Hodler’s Digest, available every Saturday, will help you keep track of all the important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more – a week on Cointelegraph in one link.

Top news this week

Starting in early 2023, Coinbase’s payment service Coinbase Commerce will facilitate crypto payments for customers who purchase Google cloud services thanks to an agreement between the two companies. Google will only allow payment for certain crypto assets, including Bitcoin. Initially limited to certain participants, the option to pay with crypto will eventually expand to other customers, a Google Cloud executive told CNBC. Google Cloud has taken several other steps towards participating in the cryptocurrency and blockchain industry in 2022.

BNY Mellon, America’s Oldest Bank, Launches Crypto Services

Banking giant BNY Mellon has entered the crypto custody arena, offering certain clients Bitcoin and Ether custody services through a new platform. The 238-year-old bank will provide accounting for clients’ cryptocurrencies in a similar way as it does for traditional assets, while also handling clients’ private keys. BNY Mellon Digital & Securities Services CEO Roman Regelman said: “With Digital Asset Custody, we continue our journey of trust and innovation into the evolving digital asset space, while also embracing leading technology and collaborating with fintechs. “.

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SEC Rejects WisdomTree’s Application for a Spot Bitcoin ETF…Again

After multiple delays, the United States Securities and Exchange Commission (SEC) has rejected WisdomTree’s proposal for the Bitcoin exchange-traded fund (ETF), which the firm filed in January. The SEC cited fears of market manipulation and fraud as the rationale for its decision, which is consistent with its previous rationale for denying spot Bitcoin ETFs. The SEC also rejected a WisdomTree spot Bitcoin ETF proposal in 2021.

PayPal says policy to punish users for misinformation was a ‘mistake’

PayPal’s Acceptable Use Policy will change in early November to include a $2,500 fine for any PayPal user who promotes, posts, submits, or posts so-called “misinformation.” PayPal has since claimed that the policy provision was added in error. “PayPal is not fining people for misinformation and this language was never intended to be inserted into our policy,” PayPal said. The fiasco has reignited concerns about centralized platforms among crypto users who see self-custody as an important pillar of self-sovereignty and financial inclusion.

Blockchain Gaming and Metaverse Projects Raised $1.3B in Q3: DappRadar

Data from DappRadar revealed that $1.3 billion in venture capital flowed into metaverse projects and blockchain games in Q3, a bright spot amid crypto bear market darkness. While venture capital funding for these sectors was down 48% compared to the second quarter, the figure for the third quarter was more than double the amount invested in all of 2021.

winners and losers

At the end of the week, Bitcoin (BTC) is at $19,665, Ether (ETH) at $1,329, and XRP at $0.50. The total market capitalization is $938.70 billion, according to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Huobi Token (HT) at 87.06%, TerraClassicUSD (USTC) at 63.33%, and Quant (QNT) at 22.07%. .

The top three altcoin losers for the week are Klaytn (KLAY) at -20.36%, Internet Computer (ICP) at -15.04%, and eCash (XEC) at -14.48%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

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most memorable quotes

“Ethereum is the ‘Hotel California’ of cryptocurrencies. You can check in, but you can’t check out.

Charles Hoskinson, founder of Cardano

“Elon Musk cites posts about Dogecoin, you get signups seven times a day.

Alex Harper, Co-CEO and Co-Founder of Swyftx

“If we [the crypto industry] we want to reach internet scale, we need a solution for AML/CFT compliance.

John Henderson, Partner at Airtree Ventures

“A bear market is the best time to start working in crypto and find a job.

Raman Shalupau, Founder of Crypto Jobs List

“There is protection in gold. But in my opinion, Bitcoin is far superior. It has math and code. It is defended by a decentralized protocol. Don’t mess with math.

Greg Foss, Executive Director of Strategic Initiatives at Validus Power Corp

“It is incredibly important to never forget that we have a huge responsibility that influencers don’t have. They have their own risks in terms of the trust of their followers, but we have a responsibility to maintain our integrity as journalists.

Kristina Cornèr, editor-in-chief of Cointelegraph

prediction of the week

BTC Price Hits 3-Week Lows on US CPI as Bitcoin Liquidates $57M

For most of the week, Bitcoin traded sideways, favoring slightly lower, according to Cointelegraph’s BTC Price Index. However, the asset suffered some price volatility on October 13, in line with the release of US inflation data for September. Bitcoin price fell close to $18,200 following the news, but later recovered above $19,000.

In a post on Oct. 13, pseudonymous Twitter user il Capo de Crypto tweeted about the possibility of Bitcoin’s crash being a bear trap, noting a possible subsequent rally to $21,000, followed by a sharp drop.

fud of the week

US Treasury OFAC and FinCEN Announce $29 Million Enforcement Actions Against Bittrex

Crypto exchange Bittrex is facing charges from two different United States regulators: the Treasury Department’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN). Regulatory authorities have essentially alleged that Bittrex failed to conduct adequate due diligence on its customers and transactions between 2014 and 2018, allowing users in sanctioned regions to use the platform. Bittrex confirmed that it would settle with OFAC for around $24 million, which can also be applied as a credit towards its $29 million settlement owed to FinCEN. Looking to get ahead of the situation, Bittrex stated that it has been up to date with the expected standards since 2018.

$100M Drained From Solana DeFi Platform Mango Markets, Token Drops 52%

Mango Markets, a decentralized finance platform running on the Solana blockchain, reportedly siphoned around $100 million from its treasury thanks to an exploit. Someone manipulated the price data of the platform’s native MNGO asset, allowing them to borrow cryptocurrencies worth much more than the value of the MNGO they pledged as collateral. MNGO suffered a price drop of approximately 50% following news of the event. Subsequent reports saw the hacker come forward, demanding a $70 million bug bounty and other terms to return the mined funds.

CNN will shut down its NFT marketplace and issue a 20% refund

After about four months, news outlet CNN decided to discontinue its non-fungible token (NFT) effort, seemingly another victim of the bear market. The media company’s NFT project, known as Vault by CNN, essentially offered tokenized memories of historical news events spanning several decades throughout CNN’s history. The project’s roadmap projected six months of development, though the media outlet has since claimed the project was a “6-week experiment,” according to an announcement from the Vault by CNN Twitter account. Buyers of NFTs will get a 20% refund of the price they paid to mint their NFTs, according to a CNN staffer on Discord.

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Crypto Downturn Is More Than The Macro Environment

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editorial staff

Cointelegraph magazine writers and reporters contributed to this article.



This post Google and Coinbase Settle, BNY Mellon Begins Crypto Custody, WisdomTree Bitcoin ETF Denied: Hodler’s Digest, Oct 9-15

was published first on https://cointelegraph.com/magazine/2022/10/15/google-coinbase-strike-deal-bny-mellon-begins-crypto-custody-wisdomtrees-bitcoin-etf-gets-denied-hodlers-digest-oct-9-15

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