This week in coins. Illustration by Mitchell Preffer for Decrypt
Last weeks market-wide positive price action was sustained this week as leading cryptocurrencies continued making significant gains.
Bitcoin, as of this writing, had added 8.5% to its market value to sell for $24,214, and Ethereum fans enjoyed an even greater rally, with their favorite coin blowing up 12.5% to $1,714.
Much of the buzz around Ethereum is down to the fact the network is laying the groundwork for a major overhaulaka the mergewhen Ethereum will cut its energy consumption by 99.95% transitioning from a proof-of-work blockchain to a proof-of-stake model. A final testnet deployment called Goerli is expected to take place in early August before the network is ready to fully transition.
While Ethereum prepares for the big changes, Ethereum Classic is also blowing up. ETC is based on Ethereums original ledger, which includes an infamous $55 million DAO hack that was wiped from Ethereum by vote. The coin surged 52% this week to $40.
Ethereum Classics rally comes after crypto mining pool Antpool announced a $10 million investment to back projects built on Ethereum Classic, which will remain a proof-of-work blockchain after the Merge.
Other notable performances this week among the top 20 cryptocurrencies by market capitalization include Cardano (up 11% to $.53), Polkadot (up 20% to $8.64), Polygon (up 14% to $.94), and Uniswap (up 30% to $8.73).
On Monday, electric vehicle manufacturer Tesla reported holding $222 million in digital assets at the end of June in the companys Q2 filing with the U.S. Securities and Exchange Commission. Back in February 2021, the company invested $1.5 billion in Bitcoin. Last week, news broke that the company had sold 75% of its BTC, worth approximately $936 million. CEO Elon Musk said the sale was prompted by uncertainty over when China would lift COVID restrictions. Tesla currently has one factory in Shanghai.
The U.S. Commodity Futures Trading Commission is beefing up its technology team in preparation for a potential role as a leading overseer of crypto. Nothing is set in stone, but a bipartisan House bill, called the Responsible Financial Innovation Act, which is cosponsored by Senator Kirsten Gillibrand (D-NY) and Senator Cynthia Lummis (R-WY), would give the CFTC the reins on fungible digital assets which are not securities if passed.
On Tuesday, a bipartisan bill introduced by Senators Patrick Toomey (R-PA) and Kyrsten Sinema (D-AZ), called the Cryptocurrency Tax Fairness Act, would exempt tax reporting for crypto transactions of less than $50, or trades in which a person earns less than $50.
Over in Europe on Wednesday, the chair of the European Banking Authority, Jos Manuel Campa, said in an interview with the Financial Times that it wont be until at least 2025 when the regulator will know exactly which cryptocurrencies it will be charged with supervising.
One of the main difficulties the EBA is facing, said Campa, is a lack of crypto experts due to high demand across society. He ruled out the possibility of baiting them with lucrative salaries, saying it was not within the range of possible discussions between the EBA and the European Commission.
That same day, the U.S. Federal Reserve announced another interest rate hike of 75 basis points aimed at stemming rampant inflation.
Last month, in response to inflation readings from May, the Federal Reserve raised interest rates by 0.75%, the steepest hike since 1994. Crypto prices crashed heavily that week as investors dumped riskier assets, although this new hike seems to have had an adverse effect on Bitcoin: An hour after the announcement, Bitcoin had grown 3% while Ethereum had sunk 5%.
Finally, it appears the industry is still not completely clear of crypto winter. On Wednesday, Singaporean exchange Zipmex filed for bankruptcy protection against legal action from creditors. The news came just a week after the exchange announced it was pausing withdrawals.
