ripple case
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) took another turn when U.S. District Judge Analisa Torres ruled Monday that individuals who own XRP tokens cannot appear as defendants in Ripple’s ongoing lawsuit .
The verdict comes after a number of aspiring XRP scammers aim to file pleadings for “friends of the court” that, if approved, would allow them to join the bloody battle, as did the defendant along with Ripple, against claims by the SEC that XRP is a security.
The judge said the ruling was in their best interests as it would force the fortunate SEC to take action against XRP scammers as well. However, it stipulates that they can participate as an “amicus curiae” – a party who is not involved in the litigation but is authorized by the court to give advice or provide information.
Bitcoin is returning to an asset of $ 1k while the BTC price rises to $ 55,000
Bitcoin (BTC) returned to a $ 1 trillion wealth status this week as the price surged over $ 55,000.
It looks like the damage from China’s mining ban in May has been removed, suggesting there could be a race for new all-time highs in the coming weeks or months. At the time of writing, BTC is worth $ 54,900, down 14.9% from its all-time high.
“To be honest, I think we will continue to see the strength of Bitcoin,” added Cointelegraph employee Michaël van de Poppe:
“USDT pairs should be fine for altcoins, but we will probably have 6-8 weeks of correction for $ BTC pairs before a new party starts. December / January is usually the best time to shop for alts. “
You get up and lose
At the end of the week, Bitcoin was with $ 54,176, Ether at $ 3,612 and XRP at $ 1.07. The total market capitalization is $ 2.30 trillion, follow to CoinMarketCap.
Among the 100 largest cryptocurrencies, the three best altcoin winners of the week are SHIBA INU (SHIB) at 244.87%, Fantom (FTM) at 74.68% and Axie Infinity (AXS) at 47.02%.
The three best bearish altcoins of the week are eCash (XEC) at -10.20%, Huobi tokens (HT) at -8.70% and amp (AMP) at -6.85%.
For more information on cryptocurrency pricing, be sure to read Cointelegraph Market Analysis.
The most memorable quotes
“Policy makers should implement global standards for crypto assets and strengthen oversight of the crypto ecosystem by addressing data vulnerabilities. […] Emerging markets facing crypto risks should step up macroeconomic policies and weigh the benefits of issuing central bank digital currencies. “
“For us, digital assets are not about payments. It’s about a new computing paradigm – a programmable computer that is accessible anywhere and for everyone and that is owned by millions of people around the world. “
Bank of America securities
“We conducted a survey of our members and it was impressive: 110 countries will look at CBDCs at some point.”
Kristalina Georgieva, Executive Director of the International Monetary Fund
“It’s a crazy concept that we as a country take in so many bright, young, talented people in order to find an alternative to our reserve currency. […] I wish that all of the passion and energy for crypto will be used to make America stronger. “
Ken Griffin, Founder of Citadel LLC
“The best way to look at it, if you are an investor, either you believe in decentralized funding and centralized funding and you believe in Bitcoin and Ethereum and blockchain or you don’t believe it. If not, stick with gold as a hedge, and if so, invest in it. “
Kevin O’Leary, Shark tank judgement
“I’m not going to dig into tokens, but I think the securities laws are pretty clear – when you’re collecting money […] and the investing audience […] Have reasonable projections of returns based on the efforts of others in accordance with securities laws. “
Gary Gensler, Chairman of the US Securities and Exchange Commission
“My bill with Congressman Ross would include ransom disclosure requirements and allow us to see how much money cybercriminals are withdrawing from US companies to fund criminal businesses. Criminals – and help us track them down.”
Elizabeth Warren, US Senator
“The $ 50,000 resistance point since May seems ripe to become crypto support in the fourth quarter.”
Mike McGlone, Senior Commodities Strategist at Bloomberg
Predictions for the week
The BTC bull run has “at least 6 months left” – 5 things to watch out for in Bitcoin this week
This week, Bitcoin passed the $ 50,000 mark and continued to climb above $ 55,000. Despite the bullish price movement in early September, Bitcoin showed a more bearish bias for most of the month. BTC price action has been bullish pressure so far in October, but time will tell how the rest of the month plays.
On a broader level, the stock-to-flow modeler PlanB expressed in a tweet on October 2 the possibility that the current Bitcoin bull run is still months away. “My prediction: This second phase of the bull market will be at least 6 months away,” PlanB said in a tweet and published one of its BTC stock flow models.
Several other factors also play a role in determining Bitcoin’s outlook, including analysis of the asset’s hash rate estimates and technical indicators.
FUD of the week
The NFT inventor of “Evolved Apes” allegedly ran away with $ 2.7 million
Hodlers from the Evolved Apes NFT Avatar Project were stolen this week after one of the developers allegedly defrauded and stole 798 ETH worth around $ 2.9 million.
The anonymous developer, nicknamed “Evil Ape”, is said to have spent all of the proceeds from the initial minting of 10,000 tokenized monkeys as well as the profits from sales on the secondary market.
In addition to the alleged theft of 798 ETH, Evil Ape also demolished the project’s website and Twitter account. There’s also a blockchain-based fighting game promised by the project’s creators, and despite the dire prospect, the community is sponsoring a recovery initiative called Fight Back Apes.
Billionaire Ken Griffin welcomes crypto as a “call to jihad” against the greenback
Hedge fund manager Ken Griffin was the source of some mixed FUD this week as he equated cryptocurrency with the US dollar as a “call to jihad.”
Griffin, founder of the $ 38 billion hedge fund Citadel LLC, said crypto is a “call by the jihadists that we don’t believe in the dollar” as it targets difficult young people who spend too much time on work have spent. Digital assets.
“I wish that all of the passion and energy for crypto will be used to make America stronger,” he added.
However, the Citadel founder has stated that due to a “lack of regulatory uncertainty” his company does not need to enter the crypto space just yet, which suggests he is concerned about compliance …