Tesla sells $1 billion in Bitcoin, the Ethereum merger is nearing completion, and gunmen rob a Russian mining farm. These stories and more this week in crypto.
Expectations help bitcoin recover
The crypto market saw a sudden rally this week as Bitcoin moved above $24,000 for the first time in over a month. The prospect of a less aggressive than feared rate hike from the Federal Reserve sparked a rally in both crypto and the broader markets.
Tesla spends 75% of Bitcoin.
After the highly publicized purchase of Bitcoin in 2021, Tesla cashed out nearly $1 billion in BTC in the second quarter of 2022. In new investor filings, the company disclosed the sale represented 75% of its Bitcoin holdings. Tesla CEO Elon Musk has said that he is open to increasing his bitcoin holdings in the future.
Ethereum integration is almost complete
Ethereum’s much-anticipated transition from proof-of-work to proof-of-stake, otherwise known as the ‘unification’, will take effect on September 19th of this year. The information was revealed during a “planning period” shared by the community director of the Ethereum Beacon chain. The proposed date brought excitement from investors and industry players alike, sending the price of Ethereum skyrocketing.
JPMorgan predicts a rebound in retail demand
A report released by investment bank JPMorgan Chase predicts that retail interest will soon return to crypto markets. According to the bank, the improved investor sentiment and excitement ahead of the Ethereum merger led to a recovery following the elimination of a “solid phase” that now appears to be over.
Former Coinbase manager charged with insider trading
A former Coinbase product manager has been charged by the US Department of Justice with insider trading. Because he had access to special messaging groups for high-level Coinbase employees, he got privileged access to details about the coin. The manager then sold this information during the promotion to earn approximately $1.5 through cryptocurrency insider trading on the Coinbase exchange.
The Eurozone supports the digital euro over crypto
Eurozone monetary authority leaders back European Central Bank digital currency over crypto According to a post on the ECB’s website, cryptocurrencies cannot guarantee one-to-one exchange for central bank money. They are not an efficient method of payment, especially if their value is not backed by any assets. And, in the case of stablecoins, they are prone to crashes.
UK advocates pro-crypto law
The UK Treasury has unveiled crypto legislation that has been put before MPs. According to the proposed law, the existing regulations of banking and payment systems will be modified or extended to cover digital assets. The regulation follows a pledge from the UK government to turn the country into a crypto hub.
Mask Men’s Mug Moscow Mining Institute
Armed robbers have raided a large crypto-mining facility near Moscow. The unidentified criminals stole dozens of video cards in the recent increase in theft of mining hardware in Russia. Authorities estimate the value of the stolen mining rigs to be around 1 million rubles.
That’s what happened in crypto this week, see you next week.