The cryptocurrency market was quite active this week. Crypto investors, who started the week with a smile, experienced a big disappointment in the last days of the week. This week, the ETF race intensified in the US and competition in altcoins increased even more. Ethereum, XRP and Litecoin were the favorite altcoins of the week. In addition, one of the most important developments of the week was the Pi Network (PI). Let’s take a look at what happened this week and how cryptocurrencies were affected.
We have compiled the most important events of the week, developments affecting the crypto market and striking headlines for you.
Argentine President Milei sued for memecoin: Crypto breathes a sigh of relief!
Argentine President Milei, who drew reactions with the memecoin LIBRA launched on the Solana blockchain last week, was sued by a group of lawyers. The lawsuit alleged that Milei supported the LIBRA scam by using his signature authority and speculating on social media. In particular, Milei’s brother’s involvement in the case made us say, “I’ve had enough. According to the allegations, Milei’s sister got Milei to tweet, and got paid for it. It should also be noted that LIBRA and MELANIA coins were created by the same team. One day it will all come to an end, but until that day, investors should be more careful.
Jack Dorsey claimed to be Satoshi Nakamoto
Satoshi Nakamoto, the anonymous developer who started the Bitcoin revolution, is becoming more and more famous as the years go by. Speculations are also increasing for Satoshi, who has gained great respect. In the crypto industry, where a few people are declared Satoshi almost every year, this time the arrows pointed to Jack Dorsey. Sean Murray pointed out that the famous entrepreneur’s mother’s birth date was January 11 and that Bitcoin made its first transaction on this date.
Saudi Prince falls prey to memecoin scam
The increasing number of memecoins like TRUMP, MELANIA and LIBRA has whetted the appetite of crypto scammers. It is not known how the scammers succeeded, but they have wreaked havoc in Saudi Arabia. Hackers who took over the Saudi Law Conference (SaudiLawConf) account shared memecoins by impersonating Saudi Crown Prince Mohammed bin Salman. After thousands of dollars in profits, the Saudi government took action.
Millions of dollars of ETH burned in protest
An investor named Hu Lezhi made the most interesting event of the week. Lezhi transferred $7 million worth of ETH to his Ethereum burning address. Lezhi, who burned millions of dollars in a single transaction, also recorded a message on the blockchain. Saying that this burning was a protest, the investor drew attention to the brain control organization. Lezhi’s message included the following sentence: “The last two years have been extremely painful, now I have completely lost my dignity as a human being.”
Artificial intelligence move from Elon Musk: Grok 3 is here!
Elon Musk, one of the world’s famous and richest people, made a remarkable move in the field of artificial intelligence. Musk launched Grok 3, an artificial intelligence chatbot used over X. Musk’s Grok 3, which competes fiercely with OpenAI, looks quite inclusive. This development may seem simple, but it was one of the most important events of the week, because every step Musk takes is reflected in the crypto sector.
FTX has finally started refunds!
The final knots of the FTX bankruptcy, one of the biggest disruptions of 2023, began to unravel this week. On Tuesday, FTX began repaying customers who suffered losses during the bankruptcy process. The failed crypto company repaid $1.2 billion to small-cap creditors in the first days of the week. While the crypto sector celebrated FTX’s start of repayments, it has become a matter of curiosity whether it will continue. According to estimates, FTX will repay between 14 and 16 billion dollars in this process.
Coinbase gets rid of SEC, but lawsuits don’t end
The US regulator SEC has decided to withdraw its case against Coinbase. The litigation process against the securities claims was shelved by the new SEC administration. This process, which is a major development for the crypto sector, was welcomed enthusiastically by Coinbase executives. Having escaped the SEC process, Coinbase’s lawyers now faced a new challenge. Coinbase and some of its executives faced a shareholder lawsuit in New Jersey federal court. Wenduo Guo, a shareholder of the company, claimed that Coinbase misled investors.
Trump excites the XRP community
US President Donald Trump shared statements by Ripple (XRP) CEO Brad Garlinghouse on his social media platform Trusth Social. Trump’s positive posts about Ripple mobilized the XRP community. XRP investors, who have suffered for years, stated that Ripple has started to gain respectability in the US and that spot XRP ETFs will be launched soon. It should be noted that XRP is one of the well-established altcoins in this sector. Therefore, the bullish wave that has started in XRP may positively affect other altcoins as well.
Excellent news for Ethereum: SEC gave its approval!
The US Securities and Exchange Commission (SEC) made a striking development regarding Ethereum this week. The SEC accepted the 21b-19 filing of the Cboe BZX Exchange representing 4Shares. What does this mean? To explain, the SEC is evaluating the potential benefits of staking in 21Shares’ spot Ethereum ETF. The public filing will usher in the era of staking in spot Ethereum ETFs.
Story Protocol officially launched, IP on the rise!
Another noteworthy development of the week took place at Story Protocol, a new player in the crypto industry. Story Protocol officially launched its blockchain network focused on the IP token. IP, Story Protocol’s coin, which started to host more specific transactions and efficient smart contracts, increased by more than 50 percent this week. While crypto investors thought IP was rising on speculation, the team pointed to positive growth. Following Berachain, Story Protocol’s successful progress in its first weeks has raised hopes for the altcoin bull.
Pi Network’s token PI is launched: Disappointing!
PI, the token of mobile mining platform Pi Network, has finally launched after six years of struggles. Officially launched on the OKX exchange and listed on exchanges such as MEXC and Huobi, PI initially rose above $2. PI investors had great expectations after six years of longing. In particular, some investors claimed that PI would be the new BTC and the price would reach 1000 dollars. PI, where excitement increased and expectations multiplied, started to decline a few days later. The altcoin, the disappointment of the week, disappointed its investors by falling below $1.
OpenSea on the radar of airdrop crazies
The NFT platform OpenSea, which announced last week that it would launch a cryptocurrency called SEA, has been on the radar of thousands of investors looking to win airdrops. This week, OpenSea’s trading volume grew by a massive 71 percent. The NFT marketplace started hosting an average of 15,000 daily transactions after announcing the token release. OpenSea, which has been in the industry for years, was only recording 4 to 5 thousand transactions per day before the token announcement.
The world’s biggest stock market hack attack: Bybit fails!
Bybit, one of the crypto exchanges with the highest trading volume, shook the crypto market on the last trading day of the week. The exchange, which manages billions of dollars worth of user assets, failed in security measures. According to recent developments, the North Korean hacker group Lazarus hacked Bybit and stole ETH worth 1.4 billion dollars. Even though Bybit’s CEO often made statements to lower the pulse, the cryptocurrency market has plummeted. While the ETH price retreated to the 2,600 band with a sharp correction, altcoins fell more than 10 percent. Bybit pledged that the assets stolen after the hack attack will be restored and no user will be harmed.
Leave a comment