It was an eventful week in the crypto spectrum with significant developments for market players. Top stories of the week were U.S Treasury Department identifying attackers responsible for the Axie Infinity hack. Also, ETH’s successful merge trials during the shadow fork. Here are some of the developments that ruled the crypto space over the previous week.
MicroStrategy to Extend BTC Splurge
MicroStrategy executive Michael Saylor revealed that the firm would extend its reserve crypto strategy for the predictable future. That meant the company would keep purchasing and hodling BTC. Remember, MicroStrategy is the leading single BTC wallet holder, owing 129,218 tokens, its holdings worth approximately $5.1 billion.
Can NASDAQ Drag Crypto Down?
The surging correlation between BTC and stock markets has enthusiasts worried that the plunging NASDAQ 100 may trigger declines in BTC value, possibly plummeting towards the $30,000 level. BitMEX co-founder Arthur Hayes stated that BTC could dip further before a bull cycle. Hayes trusts the leading crypto could suffer as NASDAQ 100 weakens.
Ethereum’s Successful Merge Trials
Ethereum’s migration to Proof-of-stake from Proof-of-Work seems to run smoothly following successful merge testing (completed on shadow fork). The Shadow test comes before the update launches on the mainnet.
Lazarus Group Responsible for Ronin Attack
Investigations on the Ronin Validator attack revealed the North Korean Lazarus Group as responsible for the record hack on Axie infinity and Ronin network. The crypto heist had hackers escaping with a record $625 million.
Blockchain.Com Partners with Dallas Cowboys
Blockchain reveals a successful sponsorship agreement with the Dallas Cowboys. That had Blockchain.com becoming the first cryptocurrency network in American Football. The deal would allow the platform to advertise on the AT and T stadium’s promotional spaces.
Recent Funding Round Has Ava Labs Value at $5B
Ava Labs’ recent fundraising has the firm’s value climbing towards $5 billion. That made Ava Labs among the most valuable crypto startups in the marketplace. The company raised $350M in the recent funding round.
Indeed a lot can happen in the cryptocurrency world within a week. Feel free to add any event that the market saw this week.