The final countdown to the Ethereum merger begins, GameStop doubles down on crypto and a group of traders make a fortune on the Coinbase crash. These stories and more this week in crypto.
Bitcoin is high when the dollar is down.
Bitcoin rose above $21,000, posting its best day in months as the U.S. dollar index fell 1% and markets hinted at the Fed’s approach to monetary policy. Bitcoin is up more than 10% in one day, its biggest intraday percentage gain since mid-July.
Ethereum integration final countdown
Ethereum blockchain integration is officially underway, with preparations for completion sometime this week. The Bellatrix update, the last “dry fork” of the network before the merger, has already been activated, marking the start of Ethereum’s long-awaited transition from a proof-of-work to a stake model. In the days leading up to the merger, Binance already announced the launch of Ethereum staking, which allows users to earn rewards at a 6% initial rate, one of the highest rewards in the industry.
GameStop is doubling down on Crypto
Game retailer GameStop has partnered with crypto exchange FTX US to bring more customers to crypto and collaborate on online shopping initiatives. The new partnership introduces GameStop customers to the FTX ecosystem, including its digital assets marketplaces, and the retailer will become FTX’s preferred retail partner in the United States.
Due to Coinbase Glitch, traders got 100x profit
A bug in Coinbase’s exchange allowed traders from the country of Georgia to sell their crypto for 100 times the market value. A bug believed to have been caused by a third-party provider allowed an estimated 900 Georgians to sell various cryptocurrencies at highly profitable prices for the country’s fiat currency.
Microstrategy sells stocks to buy bitcoins
Michael Saylor’s MicroStrategy has offered to sell up to $500 million in shares to fund additional Bitcoin purchases. The news shows that Saylor is not backing down from its plans to turn MicroStrategy into a crypto proxy. As of 2020, he has used the proceeds from stock and bond offerings to buy about 130,000 bitcoins, worth more than $2 billion.
US seizes North Korean hackers’ crypto
Blockchain data analytics firm Chinalysis has revealed that US authorities have seized $30 million worth of cryptocurrency from North Korean hackers. The seizure represents about 10% of the total amount stolen from Axie Infinity. Law enforcement agencies use advanced tracking techniques to track down stolen funds and collaborate with industry players to freeze funds quickly.
Bill Murray’s NFT charity funds were stolen
Hollywood legend Bill Murray is the latest victim of crypto hackers. Criminals stole over 100 Ether that the actor raised in a charity NFT auction. Murray’s team said they have filed a police report and are working with crypto analytics company Chinalysis to identify the perpetrators.
El Salvador’s Bitcoin Adoption Anniversary
El Salvador just celebrated its first year of accepting Bitcoin. The small Central American country became the first country to make history a year ago when it declared BTC as legal tender. Even though the price of Bitcoin dropped by 70% after it peaked and El Salvador reached its peak, the country did not give up on the initiative.
That’s what happened in crypto this week, see you next week.