CoinSwitch Kuber becomes crypto unicorn, Bitcoin returns to a $1T market cap, and a 2017 Ethereum fractal that resulted in 7000% gains resurfaces: Hodler’s Digest, Oct. 3-9
Hodler’s Digest comes every Saturday and helps you keep track of every single important message that happened this week. The best (and worst) quotes, introductory and regulatory highlights, leading coins, predictions, and more – one week on Cointelegraph in one link.
This week’s top stories
Indian crypto exchange CoinSwitch Kuber raises $ 260 million
The Indian crypto exchange CoinSwitch Kuber closed a series C financing round of $ 260 million with a valuation of $ 1.91 billion this week, adding itself to the renowned unicorn club.
The funding round was led by Coinbase Ventures and Andreessen Horowitz, the latter of which has grown into a leading crypto venture capital firm. At a valuation of $ 1.91 billion, CoinSwitch Kuber is considered India’s most valuable crypto company.
Speaking of funding, Sky Mavis, developers of the hugely popular NFT game Axie Infinity, announced a $ 152 million Series B funding round on Tuesday. Unsurprisingly, Andreessen Horowitz supported the funding round along with FTX’s stake.
The 2017 Ethereum fractal, which resulted in 7,000% gains for ETH, will reappear in 2021
The same bullish indicators that Ether (ETH) a 7,000% increase in 2017 has re-occurred in 2021, suggesting the asset is on its way to reaching the moon before Dogecoin (DOGE).
The 2017 fractal indicator consists of at least four technical patterns that have been instrumental in driving the price up, including the Relative Strength Index (RSI), the Stochastic RSI, the Bullish Hammer, and a Fibonacci Retracement- Level.
At the time of writing, Ether is worth $ 3,600, suggesting that if history repeats itself, the price could hit $ 13,000.
The Federal Court of Justice of Nigeria approves the introduction of eNaira CBDC
The Nigerian Federal Court of Justice has approved the introduction of the digital central bank currency eNaira (CBDC).
The CBDC was launched for beta testing to mark the 61st Independence Day celebration on October 1st and has now been given the green light to go into circulation with its Fiat counterpart. The CBDC is being touted as a faster, cheaper, and safer option for transactions. It is also supported by an eNaira wallet.
The official eNaira website states that the digital version of Nigerian Naira will be widely available, stating that “anyone can keep it”.
Richter rejects the offer by XRP-Hodlers to join the SEC as a defendant against the Ripple case
The ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) took another turn when U.S. District Judge Analisa Torres ruled Monday that individuals who own XRP tokens were not defendants in Ripple’s ongoing lawsuit may occur.
The verdict came after several ambitious XRP hodlers sought to file briefs for “friends of the court” that would enable them to join Ripple as defendants in the bloody battle against the SEC’s allegations that XRP was a security may be.
The judge said the verdict was for their own good as it would force the trigger-happy SEC to take action against the XRP hodlers as well. However, it was found that they can participate as an “amicus curiae” – a party who is not involved in the litigation but is empowered by the court to advise or provide information.
Bitcoin is returning to an asset of $ 1k while the BTC price rises to $ 55,000
Bitcoin (BTC) returned to its $ 1 trillion wealth status this week when the price surged over $ 55,000.
It appears that the damage caused by the Chinese mining ban in May has been removed, suggesting new all-time highs could be set in the coming weeks or months. At the time of writing, BTC is worth $ 54,900, which is 14.9% below its all-time high.
“To be honest, I think we will continue to see strength in Bitcoin,” said Cointelegraph employee Michaël van de Poppe, adding:
“USDT pairs will be fine for altcoins, but maybe we will have some fixes on the $ BTC pairs for 6-8 weeks before a new party starts. December / January is often the best time to buy alts. “
Winner and Loser
At the end of the week, Bitcoin is at $ 54,176, Ether at $ 3,612 and XRP at $ 1.07. The total market capitalization is $ 2.30 trillion, according to 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 biggest altcoin losers 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 crypto pricing, be sure to read Market analysis by Cointelegraph.
