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Cryptocurrency News and Price Weekly Wrap-Up For Oct. 14, 2022


Cryptocurrency prices fell lower this week as Friday’s attempt to rebound lost steam. Thursday’s CPI data sent the digital money markets tumbling yet again, causing some analysts to say Bitcoin holders are at risk. From record crypto hacks and Coinbase’s Google partnership to Anthony Hopkins’ NFT collection and the latest SEC probes and lawsuits, here’s the top crypto news from another eventful week.




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Be sure to also check this week’s coverage of cryptocurrency ETFs like BITQ, BLOK and BITS.

Click here for the latest Cryptocurrency Prices and News. And if you’re new to the world of Bitcoin, Ethereum, blockchain and more, stop by our What Is Cryptocurrency page.

Cryptocurrency Price Action

Bitcoin fell below $19,200 late Friday after jumping above $19,400 early in the day. Ethereum is back to trading around its $1,300 level after peaking at $1,342 on Friday. Both Bitcoin and Ethereum tumbled after Thursday’s CPI report, sending them to week-lows of $18,384 and $1,217, respectively.

Ethereum’s price has slipped after merging to a proof-of-stake network that should make the system faster and vastly more energy efficient.

Cryptocurrency Prices Heat Map:

Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.

Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.

View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.

Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.

A $500 Million Project For Bitcoin Miners

Crypto exchange Binance announced its Binance Pool launched a $500 million project to support Bitcoin mining and infrastructure providers.

KuCoin Partners With Polygon

KuCoin Wallet, the web3 wallet for the KuCoin crypto exchange, is partnering with the Polygon Network to develop and scale its infrastructure.

Crypto Firm Valued At $7 Billion Cuts A Third Of Staff

New York Digital Investment Group, a Bitcoin trading and banking company, laid off a third of its staff, representing 110 employees at the end of September, according to Wall Street Journal reports. The cuts came two weeks before NYDIG’s CEO and President left the firm, which raised $1 billion at a $7 billion valuation in December.

Anthony Hopkins NFTs

Anthony Hopkins’ first NFT collection, which features art inspired by his award-winning Hollywood performances, sold out in less than 7 minutes, collaborating NFT firm Orange Comet announced.

October Sets Record For Crypto Hacks

October already set a record for crypto hacking activity in a single month, according to blockchain analytics firm Chainalysis. So far, 11 different hacks have stolen $718 million from DeFi protocols.

Portugal’s New Crypto Tax

Portugal announced it will tax short-term crypto gains on assets held less than a year at a 28% rate, Bloomberg reported.

Grayscale Takes On SEC Over Bitcoin ETF

Grayscale Investments filed a lawsuit against the Securities and Exchange Commission for denying the conversion of its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF. The firm says the decision was arbitrary, capricious and discriminatory.

New Crypto VC DAO

DeSo, a blockchain that raised $200 million from Coinbase (COIN), Sequoia and Andreessen Horowitz, launched a cross-blockchain fundraising platform. The DAODAO platform will allow entrepreneurs to raise capital from fiat and cryptocurrencies.

Valkyrie Closes, Delists Bitcoin ETF

Digital asset fund manager Valkyrie Funds is closing and delisting its Valkyrie Balance Sheet Opportunities ETF (VBB), which offers exposure to Bitcoin.

Mango Markets Hack

Hackers stole more than $100 million from the Solana blockchain-based DeFi platform Mango Markets Tuesday night by exploiting a vulnerability in the protocol.

Bored Apes Face SEC Probe

Yuga Labs, creators of the Bored Ape Yacht Club NFT collection, is being probed by the SEC for potential securities violations, Bloomberg reports. Regulators are examining certain non-fungible tokens to determine whether they are more akin to stocks and should face similar disclosures.

Bittrex Facing Enforcement Actions

U.S. Treasury Department announces two enforcement actions totaling $53 million against crypto exchange Bittrex for violating sanctions and anti-money laundering requirements.

Coinbase Approval, Google Partnership

Coinbase (COIN) received approval to operate in Singapore less than a week after expanding in Australia. And the exchange partnered with Google (GOOGL) on crypto cloud payments.

America’s Oldest Bank To Receive Crypto

Bank of New York Mellon (BK), the oldest bank in the United States, announced new crypto custody services on Tuesday, the Wall Street Journal reported.

CNN Scraps NFT Project

CNN is pulling the plug on its Vault web3 project. The NFT collection based on CNN’s archive was launched last June.

The EU Signs Crypto Legislation

The European Union signed off on the Markets in Crypto Assets Regulation (MiCA) legislation on Monday, which includes various rules for crypto issuers and miners, as well as capital requirements for stablecoin companies.

Russia Faces Crypto Sanctions

The European Union increased restrictions against Russia with the latest round of sanctions, which include major impacts on crypto assets.

Marathon Digital Bankruptcy Exposure

Bitcoin miner Marathon Digital (MARA) revealed $81.3 million of exposure to bankrupt data center Compute North Holdings.

Bitcoin Mining Difficulty Hits All-Time High

The difficulty to mine bitcoin hit an all-time high on Monday, jumping 13.5% to surpass the 35.61 trillion mark, BTC.com data shows. And the average hash rate, or amount of computing power required to verify blockchain transactions, rose to 257 exahashes per second (EH/s).

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