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This Week in Coins: Bitcoin and Ethereum Rebound, LUNA Moons

This Week in Coins: Bitcoin and Ethereum Rebound, LUNA Moons

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This week in coins. Illustration by Mitchell Preffer for decrypt.

For the first time in many weeks, in the middle of a cold crypto winter, Bitcoin and Ethereum had a great week.

After drops below $19,000 At the start of the week, Bitcoin enjoyed a steady 7.3 percent recovery over the past seven days and is trading at $21,236 at the time of writing, according to CoinMarketCap.

Ethereum, the second largest cryptocurrency by market capitalization, strengthened more strongly just a few days before Ethereum pooling event as stake. It gained 10.9% during the week and is currently valued at $1,726.

Several so-calledEthereum killers,” i.e., Layer 1 blockchains with high-performance smart contracts, also enjoyed notable rallies: Cardano ( ADA ) rose 9.4% to 51 cents, Solana ( SOL ) gained 11.4% and trades at $35, Avalanche ( avax ) rose 8% to $20.35 and NEAR Protocol rose 13% to $4.71.

Cosmos (ATOM) rose 30% to $15.96. Cosmos is structurally different from Ethereum in that it is a network of many smaller blockchains, but also offers high-quality smart contracts.

But arguably the biggest mover among the top seventy cryptocurrencies this week was… LUNA, which is 212% more than the week. Yeah, that Luna – an ecosystem that collapsed spectacularly in May and basically went to zero. But LUNA is a new coin from the rebooted blockchain, while the original LUNA is now renamed Luna Classic (LUNC), which also rose 80% this week. Was it bouncing a dead cat or is Terra coming back?

Crypto winter

Despite the market recovery, crypto companies are still feeling the effects of the ongoing crypto winter.

On Monday, the owner of Brazilian exchange Mercado Bitcoin, 2TM Group, announced a another round of layoffs15 percent of the current workforce. Back in June, the company exempt 12 percent of its 750 employees, or about 90 employees, cite “changes in the global financial environment.”

On the same day, Poolin, a Beijing-based mining pool responsible for 10 percent of the Bitcoin network’s hashing speed (aka computing power per second), announced that it had been frozen. ETH and BTC balance payments due to “liquidity problems”.

The bankruptcy court dealing with insolvent crypto broker Voyager Digital also approved the proposal on Monday revenue 270 million dollars to affected customers. A court application the next day confirmed that Voyager would auction off his remaining assets next week. Various parties have made proposals and a hearing will be held on September 29 to approve the results. The 22 potential interests have not been identified, but Sam Bankman-Fried’s stock exchange FTX previously made a public offer. this was was rejected as a “low-ball” offer by Voyager’s attorneys.

On Wednesday, the U.S. Bankruptcy Court filing revealed that Vermont state officials have requested broader powers to investigate Celsius, claiming the insolvent cryptocurrency exchange was artificially raised the price CEL token at the expense of retail investors over the past three years.

“By increasing its net position in CEL by hundreds of millions of dollars, Celsius inflated and inflated CEL’s market price, artificially inflating the company’s CEL holdings on its balance sheet and financial statements,” Vermont Assistant Attorney General Ethan McLaughlin said.

Dispatches from Washington and Westminster

SEC Chairman Gary Gensler said Thursday at an industry conference that he would support a decision by Congress to give the Commodity Futures Trading Commission (CFTC) authority to “oversee and regulate crypto non-secure tokens and related intermediaries.”

Gensler added that if Congress gives the CFTC primary oversight over crypto, his own federal agency should not be left out. He has previously mentioned that Bitcoin is a commodity, not a security, and thus would not fall under the jurisdiction of the SEC. He has opposed his views on Ethereumand many crypto watchdogs fear that he wants to find a way to bring ETH under SEC control.

On the same day, the White House hinted that US lawmakers and regulators could soon crush on crypto mining because of its large carbon footprint.

In a new report commissioned by President Biden executive order in March, the White House Office of Science and Technology Policy said crypto miners must reduce greenhouse gas emissions with the help of the Environmental Protection Agency (EPA), the Department of Energy (DOE), and other federal agencies.

If the industry does not become greener, “the administration should explore executive action and Congress may consider legislation to limit or eliminate the use of high-energy-intensity consensus mechanisms for mining cryptocurrencies,” the report states.

Across the Atlantic in London, the British Parliament was the first crypto discussion on Wednesday. Britain wants “to become a selected country for those who want to create, innovate and build in the crypto space,” says Chancellor of the Exchequer Richard Fuller.

Fuller also stated that “as the importance of crypto-technology grows”, the new government formed by Liz Truss will “look for ways to achieve a global competitive advantage for the UK”. Sound… promising?

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