A weekly digest of the news that matters
Last week, the cryptocurrency market saw considerable fluctuations, with Bitcoin and Ethereum at the core. As traders anticipated crucial US economic data, both cryptos declined at the weeks start. BTC broke the $26,000 mark, while ETH dropped below $1,600. Additionally, SHIB and XRP experienced significant falls on Monday. Tuesday brought a buy the dip sentiment, witnessing Bitcoin and Ethereum rebound from their recent lows, with Bitcoin Cash (BCH) also gaining traction. By Wednesday, Bitcoin surpassed $26,000 as the market awaited a US inflation report. That same day, Toncoins (TON) announcement of a Telegram partnership boosted its price, while Stellar (XLM) saw a drop. On Thursday, as the US retail sales report loomed, BTC edged closer to a two-week high and Ethereum showed potential to climb towards $1,700, while Tron (TRX) and Solana (SOL) recorded positive movements. Fridays stronger than expected US retail sales figures buoyed BTC and ETH. XRP surged to a two-week high, while SOL neared the $20 mark. The weekend observed BTC retreating from its recent highs and ETH consolidating its gains. Notably, TON surged by 14% on Saturday, and Shiba Inu (SHIB) reached a weeks high. On Monday, Bitcoin surged above $27,000 and Ethereum above $1,660. Bitcoin Cash (BCH) also saw gains of up to 5%, briefly breaking out of a ceiling at $222.00 and hitting a three-week high.
The markets intricate dance of bulls and bears throughout the week emphasized the importance of global economic indicators and their influence on the crypto domain.
Binance US CEO Quits, Crypto Exchange Cuts Third of Jobs
Brian Shroder, the CEO of Binance US, has resigned from his position as the company faces regulatory challenges and a reduction in its workforce. Binance US has cut more than 100 jobs, representing a third of its workforce, due to ongoing pressure from regulators. The exchange has experienced a decline in market share and trading volume, and several executives have also left the company in recent months.
India, Nigeria, Vietnam Lead Chainalysis Global Crypto Adoption Index
India, Nigeria, and Vietnam have taken the top three positions in Chainalysis Global Crypto Adoption Index for 2023. The report identifies countries where people are putting a significant share of their wealth into cryptocurrency, with the Central & Southern Asia and Oceania region dominating the top of the index. The index also highlights that lower middle-income countries have experienced the greatest recovery in grassroots crypto adoption over the past year.
Bitcoins Path to Money: Mengers Theory and the Debate on Medium of Exchange vs. Store of Value
The article discusses the debate on whether Bitcoin should prioritize its role as a medium of exchange or a store of value. It explores Carl Mengers theory on the origins of money, which emphasizes the importance of a commodity being widely accepted in transactions before becoming a store of value. The article suggests that Bitcoin enthusiasts who align with the Austrian school should prioritize its function as a medium of exchange over its role as a store of value.
Coinbase CEO Urges Defi Protocols to Challenge Regulatory Crackdowns in Court
Coinbase CEO Brian Armstrong has encouraged Decentralized Finance (DeFi) protocols to challenge regulatory crackdowns in court, specifically targeting the Commodity Futures Trading Commission (CFTC). Armstrong argues that DeFi protocols are not financial service businesses and should not face enforcement actions from the CFTC, adding that pushing the industry offshore is the only result of such actions.
Lazarus Group Suspected in $54M Coinex Hack Following Recent Stake.com Breach
The North Korean hacking syndicate Lazarus Group is believed to be responsible for the recent $54 million hack of the Coinex exchange, according to onchain analyst Zachxbt, who found a connection to the recent Stake.com breach. This suggests that the hackers inadvertently linked the stolen funds to the previous attack. If confirmed, this would mean that Lazarus Group has stolen a total of $95 million from two exchanges within a week.
Paypal Offers More Crypto Payment Options for Web3 Merchants in US
Payment processor Paypal is expanding its crypto payment options for Web3 platforms in the US by introducing on- and off-ramps. This integration will allow merchants in the Web3 sector to connect to Paypals payments system, expand their user base, and provide a fast and secure payments experience for their customers. Paypal has previously launched on-ramps to enable consumers to buy cryptocurrencies directly with Paypal, and the addition of off-ramps will allow crypto wallet holders to convert their cryptocurrencies to US dollars and use the money for various purposes.
Examining the Concept of Flatcoins: Crypto Tools to Battle Inflation
The concept of flatcoins, which are stable currencies that adjust their value based on inflation, has gained attention as a potential solution for the problem of rising inflation. With the recent surge in inflation globally, flatcoins aim to help users preserve their purchasing power over time. Several protocols have been developed, such as Frax Price Index and Nuon, which adjust the value of their stablecoins based on inflation indexes.
FTX Approved to Sell $3.4B in Crypto; Trons Justin Sun, DWF Labs Consider Buying Cache
FTX, the bankrupt crypto exchange, has received permission from the presiding bankruptcy court judge to sell its digital assets valued at over $3.4 billion. Tron founder Justin Sun and DWF Labs are considering making offers for FTXs holdings, with the intention of mitigating potential aggressive selling pressure in the market and bolstering the crypto ecosystem. Discussions are underway regarding whether the assets should be sold over-the-counter or through a public purchase.
Deutsche Bank Teams Up With Swiss Crypto Firm to Offer Digital Asset Services
Deutsche Bank is partnering with Swiss digital asset firm Taurus to offer crypto custody and tokenization services to its clients. This collaboration will allow Deutsche Bank to manage cryptocurrencies and tokenize traditional assets, providing its customers with access to the digital asset space. While cryptocurrency trading is not currently part of the banks immediate plans, this move underscores the increasing interest among major financial institutions in providing crypto-related services.
Sony Announces Joint Initiative to Create Blockchain for Spearheading Its Web3 Strategy
Sony Network Communications has partnered with Startale Labs to develop a blockchain project that aims to serve as the backbone of global Web3 infrastructure. The joint venture will provide value-added services in areas such as game and network services, music, entertainment, imaging, and financial services. Sony has previously been involved in blockchain initiatives, including launching a non-fungible token incubation program and filing patents related to NFTs.