Coming every Saturday, ) is at $19,777, Ether (ETH) at $1,356 and XRP at $0.47. The total market cap is at $954.03 billion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Quant (QNT) at 37.76%, Terra Classic (LUNC) at 21.41% and Helium (HNT) at 20.93%.
The top three altcoin losers of the week are Chiliz (CHZ) at -9.29%, Lido DAO (LDO) at -6.82% and Cronos (CRO) at -6.31%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“The most important thing is that [the Ethereum Merge] was executed flawlessly. Everything that was supposed to happen did happen. And none of the things that people were worried about did happen.”
Eli Ben-Sasson, co-founder of Starkware
“I think the world is just waking up to reality and Ethereum just went way off into fantasyland at the exact wrong time.”
Cory Klippsten, CEO of Swan Bitcoin
“In DeFi, you can’t get away with letting one borrower be half of a lending pool because people see that and they question the risk management there.”
Sid Powell, CEO and co-founder of Maple Finance
“In our genres that we’re hitting, there might be roughly 500 million people that we can bring in that literally won’t know that they’re playing a crypto game.”
Kieran Warwick, co-founder of Illuvium
“People need to be able to interact with apps and services and content and transactions without knowing that they’re using crypto.”
Jeremy Allaire, CEO of Circle
“SMS 2FA is better than nothing, but it is the most vulnerable form of 2FA currently in use.”
Jesse Leclere, security expert for CertiK
“I’m writing code in my living room. […] I’m making zero effort to hide.”
Do Kwon, co-founder of Terra
Prediction of the Week
Bitcoin price due ‘big dump’ after passing $20K, warns trader
Bitcoin largely remained below $20,000 this week, though the asset successfully broke above that level several times, according to Cointelegraph’s BTC price index. After zipping past $20,000 on Sept. 30, Bitcoin fell right back down below the level, seeming to line up with the timing of a recent speech by Russian President Vladimir Putin. Pseudonymous Twitter user “Il Capo of Crypto” predicted the price action in a Sept. 30 tweet: “Pump to 20000-20500 before Putin’s speech. Then big dump.”
FUD of the Week
California files order against Nexo interest account, says it’s 8th state to take action
Crypto lending platform Nexo has been ordered by California’s Department of Financial Protection and Innovation (DFPI) to halt the operation of its Earn Interest Product. The agency asserted that the product does not fall in line with regulatory approval requirements. Nexo essentially froze the product for U.S. customers earlier in 2022, although not fully, according to the DFPI. Nexo reportedly faces similar action from New York, Vermont and five other state regulators. Nexo explained to Cointelegraph that it has been working with regulatory authorities in the U.S.
MEV bot earns $1M but loses everything to a hacker an hour later
A Maximal Extractable Value (MEV) bot capitalized on an arbitrage opportunity on decentralized exchange Uniswap V2, tallying about $1 million worth of Ether in profits in a single day. The fanfare was short-lived, however, as the bot’s apparently questionable code left it vulnerable to exploitation, with a hacker apprehending the funds on the same day.
SEC alleges fintech and ‘market maker’ firms manipulated crypto market in token scheme
Hydrogen Technology Corporation and market maker Moonwalkers Trading Limited face action from the SEC for alleged market manipulation. In 2018, Hydro tokens were dispersed via multiple avenues, including an airdrop. Hydrogen and Moonwalkers then allegedly collaborated to make it seem like the asset was significantly active on the market and subsequently dumped Hydro tokens for profit.
Best Cointelegraph Features
5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned
“Index investing can be boring, but it saves you from the worst possible outcomes.”
Throw your Bored Apes in the trash
From carrying medical data to streamlining royalty payments, nonfungible tokens serve a variety of important technological purposes. Bored Apes are a demeaning distraction.
Tax on income you never earned? It’s possible after Ethereum’s Merge
IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides.
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