The most memorable quotes
“Policy makers should implement global standards for crypto assets and improve their ability to monitor the crypto ecosystem by closing data gaps. […] Emerging markets facing crypto risks should strengthen macroeconomic policies and consider the benefits of issuing central bank digital currencies. “
“For us, digital assets are not about payments per se. It’s about a new computer 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 very impressive: 110 countries are currently studying CBDCs.”
Kristalina Georgieva, Executive Director of the International Monetary Fund
“What a crazy concept it is that we as a country welcome so many bright, young, talented people to find a replacement for our reserve currency. […] I wish all of this passion and energy that went into cryptocurrency would be aimed at making the United States stronger. “
Ken Griffin, founder of Citadel LLC
“The best way to look at it, if you are an investor, either you believe in decentralized finance and centralized finance and you believe in Bitcoin and Ethereum and the blockchain or you don’t believe it. If you don’t, you stay in gold as a hedge, and if you do, you tip in. “
Kevin O’Leary, Shark Tank Judge
“I’m not going to deal with a token, but I think the securities laws are pretty clear – when you’re collecting money […] and the investing audience […] have a reasonable expectation of profits based on the efforts of others that fits into the Securities Act. “
Gary Gensler, chairman of the US Securities and Exchange Commission
“My bill with Congressman Ross would include ransom disclosure requirements and enable us to learn how much money cybercriminals are siphoning off American companies to fund criminal companies – and help us prosecute them.”
Elizabeth Warren, US Senator
“Bitcoin’s $ 50,000 resistance point since May seems ripe to become crypto’s support level in the fourth quarter.”
Mike McGlone, Senior Commodities Strategist at Bloomberg
Forecast of the week
The BTC bull run has “at least 6 months” left – 5 things to watch for Bitcoin this week
Bitcoin hit the $ 50,000 mark that week and continued to surpass $ 55,000. Although there was an upward movement in prices in early September, Bitcoin was more of a downward trend for most of the month. BTC price action so far has put upward pressure on October, but time will tell how the rest of the month plays out.
On a broader level, PlanB expressed in a tweet on October 2nd the possibility that the current Bitcoin bull run will be pointing upwards for several months. “My guess: This second stage of the bull market will take at least 6 more months,” PlanB said in the tweet and published one of its BTC stock-to-flow models.
Several other factors are also relevant 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 escapes with 2.7 million US dollars
Hodlers of the Evolved Apes NFT Avatar Project were baffled this week after one of the developers reportedly went rogue and stole 798 ETH worth around $ 2.9 million.
The anonymous developer with the pseudonym “Evil Ape” is said to have run away with all the money generated from the first minting of the 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 destroyed the project’s website and Twitter account. There was also a blockchain-based fighting game promised by the project’s creators, and while the outlook is bleak, the community is pushing a recovery initiative called Fight Back Apes.
Billionaire Ken Griffin criticizes crypto as a “jihadist call” against the greenback
Hedge fund manager Ken Griffin was the source of some mixed FUD this week when he criticized crypto as a “jihadist appeal” against the US dollar.
Griffin, the founder of $ 38 billion hedge fund Citadel LLC, said crypto is a “jihadist reputation we don’t believe in” when targeting the pesky youth who spent so much time growing on it work digital assets.
“I wish all of this passion and energy poured into cryptocurrency would be aimed at making the United States stronger,” he added.
However, the Citadel founder stated that due to a “lack of regulatory security,” his company does not need to enter the crypto sector just yet, suggesting he is more concerned about compliance than about a jihadist appeal against the precious dollar.
Gensler confirms the SEC won’t ban crypto … but Congress could
SEC chairman Gary Gensler said Tuesday that his agency did not have the power or intention to ban crypto, stating “that would be a matter for Congress”.
However, Gensler highlighted that many crypto tokens fall under the SEC’s enforcement powers. He named “financial stability problems” arising from stablecoins as a focus area for the agency.
“It’s about how we include this field in the investor-consumer protection that we have, and also work with banking regulators and others – how do we make sure the Treasury includes it in anti-money laundering and tax compliance?” Said Gensler.
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