Ethereum’s long awaited upgrade makes altcoins thrive, Twitter enables cryptocurrency investing and guess who tops Fortune’s first crypto list? These stories and more, this week in crypto.
Ethereum’s Shanghai Upgrade Boosts Market
The whole crypto market surged this week, reaching its highest levels since June of last year. The Shanghai hard fork was completed on the Ethereum blockchain, enabling users who had been staking their ether to withdraw those funds. However, so far the withdrawals have not been significant, signaling trust towards the sector.
Twitter Enables Crypto Investing
Twitter will give users the option to buy and sell crypto and stocks from major trading platform, eToro. The feature is available by using its “cashtag” feature, adding the dollar sign in front of the stock ticker. This is the first move by Elon Musk to turn Twitter into a super app, offering its users financial services on social media.
Singaporean Bitrue Exchange Hacked
Singapore-based crypto exchange, Bitrue, suffered a hack. The attacker was able to withdraw $23 million in assets. The exchange has prevented further exploit of funds and is investigating the situation. According to Bitrue, the affected hot wallet holds less than 5% of its overall funds, and that none of its other wallets have been compromised.
SEC: Decentralized Platforms Are Exchanges
The US Securities and Exchange Commission opened public comment on its proposal to expand its definition of ‘exchange’. The SEC clarified that its existing rules do apply to decentralized cryptocurrency platforms. The SEC voted to take additional comments from the public after crypto firms criticized the plan, saying that DeFi platforms should not be subject to the regulator’s oversight.
FTT Token Surges Upon News that FTX Could Reopen
FTX’s FTT token has more than doubled in price following statements from FTX attorneys that the collapsed exchange may reopen. Speaking this week during the FTX court case, attorney, Andy Dietderich, said one potential option being discussed is to let FTX’s creditors convert a portion of their holdings to a stake in a reopened exchange.
AI-Focused CryptoGPT Raises $10M
A new blockchain project, CryptoGPT, has capitalized on excitement around artificial intelligence by raising $10 million in funding. CryptoGPT recently launched its Web3-focused AI assistant ‘Alex’, and is developing a data-to-AI engine to allow users to earn money by monetizing their data across fitness, dating, gaming and education.
Mastercard Mints NFTs for Artists
Payments giant, Mastercard, has begun minting its own NFTs that grant access to its Mastercard Artist Accelerator program, designed to support emerging musicians. Developed in collaboration with Polygon, the NFT project underscores Mastercard’s intention to embrace Web3 culture. Mastercard did not reveal the participating musicians, as they had not yet been chosen.
Fortune’s Crypto Top 40 List
Fortune has launched its first ‘Crypto 40’ list, which identifies the top five projects in eight categories in the crypto industry. Known for its Fortune 500 rich list, the media outlet honored a wide range of businesses, from VC firms to NFT shops, data companies, and decentralized protocols. The inaugural winners include Coinbase, OpenSea, Chainalysis, Ledger, and the Ethereum Foundation.
That’s what’s happened this week in crypto, see you next week.
