Crypto Chaos: You Won’t Believe What Happened This Week!

by

So, let me tell you, it was a real circus in the crypto world this week. I mean, product launches, debates about Ethereum, and Congress getting all hot and bothered over “debanking.” What a time to be alive! 🎪

David Sacks, the Crypto and AI Czar—whatever that means—had a press conference with Senate folks. Senator Hagerty from Tennessee decided to throw a new stablecoin bill into the mix. You know, the one that’s supposed to oversee stablecoin issuance? It’s like they’re trying to fix a leaky faucet with a band-aid. Last year’s bill went down faster than a bad date, but hey, Republicans are in charge now, so maybe it’ll actually go somewhere this time. CoinDesk’s Jesse Hamilton was on the scene, probably with popcorn. 🍿

Meanwhile, the Senate was busy holding hearings about how institutions like the FDIC have been playing hard to get with crypto companies during the Biden years. Nathan McCauley, CEO of Anchorage Digital, testified. I mean, who wouldn’t want to hear from a guy who’s been debanked? Joe Lubin from Consensys chimed in too, saying his company got the ol’ heave-ho twice. Sounds like a real party, right? 🎉

Then there’s Ondo Finance, which decided to roll out a new tokenization blockchain. Because, you know, why not? Trump-backed World Liberty Financial jumped in and bought $470,000 worth of ONDO. That’s a lot of dough for a governance token. I can’t even get my friends to chip in for pizza! 🍕

Berachain also made a splash with a mainnet launch and a 79 million-strong airdrop. I mean, who doesn’t love free stuff? Shaurya Malwa reported that BERA’s market cap was already over $800 million. Meanwhile, Michael Saylor’s MicroStrategy dropped the “Micro” but kept the bitcoin obsession. BlackRock even took a 5% stake. It’s like a game of musical chairs, but with more money and fewer chairs. 🎶

Now, let’s talk about Ethereum. JPMorgan says it’s underperforming because it’s got competition from Solana and lacks a good story. I mean, come on! It’s like saying your favorite movie is boring because it doesn’t have enough explosions. But hey, Ethereum is still pushing forward with its Pectra upgrade. So, there’s that. Eric Trump even tweeted an endorsement. I guess that’s something? 🤷‍♂️

Bitcoin is the “digital gold,” but let’s not forget about the actual gold. It’s been on a historic run, and gold-backed crypto is riding that wave. Francisco Rodrigues pointed out that tokens like PAXG and XAUT are outperforming even Bitcoin. Who knew gold could be so trendy? 💰

And in a twist of fate, Alexey Pertsev, one of the developers of Tornado Cash, got released from jail pending an appeal. He was sentenced to 64 months last year. I guess the weekend just got a little more interesting! Happy weekend, everyone! 🎉

Read More

2025-02-07 20:16