CRYPTO

Morgan Stanley acquires more GBTC, Alibaba and potential view of $ 6 million BTC to stop selling crypto mining gear: Hodler’s Digest, Sept. 26


Coming every Saturday, Huddler’s Digest Will help you keep track of every important news that happens this week. The best (and worst) quotes, take and control highlights, leading currencies, predictions and much more – one week at Cointelegraph in one link.

This week’s top news

Doug’s co-founder is focused on mass adoption at the Ethereum Bridge and NFTs

Billy Marcus, co-founder of Dear Dogecoin (DOGE), on Thursday stressed the importance of completing an Ethereum-to-Dogecoin bridge, noting that the asset could be consolidated to make payments in the Ethereum-based NFT marketplace.

Marcus said there is a “high demand” for NFT purchases in the crypto community, and that enabling NFT purchases with Doug “greatly enhances its usefulness.”

The development of a Dogecoin-Ethereum bridge will mark a significant milestone for meme currencies, as it will enable users to send DOGE from the Dogecoin blockchain to the Ethereum blockchain and use resources in the DeFi and NFT sectors through the ERC-20 DOGE token agreement.

The CEO of JPMorgan says that the price of Bitcoin may increase 10 times but still will not buy it

Jamie Damon, CEO of JPMorgan Chase and a fierce crypto critic, chanted Bitcoin’s appeal despite acknowledging that its price could rise 10 times in five years, probably because he doesn’t like to make a good return on his investment.

During an interview with the Times of India, the CEO was asked whether Bitcoin (BTC) or other crypto assets should be banned or regulated. Demon responded with a swing in the publicity surrounding the property, saying:

“I don’t really think about Bitcoin. I think people waste too much time and breath on it. But it is going to be controlled. […] And it will limit it at least a little bit. But I have no idea if it eliminates it and I personally don’t care. I am not a Bitcoin buyer. […] This does not mean that it cannot go up to 10 times the price in the next five years.

Morgan Stanley doubles Bitcoin exposure through grayscale shares

Speaking of large investment banks, it was reported on Monday that Morgan Stanley has more than doubled its exposure to the Grayscale Bitcoin Trust (GBTC) since April.

According to recent SEC filings, Morgan Stanley Europe Opportunity Fund owned a total of 58,116 GBTC shares as of July 31st. The holdings were valued at about 9 1.96 million at the time of writing, representing an 18.3% decrease to 2.4 million. It has spread to GBTC.

Previous filings show that Morgan Stanley has increased its share of GBTC by more than 105% since April, suggesting that market volatility in recent months has affected its appetite for bitcoin through the grayscale.

Working on Blockchain Interoperability Hub for Visa Crypto Payments

On Thursday, payment giant Visa announced an ambitious project aimed at a “universal adapter” of the blockchain that could combine multiple crypto assets, stable currencies and “devil’s birth” central bank digital currencies (CBDCs).

Called the “Universal Payment Channel,” the project hopes to act as an ope operative blockchain hub that can connect to multiple blockchain networks and enable the transfer of different crypto from different protocols and wallets.

“Imagine sharing checks with your friends, while everyone at the table is using a different kind of money – someone using the central bank’s digital currency. […] Sweden’s Ikrona and others prefer personal stable coins like the USDC.

White Hat hacker Daffy has paid the largest reported foundation fee

Automated market maker Protocol Belt Finance says it has given a white hat hacker the biggest reward in DFI history. The Binance Smart Chain (BSc) -based protocol, which operates a yield optimization strategy, said White Hat programmer Alexander Schlindwin discovered the weaknesses of the Belt Finance protocol this week and reported the news to the team.

Schlindwein, who appears to have no intention of cheating, was paid 1. 1.05 million for his work, including 1 1 million in immunization and 50,000 50,000 in one of the BSC’s priority programs.

“I went through the bug bounty list at Immunity and chose Belt Finance as the next one to work,” Schlindwin told Quintelegraph, adding:

“While I was studying their smart contracts, I noticed a potential bug in internal accounting, which keeps track of the funds deposited by each user. Running attacks with pen and paper gave me more confidence about the existence of bugs. I have developed an accurate proof-of-concept (POC) that has no doubt confirmed its legitimacy and economic loss.

Winners and losers

At the end of the week, there’s Bitcoin 47,351, At Ether $ 3,226 And in XRP $ 1.02. The total market cap is $ 2.05 trillion, According to At CoinMarketCap.

Among the top 100 cryptocurrencies, the top three Altcoin recipients of the week are Dividex (DYDX) 86.90%, OMG Network (God) 42.04% and Axis Infinity (AXS) At 39.19%.

Cello lost the top three Altcoins of the week (Front) -19.59%, hubby token (HT) -13.58% and snowfall (AVAX) At -8.27%.

