xrp cryptocurrency price

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

Cointelegraph Magazine
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Coming every Saturday Hodler Digest It will help you keep track of every important news that happened this week. Best (and worst) quotes, top adoption and regulation, leading currencies, predictions and much more – a week on Cointelegraph in one link.

This week’s top news

CoinSwitch Kuber, an Indian exchange, raises $260 million

Indian crypto exchange CoinSwitch Kuber closed a $260 million Series C funding round this week at a valuation of $1.91 billion, adding itself to the prestigious unicorn club.

The funding round was led by Coinbase Ventures and Andreessen Horowitz, the latter of which has emerged as a leader in crypto venture capital. With a valuation of $1.91 billion, CoinSwitch Kuber is said to be the most valuable crypto company in India.

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 backed the funding round along with the participation of FTX.

The Ethereum crack appeared from 2017 which resulted in a 7000% gain for ETH back in 2021.

Same set of bullish indicators that sent ether (ETH) A rise of 7000% in 2017 appeared again in 2021, indicating that the asset is on its way to the moon before Dogecoin (dog).

The fractal indicator from 2017 consists of at least four technical patterns that have been instrumental in driving the price higher, including the RSI, the stochastic RSI, the bullish hammer and the Fibonacci retracement level.

At the time of writing, Ether is worth $3,600, which indicates that the price could reach $13,000 if history repeats itself.

Federal High Court of Nigeria approves eNaira CBDC rollout

The Nigerian Federal Supreme Court has approved the launch of the eNaira Central Bank (CBDC) digital currency.

The CBDC was launched for beta testing in celebration of the country’s 61st Independence Day on October 1, and it has now been given the green light to trade alongside its cash counterpart. CBDCs are promoted as a faster, cheaper and safer option for transactions. It will also be supported by the eNaira wallet.

The official eNaira website says that the digital version of the Nigerian naira will be available globally, noting that “anyone can keep it.”

Judge Rejects XRP Providers’ Attempt to Join SEC Against Ripple’s Case as Defendants

The ongoing legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC) has taken another turn as US District Judge Annalisa Torres ruled on Monday that individuals holding XRP tokens cannot act in Ripple’s ongoing lawsuit as defendants.

The ruling came after several aspiring XRP scammers sought “friends of the court” warrants which, if granted, would enable them to join the bloody fight as defendants, along with Ripple, against the SEC’s assertion that XRP is a security company.

The judge said the ruling was in their favour, as it would force the Securities and Exchange Commission to take action against the XRP hackers as well. However, it was decided that they could participate as “amicus curiae” – a party not involved in the lawsuit but allowed by the court to advise or provide information.

Bitcoin returns to $1T as BTC price surges to $55,000

Bitcoin (BTC) It returned to the state of its $1 trillion assets this week as the price climbed past $55,000.

The damage from China’s mining ban in May appears to have been completely removed, suggesting there could be a rally to all-time highs in the coming weeks or months. At the time of writing, BTC is worth $54,900 and is 14.9% below its all-time high.

“Frankly, I think we will continue to see the strength of Bitcoin,” said Michael van de Poppe, a Cointelegraph contributor, adding:

“USDT pairs will be good on altcoins, but we will probably have 6-8 weeks of some retracement on the $BTC pairs, before starting a new party. December/January is often the best period to buy the alternatives.”

Winners and losers

At the end of the week, bitcoin is at $54,176, ether in $3,612 and XRP in $1.07. Total market value at $2.30 trillionAnd according to To CoinMarketCap.

Among the top 100 cryptocurrencies, the top three weekly gainers are SHIBA INU (gray) 244.87% phantom (FTM) With 74.68% and Axie Infinity (AXS) by 47.02%.

The top three losers in altcoins for the week are eCash (XEC) By -10.20%, Huobi Token (HT) at -8.70% and Amp (AMP) by -6.85%.

For more information on crypto prices, be sure to read Cointelegraph Market Analysis.

Most memorable quotes

Policy makers should implement global standards for crypto assets and enhance their ability to monitor the crypto system by addressing data gaps. […] Emerging markets facing crypto risks should strengthen macroeconomic policies and consider the benefits of issuing central bank digital currencies.”

International Monetary Fund

“For us, digital assets are not about payments per se. They are about a new computing paradigm – a programmable computer that can be accessed everywhere, to anyone, and owned by millions of people around the world.”

