This week has been an eventful one in the world of cryptocurrency, with significant developments taking place across multiple platforms. From suspension of deposits to acquisition of assets, the industry has experienced a lot of movement.
Binance suspended deposits for 10 bridged tokens due to uncertainty surrounding the Multichain protocol. Transactions on the cross-chain protocol have been delayed over multiple bridges, prompting little information from Multichain’s team about the ongoing issues. This affected transactions from Binance and Fantom Foundation, causing a plunge in value for the MULTI token.
FTX’s potential revival plans could soon become reality as court filing documents reveal FTX’s new management met with creditors and debtors to review plans for restarting the exchange and finalizing the material needed for its reboot. The documents also suggest that FTX could enter into a bidding process soon.
Worldcoin raised $115 million in a Series C round and plans to use the funds to support its decentralized World ID and gas-free crypto wallet, World App.
Crypto consortium Fahrenheit won the bidding war for insolvent crypto lender Celsius Network. The bid incorporates Celsius assets previously valued at nearly $2 billion. The acquisition will be final once regulatory approval is granted.
The 13th anniversary of the first Bitcoin transaction was celebrated earlier this week, where developer Laszlo Hanyecz made the first documented purchase of two pizzas using BTC. The milestone turned into an annual celebration for the crypto space.
Bitcoin is currently at 10-week lows, but one analyst advises investors to ignore the panic. Philip Swift, a creator of data resource LookIntoBitcoin and co-founder of trading suite DecenTrader, states that while Bitcoin can fall as low as $20,000 in the coming months, it is performing well and as expected for this stage of the cycle.
DeFi protocol WDZD Swap was recently exploited for $1.1 million worth of Binance-Pegged Ether. According to a report from blockchain security firm CertiK, a known exploiter created the contract that later drained the tokens from the protocol.
Former commissioner of the United States Commodities Futures Trading Commission, Dan Berkovitz, has claimed that Ethereum’s native token, Ether, may be both a commodity and a security. The CFTC regulates futures and swaps on commodities, while the SEC solely regulates securities.
Binance denied allegations of mismanagement of customers’ funds, in response to a Reuters report claiming the crypto exchange commingled customer’s funds with company revenue. As per Reuters’s sources, Binance allegedly blended billions of dollars of corporate revenue and customer funds.
Despite the ups and downs experienced in the industry throughout the week, the cryptocurrency market showed some glimmers of hope. Bitcoin is currently at $26,737, Ether at $1,831, and XRP at $0.46. The top altcoin gainers of the week are Render Token at 16.86%, Kava at 10.71%, and Huobi Token at 9.44%. Meanwhile, GMX lost 13.35%, Sui lost 12.38%, and Fantom lost 11.00%.
Overall, the industry continues to shape itself, with each development marking notable progress. Investors and traders in the industry are keeping an eye out for more movement, especially as the entire ecosystem continues to expand.