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This Week in Coins: Bitcoin and Ethereum See Continued Growth as Merge Looms - Decrypt
- Bitcoin Reaches Record High of $69,000, Recovering from 2022 Meltdown - The New York Times - March 10th, 2024 [March 10th, 2024]
- Is Bitcoin headed for $100k? What it could mean for US dollar. - IG - March 10th, 2024 [March 10th, 2024]
- Bitcoin Rallies To Record $70K, Prompts Coinbase Upgrade; BlackRock To Add BTC Exposure To $17.83 Billion Fund - Investor's Business Daily - March 10th, 2024 [March 10th, 2024]
- What Is Bitcoin 'Halving' and Does It Push Up the Cryptocurrency's Price? - Bloomberg - March 10th, 2024 [March 10th, 2024]
- What to Know About Bitcoins Record High in Latest Crypto Surge - The New York Times - March 10th, 2024 [March 10th, 2024]
- SEC's Gensler says crypto 'rife with abuses and fraud' as bitcoin surges to new all-time record - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Rich Dad Poor Dad Author Robert Kiyosaki: Bitcoin 'on Fire' BTC Headed for $300K This Year Markets and Prices ... - Bitcoin.com News - March 10th, 2024 [March 10th, 2024]
- Bitcoin can top $150000 in the next 12-18 months, says Fundstrat's Tom Lee - CNBC - March 10th, 2024 [March 10th, 2024]
- Is This The Real $90 Trillion Reason Behind BlackRocks Huge Bitcoin ETF Flip That Triggered The Price Boom? - Forbes - March 10th, 2024 [March 10th, 2024]
- Bitcoin's Test of All-Time Highs Means Old Miners Are Cashing Out - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Bitcoin Price Prediction: Can BTC Reach $100000? Forbes Advisor - Forbes - March 10th, 2024 [March 10th, 2024]
- Bitcoin hits new all-time high near $69,000 before tumbling - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin spikes above $70K, a record high, before fading - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin Ordinals Wallet Oyl Raises $3M With Arthur Hayes, BRC-20 Creator Domo Among Investors - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Fear of bitcoin price 'triple top' dismissed by analysts following all-time high - TheStreet - March 10th, 2024 [March 10th, 2024]
- Here's why gold, bitcoin and stocks are all hitting new highs - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin vs. Ethereum: Which Is the Better Buy? - U.S News & World Report Money - March 10th, 2024 [March 10th, 2024]
- Crypto Analyst Predicts Bitcoin Could Surpass $330000, Breaking Historical Growth Patterns Markets and Prices ... - Bitcoin.com News - March 10th, 2024 [March 10th, 2024]
- Bitcoin is running out of enemies - Fortune - March 10th, 2024 [March 10th, 2024]
- Why is Bitcoin at an all-time high? - BBC.com - March 10th, 2024 [March 10th, 2024]
- Bitcoin tops $68,000 as it nears 2021 all-time high - CNBC - March 10th, 2024 [March 10th, 2024]
- BlackRock's Global Allocation Fund Eyes Spot Bitcoin ETFs, Expects Institutional Uptake to Drive BTC Above $600k - TradingView - March 10th, 2024 [March 10th, 2024]
- FT Cryptofinance: This time isn't different for bitcoin rally - Financial Times - March 10th, 2024 [March 10th, 2024]
- Coinbase Stock vs. Bitcoin: Which Should You Invest In? - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- ETC Group CEO on Bitcoin's wild ride to a new high and why Ethereum could be the next big thing - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Miners continue money-conscious moves ahead of the Bitcoin halving - Blockworks - March 10th, 2024 [March 10th, 2024]
- Warren Buffett's danger to Apple, the truth about Bitcoin's record, and Nvidia's bubble: Markets news roundup - Quartz - March 10th, 2024 [March 10th, 2024]
- Warren Buffett Says He Wouldn't Pay $25 For All The Bitcoin In The World He Considers Crypto 'Rat Poison' And ... - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin breaks record: Will the crypto rally sustain? - DW (English) - March 10th, 2024 [March 10th, 2024]
- Bitcoin Hit a Record High. Here's What Might Happen Next - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Bitcoin price falls below $39,000 as indicators suggest risk of a deeper correction, according to Bitfinex - The Block - January 25th, 2024 [January 25th, 2024]
- Bitcoin down 20% since ETFs approval, but may still see record high this year - MarketWatch - January 25th, 2024 [January 25th, 2024]
- Bitcoin briefly falls below $39,000 as post-ETF selling pressure continues - CNBC - January 25th, 2024 [January 25th, 2024]
- Bitcoin trims its losses after breaking below $39,000 to lowest level in 7 weeks - CNBC - January 25th, 2024 [January 25th, 2024]
- Bitwise publishes bitcoin ETF holdings address after on-chain sleuths uncover BlackRock's - Blockworks - January 25th, 2024 [January 25th, 2024]
- AI Agents Are Coming For CryptoPalantir Cofounder Issues Very Important Bitcoin, Ethereum, Solana And XRP Price Prediction - Forbes - January 25th, 2024 [January 25th, 2024]
- This Investing Phenomenon Could Be Why Bitcoin Prices Are Down After ETF Approval - Money - January 25th, 2024 [January 25th, 2024]
- Bitcoin Under $39K as ETF Debut Continues to Be a Sell-the-News Event - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Blockchain, the tech behind bitcoin, may have found its 'killer use case' by keeping AI in check - CNBC - January 25th, 2024 [January 25th, 2024]
