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Blockchain firm sues Coinbase for $350M alleging patent infringement

The plaintiff, Veritaseum believes that other centralized and decentralized crypto exchanges may have also unlawfully used the patent to facilitate crypto payments, trading, and staking services.

1M Aussies will enter crypto over the next 12 months — Swyftx survey

The findings come from the Annual Australian Crypto Survey, commissioned by Australian crypto exchange Swyftx.

5 altcoins that could turn bullish if Bitcoin price stabilizes

The major United States stock market indices continued their decline last week as worsening macroeconomic conditions increased concerns of a global recession. The Dow Jones Industrial Average closed at its lowest level in 2022 and major indices recorded their fifth weekly close in the past six weeks.

Although Bitcoin (BTC) has only declined marginally this week, it risks closing at the lowest level since 2020. While a new multi-year weekly close is a negative sign, sellers will have to sustain the lower levels or else it may turn out to be a bear trap. The price action of the next few days is likely to witness heightened volatility as both the bulls and the bears battle it out for supremacy.

Crypto market data daily view. Source: Coin360

Several investors miss opportunities to buy during sharp corrections because they try to catch the bottom. Traders should rather focus on the projects they like and accumulate the coins in a phased manner lasting a few weeks or months. All coins do not bottom at the same time, hence it is better to focus on individual cryptocurrencies that show strength.

While Bitcoin is nearing its yearly lows, certain altcoins are holding up well. Let’s look at the charts of five cryptocurrencies that look interesting in the near term.

BTC/USDT

The Bitcoin bulls have successfully defended the $18,626 to $17,622 support zone in the past few days but they continue to face strong selling at the 20-day exponential moving average ($19,720). This suggests that bears continue to sell on minor rallies.

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Is post-Merge Ethereum PoS a threat to Bitcoin's dominance?

Cory Klippsten, the CEO of Swan Bitcoin, shares his views on how "the competition for liquidity" between Bitcoin and Ethereum will play out after the latter's switch to a proof-of-stake system.

Bitcoin risks worst weekly close since 2020 as BTC price dices with $19K

Bitcoin (BTC) headed for its lowest weekly close since 2020 on Sep. 25 as a week of macro turmoil took its toll.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader prepares for "important week" for BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $19,000 with hours left to run on the weekly candle.

While only down $400 since the week began, the pair offered traders little optimism amid fears that the coming days would continue the bleedout across risk assets.

“The whole week traded within the monday range. Weekly close gonna be bearish, looking like a pin bar,” popular trading account Crypto Yoddha told Twitter followers in a summary post.

“Also consolidating at the range low. So need a bounce first before taking a position. Next week is gonna be important. (Q3 close + Monthly close).”

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The biggest Bitcoin fund just hit a record -35% discount — A warning for BTC price?

Grayscale Bitcoin Trust (GBTC), a cryptocurrency fund that currently holds 3.12% of the total Bitcoin (BTC) supply, or over 640,000 BTC, is trading at a record discount compared to the value of its underlying assets.

Institutional interest in Grayscale dries up

On Sep. 23, the $12.55 billion closed-end trust was trading at a 35.18% discount, according to the latest data.

GBTC discount versus spot BTC/USD price. Source: YCharts

To investors, GBTC has long served as a great alternative to gain exposure in the Bitcoin market despite its 2% annual management fee. This is primarily because GBTC is easier to hold for institutional investors because it can be managed via a brokerage account. 

For most of its existence, GBTC traded at a hefty premium to spot Bitcoin prices. But It started trading at a discount after the debut of the first North American Bitcoin exchange-traded fund (ETF) in Canada in February 2021.

Unlike an ETF, the Grayscale Bitcoin Trust does not have a redemption mechanism. In other words, GBTC shares cannot be destroyed or created based on fluctuating demand, which explains its heavily discounted prices compared to spot Bitcoin.

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Wintermute suffers $160M attack, Kraken CEO departs and US bill aims to ban algo stablecoins: Hodler’s Digest, Sept. 18-24

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link!

Wintermute suffers $160M attack, Kraken CEO departs and US bill aims to ban algo stablecoins: Hodler’s Digest, Sept. 18-24

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

 

Kraken’s Jesse Powell will step down as CEO, stay on as board chair

After more than a decade heading up crypto exchange Kraken as CEO, Jesse Powell has decided to pass the torch to the company’s chief operating officer, Dave Ripley. Powell is not done with Kraken, however. He will become chair of the board for the organization. “It’s just gotten to be more draining on me, less fun,” Powell said, as quoted in by Bloomberg. Ripley joined Kraken as chief operating officer in 2016.

