Crypto Weekly Roundup: MicroStrategy To Continue Bitcoin Splurge, Ethereum’s Successful Merge Trials, Circle’s $400 Million Raise, Ronin Hack, And More

The crypto space has ended yet another eventful week with some significant developments to write about. Among the week’s biggest stories was the US Treasury Department successfully identifying the group responsible for the attack on Axie Infinity and Ethereum’s successful merge trials on a shadow fork. Let’s take a brief look at all the previous week’s developments. 

Bitcoin 

MicroStrategy’s BTC Splurge To Continue 

MicroStrategy’s CEO Michael Saylor has stated that the firm will continue to pursue its reserve asset strategy, at least for the foreseeable future. This means the firm will continue to buy and hodl Bitcoin. MicroStrategy is already the largest single wallet holder of BTC and is in possession of 129,218 BTC, with the firm’s holdings valued at around $5.1 billion. 

Could Nasdaq Pull Crypto Down? 

With Bitcoin priced as a growth stock by the market, watchers are wary that a sliding Nasdaq 100 could pull down BTC with it, possibly crashing to $30,000. According to Arthur Hayes, the co-founder of Bitmex, BTC could plunge before the next bull market kicks in and be dragged down along with the Nasdaq 100. 

Ethereum 

Ethereum Merge Trials Successful 

Ethereum’s upgrade from Proof-of-Work to Proof-of-Stake looks to be going smoothly after completing the merge testing stage, which was tested on a shadow fork, a private mainnet staging area. The shadow fork test is the first of two test stages before the upgrade goes live on the mainnet. 

DeFi

BloXroute Raises $70 Million In Series B Funding 

Decentralized Finance startup BloXroute has concluded a Series B funding round, raising $70 million. The funding will be utilized to develop the startup’s blockchain distribution network. The round was led by SoftBank Vision 2 Fund and saw participation from Blindspot, Flow Traders, Dragonfly, GSR, Flybridge, Lightspeed, ParaFi Capital, and Rockaway Blockchain Fund. 

Business

Circle Raises $400 Million In Partnership With BlackRock 

Circle Internet Financial, the firm behind the USDC stablecoin, has raised $400 million in partnership with BlackRock Inc., Fidelity Management and Research, Marshall Wace LLP, and Fin Capital. Circle hopes the latest funding round will help the firm branch out into new areas of traditional finance. 

Ava Labs Valued At $5 Billion After Latest Funding Round 

Ava Labs’ latest funding round has pegged the company’s value at a staggering $5 billion, making the company one of the most valuable startups in the crypto space. The startup has raised $350 million in its latest funding round. 

Dallas Cowboys, Blockchain.com Announce Sponsorship Deal 

Blockchain.com has announced that it has successfully negotiated a sponsorship deal with the Dallas Cowboys. The deal establishes blockchain.com as the first crypto platform in American Football. Blockchain.com would advertise on promotional spaces inside the AT&T stadium, according to the deal. 

Nexo, Mastercard Announce World’s First Crypto-Backed Payment Card 

Crypto Lending Platform Nexo has announced that it is launching the world’s first crypto-backed payments card in partnership with Mastercard. The card promises to enable users to spend on the card without selling any crypto assets held in their account. However, the card will initially be available only in select European countries. 

Celsius Announces Launch Of New Custody Solution 

Crypto lending platform Celsius has announced the launch of its latest custody solution. It also issued an update for its Earn Rewards Program. The platform stated that it would be barring a majority of its US users from earning crypto rewards to comply with regulatory frameworks set by the Securities and Exchange Commission. 

Uniswap Labs To Expand Web 3.0 Presence 

Uniswap Labs has launched its venture arm, which will look to invest in Web 3.0 and other crypto companies in various development stages. The new initiative will look to support infrastructure, developer tools, and consumer-facing applications. 

Ubisoft Looks To Expand Crypto Footprint 

Ubisoft is looking to strengthen its position in the crypto space, with the firm investing heavily in a digital assets fund launched by White Star Capital. The fund aims to raise $120 million, which would support small to medium-sized companies that are looking to achieve mainstream crypto adoption. 

Regulation 

Russia Proposes New Cross-Border Cryptocurrency Settlement 

The president of Russia’s Chamber of Commerce and Industry, Sergei Katyrin, has tabled a proposal for a new cross-border cryptocurrency settlement for import-export payments. The new proposal is expected to improve relations with African nations significantly. 

Secretary Yellen Acknowledges Crypto’s Disruptive Potential 

In a speech at the American University, Washington DC, US Treasury Secretary Janet Yellen spoke on various topics that ranged from innovation and regulation to the digital assets policy. She also acknowledged the staggering potential of cryptocurrencies but also backed sovereign money. 

NFT

Lazarus Responsible For Ronin Hack 

Investigations into the Ronin Validator hack have revealed the hand of North Korea’s Lazarus Group as the ones responsible for the devastating attack on Ronin and Axie Infinity. The revelation came after the US Treasury identified the hacker wallet as one that it had recently imposed sanctions on, which reportedly belongs to the Lazarus Group. 

Dorsey’s First-Ever Tweet Sees Muted Response 

Jack Dorsey’s first-ever tweet, which was sold to crypto entrepreneur Sina Estavi for $2.9 million, received a muted response after it was put back on sale for a whopping $48 million. However, Estavi’s hopes for an enthusiastic response were dashed with the NFT receiving an offer of just $280. 

Australian Cricket Team Forays Into NFTs 

Australia’s cricket team has become the latest sports team to hop on the NFT bandwagon and has launched digital collectibles that will feature some of the most iconic moments in Australia’s cricketing history. The news was announced by Cricket Australia and the Australian Cricketers Association. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.