The crypto-sphere has been a hive of activity this week. Liquid staking in the crypto sector, noted for its impressive surge to a near-record high of $15 billion, eclipsed the outflow of $342 million from crypto funds. While some crypto miners were busy contemplating hedging strategies to ensure stability amidst market volatility, Vitalik Buterin predicted Ethereum full nodes could likely start running on mobile devices.
In concurrent developments, Changpeng Zhao projected that DeFi may eclipse CeFi during the future bull run. Meanwhile, requests raised by the P2P team for a $1.5 million fund from Lido DAO to improve Lido’s staking service for Solana added to the flurry of activity.
While these conversations were on, ARK 21Share and VanEck rushed to file for the first-ever ETH spot ETF in the US, spurred by the Grayscale victory. Banking on a ripple effect, Grayscale implored the SEC to fast-track their greenlight for a spot bitcoin ETF.
Meanwhile, blockchain evolution was enthralling the EU, with an emerging blockchain leader receiving a warm reception at the ETH Warsaw gathering. Elsewhere, blockchain technology continued to expand its influence with Sorare announcing 3D digital football player cards with integrated AR capabilities, and MetaCene’s blockchain MMORPG creating an anticipatory buzz.
Events took an unexpected turn in the banking sector, with the Bank of China and Meituan heading to pact on a digital yuan collaboration. On the other hand, the Reserve Bank of India’s Governor promoted CBDCs as the solution to the existing ‘high cost, low speed’ cross-border payments. However, the European Commission’s proposal of a digital euro as a key to competing with the private sector might face uphill battles in non-euro member states.
In legal proceedings, two major lawsuits were initiated by Genesis Global Trading against its parent company DCG over the repayment of loans totaling $600 million. Shifts in crypto’s legal and financial landscapes are inevitable with these developments unfolding.
While the news may seem overwhelming, it shows the potential and dynamic nature of the crypto market. While there is money to be made, there’s always the risk. Notably, an illegal crypto miner in Russia who caused “considerable damage” to a local grid, stealing around $225,000 worth of electricity, was recently discovered. This emphasises the need for regulatory oversight in this industry to ensure that while innovation flourishes, illicit activities are kept at bay.
So, as we always say, as the week wraps up, take a moment to laugh, relax and enjoy some crypto-themed jokes and memes. After all, laughter is the best way to digest an eventful week in this fast-paced world of crypto.
Source: Cryptonews
