Weekly Top Crypto News (April 17 – April 23)

After a period of strong growth, Bitcoin and Ethereum have both recorded strong declines this past week. Currently, Bitcoin’s $27,000 price zone is being breached. Here, let’s review this week’s top crypto news with Coincu!

Bitcoin Crashes To $27.3K, Traders Lose Big On Liquidations

Bitcoin drops to $27.3k as almost $200M is liquidated from the crypto market on April 21. 57,269 traders were liquidated, with activity primarily on Binance, OKX, Huobi, and Bybit.

https://news.coincu.com/183178-bitcoin-crashes-to-27-3k-traders-lose-big/

Tesla’s Q1 2023 Bitcoin Holdings Remain Flat Despite Rising Price

Tesla’s Bitcoin holdings remained unchanged in Q1 2023, despite the rising price of Bitcoin. The firm’s Q1 profit was $2.5 billion, which is down from $3.32 billion a year earlier. It continues to hold 9,700 Bitcoin as of February 2023, despite concerns about the impact of such a large holding on the market.

https://news.coincu.com/182646-teslas-q1-2023-bitcoin-holdings-remain-flat/

EU Finally Approves New MiCA Law That Has Significant Impact On Crypto Industry

European Union lawmakers approved MiCA, a new crypto licensing framework. With the vote, it became the world’s first large jurisdiction to enact complete crypto legislation. The decision comes after a discussion in which legislators overwhelmingly endorsed ideas to require crypto wallet providers and exchanges to get a license to operate throughout the region.

https://news.coincu.com/182777-eu-finally-approves-mica/

Coinbase’s Layer 2 Base Mainnet Sets To Launch Within 2023

Coinbase’s Ethereum Layer 2 solution, Base, has been making steady development. The layer 2 mainnet launch is the highest priority. It seeks to bring together millions of developers and billions of users on the blockchain, promoting mass adoption and innovation.

https://news.coincu.com/183070-coinbases-layer-2-mainnet-to-launch-2023/

MetaMask Denies Security Issues That Cause 5000 ETH Exploited

MetaMask said that recent tweets by Taylor Monahan falsely claimed that the large-scale wallet theft was the result of the MetaMask vulnerability. Developer data shows that 5,000 ETH was stolen from different addresses on 11 blockchains. The security team is working with others in the Web3 wallet space to investigate the source of this exploit.

https://news.coincu.com/182362-metamask-denies-security-issues/

A16z Reveals Plan About Optimism-Based New Layer 2 Rollup Client

A day after causing a Twitter frenzy by tweeting an orange dot, a16z Crypto has officially unveiled what all the commotion was about a new Layer 2 rollup client named Magi. The program is based on the OP Stack, a software stack designed to establish a blockchain dApp ecosystem centered on the Optimism Layer 2 network. The system, implemented in the Rust programming language, is intended to be a speedier alternative to op-node.

https://news.coincu.com/182578-a16z-optimism-rollup-client/

Bedrock Upgrade On Optimism Paused Due To Detecting Bugs

Optimism’s major upgrade, Bedrock, was delayed due to some bugs in the beta. The project has discovered two moderate bugs that need only minor tweaks. Although it does not affect the assets bridged across the network, it must be removed to prevent risks.

https://news.coincu.com/182477-bedrock-upgrade-optimism-paused-bugs/

MakerDAO Approved A Proposal To Transfer 500 Million USDC To Coinbase

Lending protocol MakerDAO has given its blessing to a plan that would see 500 million USDC transferred from reserves to the custody of Coinbase at a yield of 2.6%. Up to 85 percent of the members of the Maker community took part in the vote on the proposal, and the majority of those voting in support of giving coins to Coinbase Custory. The “Constitution” proposal was recently endorsed by the protocol as a premise to the Endgame plan, which is anticipated to begin “floating” the value of DAI with a completely new model of fractional operation. The Endgame plan will be implemented soon.

https://news.coincu.com/182950-makerdao-transfer-500-million-usdc-coinbase/

Hundred Finance Warns Compound V2 Users After Hack

On the Optimist layer-2 scaling solution, Hundred Finance faced a severe security compromise. The protocol revealed that they had been hacked, with damages believed to be more than $7 million. Hundred Finance also requested anyone affected by the hack who lives in the United States, notably New York, to contact the team.

https://news.coincu.com/181763-hundred-finance-exploited/

Nike Announces Its First .Swoosh NFT Digital Sneaker Airdrop On April 18

Nike is about to air its first NFT shoe collection on its NFT marketplace platform, .Swoosh. Inspired by the design of the popular Air Force 1 pair, Nike’s NFT collection, this time, will be called “Our Force 1” (OF1). Each box in the OF1 collection is expected to cost $19.82.

https://news.coincu.com/182097-nike-first-nft-airdrop/

SEC Collects $2.8 Million In Fines After Purging Hydro

A lawsuit filed by the SEC against a cryptocurrency corporation in September 2022 has finally resulted in a $2.8 million settlement. The complaint in issue accused Hydro Technologies and its former CEO of marketing cryptocurrency known as Hydro. They were accused of running a plan to influence the trading volume and price of certain securities.

https://news.coincu.com/183146-sec-collects-2-8-million-in-fines/

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News