Ethereum PoSing, Bitcoin Jumping, Exchanges Quarreling, Cash Tornadoing and 20 Crypto Jokes
This cryptoweek, BTC and ETH rallied after the announcement that July’s US CPI had seen a smaller-than-expected annual rise, Mike Novogratz was doubtful that bitcoin would push through the USD 30,000 barrier anytime soon, NFTiffs saw a plunge in its sales volume as the buyers didn’t rush to the secondary market, Ethereum’s third and final testnet merge was successful, and Vitalik Buterin said that an EthereumPOW hard fork wouldn’t ‘significantly’ harm Ethereum and listed ‘worthwhile’ ideas for developers to work on. Meanwhile, a survey said that USDC has the potential to overtake USDT in coming years, and Arbitrum developer Offchain Labs said it would help Reddit move its community points system onto Ethereum’s mainnet.
As that was happening, Voyager Digital said it planned to “restore access” to cash deposits in USD this week, a bitter dispute about the ownership of WazirX descended into a Twitter-based face-off between the Binance CEO and the WazirX Founder, Coinbase seemed braced for another rocky ride in the coming third quarter of FY2022, and while Nuri filed for insolvency with a Berlin court, CoinFlex filed for restructuring in a Seychelles court. Over USD 36m was returned to the official fund recovery address shared by Nomad Bridge, and Hong Kong police started publishing details of crypto fraud cases in an effort to raise public awareness. Meanwhile, a South Korean company executive at a major business group operated Ethereum mining rigs “non-stop for three years” – using illegally sourced electricity.
The move from the US Treasury’s OFAC to effectively ban Tornado Cash polarized the crypto community, and a Tornado Cash user kept on sending ETH to prominent figures, while Vitalik Buterin admitted using the mixer for donations. And the cryptoverse was shocked that Tornado Cash ‘Developer’ was arrested in Amsterdam.
As Hotbit and Bitfinex faced regulatory headwinds, US IRS came after the clients of SFOX crypto exchange, and China’s internet closed down some 12,000 accounts. Meanwhile, international tourism is on the increase in El Salvador and Nayib Bukele said that his policies – including bitcoin adoption – are the chief reasons why.
And now, happy weekend!
Good Saturday morning, CT! What’s on your mind?