Crypto market plunges to three-month low, Binance invests in Twitter with Elon Musk, and Luna buys $1.5 billion in Bitcoin for its stablecoin reserve. These stories and more this week in crypto.
Crypto market sinks to three-month low
Cryptocurrencies hit three-month lows this week in a slump that saw Bitcoin trade below $36,000 and Ether below $2,700. The Federal Reserve’s announcement to raise interest rates is believed to have sparked the sell-off that also affected equity markets.
Binance invests in Twitter
Cryptocurrency exchange Binance committed $500 million to a group of nearly two dozen investors to help finance the $44 billion acquisition of Elon Musk’s social media platform Twitter. Binance founder Changpeng Zhao referred to the commitment as “a small contribution to the cause” in a tweet following the news.
Luna Foundation Guard buys $1.5 million worth of Bitcoin
The Luna Foundation Guard has acquired another $1.5 billion in Bitcoin to bolster the reserves of its stablecoin, UST. This latest transaction brings the Luna Foundation Guard closer to its goal of amassing $10 billion in bitcoins to back its US Earth stablecoin.
Buffett wouldn’t buy all Bitcoin for $25
The world’s most successful investor, Warren Buffett, said he wouldn’t buy all the Bitcoin in the world for $25. Asked at a Berkshire Hathaway shareholder meeting if he had changed his mind about bitcoin, the 91-year-old investor played down his earlier comments, saying: “One thing I’m sure of is that it doesn’t multiply — no produces nothing.”
Kraken Launches Fee-Free NFT Market
Cryptocurrency exchange Kraken will launch its own NFT platform in the coming months and promises to cover the high gas fees of Ethereum, as well as those of other blockchains such as Solana. Customers can begin registering to join the platform’s waiting list, which will include other features such as NFT-specific rarity metrics and NFT custody.
Crypto.com Relaunches Staking Rewards
Crypto.com announced that it will continue to offer card rewards just one day after removing the program. Members of the crypto community were critical of the decision to end staking rewards entirely, leading to the withdrawal. Instead of eliminating card betting entirely, Crypto.com will offer a more balanced approach that ensures long-term sustainability of returns.
Nvidia fined for obscuring crypto revenue
GPU maker Nvidia will pay a $5.5 million fine after illegally obfuscating how many of its graphics cards were sold to crypto miners. The US SEC went after Nvidia for misleading investors by reporting an increase in gaming-related revenue and hiding how much was actually owed to the volatile crypto market.
Another interruption from Solana
The reliability of the Solana network came under scrutiny again this week following an outage last weekend caused by bots attempting to trade NFTs on the network. This was the latest in a series of outages experienced at Solana with previous outages in January and April of this year, as well as small outages in September of last year.
Bored Ape Raises $320M
The company behind the NFT series “Bored Ape” has raised around $320 million in cryptocurrency by selling land in its new virtual world game Otherside. The Ethereum blockchain became so congested with transactions that it became unusable for hours. However, most buyers are already in the red as prices fell quickly after the initial euphoria wore off.
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That’s what happened this week in crypto, see you next week.
