Bitcoin prices plummeted over the weekend, falling to as low as $ 50,000 on Sunday, before rebounding as a flash crash impacted leading crypto assets.
Bitcoin, Ethereum and XRP, as well as most other major altcoins, were all hit by a sudden flash crash early on Sunday morning, causing prices to drop sharply.
Power outages in China, which consequently caused a massive drop in the bitcoin network’s hashrate, is cited as a possible reason for the major downturn.
Prices have rocketed from lows overnight, with bitcoin back above USD 56,000 this morning, and peers like Cardano are also recovering, although both are down about 10% from their all-time highs.
Ethereum hard fork sends price to record high
Ethereum soared above $ 2,500 a coin last week when the highly anticipated Berlin hard fork went live.
The second largest cryptoasset by market cap introduced the hard fork to solve a major problem for the network: high gas costs. Gas fees have risen over the past 12 months, with users seeing transaction fees increase from less than 10 cents to a maximum of $ 40 in February of this year.
Currently, the average fee is close to $ 19, but this is much higher than the minimum fees charged by peers such as Cardano and Algorand.
The network’s hard fork has changed the algorithm that calculates gas costs, with the aim of lowering costs that could otherwise push users to other platforms.
After this weekend’s flash crash rose to a new high, the price fell, trading it around $ 2,250.
Coinbase listings in the main market via IPO
Coinbase has completed its IPO in the US as the cryptoasset market continues to enter mainstream financial markets.
Ben Laidler, eToro’s global market analyst, said: “The Coinbase IPO is important for a few reasons. First, it reflects the institutionalization and development of the crypto industry.
Second, it shows how public markets are changing. We have seen a record number of US IPOs raise money through nontraditional approaches such as direct quotes and SPACs.
Finally, it gives people a vehicle to gain exposure to the crypto market without having to invest in cryptoassets themselves. The shares can be included in pension funds and trackers that previously could not directly withdraw cryptoassets, further opening the crypto market to an entirely new pool of capital. “
Binance Coin Completes Largest Burn Ever
The Binance platform has completed its 15th Binance Coin (BNB) token burn and destroyed more than one million coins worth $ 5.8 billion.
The blaze comes after a massive rally for the currency, which has doubled in a month and is up about 3,492% in a year.
“This burn actually took USD 595,314,380 worth of BNB out of circulation forever. With this recent combustion, the total supply of BNB has officially decreased from 170,532,825 BNB to 169,432,937 BNB. This 15th quarterly BNB burn is the highest ever in US dollars, “ CEO Changpeng Zhao said.
NYSE launches first trade NFTs
The New York Stock Exchange has said it will launch “First Trade” NFTs commemorating the true first trade of Spotify, Snowflake, Unity, DoorDash, Roblox and Coupang.
During a company’s public debut, the exchange processes more than 350 billion order, quote, and trade messages in its markets on its busiest days.
Each message is recorded in the exchange’s digital ledger, and it is these that the exchange plans to disclose in the form of NFTs, following similar steps by a variety of different companies in the sports and entertainment world.
NYSE President Stacey Cunningham said in a LinkedIn post: “Just one of those messages marks the NYSE First Trade: the exact moment a company went public, giving others a chance to share in their success.”
“The NYSE First Trade NFT commemorates that unique moment in a company’s history.”
TIME Magazine collaborates with Greyscale
The president of TIME Magazine has announced that the world-renowned publication is partnering with Grayscale Investments to produce a video series about cryptoassets.
In yet another endorsement of the long-term potential of cryptoassets, TIME Magazine said it partnered with Grayscale Investments to not only launch the educational video series, but also be paid in bitcoin, and commit to having the cryptoasset on its balance sheet. to keep. .
Founded in 1923, TIME Magazine has more than 20 million subscribers worldwide and is one of the most recognizable publications in the world.
Grayscale CEO Michael Sonnenshein tweeted Monday that he was “excited” to partner with TIME magazine, adding that the deal to pay TIME in bitcoin was “a first for our media partnerships.”
Societe Generale issues the first structured product security token
French investment banking giant Societe Generale (SocGen) has issued the first structured product as a security token, registered directly on Tezos’ public blockchain.
SocGen, which launched the token through its Forge division, says the transaction demonstrates the legal, regulatory and operational feasibility of issuing more complex financial instruments on a public blockchain.
The motivation behind the token is to take advantage of the increased efficiency and flexibility of financial transactions that blockchain can bring. SocGen said the new structured product benefited from unprecedented product structuring capacity, reduced time-to-market, automated business actions, increased transparency and speed in transactions and settlements.
The launch follows the issuance of a covered bond token on Ethereum, settled in euros, in 2019, and a second of such issuance settled in CBDC, issued by Banque de France last year.
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