The crypto markets had significant growth this week, which boosted the markets. Meanwhile, the US SEC has continued to take action against the crypto industry.
Shanghai’s Ethereum releases US$34 billion in ether
Ethereum, the second-largest blockchain in the world, includes more features and advancements in cost, efficiency, and security. It is valued at US$231 billion. These advantages are also provided by the software network of Ethereum.
The Shanghai hard fork of Ethereum, also known as “Shapella,” has been completed, allowing users who “staked” their ether (ETH) to protect and confirm transactions on the blockchain to withdraw their funds.
Members of the Ethereum community have hailed the highly anticipated hard fork, which effectively upgraded the blockchain by splitting off a new one, as a historic achievement that brought an end to the multiyear transition to a complete proof-of-stake network.
Montenegro’s Central Bank Partners With Ripple
Ripple, a blockchain-based digital payment system, and the Central Bank of Montenegro (CBDG) have chosen to collaborate on the development of a CBDC pilot that will serve as the nation’s stablecoin, the firm said on Tuesday. Ripple claims that the pilot would provide the CBDG the possibility to ascertain the practical use of a CBDC and create a model mimicking its circulation.
Governor of Montenegro’s central bank Radoje Zugic said the project’s goal is to “analyze the advantages and risks that CBDCs or national stablecoins may pose regarding electronic means of payment availability, security, efficiency, compliance with regulations, and most importantly, the protection of end users’ rights and privacy.”
MetaMask offers a new fiat purchasing option
Cryptocurrency wallet developer MetaMask announced the launch of a new feature that will let its customers buy cryptocurrencies with fiat money straight from the Portfolio Dapp. MetaMask is a maker of decentralized apps (DApps).
Users would be able to buy cryptocurrencies using fiat money more easily as a result of the action, said MetaMask.
Users may buy a range of cryptocurrencies using a variety of payment ways with the aid of Metamask’s new “Buy Crypto” service, including bank transfers, debit or credit cards, PayPal, and instant ACH (Automated Clearing House).
Binance’s US Exchange delists TRON and Spell out
The native token of Justin Sun’s Tron cryptocurrency network, TRX, won’t be accessible on Binance’s US website for a while. Moreover, Spell, with a cap of barely $81 million, will be delisted on April 18.
Binance made its decision after considering a range of elements, which it claimed were part of a periodic examination, including changes in a token’s risk profile, trading volume, liquidity, regulatory status in the US, and evidence of fraudulent behavior.
Fortune published “Crypto 40”
The Fortune Crypto 40 recognizes eight categories: Protocols, Venture Capital, NFTs, Data, Infrastructure, DeFi (decentralized finance), and Trading Finance (traditional finance). Better comparisons between comparable organizations, such as venture capital firms, and centralized crypto enterprises, are made possible by this separation.
Polygon surpassed Solana to claim the third position in the standings for protocols, while Bitcoin fell behind Ethereum. In the infrastructure race, Ledger, Genesis Digital Assets, and Bitmain all finished ahead of each other, with Ledger claiming first and Genesis coming in second.
Pew Research: 17% of American people have made cryptocurrency investments
The most recent Pew Research Center survey on cryptocurrencies in the United States, which was published on April 10, doesn’t reveal many surprises. The research focuses on how well-liked and trusted the nation’s burgeoning crypto industry is.
The key finding, in Pew’s opinion, is that 75% of American adults who have heard of cryptocurrencies have little to no confidence in their dependability and security.
FTX Could Reopen
The FTX cryptocurrency exchange, which fell dramatically in November, is considering reopening in the future as it navigates bankruptcy, according to the firm’s lawyers in a court hearing on Wednesday.
It was thought about whether to permit FTX’s debtors to convert a portion of their assets into shares in a reopened exchange. The cost of FTX’s FTT token more than doubled following the revelation.
According to principal FTX attorney Andy Dietderich, numerous alternative options for the future of the company were being considered, including restarting the exchange.
Calgary police and Chainalysis have established a cryptocurrency investigative center
The Western Canada Cryptocurrency Investigations Centre was created as a result, and it will serve as a hub for the general public and corporate sectors to learn about new advancements in cryptocurrencies and cybercrime.
Calgary police are also creating a brand-new investigating division for offenses relating to cryptocurrencies and blockchains.
Twitter and eToro are working together
CNBC reports that Twitter and trading website eToro have joined to enhance the functionality of Twitter’s cashtags and potentially let users buy and trade stocks, cryptocurrencies, and other financial products.
With $TSLA serving as an example, cashtags begin with a “$” rather than a “#” as hashtags do. Recently, Twitter and the trading analysis software TradingView teamed together to provide charts for a number of these items. On Twitter, they are used to denote a certain stock, cryptocurrency token, or exchange-traded fund (ETF).
VC investment in the crypto sector fell by 80%
Venture capital (VC) spending continued to fall in the first quarter of 2023, with just $2.4 billion flowing to cryptocurrency businesses. According to a Galaxy Research report, this number is at its lowest point since the fourth quarter of 2020.
Venture capitalists resumed a trend that had only started in 2022 despite scandals that shook the bitcoin sector. Due to concerns about regulatory uncertainty, a slowing market, and record failures, venture investors are leaving the sector in droves.
U.S. SEC targets DeFi
The U.S. Securities and Exchange Commission (SEC), which has resurrected a proposal from last year that would now expressly target platforms for such crypto transactions as exchanges that need to be regulated, maybe attack decentralized finance (DeFi).
In January 2022, the SEC proposed extending the definition of “exchange” to cover a broader variety of trading operations in the US. The agency asserted that there was a “regulatory imbalance” at the time because some trading businesses were exempt from exchange regulation in its proposed regulations.
FM Sitharaman: The crypto problem requires a swift resolution
The Union’s finance minister, Nirmala Sitharaman, asserted on Thursday that the members of the Group of 20 (G20) were more in accord that any new cryptocurrency regulation needed to be coordinated worldwide.
“I’m pleased to say that the G20 now agrees that any action taken on cryptocurrency assets must be global. I think the G20 has dealt with the cryptocurrency danger quickly and effectively,” Sitharaman said at a news conference held after a meeting of the G20 finance ministers and central bank governors.
Bitrue, a cryptocurrency exchange, was hacked for $23 million
Bitrue’s cryptocurrency exchange was the target of a hack that exposed a hot wallet vulnerability, which gave attackers access to multiple crypto assets valued at about $23 million.
A type of cryptocurrency wallet known as a “hot wallet” is made to store immediately accessible, online-connected cryptos. Yet they are more prone to theft and hacking than cold wallets, which are offline and not online.