Crypto market crashes to three-month low, Binance invests in Twitter with Elon Musk and Luna buys $1.5 billion in Bitcoin for its stablecoin stash. These stories and more this week in crypto.
Crypto Market Slumps to Three-Month Low
Cryptocurrencies found themselves trading at three-month lows this week in a downturn that saw Bitcoin trading below $36,000 and Ether below $2,700. The announcement by the Federal Reserve of an interest rate hike would have triggered the selloff which also affected the stock markets.
Binance invests in Twitter
Cryptocurrency exchange Binance has committed $500 million along with a group of nearly two dozen other investors to help fund Elon Musk’s $44 billion buyout of social media platform Twitter. Binance founder Changpeng Zhao called the pledge a “small contribution to the cause” in a tweet after the news broke.
Luna Foundation Guard buys $1.5 billion worth of bitcoins
The Luna Foundation Guard acquired an additional $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 bitcoins to support its US Terra stablecoin.
Buffett Wouldn’t Buy All Bitcoin For $25
The world’s most successful investor, Warren Buffett, said he wouldn’t buy all the bitcoins in the world for $25. When asked at a Berkshire Hathaway shareholder meeting if he had changed his mind about bitcoin, the 91-year-old investor doubled down on his previous comments, saying, “One thing I am sure, it’s that it doesn’t multiply: it doesn’t multiply. it does nothing.
Kraken Launches Free NFT Market
Crypto Exchange Kraken is launching its own NFT platform in the coming months and promises to cover the high gas fees of Ethereum, as well as those of other blockchains like Solana. Customers can start signing up to join the platform’s waitlist which will include other features such as NFT-specific scarcity metrics and NFT custody.
Crypto.com restarts staking rewards
Crypto.com has announced that it will continue to offer card rewards just one day after the program is phased out. Members of the Crypto community criticized the decision to end staking rewards altogether, which led to the withdrawal. Instead of eliminating card staking entirely, Crypto.com will offer a more balanced approach that ensures the long-term sustainability of returns.
Nvidia fined for obscuring crypto earnings
GPU maker Nvidia will pay a $5.5 million fine after illegally obscuring the number of its graphics cards sold to crypto miners. The US SEC sued Nvidia for misleading investors by reporting increased gaming-related revenue and hiding how much was actually due to crypto market volatility.
Another Solana Breakdown
The reliability of the Solana network came under scrutiny again this week after an outage last weekend caused by bots trying to trade NFTs on the network. This was the latest in a series of outages suffered on Solana with previous outages in January and April this year, as well as minor outages in September 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 its new virtual world game Otherside. The Ethereum blockchain became so cluttered with transactions that it became unusable for hours. However, most buyers are already in the red as prices fell quickly after the initial euphoria subsided.
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That’s what happened this week in crypto, see you next week.
