CoinSwitch Kuber becomes crypto unicorn, Bitcoin returns to a $1T market cap and other news

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..

View this email in your browser One week in review:  Oct. 3–9 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. Indian crypto exchange CoinSwitch Kuber raises $260M 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 leading crypto venture capital firm. Following the $1.91 billion valuation, CoinSwitch Kuber is said to be India's most valued crypto firm. Speaking of funding, Sky Mavis, the developers of the immensely popular NFT game Axie Infinity, announced a $152 million Series B funding round on Tuesday. Unsurprisingly, Andreessen Horowitz backed the funding round along with participation from FTX. Read more #2. Bitcoin returns to $1T asset as BTC price blasts to $55K Bitcoin (BTC) returned to its $1 trillion asset status this week as the price surged past $55,000. It appears that the damage caused by the China mining ban in May has been wiped clean, suggesting that there could be a run to new all-time highs in the coming weeks or months. At the time of writing, BTC is worth $54,900 and sits 14.9% below the all-time high. "Honestly, I think we'll be continuing to see strength on Bitcoin," Cointelegraph contributor Michaël van de Poppe said, adding: "USDT pairs will be fine on altcoins, but perhaps we'll be having 6-8 weeks of some corrections on the $BTC pairs, before a new party starts. December/January is often the best period to buy alts." Read more #3. Federal High Court of Nigeria approves eNaira CBDC rollout The Nigerian Federal High Court has approved the rollout of the eNaira central bank digital currency (CBDC). The CBDC was launched for beta testing on the nation's 61st Independence Day celebration on Oct. 1 and has now been given the green light to circulate alongside its fiat counterpart. The CBDC is being touted as a faster, cheaper and more secure option for transactions. It will also be supported by an eNaira wallet. The official eNaira website says that the digital version of the Nigerian naira will be made available universally, stating that "anybody can hold it." Read more #4. Prediction of the week. BTC bull run has 'at least 6 months to go' — 5 things to watch in Bitcoin this week This week saw Bitcoin crack the $50,000 mark and continue upward past $55,000. Although upward price action accompanied the start of September, Bitcoin showed more of a downward trend for most of the month. Price action for BTC has posted upward pressure so far for October, but time will tell how the rest of the month plays out. On a broader scale, in an Oct. 2 tweet, stock-to-flow model creator PlanB expressed the possibility that the current Bitcoin bull run still has several months of upward action ahead. "My guess: this 2nd leg of the bull market will have at least 6 more months to go," PlanB said in the tweet, posting one of his BTC stock-to-flow models. Several other factors are also relevant to determining Bitcoin's outlook, including analyses of the asset's hash rate estimates and technical indicators. Read more #5. FUD of the week. 'Evolved Apes' NFT creator allegedly absconds with $2.7 million Hodlers of the Evolved Apes NFT avatar project were left gobsmacked this week after one of the developers reportedly went rogue and swiped 798 ETH, worth around $2.9 million. The anonymous developer who goes by the pseudonym "Evil Ape" is said to have dashed off with all the funds generated from the initial mint of the 10,000 tokenized apes, along with the gains from sales on the secondary market. Apart from allegedly stealing 798 ETH, Evil Ape also took down the project's website and Twitter account. There was also a blockchain-based fighting game that was promised by the project's creators, and while the outlook is grim, the community is driving a recovery initiative dubbed "Fight Back Apes." Read more #6. FUD of the week. Gensler confirms SEC won't ban crypto... but Congress could SEC Chairman Gary Gensler said on Tuesday that his agency does not have the authority or intention to ban crypto, stating, "That would be up to Congress." However, Gensler highlighted that many crypto tokens fall under the enforcement power of the SEC. He singled out "financial stability issues" that arise from stablecoins as a key area of focus for the agency. "It's a matter of how we get this field within the investor consumer protection that we have and also working with bank regulators and others — how do we ensure that the Treasury Department has it within Anti-Money Laundering, tax compliance?" Gensler said. Read more Feel free to explore the most important news with Hodler's Digest: Read more 1.5 million people follow us on social media Download our official app:

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