Weekly Roundup: Bitcoin crashes to $30k region, Ethereum’s move to staking to ramp up efficiency, hackers steal millions from DeFi projects

Weekly Roundup: Bitcoin crashes to $30k region, Ethereum’s move to staking to ramp up efficiency, hackers steal millions from DeFi projects

Bitcoin

  • Bitcoin continued to drop over the last week, eventually crashing to the $30k region. Amid the crash, leading car manufacturer Tesla appears to have lost most of its BTC profits. Bitcoin and the entire crypto market lost over $350 billion of its market cap.
  • MicroStrategy bought the dip by adding $10 million worth of Bitcoin to its stash.
  • Prime Experiences, a luxury yacht firm, has joined the league of companies accepting Bitcoin payments.
  • A study by Galaxy Digital compared the energy consumption of Bitcoin with the banking and gold mining industries. According to the report, Bitcoin’s power consumption rate is lesser than both industries.
  • Several crypto heavyweights have turned against Tesla’s CEO Elon Musk for badmouthing Bitcoin.
  • The BTC PEERS team took a deep dive into Bitcoin’s latest crash, considering some of the factors that may have fueled the event.
  • Reports have it that China plans to restrict crypto mining activities. And speaking of Bitcoin mining, a power outage in China may have contributed to the recent crypto market crash.

Ethereum

  • Recent research suggests that Ethereum’s move to a proof-of-stake algorithm could make the network 99.95 percent more energy efficient.
  • Ethereum’s co-founder Vitalik Buterin aired his views on the current state of the crypto industry. According to him, “crypto isn’t just a toy anymore.” Private equity titan David Rubenstein agrees with Buterin. In his case, he asserted that crypto “is not going away, just like gold is not going away.”

Other News

  • Moving forward, U.S. residents will have to report crypto transactions that are more than $10k to the country’s Internal Revenue Service.
  • Spherium Finance, a one-stop platform that ties the best of DeFi together in one neat package, has raised $3.3 million in seed and private sale rounds.
  • The first Crypto AM DeFi & Digital Inclusion Online Summit happened on May 20, 2021.
  • Chinese officials have allegedly ban institutions from conducting crypto-related activities.
  • FinNexus, a DeFi project, was hacked over the past week, leaving the attackers with $7.6 million. Meanwhile, attackers stole $200 million from PancakeBunny in a flash loan exploit.
  • Plutus, a leading DeFi start-up, has received $5 million in funding from a prominent crypto fund, Alphabit. Interestingly, the value of the PLU token rose by over 100% following the funding.
  • Fantom has inked a partnership deal with Chainlink to give developers on-chain randomness.
  • Watch Skins is taking the NFT mania to a whole new level. The blockchain project recently announced the release of the first-ever wearable NFT, in the form of an NFT watch face

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Powerledger completes integration with Solana, accelerating the pace of innovation in sustainability

Powerledger completes integration with Solana, accelerating the pace of innovation in sustainability

Zug, Switzerland, October 13th, 2024, Chainwire Powerledger (POWR) has officially completed its integration with the Solana ecosystem, accelerating the pace of innovation in the global sustainability markets. This move combines Solana’s cutting-edge blockchain technology with Powerledger’s proven energy and environmental commodities trading and energy tracking solutions, setting the

By John Williams