 

South Korean ministry recommends enactment of special Metaverse laws

In line with other advances South Korea has taken to embrace the digital world, the country wants to create new laws regarding the Metaverse, according to plans from the Ministry of Science and ICT. The ministry wants proper laws in place for the Metaverse, but thinks it’s unwise to form-fit current regulations to new technology. Previous news saw South Korea invest $200 million toward metaverse development in the country.


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What is a cryptocurrency mining pool?

A fraternity-based approach to mine crypto, mining pools let miners combine their computational resources for a better chance to win rewards.

NFTs bring in-game ownership to a new level, says Blokhaus founder

NFTs improve interactivity by allowing users to unlock fully modular, community-driven in-game experiences to which they own the pieces, explains Mark Soares, the founder of Blokhaus Inc.

Tornado Cash saga left a void, says Chainalysis chief scientist: Finance Redefined

A new report suggests the Ethereum staking ecosystem could become a formidable industry impacting a wider crypto economy.

Web3 technologies could be a game changer for the travel industry

NFTickets could potentially allow airlines and events to increase their revenue through resales on the secondary market.

Pantera Capital's CEO suggests Blockchain growth will continue despite economic turmoil

The venture capitalist predicted blockchain would perform based on its own fundamentals, similar to Amazon and Apple.

XRP hits 13-month high versus Bitcoin with 35% daily surge — But is a correction inevitable?

XRP price posted a sharp rally against Bitcoin (BTC) on continued optimism about a potential settlement between Ripple, a San Francisco-based blockchain payment firm, and the U.S. Securities and Exchange Commission (SEC).

Settlement rumors fuel XRP price boom 

On Sept. 23, the XRP/BTC pair surged to 0.00002877 — its best level in 13 months — from 0.00002132, a 35% price rally versus Bitcoin in one day. Meanwhile, the same timeframe saw XRP rising as much as 42% against the U.S. dollar.

XRP/BTC and XRP/USD daily price chart. Source: TradingView

The big price leaps in the XRP market started appearing after Ripple and SEC filed motions for a summary judgment with the court on Sept. 12 regarding their ongoing legal battle over allegations that Ripple hcommitted securities fraud.

In other words, Ripple and SEC agreed that the court should use the available evidence to reach a verdict on whether the blockchain firm illegally raised funds by selling XRP by December 2022, and thus avoid a trial. 

XRP's price has boomed approximately 75% and 60% versus Bitcoin and the dollar, respectively, since Ripple's court filing, fueled by optimism of a possible win for Ripple.

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Post offices adopting NFTs leads to a philately renaissance

Nonfungible tokens are being used to reinvigorate post stamp collecting in Austria and the Netherlands.

China accounts for 84% of all blockchain patent applications, but there's a catch

China’s push for blockchain technology gained steam after 2019 when President Xi Jinping called for corporations from tech giants to become industry leaders in the nascent tech.

CTFC slammed for 'blatant regulation by enforcement' over Ooki DAO case

The CFTC’s actions have even been met with strong pushback from its own commissioner, while others have drawn comparisons to the SEC’s regulation by enforcement tactics.

Fork, yeah! Cardano Vasil upgrade goes live

Cardano’s newest hard fork is the blockchain's most significant update since adding smart contract functionality in September.

Rushing ‘token mapping’ could hurt Aussie crypto space — Fintech founder

Australian crypto entrepreneur Fred Schebesta said Australia already has a “fledgling” crypto industry but needs to “align with the other major markets."

XRP price breaks out of range with a 25% rally, but why?

Crypto markets are flashing a bit of green on Sept. 22 as Bitcoin (BTC) price tacked on a 4.7% gain to trade above $19,300 and Ether (ETH) surged 6.5% to recapture the $1,300 level. 

RSR and Astar Network (ASTAR) also surged by 23% and 17% respectively, but the more notable mover of the day was XRP.

Currently, XRP price reflects a near 25% gain and the asset is up 41% in the past month. According to defense lawyer James K. Filan, on Sept. 18, Ripple Labs filed a motion for summary judgment — a legal process that involves the court making a final decision based on the provided facts, rather than ordering a trial — and a decision on whether XRP is a security is expected by mid-December.

Excitement over the news could be improving investor sentiment about the longer-term prospects for XRP.

Related: Crypto and stocks soften ahead of Fed rate hike, but XRP, ALGO and LDO look ‘interesting’

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