Had another week in crypto, and this time a bit quieter. Most cryptocurrencies were not that volatile, but the market seems to be preparing for something. Here you will find the most striking news of the past week.
Low volatility crypto prices
For starters, we need to talk about the prices of most cryptocurrencies – they are largely sideways. Bitcoin (BTC) is expected to end the week with a second doji, just like most other coins. The price of bitcoin thus remains around 22,500 euros, while ethereum (ETH) has still not risen above 1,700 euros.
Meanwhile, US Treasury Secretary Janet Yellen claims the US economy is “extremely strong.” So there is no sign of a recession. But Madelon Vos states in her video that, according to her, we are already in an economic crisis.
Solana wallet hacker strikes
Many hacks have taken place again this week. Hacking ‘bridges’ in Decentralized Finance (DeFi) was particularly popular. Criminals have already managed to extract 2 billion dollars, despite the bear market.
One of the most prominent hacks was the one on Solana (SOL). A hacker could access an enormous number of wallets, and as many as 20 wallets per second were affected. It appears that the problem was with Slope’s software wallets and not the Solana blockchain itself. So you see, a simple security vulnerability with a third party can still make your tokens unsafe. That is why we would like to emphasize why a hardware wallet is in cold storage really important.
Overdicts speak
Special things also happen in governments. A new bill proposesembarrassing for Bitcoin and Ethereum as commodities to treat. It is still just a proposal to be approved, but if its content were to make it into law, it would have far-reaching consequences. There would actually be a kind of separation between coins that are treated as securities and the tokens that are more a kind of digital commodity.
Furthermore, it appears that Coinbase is not the only party that the US Securities and Exchange Commission (SEC) is investigating. According to a senator, the government agency is scrutinizing almost all major exchanges. Many of the tokens that trading platforms offer are still securities, in the eyes of the SEC.
Michael saylor resigns, focuses or Bitcoin
Lately, we’ve had some prominent parties taking a step back from Bitcoin. Tesla in particular fits in that vein, which sold the vast majority of bitcoins on its balance sheet.
Last week, Bitcoin evangelist Michael Saylor also announced he would be stepping down from MicroStrategy as CEO, and to be just chairman of the board instead. But he didn’t make the choice because the value of MicroStrategy’s massive bitcoin position has fallen so hard, it turns out. Instead, he just wants to focus more on bitcoin education, such as with the Bitcoin Mining Council.
