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Come on Saturday, Hodler’s Digest will help you keep track of all the important news that happened this week. The best (and worst) news, withdrawal and legal indicators, top coins, predictions and much more – a week on Cointelegraph in one link.
Important news this week
JPMorgan will make the first DeFi transaction on a public blockchain
A cryptocurrency exchange was conducted on JPMorgan’s blockchain as part of a pilot project involving the Monetary Authority of Singapore (MAS) Project Guardian, SBI Digital Asset Holdings, Oliver Wyman Forum and DBS Bank. The Polygon blockchain managed the exchange between token deposits of the Japanese yen and the Singapore dollar, aided by smart contract technology from Aave.
UnionBank of the Philippines launches Bitcoin and Ethereum trading
Philippine bank UnionBank will allow retail customers to trade and hold Bitcoin and Ether, thanks to a joint pilot between the bank and crypto company Metaco. Delivery from UnionBank uses Harmonize, a platform from Metaco. UnionBank operates under the approval of the Bangko Sentral ng Pilipinas, the central bank of the Philippines. The offering is almost a year old and is the result of a January 2022 merger between Metaco and UnionBank. This is also not UnionBank’s first foray into the crypto sector.
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Come once, come all! Meta to bring the NFT engine and trading to Instagram
New features on Instagram will help users create, display and sell non-trivial tokens (NFT) on the social media platform. A social media operation under Meta (formerly Facebook), Instagram provides an “end-to-end tool” for NFTs, according to a new announcement from Meta. NFTs created on Instagram can be sold on the platform and so on. The Solana block was added to the list of compatible blocks for Instagram, according to the announcement.
Elon Musk is facing a class action lawsuit over Twitter scandals
Elon Musk has implemented some changes to Twitter since the completion of his purchase on October 27. After firing the top-level Twitter brass, Musk has begun to initiate important staff positions. Affected employees say they are also fighting back through a class-action lawsuit that accuses Musk of demanding more advertising for generations. The legal filing also announced Musk’s board membership for Twitter after he removed everyone else.
Our swords are yours: 12 private entities pledge legal support for Ripple
The Securities and Exchange Commission (SEC) legal case against Ripple continues after almost two years. The latest development sees official support from 12 different entities supporting Ripple in the form of amicus briefs filed. The Chamber of Digital Commerce and Coinbase are among the list of sponsors. The SEC says the sale of Ripple’s XRP is an unregistered securities offering. The outcome of the case will affect the entire crypto industry.
Heroes and Killers
At the end of the week, Bitcoin (BTC) is at $20,861Ether (ETH) i $1,626 a XRP i $0.49. The total market capitalization is $1.03 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin winners of the week are Loopring (LRC) at 45.27%, Dogecoin (DOGS) at 41.72% with Arweave (AR) at 40.73%.
The third secret altcoin of the week is Aptos (APT) at -11.80%, Klaytn (CLAY) i -7.22% and Terra Classic (LUNC) to -6.77%.
For more information on crypto prices, be sure to read Cointelegraph’s market report.
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Great Memories Stories
“If the world economy was a distributed system, it wouldn’t be collapsing. Parts are dying.
Ray Youssef, co-founder and CEO of Paxful
“I think DeFi will replace institutions in terms of new use cases that we are starting to see today.
Mike Belshe, co-founder and CEO of BitGo
“Big cryptocurrencies have to go through a lot of downfalls.
Charles Hoskinsonfounder of Cardano
“Crypto exchanges determine the winners and losers of the crypto world, being listed on one is a great way to increase your token price and give investors access to money .
Habeeb Syedsenior associate attorney at Vicente Sederberg
“I think people are more focused on consolidating value rather than going public or going private.
Guillaume Pousazfounder and CEO of Checkout.com
“It’s easier to hire talent in the bear market.
Changpeng “CZ” ZhaoCEO of Binance
Forecast of the Week
Bitcoin price appears to be on the rise as ‘old coins’ reach 78% of supply
Bitcoin saw some price volatility this week, surpassing $21,000 on November 4, according to Cointelegraph’s BTC price index. The US Federal Reserve also raised interest rates by another 0.75%, in line with some of Bitcoin’s volatility.
According to data from Glassnode, the number of Bitcoin held for six months or more is now the majority of Bitcoin’s distribution – more than 78% – at the end of October. This means that there is less risk of major sales going forward.
FUD of the Week
Crypto exchange Deribit blocks withdrawals amid $28M hot wallet hack
Crypto derivatives exchange Deribit suffered a hot bank attack this week, with $28 million stolen. The price, however, uses its reserves to compensate for the loss, and customers should not feel the effects other than the platform waiting for withdrawals while ensuring security. Other than that, it is said that the price is just working. Deribit usually keeps 99% of customer assets in cold storage, which made the hack less likely.
‘Everything is fine’ — Gala Games is calling for calm after a billion-dollar hack scare
The FUD surrounding the Gala games this week is unwarranted. In short, there was a panic after PeckShield discovered $2 billion in GALA tokens created by a private bank address. GALA’s price dropped significantly. What is the real reason for doing different banking? Gala Games’ link bridge pNetwork drained the vulnerability pool before anyone could hack it. The price of GALA returned some losses after the clarification was made public.
Santander UK restricts crypto transactions for its customers
Effective November 15, Santander bank customers in the United Kingdom will not be able to send more than 1,000 pounds in crypto transactions in one transaction, without exceeding 3,000 pounds per month. The bank says the limits will help protect consumers, given the lack of legal protections in crypto. Limits apply to all crypto-related transactions. Santander also announced more bonds in the future.
The best features of Cointelegraph
Andy Warhol would have liked (and probably hated) NFTs
“There were a lot of cypherpunks at these first Bitcoin conferences I went to.”
Can cyber infections disrupt crypto networks?
“We use what’s easy – whatever works. And if it doesn’t work, we throw it away.
Developers must block crypto hackers – or face legal action in 2023
A report indicates that over $2.5 billion in crypto was lost to exchange bridge hacks in the past two years alone.
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