Crypto Weekly Roundup: Coinbase Launches Base And Other News

With Bitcoin at an interesting crossroads this week, it is imperative to look at all the contributing factors that could influence the market’s trajectory, especially the launch of a new Ethereum Layer-2 network. Let’s find out more. 

Bitcoin 

Bitcoin is facing fortress resistance made up of the 200 weekly MA and the last high reached in August 2022.

Bitcoin saw a sell-off this week after it managed to touch resistance, resulting in traders wondering if the crypto has hit its top for now or if it will have another upward surge soon. 

Ethereum

Crypto exchange Coinbase announced the launch of Base, an Ethereum layer-2 network that is designed to be a low-cost, secure, developer-friendly environment.

DeFi

Following a partnership announcement with Microsoft, the DeFi protocol Ankr swiftly reached over $1.5 billion in 24-hour trading volume, with its token sailing past $0.06 in hours.

Altcoins

The Solana-themed retail storefronts called Solana Spaces have announced that they are closing their brick-and-mortar storefronts in New York City and Miami. 

The Klaytn Foundation has unveiled its plans to introduce a new governance system to provide opportunities for community involvement on the Klaytn platform

TON validators are set to vote on a proposal that could adjust the supply of Toncoin by freezing 1 billion tokens for the next 48 months before eventually unfreezing it. 

Recently uncovered documents have claimed that the infamous Crypto Queen, i.e., Ruja Ignatova, has been dead for five years. 

The Bank of England has published a technology working paper laying out its ideas for a future digital pound that will respect user privacy. 

Business 

Binance Australia has announced that it has closed the derivatives trading accounts of some wholesale investors in Australia. 

Payments giant Mastercard has partnered with Immersive to allow users to make crypto payments in the digital, physical, and metaverse worlds.

Ethereum Layer-2, scaling solution Polygon, has announced that it has laid off around 20% of its existing workforce as part of a wider company restructuring.

Crypto hedge fund Galois Capital has been forced to shut down after it was revealed that half of its assets were trapped on the FTX crypto exchange. 

Despite regulatory changes, the Huobi crypto exchange is relocating its Asia headquarters from Singapore to Hong Kong. 

Regulation

The IMF put out a press release on Thursday detailing the points of a paper called “Elements of Effective Policies for Crypto Assets.”

Dapper Labs could be forced to face a lawsuit filed by the SEC which alleges that the NBA Top Shots NFTs could be securities. 

NFT

Three Arrows Capital liquidator Teneo has announced that they would be selling the bankrupt firm’s prized NFTs to help recoup the over $3.6 billion owed to creditors. 

The WazirX NFT marketplace, which was launched two years ago, has been shut down due to uncertain market conditions. 

DWF Labs and a16z have taken the lead in a $13.8m token purchase from the treasury of blockchain gaming guild Yield Guild Games (YGG).

Bored Ape NFT creators Yuga Labs had to remove the logo for Bored Ape Kennel Club (BAKC) over intellectual property issues. 

Web3

The music streaming service Spotify is working with different digital asset companies to test NFT-enabled playlists for token holders. 

Polygon blockchain explorer PolygonScan recently went into a brief halt, caused by a sync error on the Polygon mainnet.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.