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This was what happened last week in crypto



This was what happened last week in crypto

The world of blockchain and cryptocurrency is a nonstop rollercoaster. One moment, a token is skyrocketing, the next, a groundbreaking invention disrupts the market. Hackers lurk, regulations shift – it’s a constant dance. Last week was no different, packed with exciting developments. Let’s dive into what went down!

1. After serving 11 years for his role in the dark web marketplace Silk Road, Ross Ulbricht, the founder may soon be home if Trump becomes President of the United States. “If you vote for me, on day one I will commute the sentence of Ross Ulbricht to a sentence of time served,” Former US President Donald Trump said in a speech before the Libertarian National Convention on Saturday night.

2. Following the successful launch of Spot Bitcoin ETFs in January, the SEC has finally given the thumbs-up to Spot Ethereum ETFs. This marks another significant step towards mainstream adoption of cryptocurrencies. However, the approval process differed from that of Bitcoin ETFs. While Bitcoin ETFs received approval through a commissioner vote, the SEC’s Trading and Markets Division took the lead on Ethereum ETFs. This streamlined approach could signal a faster path for future crypto asset approvals.

3. Biden is seeking virality with a new job posting aimed at meme experts. According to the job listing, the Biden for President (BFP) campaign is looking for a Partner Manager to oversee daily operations involving online content creators and meme pages. This isn’t the first time President Biden has leveraged memes to connect with internet culture. In early 2022, the Biden campaign utilized the laser eyes meme as a strategy to portray the 80-year-old president as someone attuned to internet trends.

4. A recent survey by the United States Federal Reserve revealed a decline in the number of adult Americans using and owning cryptocurrencies, dropping to approximately 18 million in 2023. Published on May 21, 2024, the survey showed that only 7% of respondents reported using cryptocurrencies in the 12 months leading up to October, down from 10% in 2022 and 12% in 2021. Additionally, just 1% of adults reported using cryptocurrency for payments or money transfers, marking a significant 50% decrease compared to 2022 figures.

5. The long-awaited Dragon8 hard fork did not go as planned, according to a statement by Chiliz last week. Scheduled to go live on the 21st, the implementation encountered issues, resulting in only one of the two planned hard forks executing successfully. This update was intended to introduce significant changes to the Chiliz chain, including the highly anticipated Tokenomics 2.0 and compatibility with major Ethereum upgrades. Despite the setback, Chiliz has assured that a new date for the hard fork will be announced soon.

6. Former President Trump who is seeking re-relection to serve his second term after the Biden Presidency also pledged to protect the cryptocurrency industry which President Biden is giving a “slow and painful death”.

“We’re going to stop it. I will ensure that the future of crypto and the future of Bitcoin will be made in the USA, not driven overseas. “I will support the right of self-custody. To the nation’s 50 million crypto holders, I say this: with your vote, I will keep Elizabeth Warren and her goons away from your bitcoin. And I will never allow the creation of a central bank digital currency.” 

“I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place. Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me!”

7. Gala Games was recently a victim of a “security incident” which resulted in the authorized sale of 600 million GALA tokens. In a statement by the CEO, Eric Schiermeyer, the incident “messed up” the internal controls which led the hacker to steal and sell $23 million worth of GALA tokens. 

8. Software giant Microsoft has unveiled a new feature for select Windows 11 PCs called “Recall,” which uses AI technology to maintain a comprehensive record of user activity by capturing everything displayed on the screen.

In a detailed May 20 blog post, Microsoft Executive Vice President and Consumer Chief Marketing Officer Yusuf Mehdi announced that the AI-driven Recall feature will be exclusive to Microsoft’s new line of “Copilot+ PCs.” This development raises questions about potential privacy concerns, specifically whether this new photographic memory feature might be used to monitor users.

9. In a surprising move, Yuga Labs has decided to step away from the popular CryptoPunks NFT. Yuga Labs, which acquired CryptoPunks in 2022, also owns other well-known collections such as Bored Ape Yacht Club (BAYC), Meebits, OtherSide, and Moonbirds. In a statement posted on X, Yuga Labs CEO announced:

“Yuga will no longer touch punks (CryptoPunks). They will just be decentralized and preserved on the blockchain. The only thing we intend to do is support a few museums and institutions in their quest to acquire a punk and help educate their audience about them”

As always, the world of cryptocurrency never fails to surprise and captivate us with its rapid developments and dynamic changes. From major regulatory shifts and innovative ETF approvals to unexpected moves by industry leaders and new technological advancements, last week was a testament to the sector’s constant evolution. Whether it’s political figures pledging support, tech giants unveiling new features, or pioneering firms reshaping their strategies, the landscape continues to be a hotbed of activity. 

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