CoinDesk Weekly Summary: EigenLayer, Kraken, Coinbase, AWS
A recap of key events in the crypto world, highlighted by controversies and changes within major companies.
What to know:
- Bitcoin remained stable around $84,000, while the CoinDesk 20 index rose by about 4% over the week.
- A technical issue at AWS caused significant disruptions in the crypto market, exposing vulnerabilities in blockchain systems.
- OKX intends to set up a regional headquarters in California after reaching a $500 million settlement with the SEC.
Following the chaos triggered by tariffs last week, the crypto landscape has been relatively calm. Bitcoin has held steady around $84,000, and the CoinDesk 20 index recorded a modest increase of about 4% over the past seven days.
Nevertheless, noteworthy developments occurred. On Tuesday, much of the cryptocurrency sector went offline due to a technical issue at AWS, a setback that raises questions about the supposed decentralization of these platforms. Bitcoin and other major cryptocurrencies faced declines following unfavorable news regarding Nvidia, as reported by Omkar Godbole.
The project Mantra, which focuses on real-world assets, saw a staggering decrease of 90% in its value. Various theories emerged to explain this downturn, with the company attributing it to “forced liquidations” on exchanges.
On a more positive note, EigenLayer, a leader in restaking, introduced a new “slashing” feature aimed at addressing security issues. OKX also announced plans to expand into California after finalizing a settlement with the SEC concerning claims that it previously operated in the U.S. without a money transmitter license.
However, not all news was uplifting; Kraken laid off hundreds of employees as it prepares for an anticipated IPO, and Coinbase found itself in a “front-running controversy” concerning a peculiar token on its platform. Privacy advocates raised concerns about rumors suggesting that Binance might delist Zcash amid a decline in the value of privacy coins.
In Washington, Jesse Hamilton reported on the increasing number of crypto lobbyists flooding the capital, questioning the effectiveness of the numerous trade groups.
The social club for creative technologists, Friends With Benefits, launched a new initiative to develop Web3 products aimed at music, film, publishing, and other exciting projects.
Overall, while the broader economic and market scenarios continue to unfold, the crypto realm has maintained its usual rhythm—gains made, losses endured, and future prospects uncertain.
