Musk fires Twitter execs, analysis stirs blockchain power debate and CFTC brass shares crypto considerations: Hodler’s Digest, Oct. 23-29

Coming each Saturday, Hodler’s Digest will make it easier to observe each single essential information story that occurred this week. The most effective (and worst) quotes, adoption and regulation highlights, main cash, predictions and far more — every week on Cointelegraph in a single hyperlink.

High Tales This Week

Twitter’s top brass gutted as Elon Musk’s takeover begins

Elon Musk’s buy of Twitter turned ultimate this week, after which he reportedly fired three top-level executives: CEO Parag Agrawal, head of authorized and coverage Vijaya Gadde and chief monetary officer Ned Segal. Musk reportedly claims the three have been dishonest about Twitter spam accounts — a difficulty that nearly induced Musk to desert the Twitter deal. On a extra optimistic be aware, Musk mentioned he has massive plans for Twitter, together with guaranteeing free speech on the platform. Twitter additionally commanded different headlines this week as Binance invested $500 million within the platform, and the New York Inventory Trade delisted the now-private company.

Kazakhstan to build central bank digital currency on BNB Chain

Binance’s BNB Chain will host Kazakhstan’s central financial institution digital foreign money (CBDC), in response to Binance CEO Changpeng Zhao. CBDCs have made headlines in recent times as areas throughout the globe have taken numerous steps towards the brand new type of cash. The digital tenge, a product of the Nationwide Financial institution of Kazakhstan, will function on BNB Chain. Binance has made regulatory strides in Kazakhstan — a rustic that has proven curiosity in crypto.

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Report: Vast majority of blockchain energy studies ’lack scientific rigor’

A lot of the knowledge floating round about blockchain carbon emissions lacks validity on a number of ranges, in response to a preprint produced by researchers from a number of universities. In brief, the preprint states that quite a few research on blockchain power consumption use incomplete information, lack readability on electrical energy prices, and have made assumptions based mostly on previous information, amongst different factors. Blockchains and their power necessities have been a subject of a lot debate.

Aussie federal budget reaffirms BTC won’t be treated as foreign currency

Australia is not going to be making Bitcoin authorized tender, in response to the nation’s newest federal funds. The doc detailing the funds indicated that Bitcoin might be taxed in the identical class as different crypto property and never as a international foreign money, regardless of El Salvador’s transfer to make BTC authorized tender. El Salvador categorized Bitcoin as authorized tender in 2021. The Central African Republic additionally classifies Bitcoin as foreign money. Since 2014, Australia’s tax authority has categorized crypto generally as a kind of funding moderately than a type of foreign money, in response to feedback from Koinly head of tax Danny Talwar.

Equifax, known for huge data breach, is building a Web3 KYC solution

Equifax is working with blockchain agency Oasis Labs on a decentralized identification product which will enhance Know Your Buyer practices. Hosted on Oasis’ platform and dealing with software programming interface (API) keys from Equifax, the answer will primarily let people present identification affirmation with out exposing delicate data, with the knowledge sustaining a path on the group’s blockchain. Tech specifics for the answer weren’t revealed, nonetheless. Equifax’s status is overshadowed by a major world information breach it suffered in 2017.

Winners and Losers

On the finish of the week, Bitcoin (BTC) is at $20,485, Ether (ETH) at $1,536 and XRP at $0.46. The entire market cap is at $994.97 billion, according to CoinMarketCap.

Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Klaytn (KLAY) at 77.92%, Dogecoin (DOGE) at 46.52% and TerraClassicUSD (USTC) at 18.72%.  

The highest three altcoin losers of the week are Chain (XCN) at -23.33%, Maker (MKR) at -13.67% and Casper (CSPR) at -9.28%.

For more information on crypto costs, be certain that to learn Cointelegraph’s market analysis.

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Most Memorable Quotations

“Blockchain just isn’t merely a technological change but additionally one that allows socio-political change.

Yat Siu, co-founder and govt chairman of Animoca Manufacturers

“The U.Okay. authorities has a coverage imaginative and prescient that the U.Okay. will turn into a global hub of cryptocurrency and digital property.

Lisa Cameron, member of U.Okay. Parliament

“Conventional property are pushed by financial progress, Fed insurance policies, inflation. Crypto is pushed by the expertise itself, millennial adoption.

Mark Yusko, CEO and founding father of Morgan Creek Capital Administration

“I do imagine that the IMF is an implacable foe of crypto.

David Tawil, co-founder and president at ProChain Capital

“When [China] loves crypto, the bull market will come again. Will probably be a sluggish course of, however the pink shoots are budding.

Arthur Hayes, former CEO of BitMEX

“Data drives empowerment and confidence.

Flori Marquez, co-founder and chief working officer of BlockFi

Prediction of the Week 

Analyst puts Bitcoin price at $30K next month with breakout due

Early within the week, Bitcoin traded sideways between $19,000 and $20,000 with comparatively little value fluctuation. On Oct. 25, the asset started shifting up towards $21,000, discovering resistance on the degree on Oct. 26 earlier than retracing again towards $20,000 on Oct. 27, in response to Cointelegraph’s BTC value index. 

On Oct. 25, Eight CEO Michaël van de Poppe forecasted a doable near-term surge as much as $30,000 for BTC. “Inside 2-3 weeks, #Bitcoin will get away considerably,” he tweeted, including: “My take is the upside. My guess might be $30K.”

FUD of the Week

CFTC commissioner compares crypto contagion risk to 2008 financial crisis

Commodity Futures Buying and selling Fee head Christy Goldsmith Romero lately requested extra energy from america authorities to make sure crypto issues don’t have an effect on mainstream finance. Romero drew parallels between the 2008 monetary disaster and the present environment by citing Terra’s downfall as a contagion threat for mainstream markets. She famous that the crypto sector might negatively influence mainstream finance as a result of rising crossover exercise between the 2 worlds.

3Commas issues security alert as FTX deletes API keys following hack

Following investigations, crypto trade FTX and digital asset buying and selling bot service 3Commas discovered the reason for suspicious DMG cryptocurrency buying and selling on FTX. Hackers phished victims out of their FTX API keys by way of faux web sites that regarded like 3Commas’, leading to unauthorized trades for DMG asset pairs on FTX. Different strategies, together with malware, might also be at fault.

Bithumb ex-chairman could face 8 years in prison over alleged $70M fraud

Bithumb ex-chairman Lee Jung-hoon faces fraud expenses in South Korea for allegedly defrauding potential Bithumb purchaser Kim Byung-gun out of $70 million. Jung-hoon allegedly obtained $70 million from Byung-gun as a down cost for the acquisition of the Bithumb trade. Nevertheless, the deal was contingent on Bithumb itemizing crypto asset BXA, which allegedly by no means occurred. If deemed responsible on Dec. 20, Jung-hoon might face eight years in jail.

Finest Cointelegraph Options

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“We’re going to make use of no matter appears best — no matter’s going to work. And when it’s not working, we’re going to ditch it.”

Ethereum at the center of centralization debate as SEC lays claim

Ethereum’s transition to PoS was celebrated as a key improve. Nevertheless, a month after the transfer, centralization considerations are mounting excessive.

Editorial Workers

Cointelegraph Journal writers and reporters contributed to this text.

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