The crypto market collapses to a three-month low, Binance invests in Twitter with Elon Musk, and Luna buys $1.5 billion in Bitcoin for its stablecoin reserve. These stories and more this week in crypto.
Crypto Market Collapses to Three Month Low
Cryptocurrencies have found themselves trading at three month lows this week in a downturn that saw Bitcoin trading below $36,000 and Ether at less than $2700. The Federal Reserve’s announcement to raise interest rates is thought to have sparked the sell-off which also hit equity markets.
Binance Invests in Twitter
Cryptocurrency exchange Binance committed $500 million with a group of nearly two dozen other investors to help finance Elon Musk’s $44 billion takeover of social media platform Twitter. Binance founder Changpeng Zhao referred to the commitment as “a small contribution to the cause” in a tweet after the news emerged.
Luna Foundation Guard Buys $1.5Bn Bitcoin
The Luna Foundation Guard has acquired another $1.5 billion worth of Bitcoin to bolster the reserves of its stablecoin, UST. This latest transaction brings the Luna Foundation Guard closer to its goal of accumulating $10 billion in bitcoin to back its U.S. Terra stablecoin.
Buffett Wouldn’t Buy All the Bitcoin for $25
The world’s most successful investor, Warren Buffett said that he wouldn’t buy all the Bitcoin in the world for $25. Asked at a Berkshire Hathaway shareholder meeting if he had changed his views on bitcoin, the 91-year-old investor doubled down on his previous comments, saying, “one thing I’m sure of is that it doesn’t multiply: it doesn’t produce anything.”
Kraken Launches Fee-Free NFT Market
Crypto exchange Kraken is launching its own NFT platform in the coming months and is promising to cover Ethereum’s high gas fees, as well as those of other blockchains like Solana. Customers can begin registering to join the waiting list for the platform which will include other features like NFT-specific rarity metrics and NFT custody.
Crypto.com Restarts Staking Rewards
Crypto.com announced it will continue to offer card rewards just a day after eliminating the program. Crypto community members were critical about the decision to fully end staking rewards, which led to the withdrawal. Instead of eliminating card staking completely, Crypto.com will offer a more balanced approach ensuring long-term sustainability of the yields.
Nvidia Fined for Obscuring Crypto Revenue
GPU manufacturer, Nvidia will pay a $5.5 million fine after unlawfully obscuring how many of its graphics cards were sold to crypto miners. The US SEC went after Nvidia for misleading investors by reporting a revenue increase as gaming related and hiding how much was actually due to the volatile crypto market.
Another Solana Outage
The reliability of the Solana network came under scrutiny again this week after an outage last weekend was caused by bots trying to trade NFTs on the network. This was the latest in a series of outages experienced on Solana with previous outages in January and April of this year, as well as minor outages in September of last year.
Bored Ape Raises $320 Million
The company behind the “Bored Ape” NFT series has raised around $320 million in cryptocurrency by selling land in their new virtual world game Otherside. The Ethereum blockchain became so congested with transactions that it was unusable for hours. However, most buyers are already in the red as prices quickly dropped after the initial euphoria wore off.
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That’s what’s happened this week in crypto, see you next week.