Bank of America Securities

“We did a survey of our membership, and it was impressive: 110 countries are at some point researching digital central bank currencies.”

Kristalina GeorgievaManaging Director of the International Monetary Fund

“What a crazy concept, that as a country we are embracing so many smart, young and talented people to come up with an alternative to our reserve currency. […] I hope that all this passion and energy that went into cryptocurrency is directed towards making the United States stronger.”

Ken Griffin, founder of Citadel LLC

“The best way to look at it is, if you are an investor, you either believe in decentralized finance and centralized finance, and you believe in bitcoin, ethereum and blockchain, or you don’t believe in it. If you don’t, stay in gold as a hedge, and if you do, flip it.”

Kevin O’LearyAnd shark tank the judge

“I won’t go into any one token, but I think the securities laws are pretty clear – if you’re raising money […] and the investing public […] Have a reasonable expectation of profits based on the efforts of others, in keeping with securities law.”

Gary GenslerChairman of the US Securities and Exchange Commission

“My bill with Congressman Ross will set disclosure requirements when the ransom is paid and allow us to see how much money cybercriminals are withdrawing from US entities to fund criminal enterprises — and help us pursue them.”

Elizabeth Warren, US Senator

“Bitcoin’s $50,000 resistance point since May looks ripe to become crypto support value in Q4.”

Mike McGlone, chief commodity strategist at Bloomberg

Predicting the week

BTC ‘at least 6 months’ ahead – 5 things to watch in Bitcoin this week

This week saw Bitcoin break through the $50,000 level and continue to climb past $55,000. Although bullish price action accompanied the beginning of September, bitcoin showed a more bearish trend for most of the month. Price action for BTC has registered upward pressure so far for October, but time will tell how the rest of the month unfolds.

More broadly, in a tweet dated October 2, Stock-to-Flow model creator PlanB expressed the possibility that Bitcoin’s current rally still has several months of upward movement. “My guess: this second phase of the bull market will have at least 6 more months left,” PlanB said in a tweet, announcing one of the BTC models to flow.

Several other factors are also relevant to determining the Bitcoin outlook, including analyzes of asset hash rate estimates and technical indicators.

FUD of the week

Creator of NFT ‘Evolved Apes’ allegedly gets away with $2.7 million

Hodlers of the Evolved Apes NFT avatar project were left stunned this week after a developer reportedly went rogue and criticized 798 ETH, worth about $2.9 million.

An anonymous developer using the alias “Evil Ape” is said to have rushed in with all the money generated from the initial mint of 10,000 token monkeys, along with gains from sales in the secondary market.

Aside from the alleged theft of 798 ETH, Evil Ape has also shut down the project’s website and Twitter account. There has also been a blockchain-based fighting game promised by the creators of the project, and while expectations are bleak, the community is spearheading a recovery initiative dubbed “Fight Back Apes.”

Billionaire Ken Griffin has criticized cryptocurrencies as a “jihadist call” against the dollar

Hedge fund manager Ken Griffin has been the source of some mixed FUD this week, criticizing cryptocurrencies as a “jihadist call” against the US dollar.

Griffin, the founder of the $38 billion hedge fund Citadel LLC, said cryptocurrency is “a jihadist call that we don’t believe in dollars,” targeting pesky youths who spend a lot of time working on digital assets.

“I hope that all this passion and energy that went into cryptocurrency is directed toward making the United States stronger,” he added.

However, the Citadel founder stated that his company has yet to enter the crypto sector due to a “lack of regulatory certainty,” suggesting that he is more concerned about compliance than the jihadist appeal against the precious dollar.

Gensler Assures SEC Won’t Ban Cryptocurrencies…But Congress Can

The head of the Securities and Exchange Commission, Gary Gensler, said on Tuesday that his agency had neither the authority nor the intention to ban cryptocurrencies, noting that “this is up to Congress.”

However, Gensler clarified that many tokens are subject to the enforcement authority of the Securities and Exchange Commission. He singled out “financial stability issues” arising from stable currencies as a major area of ​​focus for the agency.

“It’s a question of how to bring this area into our investor consumer protections as well as work with bank regulators and others – how do we make sure the Treasury has that within AML and Tax Compliance?” Gensler said.

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