Home Business Crypto Review: Bitcoin Billion Sales, Solana Failure and More

Crypto Review: Bitcoin Billion Sales, Solana Failure and More

Crypto Review: Bitcoin Billion Sales, Solana Failure and More

A lot happened in the crypto landscape this week. For example, bankrupt crypto lending platform Genesis has announced plans to sell $1.3 billion worth of shares of Grayscale’s GBTC Bitcoin (BTC) ETF. Also this week, Solana (SOL) was hit by a major network collapse, the date for the next major Ethereum (ETH) update was announced, and a major international exchange entered the Dutch market.

Genesis wants to bring GBTC shares to the market

Genesis, which has been in bankruptcy proceedings since January last year, has applied to the US Bankruptcy Court for permission to sell around $1.3 billion worth of GBTC shares.

This massive pile of shares represents about 87 percent of the total assets Genesis plans to sell.

GBTC is the largest Bitcoin fund in the world, converting into a spot exchange-traded fund (ETF) last month.

Last Thursday, the company was informed whether it could carry out the planned sale. It is not yet known whether the judge gave the green light. In any case, it could cause a stir in the market.

Solana network failure

Last Tuesday, the Solana network experienced an unexpected outage. The Layer 1 blockchain has been experiencing problems for about five hours. The network restarted with an update in the late afternoon.

The exact cause of the network failure is still unclear. The developers are currently investigating the issue and will provide answers as soon as possible.

This is the eleventh time in just two years that an incident has occurred on the Solana network.

Important Ethereum Update Date Announced

This week the date for the next major Ethereum network update was finally announced.

On Wednesday, the update was successfully activated on Ethereum’s third and final test network called “Holesky.” A day later, the developers announced the target date of March 13th.

The update primarily focuses on increasing Ethereum’s scalability.

The American crypto exchange enters the Dutch market

On Thursday evening, the American crypto exchange Kraken announced the decisive thing Virtual asset service provider (VASP) license from De Nederlandsche Bank (DNB).

This means that the exchange, founded in 2013, has received permission to expand its crypto services to our small country.

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