This week in coins. Illustration by Mitchell Prever for decryption.
Cryptocurrency markets were unaffected this week for the first time In six consecutive weeks. Bitcoin (BTC) is up 8% over the past seven days and is trading at $20,718 at the time of writing, according to CoinGecko. Ethereum (ETH) saw a stronger rally, up 24% over the week to $1,613 at the start of the weekend.
so called “Ethereum killersLayer 1 blockchains with highly functional smart contracts had a great week, including Cardano (ADA), up 15% to 40 cents, Solana (SOL) up 17% to $32.83, and Polkadot (DOT) up 15% 11% to $6.52 and avalanche (AVAX) inflated 18% to $18.38.
Other notable gains this week included: Ethereum Classic (ETC) up 17% to $25.79, Litecoin (LTC) up 7% to $55, Uniswap (UNI) up 14% to $6.88, and Binance Coin (BNB) By 11% to $300, Polygon (MATIC) was up 16.2% to 93 cents.
But the meme king won the week. Elon Musk’s favorite cryptocurrency (DOGE) has exploded 77% over the week to 10 cents (yes, still Down from 72 cents in May 2021) behind the news That the CEO of Tesla finally finalized the deal to acquire Twitter for $44 billion.
For most of the green cryptocurrency market for the week, we can point to more optimistic macroeconomic trends in general this week, with Stock market too After many major companies announced their profits.
The biggest currency news this week
On Monday, Bitcoin Hits The highest mining difficulty ever (for again this month) after rising 3%. As the difficulty increases, miners may face lower profits if the bitcoin price remains idle, due to the need for more computing power and electricity for mining. However, the increasing mining difficulty also indicates a strong and growing network.
In the United Kingdom, the former Minister of Finance and Governor of the United Kingdom crypto attorney It was Rishi Sunak He was elected to succeed Liz Truss As head of state and party leader. Sunak was the only candidate to receive the required votes. He briefly confronted former Prime Minister Boris Johnson, who announced his withdrawal on Sunday.
owned block Californiash app It was announced on Tuesday that users can now Send and receive bitcoin Across lightning network. Previously, app users could only send Bitcoin, but now they can also use the network to receive it as well.
On Thursday, right amid Musk’s acquisition, Twitter announced that it would allow users to Supply and Trade NFTs Through tweets thanks to a new partnership with four select markets: Magic Eden, Rarible, Dapper Labs and Jump.trade. The new NFT Tweet Tiles feature – currently still in testing – displays NFT artwork in a panel in the Tweet and includes a button to take users to the Market List.
And on Friday, Binance confirmed He is a stock investor (at a cost of half a billion dollars) in Elon Musk’s $44 billion takeover bid for Twitter. Exchange CEO Changpeng Zhao emailed Decrypt This phrase: “We are excited to be able to help Elon achieve a new vision for Twitter. We aim to play a role in bringing social media and Web3 together in order to expand the use and adoption of crypto and blockchain technology.”
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