Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Toncoin, rising 32.08%.
- The resurgence story of EOS Network, a blockchain that raised $4 billion in its ICO with little to show in its early years, is briskly shaping up as EOS tokens were approved for trading on Japanese exchanges, as per a release Wednesday, writes Bloomberg.
- The defeat of efforts to block a Bitcoin exchange-traded fund unleashed gains across the crypto space, including the price of Bitcoin, writes Bloomberg. The rally happened after Grayscale scored a legal victory this week in federal court.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Hedera, down 15.03%.
- One closely-watched measure of Bitcoin mining revenue is hovering around a record low as the price of the largest digital asset stagnates and competition heats up, writes Bloomberg. The hashprice fell to $0.06 for a unit of computing power per day on Sunday, according to Hashrate Index data.
- Binance Asia-Pacific’s head Leon Foong is leaving the exchange. Foong, who led the expansion into markets like South Korea, Thailand, and Japan has resigned following the departure of other senior executives including chief strategy officer Patrick Hillman and general counsel Hon Ng, writes Bloomberg.
Opportunities
- The Cosmos Hub is voting on a major software upgrade proposal to replace existing staking, distribution, and slashing modules with the Liquid Staking Module. Enabling the LSM is a significant development for network liquidity and unlocking millions of dollars’ worth of ATOM tokens, writes Bloomberg.
- Robinhood Wallet, a multi-chain self-custody Web3 wallet, has expanded its offering to include support for Bitcoin, Dogecoin, and in-app Ethereum swaps, according to an article published by Bloomberg.
- Crypto exchange platform Coinbase said on X (formerly Twitter), that it has added PayPal stablecoin for trading on its platform, writes Bloomberg.
Threats
- The U.S. SEC has taken its first enforcement actions against NFTs, widening its assault on cryptocurrencies, and raising a host of questions for issuers, exchanges, buyers, and sellers of digital assets that can be used to transfer ownership of anything from artwork to real estate, writes Bloomberg.
- Ivan Bianco, a blockchain gaming-focused YouTuber based in Brazil who runs the channel Fraternidade Crypto, apparently had nearly $60,000 worth of cryptocurrency and a stash of NFTs stolen this week after accidentally revealing his crypto wallets seed phrases during a livestream.
- A group of specialists at Jump Crypto, one of the digital-asset world’s top market-making firms, have left to start a new software company focused on developing a financial data feed project built on blockchains, writes Bloomberg.
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