A roundup of the week’s crypto news, with excitement ahead of the Ethereum merge, the revelation that Tesla sold 75% of their BTC, Square Enix announcing FFVII NFTs, and the man who paid $150k for a meme.
Cautious optimism returns to the market
Positive sentiment returned to the market this week, with a ready-to-merge Ethereum leading the rally, alongside Bitcoin, Solana and Cardano. Click here for our first monthly “State of Ethereum” report, featuring a guide to staking rewards and some of the most exciting new applications coming out of the network’s hackathons.
The revelation that Tesla had sold 75% of their BTC reserves in Q2 caused the market to buckle, but not fall. Considering the amount of flip-flopping he has engaged in in the past few years, does Elon Musk still command the clout to move crypto markets?
And MATIC, the month’s most sought-after token, scored fresh gains after announcing their “breakthrough” zkEVM scaling technology. This basically means that the project can build a scaling solution that also maintains the robust security and decentralization of Ethereum. Could Polygon have solved the blockchain trilemma?
The week’s regulation news
Central African Republic officially launched their Sango crypto coin, and passed a new law allowing the state to hold BTC as a reserve asset, after becoming the 2nd country in the world to recognize Bitcoin as legal tender in April.
The microstate of Andorra took the first steps towards developing its own cryptocurrency and crypto-friendly legislation, with a new, revised crypto bill being put in front of legislators.
And remember the “Coinbase effect” of 2020-2021 fame? The US Department of Justice have brought the first ever charges of insider crypto trading against a former Coinbase employee and two associates. They stand accused of benefitting from insider information ahead of new asset announcements.
This week in Web3
In Web3 news, the BAYC’s Otherside metaverse opened with a bang. Check out our coverage of the event, featuring screengrabs and videos of this wild new world.
Square Enix are launching a Final Fantasy VII NFT collection on Enjin’s Efinity platform, with both digital and physical collectibles being launched in celebration of the iconic game’s 25th anniversary.
DeFi project Curve Finance is following its fellows Synthetix and Aave in launching an over-collateralized stablecoin, and the Cadbury’s chocolate company have launched an children’s NFT collection to raise money for NGO Save the Children.
… an NFT collector became the veritable God of chaotic shitposting when he accidentally paid 100 ETH ($150,000) for this:
The ETH user placed the 100 ETH bid on an Ethereum Name Service domain, hoping to create a fake bid meme that draws attention to the lameness of fake bids.
Unfortunately he forgot to cancel his own fake bid, and instead ended up forking out the price of a 6-bedroom Ohio townhouse for the domain.
The NFT has since attracted some bids, but the highest one so far stands at only 0.125 ETH…
Where does an eskimo keep his Bitcoin? Find out here in our Bitcoin Joke Collection!
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