This week in currencies: Bitcoin, Ethereum Rebound, LUNA Moons

This week in currencies: Bitcoin, Ethereum Rebound, LUNA Moons

This week in coins. Illustration by Mitchell Prever for decryption.

For the first time in several weeks amid a cold crypto winter, Bitcoin and Ethereum had a great week.

after, after Less than $19,000 At the start of the week, Bitcoin then enjoyed a steady recovery of 7.3% over the past seven days and is trading for $21,236 at the time of writing, according to CoinMarketCap.

Ethereum, the second largest cryptocurrency by market cap, surged even more strongly just days before Proof of Stake Ethereum Merge Event. It is up 10.9% over the week and is currently worth $1,726.

many so-called “Ethereum killersAlso known as block-1 blockchains with high-functioning smart contracts, they enjoyed a notable rise as well: Cardano (ADA) exploded 9.4% to 51 cents, Solana (SOL) grew 11.4% and deals at $35, Avalanche (avax) soared 8% to $20.35, and the NEAR protocol was up 13% to $4.71.

Cosmos (ATOM) swelled 30% to $15.96. Cosmos differs structurally from Ethereum in that it is a network of many small blockchains but also offers smart contracts with high functionality.

But there is no doubt that the biggest mover in the top seventy cryptocurrencies this week was… color, which is up 212% during the week. yes, who – which Luna – the ecosystem that Amazingly collapsed May and It basically went to zero. But LUNA is a new coin from the rebooted blockchain, while the original LUNA has now been renamed Luna Classic (LUNC), which is also up 80% this week. Was a dead cat bouncing, or would Terra come back?

encryption winter

Despite the market recovery, crypto companies are still feeling the effects of the ongoing crypto winter.

Brazilian exchange owner Mercado Bitcoin, 2TM Group, announced on Monday that a The second round of layoffs, reducing 15% of the current workforce. Back in June, the company chest 12% of its 750 employees, or about 90 workers, cited “changes in the global financial landscape”.

On the same day, Poolin, a Beijing-based mining pool that accounts for 10% of the Bitcoin network hash rate (also known as computing power per second), announced that it had been frozen. ETH and BTC balance payments Because of “liquidity issues”.

Also Monday, the bankruptcy court dealing with insolvent crypto broker Voyager Digital approved a proposal to Return 270 million dollars to affected customers. a court filing The next day I confirmed that Voyager would do it Sell ​​his remaining assets at auction next week. Various entities have submitted proposals and a hearing will be held on September 29 to approve the findings. The 22 potentially interested parties have not been identified, but Sam Bankman-Fried’s FTX exchange has previously made a public bid. It was this rejected as a ‘low ball’ attempt by Voyager attorney.

On Wednesday, US Bankruptcy Court deposit It revealed that Vermont officials have asked for broader authorities to investigate Celsius, alleging that the insolvent cryptocurrency exchange was artificially inflated price of the CEL token at the expense of retail investors for the past three years.

“By increasing its net position in CEL by hundreds of millions of dollars, it increased CEL and supported the market price of CEL, thereby artificially inflating the company’s CEL holdings in its balance sheet and financial statements,” said Ethan McLaughlin, assistant general counsel for Vermont.

Missions from Washington and Westminster

SEC President Gary Gensler said Thursday at an industry conference that he would support Congress’ move to give the Commodity Futures Trading Commission (CFTC) the authority to “oversee and Regulating Non-Security Tokens for Cryptocurrency and related mediators.

Gensler added that if Congress gives the CFTC major oversight over cryptocurrencies, his federal agency should not be overlooked. he has said earlier That Bitcoin is a commodity and not a security, and therefore would not fall within the jurisdiction of the Securities and Exchange Commission (SEC). he has Resist giving his opinion on EthereumMany in the crypto space fear that he wants to find a way to bring ETH under the control of the SEC.

On the same day, the White House hinted that US lawmakers and regulators Could take drastic action soon on encryption Mining Because of the large carbon footprint.

In a new report commissioned by President Biden executive order March, White House Office of Science and Technology Policy He said Crypto miners must reduce greenhouse gas emissions, with the help of the Environmental Protection Agency (EPA), the Department of Energy (DOE) and other federal agencies.

If the industry fails to go green, the report said, “the administration should explore enforcement action, and Congress may consider passing legislation to limit or eliminate the use of high energy density consensus mechanisms for crypto-asset mining.”

Across the Atlantic in London, the British Parliament was the first Encoder discussion Wednesday. want the UK”Become a favorite country For those looking to get creative, innovate and build in the crypto space,” according to Richard Fuller, Treasury Secretary for Economic Affairs.

Fuller also stated that “with encryption technologies becoming increasingly important”, the new government formed by Liz Truss “is looking at ways to bring the UK a global competitive advantage”. This sounds…promising?

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