coin of the week. Illustration by Mitchell Priffer for Decrypt
overall market last week positive price action It held up this week as the major cryptocurrencies continued to post significant gains.
Bitcoinwas selling for $24,214 at the time of this writing, adding 8.5% to its market value. ethereum Fans enjoyed an even bigger jump, with their favorite coin rising 12.5% to $1,714.
Much of the talk about Ethereum is about the network foundation building For a major overhaulaka merge when Ethereum moves from a proof-of-work blockchain to a proof-of-stake model to reduce energy consumption by 99.95%. A final testnet deployment called Goerli will take place Early August before the network is ready for full migration.
While Ethereum prepares for big changes, Ethereum Classic is also blowing up. ETC is based on the original ledger of Ethereum. $55 million DAO hack It was voted out of Ethereum. The coin surged 52% to $40 this week.
Ethereum Classic’s Rise Driven by Crypto Mining Pool Antpool $10 million investment Help projects built on Ethereum Classic that remain proof-of-work blockchains after the merge.
Notable performances among the top 20 cryptocurrencies by market cap this week include Cardano (up 11% to $0.53), Polkadot (up 20% to $8.64) and Polygon (up 14% to $0.94). USD), and Uniswap (up 30). % to $8.73).
On Monday, electric car maker Tesla reported a hold $222 million in digital assets The company was listed in its second quarter filings with the US Securities and Exchange Commission at the end of June. Back in February 2021, the company will $1.5 billion invested in BitcoinLast week, the company Sold 75% of BTC, worth about $936 million. CEO Elon Musk said uncertainty over when China would lift COVID restrictions prompted the sale. Tesla now has his one factory in Shanghai.
The U.S. Commodity Futures Trading Commission Strengthen your technical team Preparing for a potential role as a key overseer of crypto. Nothing has been finalized, but the bipartisan House bill would: Responsible Finance Innovation ActIf passed, the bill, co-sponsored by Sen. Kirsten Gillibrand (D-New York) and Cynthia Ramis (R-Wyoming), will force the CFTC to govern fungible digital assets that are not securities. will be
The bipartisan bill introduced Tuesday by Senators Patrick Toomey (Republican-Pennsylvania) and Kirsten Cinema (Democrat-Arizona) Cryptocurrency Fair Tax Actexempts tax returns for crypto transactions under $50, or transactions in which an individual earns a profit of less than $50.
In Europe on Wednesday, Jose Manuel Campa, chairman of the European Banking Authority, said: financial times Regulators won’t know who’s right until at least 2025 Cryptocurrency You will be responsible for supervision.
According to Kampa, one of the main problems facing the EBA is theHigh demand across societyHe ruled out the possibility of luring them in with favorable salaries, saying it was “not within the realm of possible debate” between the EBA and the European Commission.
Last month, the Federal Reserve raised interest rates by 0.75% in response to May’s inflation rate. This is his biggest raise since 1994. that week crashed hard The new price hike appears to have hurt Bitcoin as investors dumped riskier assets. An hour after the announcement, Bitcoin is up 3% while Ethereum is down 5%.
Finally, it seems that the industry has yet to fully grasp crypto winter. Singapore exchange Zipmex on Wednesday filed for bankruptcy protection Against lawsuits from creditors. The news came just a week after the exchange announced: Suspend withdrawals.
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