This Week in Crypto: Ethereum Climbs, Major Deals Unfold
A roundup of significant developments in the world of cryptocurrency, highlighting Ethereum's surge and Coinbase's historic acquisition.
This Week in Crypto: Ethereum Climbs, Major Deals Unfold
A roundup of significant developments in the world of cryptocurrency, highlighting Ethereum’s surge and Coinbase’s historic acquisition.
Key Developments:
- Crypto values saw a rise this week, particularly Ethereum, which neared $2300, alongside a 15% increase in the CoinDesk 20 index.
- Coinbase has made headlines with a $2.9 billion acquisition of Deribit, the largest transaction in crypto history, although its stock price declined due to unsatisfactory earnings.
- New Hampshire set a precedent by becoming the first U.S. state to pass a crypto reserve law, prompting expectations for further adoptions by other states.
The week was marked by positive market movements as significant deals emerged and stablecoins gained traction in traditional finance. Ethereum’s uplift may be attributed to the successful launch of its Pectra upgrade.
As Coinbase steps into the role of a key player in the futures market with the purchase of Deribit, analysts are recognizing its competitive positioning against rivals like Binance.
Followed by a splurge in positive trading news, Bitcoin flirted with all-time high levels through a wave of liquidated short positions that boosted the market. Meanwhile, the recently passed stablecoin bill faced delays amid political concerns.
In an alarming turn of events, Alex Mashinsky, the founder of Celsius, was sentenced to 12 years in prison for fraud, underscoring the turbulent nature of bitcoin lending.
