This Week In Crypto
- EToro to offer crypto trading directly to Twitter users. The new service – named "$Cashtags" – is available from Thursday and will see the social investing firm provide Twitter ($TWTR) users with real-time price for cryptocurrencies, stocks and other assets while directing them to the eToro platform to invest in them. $Cashtags aligns with Twitter owner Elon Musk's plans to integrate financial services into the platform.
Join the more than 4 thousand ambitious entrepreneurs & investors hellbent on making our mark on the world. Subscribe today to become a Market Mover. Make better business & investment decisions with our daily curation service.
- Ethereum Shapella Upgrade completed, crosses $2k. On April 12, Ethereum Shanghai and Capella forks, colloquially called “Shapella,” upgraded the network’s execution and consensus layers respectively. $ETH stakers, responsible for securing the Ethereum blockchain, are now able to withdraw their crypto from the Beacon Chain for the first time, 28 months after staking first went live.
- France’s ‘Startup Nation’ becomes a haven for crypto. Circle, Binance, Crypto.com have made Paris their Europe base. Macron’s push comes as US regulators clamp down on crypto.* Digital-asset executives rubbed shoulders at a convention space inside the Louvre Palace. Attendees sipped champagne at an evening gathering in the museum section and then were treated to a private viewing of the Mona Lisa and other masterpieces.
- Bill limiting incentives for crypto miners passes Texas Senate, moves to House. In a 30-1 vote on the floor of the Texas State Senate on April 12, lawmakers in the 88th legislative session passed Senate Bill 1751, legislation that would amend sections of the state’s utilities and tax code to add restrictions for crypto mining firms.
- IMF reiterates call for crypto regulation. According to the financial agency, regulation for entities in the crypto-asset ecosystem — with “strict prudential requirements” for stablecoin issuers — should include the storage, transfer, exchange and custody of reserves for digital assets. The report cites a rough year for crypto in 2022, pointing to the collapse of the FTX exchange.
- Exploit involving early version of Yearn Finance saw damages of $11.6 million. An exploit involving an early version of the DeFi protocol Yearn Finance, called iearn, took place earlier Thursday, causing damages of $11.6 million, according to PeckShield. The exploiter received a mix of stablecoins, including DAI, USDC, BUSD, TUSD and USDT, according to LookOnChain.
- Binance to support Ether staking withdrawals from April 19. Binance said that user requests for withdrawals, once submitted, cannot be canceled and the process may be slow initially, requiring 15 days to several weeks for completion. Users will receive redeemed ether in their spot wallets and pending BETH tokens locked in pending ETH withdrawal requests won't be eligible for staking rewards.
- Swiss court gives green light for FTX to sell its European arm. In an April 12 announcement, FTX said a Swiss court granted a petition filed by the board of directors for FTX Europe AG regarding a moratorium proceeding. As part of the legal process, FTX’s European arm would be allowed to facilitate the exploration of strategic alternatives, including the previously disclosed potential sale of its business in accordance with United States bankruptcy court.
- Bitcoin breaks above $30k for first time since June 2022. Bitcoin recently broke above $30,000 for the first time since June 10, 2022. This is a significant milestone for the largest cryptocurrency by market capitalization as investors grew more optimistic about U.S. central bank monetary policy after March's banking turbulence dissipated. Source(11:33)
- Bitcoin is going for a 40k run following a major reversal. Analyst Mike Alfred believes 40-50k is the right level for spring based on the fundamentals of that price that’s required in order to support the growth of the hash rate that’s already built into the price at this point. Source(22:30)
NOTE: links with an * may require an additional membership to view content on the source material website. But hey... that's why you're subscribed to Market Movers - the only needed news source for money-conscious entrepreneurs.