Position Obliteration, FTX Reboot, Funds Freeze and 20 Crypto Jokes
This week saw a surge in Bitcoin price, leading it to mid-$30,000s and obliterating millions worth of short positions. Shiba Inu even had a higher market capitalization than Tron while Dogecoin was also pumping. Ethereum L2 solution dedicated to AI development CryptoGPT raised $10 million at a valuation of $250 million. Social media users can now buy and sell crypto and other financial assets through Twitter and eToro. In Hong Kong, the Financial Chief is pushing for Web3 adoption despite market volatility. Meanwhile, Bitmain faced a nearly $4 million fine for unpaid taxes in Beijing.
Yearn Finance and SushiSwap suffered losses in an attack, while Tether blacklisted a validator address. The $178m Brazilian ‘crypto scam ring’ fled the country just before the police launched a probe into it, and a couple in South Korea confirmed that they gave money to the suspected killer of a 48-year-old woman.
MiCA is expected to be debated and get a final vote in the European Parliament next week, and Russian politicians will debate a long-awaited crypto regulation bill by the end of the current parliamentary session. G7 aims to help developing countries with the introduction of CBDCs that adhere to international standards.
More than 420,000 merchants now accept payments in digital yuan. El Salvador issued a historic first digital asset license, which was given to Bitfinex exchange. The billionaire Winklevoss twins invested $100 million in the Gemini crypto platform.
Overall, the week was marked by market volatility, regulatory developments, and some security breaches in the crypto space.
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