Crypto Weekly Roundup: Ethereum Unstaking, Genesis And More

Table of Contents

• Bitcoin
• Ethereum
• DeFi
• Altcoins
• Technology
• Business
• Regulations
• NFT

Let’s take a closer look at the multitude of ways that the FTX crash continues to affect market conditions, global regulations, and liquidity pools.  

Bitcoin

The El Salvadoran Minister of the Economy has introduced a bill that will enable the Bukele government to raise $1 billion in order to build out its proposed Bitcoin city.

United States Senators issued another letter to Fidelity Investments, urging it to reconsider offering Bitcoin to its customers following the total collapse of cryptocurrency exchange FTX.

As Bitcoin continues its descent to a bottom and the rest of crypto follows, those with the money, especially billionaires, still hold on to their firm beliefs in the industry.

Ethereum

Ethereum developers have finally begun testing the withdrawal of staked ETH with the launch of a new developer network. 

The hacker behind the attack on the FTX exchange has started offloading ETH worth millions of dollars, resulting in a dramatic drop in the price of the cryptocurrency. 

DeFi

MakerDAO has announced that it has passed a governance vote to remove Alameda Research-linked renBTC from its stablecoin collateral vaults. 

Crypto trader Avraham Eisenberg, responsible for the Mango Markets exploit, has seen his short position liquidated, thanks to a series of wild swings in the CRV price. 

Altcoins

The United States was added to the list of regions geo-blocked from using an upcoming Apecoin staking service. 

Technology

The deputy governor of the Bank of England has said that following the FTX crash, crypto must have regulations to protect consumers and the wider financial system.

Business

The United Kingdom and Singapore agreed to a Memorandum of Understanding (MoU) to boost financial technology (FinTech) trade and cooperation between the two nations.

Binance, CrossTower, and Wave Financial are bidding once more for the grand prize of Voyager Digital and its assets.

Binance CEO Changpeng Zhao (CZ) has said that the turmoil in the market does not indicate the end for crypto; in fact, according to him, it is just the beginning of a new chapter. 

However, in a now-deleted tweet, CZ seemed to have cast serious aspersions about Coinbase and Grayscale. 

Singapore-based crypto lender Hodlnaut is reportedly facing an investigation by the Singapore police related to alleged fraud and cheating.

Hackers targeted crypto venture capitalist and Fenbushi founder Bo Shen’s private Ethereum wallet and drained it of crypto worth $42 million.

FTX founder Sam Bankman-Fried will be talking with New York Times columnist Andrew Sorkin at the DealBook Summit on Wednesday. 

Cathie Wood’s ARK Invest has taken advantage of the bear market and bought over a million shares of Coinbase this month. 

Genesis has claimed that it is in talks with investors and wants to resolve its fund shortage without filing for bankruptcy. 

Crypto hedge fund Grayscale has refused to follow the trend of disclosing proof of reserves, citing security concerns. 

Regulations

A Belgian regulatory body has declared that BTC, ETH, or any other cryptocurrency generated by computer code is not classified as securities. 

The International Monetary Fund (IMF) has called for tighter crypto regulations in Africa in order to stunt any further growth on the continent.

Lawmakers in Russia are working on changing legislation to allow a national crypto exchange after holding anti-crypto views for years. 

NFT

Leading toy brand Mattel will be launching its own digital collectibles marketplace on its direct-to-consumer platform, Mattel Creations. 

Football fans following the FIFA 2022 World Cup in Qatar can now buy digital merchandise to support their favorite teams, including “tokenized” NFTs of the most incredible goals. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.