Long-awaited Ethereum upgrade boosts altcoins, Twitter enables cryptocurrency investing, and guess who tops Fortune’s top crypto list? These stories and more, this week in crypto.
Shanghai Ethereum Upgrade Boosts Market
The entire crypto market increased this week, reaching its highest levels since June last year. THE Shanghai hard fork was completed on the Ethereum blockchain, allowing users who had staked their ether to withdraw those funds. However, so far the drawdowns have not been significant, indicating confidence in the sector.
Twitter enables crypto investing
Twitter goes give users the option to buy and sell cryptos and stocks from the leading trading platform, eToro. The feature is available using its “cashtag” feature, adding the dollar sign in front of the stock symbol. This is Elon Musk’s first step in transforming Twitter into a super app, offering its users financial services on social networks.
Singapore Bitrue Exchange Hacked
Singapore-based crypto exchange, Bitrue, has been hacked. The striker was able to withdraw $23 million in assets. The exchange prevented further exploitation of the funds and investigation of the situation. According to Bitrue, the affected active wallet holds less than 5% of its overall funds and none of its other wallets were compromised.
SEC: Decentralized platforms are exchanges
The United States Securities and Exchange Commission open public comment on its proposal to expand its definition of “exchange”. The SEC clarified that its existing rules apply to decentralized cryptocurrency platforms. The SEC voted to seek additional public comment after crypto firms criticized the plan, saying DeFi platforms should not be subject to regulator oversight.
FTT token pops up on news that FTX may reopen
FTX’s FTT token has more than doubled in price the following statements from FTX lawyers that the collapsed exchange could reopen. Speaking this week during the FTX case, attorney Andy Dietderich said one potential option being discussed is to let FTX’s creditors convert some of their holdings into a stake in a reopened exchange.
AI-focused CryptoGPT raises $10 million
A new blockchain project, CryptoGPT, capitalized on the artificial intelligence craze by raising $10 million in funding. CryptoGPT recently launched its web3-focused AI assistant, “Alex”, and is developing an AI data engine to allow users to earn money by monetizing their data in the areas of fitness, dating , games and education.
Mastercard Mints NFT for Artists
Payments giant, Mastercard, started hitting his own NFTs which provide access to its Mastercard Artist Accelerator program, designed to support emerging musicians. Developed in collaboration with Polygon, the NFT project underscores Mastercard’s intention to embrace the Web3 culture. Mastercard did not reveal the participating musicians, as they had not yet been chosen.
List of Top 40 Fortune Cryptos
Fortune launched its first “Crypto 40” list, which identifies the top five projects in eight crypto industry categories. Known for its rich Fortune 500 list, the outlet has honored a wide range of companies, from venture capitalists to NFT stores, data companies and decentralized protocols. Early winners are Coinbase, OpenSea, Chainalysis, Ledger, and the Ethereum Foundation.
That’s what happened this week in crypto, see you next week.