As the crypto world continues to spin, we are reminded of the age-old adage: what goes up must come down. This week, Bitcoin miners brace themselves for another difficulty adjustment amidst market uncertainty, as the correlation between BTC and US stocks wanes. Meanwhile, a Coinbase exec claims that altcoins are gaining traction with institutional investors, challenging the dominance of BTC and ETH.
But wait, there’s more! The Belgian Central Bank Governor celebrates crypto winter as “good news for us,” while Arthur Hayes proposes a Bitcoin-backed stablecoin. Paul Krugman stirred up the crypto community by revealing his Venmo woes, while Mt. Gox creditors rush to register repayment methods.
Silvergate starts a voluntary liquidation process, Kraken enters the banking industry with the establishment of Kraken Bank, and Binance approaches US SEC chairman Gary Gensler for advice. Meanwhile, Singaporean authorities launch an investigation into Terraform Labs, and the US SEC takes “emergency action” against BKCoin and its co-founder for “Ponzi-like conduct.”
On the brighter side, two US firms raise $100m for a crypto fund, and NFTs may soon be available on Amazon. Sotheby’s hosts a benefit auction in honor of International Women’s Day, and Spain leads the way in the crypto-powered real estate sales sector. And in a surprising twist, Nubank hires David Marcus, former crypto chief at Meta.
But as always, there are challenges to overcome. Israel arrests two NFT creators for tax evasion and money laundering, while a 14-year-old girl in South Korea is arrested for buying meth with crypto. The Federal Reserve Chairman assures that the central bank doesn’t want to hinder crypto innovation, but President Joe Biden proposes major changes to crypto-related tax rules.
In the midst of all this chaos, let’s take a moment to chuckle at 20 crypto jokes that remind us to keep a sense of humor in these volatile times.