The crypto market fell to three-month lows, Binance invests in Twitter with Elon Musk, and Luna bought $1.5 billion in Bitcoin to stabilize the coin’s reserves. These stories and more this week in crypto.
The crypto market has hit a three-month low.
Cryptocurrencies have been trading at three-month lows this week, with Bitcoin trading below $36,000 and Ether below $2,700. The Federal Reserve’s announcement to raise interest rates is thought to be associated with higher markets.
Binance Invest on Twitter
Cryptocurrency exchange Binance has chipped in with a group of other investors worth nearly $500 million to take over Elon Musk’s $44 billion social media platform Twitter. Binance founder Changpeng Zhao tweeted after the news that the commitment was “a small contribution to the cause”.
The patron of the Luna Foundation bought 1.5 billion dollars of Bitcoin
The custodian of the Luna Foundation acquired $1.5 billion worth of Bitcoin to bolster his stablecoin UST holdings. This latest transaction brings the Luna Foundation closer to its goal of raising $10 billion in bitcoins to support the Guardian US Terra stablecoin.
Buffett won’t buy all the bitcoins at $25.
The world’s most successful investor, Warren Buffett, has said that he would not buy all the bitcoins in the world at $25. Asked at Berkshire Hathaway’s shareholder meeting if he had changed his view on bitcoin, the 91-year-old investor doubled down on his earlier comments, saying, “One thing I’m sure of is that it’s not going to multiply: it won’t increase, it won’t produce anything.”
Kraken launched a free NFT market
Crypto exchange Kraken is launching its own NFT platform in the coming months, promising to cover Ethereum’s high gas fees as well as other blockchains like Solana. Customers can start registering to join the platform’s waiting list, which includes other features such as NFT-specific floating rates and NFT protection.
Crypto.com is relaunching savings rewards
Crypto.com has announced that it will continue to offer card rewards a day after removing the program. Members of the crypto community were critical of the decision to end rewards altogether, leading to the withdrawal. Instead of completely eliminating card clutter, Crypto.com offers a balanced approach that ensures the long-term sustainability of its products.
Nivea is fined for hiding crypto income
GPU maker Nvidia is paying a $5.5 million fine after it illegally divulged how many of its graphics cards were sold to crypto miners. The US SEC has gone after Nvidia for misleading investors by reporting an increase in revenue related to gaming and hiding the extent of it due to the volatile crypto market.
Another break from Solana
The reliability of the Solana network came under scrutiny again this week due to the outage of bots that attempted to trade NFTs on the network last weekend. This is the latest in previous outages in Solana in January and April, as well as a minor outage in September of last year.
Bored monkey earned 320 million dollars
The company behind the “Bored Monkey” NFT series has raised nearly $320 million in funding for their new virtual world game, selling land on another. The Ethereum blockchain was so overwhelmed with transactions that it was unusable for hours. However, after the initial euphoria wore off, most buyers were in the red as prices quickly declined.
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That’s what happened in crypto this week, see you next week.