A new week has begun, which means it's time to review the news from the past week. This time the world of cryptocurrencies was actively boiling with a multitude of interesting news and events. For example, Bitcoin tested the $30,000 level, Ethereum released a network update with the ability to withdraw staked ETH, and the SEC continued its investigations with Justin Sun and Binance.
Let's find out more about everything!
Last week, Bitcoin was able to please its holders by surpassing the $30,000 mark on Monday. The asset was able to hold this level until the end of the week, neither falling nor continuing to rise.
This level was a psychological barrier, after its breakthrough, analysts began to suggest the possibility of further growth to $40,000. Other altcoins followed the rising Bitcoin.
Interestingly, MicroStrategy, which recently bought 1,000 BTC, finally managed to turn a profit. The average price of all 140,000 BTC held by the company is $29,800, which means a profit of almost $30 million on the $30,000 rate.
Ethereum network update
A major update to the Ethereum network was released. The launch went smoothly, and all users who staked their ETH assets were able to withdraw them. A day before the update, the price of ETH rose to almost $2,000 and held steady in anticipation.
Contrary to many rumors, the mass withdrawal of ETH not only did not crash the price of ETH but also raised it to the level of $2,100. Users were able to withdraw over a million ETH in total.
The SEC continues to chaotically attempt to regulate the crypto sphere where it has jurisdiction. For example, Tron founder and CEO Justin Sun was accused of offering unregistered securities, which were recognized as TRX. Justin Sun has 21 days to come to court and defend his position.
It is currently known that some of the individuals involved in the case, who were also questioned by the SEC, chose not to go to trial and paid fines instead. Justin Sun himself would be better off appearing in court, as last week there were active discussions on Twitter about his arrest (which turned out to be false).
To avoid attracting undue attention from regulators, Binance also reacted to the accusations and removed TRX from its platform. However, Binance's own case, where the exchange is accused of intentionally providing services to US citizens even after being banned, is still ongoing.
Return of FTX
Gradually, we have been forgetting about the FTX collapse, amidst the backdrop of the crypto market going up and recovering. However, the exchange reminded everyone of its existence with a rather unexpected announcement: the current management is considering options to relaunch the exchange in the second quarter of 2024.
Reportedly, the exchange has already recovered liquid assets worth $7.3 billion. However, these funds are planned to be used for the relaunch instead of reimbursing affected clients. This vector of the exchange's movement is explained by the fact that reviving the exchange may bring more benefit to users than simply liquidating the assets.
Following the news of the possible relaunch of the exchange, the price of the FTT token sharply jumped up by 90%. Before this, it was worth almost $1.25, but it rose to $2.5.
eToro Trading Platform on Twitter
Since April 13, access to the eToro trading platform has opened up on Twitter, where users can trade stocks, shares, and cryptocurrencies. Users can view price charts and make trades.
It is quite possible that this is one of the first steps towards introducing their own payments on Twitter. Currently, this functionality is already being developed, and the company has filed applications for the necessary documents and licenses.
Notably, after Twitter's recent final acquisition, the transformation of the network into the universal X app only accelerated. Elon Musk started introducing changes that significantly altered Twitter's established customs. For example, the limit of 280 characters was removed for subscribers. Now, they can write text up to 10,000 characters.
Elon Musk and the Emerald Mine
Since 2018, there has been a rumor circulating online that Elon Musk (and his family) owns an emerald mine in Zambia. Presumably, this mine helped Elon earn his fortune by providing support at the beginning of his journey.
Elon Musk himself takes the rumor humorously and also assures everyone that it is nothing more than someone's joke. Moreover, Elon offered 1,000,000 DOGE to anyone who can find the emerald mine and provide evidence of its existence.
In light of this announcement, the price of DOGE rose by 8%, reducing its weekly decline. Before Elon reward was offered by a DogeCoin designer under the nickname DogeDesigner. The amount of the reward from him was 69,420 DOGE.
As a result, the week was extremely eventful and eventful. Bitcoin continued to rise and crossed an important milestone at $30,000, which was last seen only in the summer of 2022. An update was installed on the Ethereum network, which allowed users to withdraw staked ETH. In total, more than a million ETH was withdrawn, but the price only rose against the background of renewed interest in the asset.
The SEC continued to set its own rules. There were no new developments in the Binance case, but the exchange had to urgently remove the TRX token from the platform, as it was listed as an unregistered security, and Justin Sun (founder and director of Tron) received a lawsuit over its distribution.
Elon Musk continued to change Twitter, bringing the universal X application closer. This time, the change was to the character limit in the message, which was increased to 10,000 for subscribers. Also, the app introduced new functionality that allows buying/selling and tracking the price of stocks, shares, and cryptocurrencies through the eToro platform.
A rumor about an emerald mine allegedly owned by Elon reappeared on the network. Elon Musk responded by announcing a reward of 1,000,000 DOGE to anyone who can find this mine and provide proof of its existence to the world.
And that's all the main news. Come back next week to learn about new events and developments in our weekly PointPay Crypto Digest.
See you in the next issue!
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