This week in coins. Illustration by Mitchell Preffer for Decrypt.
It’s been a relatively quiet news week in the cryptoverse, reflected in the fact that hardly any of the top cryptocurrencies by market cap have moved dramatically over the past seven days.
Market leader Bitcoin (BTC), which has a market cap well over half a trillion dollars, entered the weekend slightly down 1.4% from seven days ago. According to CoinGecko, it is currently trading at $28,030.
Ethereum (ETH) went in the opposite direction, up 2.4% on the previous week on Saturday and trading at $1,869 at the time of writing. This modest bump is thanks to anticipation for the next week.formula” network upgrade, a portmanteau of “Shanghai” and “Capella”, two steps that unlock withdrawals of ETH deployed on the network at the execution level and the consensus level, respectively.
In very simple terms, the execution layer executes and records Ethereum’s transactions in real-time, while the consensus layer is where those transactions are validated. Each validator has wagered 32 ETH to activate their software and is rewarded with ETH for confirming transactions. The validated information is then shared across the network.
This week’s biggest success story in coins came from meme coin Dogecoin (DOGE), which surged at the start of the week, then dived and headed into the weekend with an 8.8% gain over the past seven days.
The coin’s rally started after Elon Musk filed an application with a US Judge on Friday to dismiss a $258 billion lawsuit accused him of allegedly running a ransom scheme to support cryptocurrency.
On Monday DOGE bloated 20% In less than an hour after Musk changed the iconic blue bird logo on the social media site to an image of Doge, the adorable Shiba Inu behind the iconic meme that inspired the coin, Thursday’s rally went as the coin emerged, the puff posted an intraday loss of over 8%.
Adoption news
Despite flat prices, three major crypto adoption stories hit the press this week.
On Tuesday, Ralph Lauren announced the opening of a new luxury concept store in Miami’s Design District; It will be the fashion house’s first store accept cryptocurrency payments. Items can be purchased with Bitcoin (BTC), ether (ETH), polygon (MATIC), Dogecoins (DOGE) and other cryptocurrencies through a partnership with the crypto payment service provider BitPay.
On the same day, Latin America’s largest investment bank, Brazil-based BTG Pactual, announced the launch of its own stablecoin pegged to the US dollar BTG Dol Tokenrunning on Polygon. BTG Pactual said in a statement that this stablecoin will offer investors a “simple, efficient and secure” way to invest their equity in dollars. Customers can start investing with as little as 100 real ($20).
And on Wednesday, PostFinance, the Swiss bank wholly owned by the Swiss government, announced It will offer a range of to its customers regulated crypto services powered by Sygnum’s B2B banking platform, including the ability to buy, sell and store Bitcoin and Ethereum.
All positive signs for crypto adoption, even if they haven’t rallied.
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