- Why Aren't There Options on the New Bitcoin ETFs Yet? - The Wall Street Journal - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs to Likely Divert Users and Trading Volumes Away from CEXs, Says Anthony Bevan Bitcoin News - Bitcoin.com News - January 25th, 2024 [January 25th, 2024]
- Retail investors are worried bitcoin will plunge below $20000 this year, Deutsche Bank survey says - CNBC - January 25th, 2024 [January 25th, 2024]
- China's Currency Woes to Weigh on Bitcoin: Crypto Observer - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETF fee war spreads to Europe - Financial Times - January 25th, 2024 [January 25th, 2024]
- Bitcoin Bulls Buoyed by Report of FTX's $1B GBTC Sale - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Despite the Bitcoin ETF Hype, Survey Says Investors Are Still Skeptical - Barron's - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs aren't giving crypto a big boost just yet. Here's where the new funds stand - CNBC - January 25th, 2024 [January 25th, 2024]
- Why Bitcoin's 'relentless' selling will end in weeks - DLNews - January 25th, 2024 [January 25th, 2024]
- Bitcoin recovers above $40k amidst GBTC outflows, other ETF inflows - CryptoSlate - January 25th, 2024 [January 25th, 2024]
- These two drivers will fuel Bitcoin's rebound: 'It's happened often before' - DLNews - January 25th, 2024 [January 25th, 2024]
- Top Analyst Says 600 Days of Bullish Momentum Still Ahead for Bitcoin - The Crypto Basic - January 25th, 2024 [January 25th, 2024]
- Bitcoin Funds Are Here. But You Probably Dont Need Them. - The New York Times - January 25th, 2024 [January 25th, 2024]
- Bitwise releases wallet addresses of spot Bitcoin ETF holdings - Cointelegraph - January 25th, 2024 [January 25th, 2024]
- Mt. Gox Moves Seemingly Closer to Bitcoin Repayments For 2014 Hack Victims - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Coinbase faces headwinds as Bitcoin and ETF interest dips, says JPMorgan - crypto.news - January 25th, 2024 [January 25th, 2024]
- Waning Bitcoin ETF Hype to Drag on Coinbase, JPMorgan Says - Yahoo Finance - January 25th, 2024 [January 25th, 2024]
- Bitcoin Price At Make-Or-Break Moment, Key Levels To Watch - NewsBTC - January 25th, 2024 [January 25th, 2024]
- Bitcoin Mid-Cycle Top? Benjamin Cowen Says One Indicator Suggesting BTC Headed for Downtrend - The Daily Hodl - January 25th, 2024 [January 25th, 2024]
- Franklin Templeton expects its spot bitcoin ETF to gain traction as financial advisors become more familiar with product - The Block - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs: The Good, the Bad and the Ugly - RealMoney - January 25th, 2024 [January 25th, 2024]
- Cathie Wood Thinks Bitcoin Could Skyrocket 3,356% By 2030. Is She Right? - The Motley Fool - December 19th, 2023 [December 19th, 2023]
- JPMorgan says ether to outperform bitcoin next year - The Block - Crypto News - December 19th, 2023 [December 19th, 2023]
- XRP Beats Bitcoin, Ethereum in Weekly Fund Flows, Boasts $2.7M Inflow - The Crypto Basic - December 19th, 2023 [December 19th, 2023]
- Bitcoin Must Hold $32K Support to Prevent Bears from Taking Over: Analyst - CryptoPotato - December 19th, 2023 [December 19th, 2023]
- BlackRock Has Quietly Opened The Door To A Trillion-Dollar Plus Wall Street Game-Changer Amid The $700 Billion Bitcoin, Ethereum, XRP And Crypto Price... - December 19th, 2023 [December 19th, 2023]
- Bitcoin Bounces Over $43K, Altcoins, Crypto Stocks Burst Higher as Fed Projects Rate Cuts Next Year - CoinDesk - December 19th, 2023 [December 19th, 2023]
- 10 Best Bitcoin Stocks To Invest In - Yahoo Finance - December 19th, 2023 [December 19th, 2023]
- Why 2023 Is Like 2020 and Bitcoin Is Set to Head Towards $50k - CoinDesk - December 19th, 2023 [December 19th, 2023]
- Bitcoin About To Take Center Stage Again After BTC Holds $40,000, According to Analyst Heres His Outlook - The Daily Hodl - December 19th, 2023 [December 19th, 2023]
- Bitcoin rises as investors await vote on tentative debt ceiling agreement - CNBC - May 31st, 2023 [May 31st, 2023]
- 'Bitcoin Millionaire' Found Dead a Week After Going Missing - Decrypt - May 31st, 2023 [May 31st, 2023]
- US Debt Crisis: Gold and Bitcoin to Soar, Predicts Gromen - CryptoGlobe - May 31st, 2023 [May 31st, 2023]
- Why Bitcoin Is Falling Today - The Motley Fool - May 31st, 2023 [May 31st, 2023]
- At bitcoins annual convention, few feel the chill of crypto winter - Marketplace - May 31st, 2023 [May 31st, 2023]
- Bitcoin Association for BSV to Serve as Steward of Bitcoin Protocol - PR Newswire - May 31st, 2023 [May 31st, 2023]
- Former Operator of Payza.com Charged with Laundering 450 Bitcoin - Department of Justice - May 31st, 2023 [May 31st, 2023]
- Bitcoin is on a collision course with 'Net Zero' promises - Cointelegraph - May 31st, 2023 [May 31st, 2023]
- Using Bitcoin to build a business - The Unilateral Contract - CoinGeek - May 31st, 2023 [May 31st, 2023]
- ChatGPTs Bitcoin Price Prediction is $35,000, Also Backing Wall ... - Finbold - Finance in Bold - May 31st, 2023 [May 31st, 2023]
- best-bitcoin-casinos-for-2023-top-rated-btc-casino-sites - Analytics Insight - May 31st, 2023 [May 31st, 2023]