The crypto market was relatively flat last week. Except for TRON, which posted a 7-day growth of 8.12%, no other top-30 crypto asset recorded massive gains. The biggest losers were Lido DAO, which fell 7.32% to $1.94, and Internet Computer, which dropped 6.14% to $4.86. Similarly, crypto Twitter was not as eventful as expected. But here are some topics that took centre stage.
Last Monday, a parody Twitter account (@Bloombergfeeds) for popular news outlet Bloomberg, which had a blue checkmark, shared an AI-generated photo suggesting an explosion had occurred near the Pentagon. That photo caused the crypto market to sell off violently for a few minutes before it was removed.
Following the incident, Andy Campbell, a Senior Editor at HuffPost, blamed Elon Musk and Twitter for implementing a pay-to-verify system, arguing that many crypto traders were convinced that the account which tweeted the photo was the legit Bloomberg Twitter handle.
Coinbase CEO Explains the Importance of Clear Crypto Regulations
On Tuesday, crypto exchange Coinbase shared a video featuring its CEO, Brian Armstrong, talking about the importance of having a clear crypto rulebook in the United States. Armstrong said he is afraid that the existing hostile regulatory environment in the country would cause crypto companies to relocate offshore.
Coinbase is already looking to expand its operations to other territories. A few weeks ago, the exchange secured a license in Bermuda and announced it would use it to establish an international exchange for Ethereum and Bitcoin perpetual futures.
Meanwhile, a Twitter account (@AFTXCreditor) dedicated to informing FTX creditors about the developments toward the restart of the exchange announced that the current CEO John Ray had confirmed plans for FTX 2.0. It’s, however, not clear when the trading platform will go live.
On Wednesday, former basketball star Shaquille O’ Neale got served with two lawsuits while broadcasting an NBA game. According to Web3 attorney Ariel Givner, one lawsuit was about Neale’s NFT collection, Astrals. The plaintiff claimed that the NFTs were unlicensed securities. The other lawsuit accused the basketball legend of promoting an alleged scam project, FTX crypto exchange. Before its downfall, FTX had partnered with Neale to run a marketing campaign for the trading platform.
Binance CEO Predicts a Bull Run
That day, Binance CEO Changpeng Zhao tweeted that a bull run may be on the horizon after China Central Television (CCTV) broadcasted crypto. Zhao claimed that coverages like these have led to bull runs in the past. However, he cautioned crypto users not to consider his words as financial advice.
On Thursday, Zhao’s crypto exchange tweeted that it had assisted United States law enforcement in seizing over $4 million and freezing accounts linked to North Korean criminal organizations.
Later that day, Chief Legal Officer at Coinbase, Paul Grewal, praised the plaintiff challenging the United States sanctions against coin mixer Tornado Cash. Grewal said the plaintiff’s arguments were valid enough to help them secure a court victory against the US Treasury Department.
Gemini co-founder Cameron Winklevoss posted a photo with Ireland’s Prime Minister Leo Varadkar on Friday. In the caption, Winklevoss disclosed that Ireland would become the host of Gemini’s European headquarters in the coming days. The co-founder said the move was fueled by the Markets in Crypto Assets (MiCA) regulatory framework. MiCA is a European Union’s crypto rulebook expected to be adopted by member states starting July next year.
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