For more information on crypto pricing, be sure to read Cointelegraph’s market analysis.

The most memorable quote

“I don’t really think about Bitcoin. I think people waste too much time and breath on it. But it is going to be controlled. […] And it will limit it at least a little bit. But I have no idea if it eliminates it and I personally don’t care. I am not a Bitcoin buyer. […] This does not mean that it cannot go up to 10 times the price in the next five years.

Jamie Damon, CEO of JPMorgan Chase

“The hardest part about realizing Bitcoin is that it’s completely unique – there’s nothing like it. There’s nothing to compare it to the media, and they’re completely unable to fully understand the extent to which Bitcoin is about to change.”

Samson Maui, Chief Strategy Officer of Blockstream

“There is no doubt that the crypto asset market is becoming more mainstream in the institutional and asset management sectors.”

Henry Howell, Head of Business Development at Nickel Digital Asset Management

“Millennium gamers hold 55% of all crypto assets, compared to just 5% of all millennials, which shows that gamers are much more likely to hold crypto than the average person. Eighty percent of crypto owners are also interested in using cryptocurrency to purchase games and in-game items.

David Gann, Founder of OP Crypto Capital Management Limited

“Not only is Sol Omarova, Bysen’s choice to lead the OCC, a threat to our traditional thriving economy, he also wants to control crypto in oblivion. Crypto faces defined government regulations for the future. This nomination needs to be stopped. ”

Ted Cruz, US Senator

“I think it’s not possible to destroy crypto, but it’s possible for the government to slow its progress.”

Elon Musk, CEO of Tesla

“Sooner or later, ETH will surpass Bitcoin and become a global standard.”

Sandeep Nailwal, Co-founder of Polygon

Forecast of the week

Former Bitcoin Lead Dev Predicts Destruction of BTC Network … with a Large Silver Lining

Gavin Andresen, the first developer of the Bitcoin network, recently published a blog post about the potential consequences of Bitcoin over many years. Andresen, however, included the warning that what he described in the future was possible, yet impossible.

Andresen’s forecast in 2061 saw BTC find that each currency has a heavy price tag of $ 6 million, complete with a ফ 7,500 transaction fee. The value of Bitcoin will not only increase in that valuation at will, but is basically the result of inflation by six multipliers. He predicted that by 2061, the purchasing power of 6 6 million would be 1 1 million at today’s dollar value. The larger holders of BTC will run the blockchain of coins till then, most of the transactions will be through the wrapped version of BTC in other blockchains.

Another 39 years go by quickly in 2100, and Bitcoin will see very little activity in its main blockchain, by then, mining rewards will be cut in half so that digging and maintaining networks is not worth the effort. At that point, the bitcoin-ruling whales will shut down the network, and BTC will simply live in other blockchains in wrapped form.

FUD of the week

The second largest etherium mining pool to suspend all operations

Following the latest crackdown by the Chinese government, the Ethereum mining pool Sparkpool on Thursday blocked the entry of new users into China and abroad.

An announcement on Monday said China was taking steps to ensure the protection of users’ assets in response to another ban on crypto. Spartpool said more detailed announcements about the shutdown would be sent via email and site.

Launched in China in early 2018, Sparkpool emerged as one of the largest ether mining pools in the world. As of Wednesday, Sparkpool’s mining power represents about 22% of Ethereum’s global hash rate. However, after the suspension, it is now 0%. According to Pulwatch, Ethermine Mining leads the Pool Pack, which makes up approximately 25% of Etherium’s global hashtags.

Alibaba will ban the sale of crypto mines amid a crackdown in China

Alibaba has faced some crypto mining-related problems this week amid crackdowns in China, announcing on Monday that its platform will ban the sale of cryptocurrency miners and blockchain miners and accessories departments will suspend them from its website on October 8.

The company’s decision was linked to regulatory compliance issues with crypto. E-commerce giant is shutting down sales of crypto mining devices and banning the use of its platform to sell Bitcoin, Ether (ETH) and Lightcoin (such as cryptocurrency) (LTC).

Alibaba said vendors who would continue to list banned crypto-related products and services after September 15 would face a variety of penalties, including blocking their stores and closing and closing merchants’ accounts.

The CFTC charged Kraken with a 1.25 million fine

The United States Commodity Futures Trading Commission (CFTC) announced Tuesday that it is ordering top crypto exchange Kraken to pay নাগর 1.25 million in citizen fines based on allegations that the firm is violating the Commodity Exchange Act.

The CFTC proves that Kraken has failed to register with the regulatory body as a Futures Commission Merchant (FCM) and is therefore proposing to trade illegal marginal retail products through crypto assets.

The CFTC said the move was “part of a broader effort to protect U.S. consumers” and stressed that exchanges offering “margin, leveraged or financed digital asset trading” must be registered as FCMs or face a regulatory hammer.

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