Coming every Lord's day, Hodler's Digest will assistance you runway 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 ane link.

Top Stories This Calendar week

Binance and Bithumb deny reports of Chinese police raids

Heads were turned this week when reports suggested that Binance and Bithumb, ii major crypto exchanges, have airtight their offices in Shanghai post-obit raids past Chinese police. However, not everything is as information technology seems, with both companies challenge that the rumors aren't truthful. Binance has said such a police operation would actually be impossible because it doesn't have offices in the urban center, while Bithumb insisted that its Shanghai squad is continuing to operate "steadily without pause." A spokesperson for Binance told Cointelegraph that the visitor has been subject field to a spate of negative articles in the Chinese media — and urged journalists to check whether their sources are telling the truth. On Sabbatum, CEO Changpeng Zhao (CZ for short) went one further and vowed to sue The Block, accusing the industry media outlet of false reporting.

Shenzhen identifies 39 crypto exchanges defying crypto ban

Despite the robust denials from Binance and Bithumb, China is keeping a watchful centre on crypto exchanges that are operating illegally in the urban center of Shenzhen. Authorities there have reportedly identified 39 platforms that take fallen afoul of the country'southward trading ban — however, it'southward unclear what consequences these businesses would face. Some analysts have claimed this crackdown volition mainly focus on Ponzi schemes and crypto frauds, with PrimitiveCrypto founding partner Dovey Wan claiming that Shenzhen has get a "hub" for such companies. Indeed, CZ has actually welcomed Cathay's opinion, telling Wan: "This is really a very good affair to happen, cleaning up the industry of scammers and fraudsters."

Bitcoin crashes back to $7,400, completely wiping out the October rally

After facing a slow grind downwards to $8,000 in contempo days, BTC/USD finally succumbed to surly pressure and vicious into the depression $seven,000s — the levels seen prior to Bitcoin's 42% price rise on Oct. 25. It is believed that the rumored Binance raid in Mainland china was a contributing factor towards the precipitous drop. Altcoins weren't allowed from the bloodbath in the crypto markets either, with some showing losses shut to 10% on Fri. In response to BTC'south lackluster performance, crypto analyst and Cointelegraph contributor Flib Flib said: "Probability would suggest BTC/USD will need to spend a little more time testing below $7,000 before there is a pregnant bullish reversal." The week'south turbulence had another painful outcome: the overall cryptocurrency marketplace cap fell below $200 billion for a time.

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Binance "buidls" span with Bharat, acquiring leading Bitcoin exchange

In happier news, Binance has announced that it has acquired the well-known Indian commutation WazirX. Information technology is hoped that the move volition make admission to crypto easier for a population of more than than i billion people. The takeover means users will be able to employ rupees to purchase and sell digital currencies — and it's likely to show a much-needed morale boost for the Indian crypto community given the authorities'southward hardline arroyo. Local journalist Kashif Raza told Cointelegraph that WazirX'south decision to join forces with the industry giant was likely driven past the ongoing regulatory uncertainty, which has seen several exchanges close their doors. For now, a proposed law that would result in a 10-year jail term for those who deal in cryptocurrencies has been put on ice, as the draft nib has not been introduced to parliament for the coming winter session.

Bitcoin miner Canaan's IPO nets just $90 million later losing banking partner

Aaaand some slightly less happy news. The Bitcoin mining giant Canaan Creative only managed to raise $90 million in its initial public offer — over 75% less than what was expected. The company had failed to secure an IPO in Hong Kong concluding year, and later on shifted its attention to the U.S. as it pushed for a funding target of $400 1000000. Alas, Canaan suffered a major blow last week when it lost its banking partner Credit Suisse. The financial institution was reportedly concerned about whether the offering could secure sufficient orders, and the size of the IPO was subsequently slashed to $100 million. Despite the setback, this is the kickoff Bitcoin mining giant to successfully navigate the inclement waters of an IPO — chirapsia fellow rival Bitmain to the dial.

Winners and Losers

At the end of the week, Bitcoin is at $seven,256.72, Ether at $150.61 and XRP at $0.23. The total marketplace cap is at $198,321,776,780.

The peak three altcoin gainers of the week are EXMR, MMOCoin and Storeum. The top three altcoin losers of the week are MEXC Token, TRONCLASSIC and wys Token.

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For more than info on crypto prices, make sure to read Cointelegraph's market analysis.

Most Memorable Quotations

"I think what they did was ridiculously stupid. The way they rolled it out… Yeah, you know it was just so… It was just so in your face."

David Rutter, R3 CEO

"The layoffs are a preemptive measure, meant to stave off the unexpected, including the possibility of an economic downturn [...] We think that acting at present is all-time for the long-term wellness of the business."

Maddie Kennedy, Chainalysis director of communications

"Binance has no stock-still offices in Shanghai or China, so it makes no sense that constabulary raided on any offices and shut them down."

Binance, crypto exchange

"People from all over the earth were buying Kings jerseys, tickets, different Kings gear. They were super excited that this team was accepting Bitcoin [...] We fifty-fifty put a Bitcoin ATM in the arena. Then the Bitcoin price went up to $one,200 and they quit spending the Bitcoin."

Ryan Montoya, Sacramento Kings principal engineering science officer

"We recollect there'due south a lot of promise to blockchain applied science. It'southward intriguing to united states, just it really needs to practice something that the traditional track tin't do."

Dan Schulman, PayPal CEO

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"Bitcoin's supply schedule initially hooked me, but Lightning was the strength that was pulling me in [...] a store-of-value asset exhibiting medium-of-substitution currency speed and scale is unprecedented in homo history, and worth pursuit."

Nik Bhatia, veteran Wall Street trader

"What we don't want to practice is take a heavy hand and snuff out innovation birthday,"

Heath Tarbert, Chair of CFTC on crypto regulation

"When we saw [Facebook] talking well-nigh doing a basket of currencies with weighting, in reality when we want to translate that dorsum to existent-world currencies it'south not uncomplicated.[...] It'due south really naïve."

David Rutter, R3 CEO

Prediction of the Week

Bitcoin may hit $4,500 but miners have mostly capitulated, analysts say

In low-cal of the Bitcoin beating this calendar week, there's been no shortage of crypto pundits offering their take on what's going to happen side by side. The well-known statistician and crypto annotator Willy Woo thinks that BTC has almost reached rock bottom for 2022 — but warned that markets could yet sink as low as $iv,500 before "the halvening" side by side May. Flib Flib, who we mentioned a fiddling earlier, even said he is "totally back in cash" considering the BTC slump is showing no obvious signs of reversal. Another respected analyst, Peter Brandt, also believes that Bitcoin prices volition get worse before they get better — and revealed that he believes a floor of $5,500 may be possible. Brandt added: "I think the surprise might be in the duration and nature of the market."

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FUD of the Week

Lawyer found guilty of coin laundering for OneCoin's "cryptoqueen"

A federal jury in Manhattan has found Mark Due south. Scott guilty of helping OneCoin co-founder and current fugitive Ruja Ignatova launder $400 million. It is suspected that the lawyer was paid $fifty meg to assistance the and so-called "cryptoqueen." His defence lawyers had argued that he had no idea OneCoin was a scam and he was but attempting to represent Ignatova's interests, merely the jury of six men and six women didn't purchase it. OneCoin is considered to be one of the crypto industry's almost famous get out scams — and despite allegations it raised $four.4 billion in a Ponzi scheme, the Bulgaria-based company remains operational. In other developments this week, information technology was reported that the brother of former U.S. President George W. Bush-league was paid $300,000 to attend a meeting involving Ignatova.

R3 CEO: Facebook's proclamation of Libra was "ridiculously stupid"

Every bit skepticism surrounding Facebook's Libra stablecoin continues to abound, 1 blockchain business firm has opted to ridicule the embattled social network. R3 said the company's decision to announce its foray into crypto over the summertime was "ridiculously stupid" and "really naive." Its CEO David Rutter said the tech behemothic was misguided in believing that it would exist able to hands enter the financial systems world when other market participants have been working on such an ambition for years. Speaking in London, Rutter added: "The manner they rolled it out… Yes, you know it was just so... It was just so in your face. In that location's a lack of agreement."

Canada: Thieves steal $iv,000 from Bitcoin ATM, leave $fifty,000 untouched

It'south a story nosotros've seen time and time once again: thieves targeting a Bitcoin ATM. A couple of criminals in Canada decided to do but that this week — targeting the (tasty sounding) Simply Delicious Food Market in British Columbia. They managed to swipe $iv,000, but in a rather epic blunder they forgot to cheque the second canister, where $50,000 was lying within. Police were on the scene in 15 minutes, only the 2 men had escaped by then. Nonetheless, investigators appear confident that they will rails the perpetrators down. The store owner says their getaway car was caught on camera, including the license plate.

All-time Cointelegraph Features

Tunisia denies CBDC reports: Here is how the false news spread

In that location was a flurry of excitement earlier in November when a number of blockchain media outlets (yes, including the states,) reported that Tunisia had become the first land to digitize its national currency on blockchain. Merely the news wasn't true — with the central banking company denying the claims. Stephen O'Neal dissects the dodgy rumors and explores how they spread.

New study on crypto's legal status in the U.K. lays out regulation options

London may be a prominent fiscal hub, but the U.K. has been left wanting past the lack of a concrete framework for the regulation of cryptocurrency. But now, the snappily named Jurisdiction Taskforce of the LawTech Delivery Panel has published a argument exploring their legal status. Henry Linver has more.

JPMorgan's blockchain products, explained past ex-JPM tech leads

Cointelegraph has invited sometime blockchain tech leads at JPMorgan and the U.S. Securities and Exchange Commission to explain the evolution of the financial institution's blockchain products. Be sure to take a wait.