From Blast's lead investor questioning project's strategies to gaming tokens seeing double-digit gains, here is a 4-minute breakdown of everything important that happened in crypto this week.
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The crypto markets were unusually quiet this week despite some regulatory rumblings. Prices stayed relatively steady, perhaps indicating increased resilience even with uncertainty swirling. Though drama never fully disappears in crypto, real progress marches slowly but steadily onward.
But enough philosophizing - let's dive into the top stories of the week:
Blast platform yields scrutinized as critics question sustainability 💸
MicroStrategy stock hits 2-year high thanks to ever-growing Bitcoin trove 🚀
Standard Chartered analysts reaffirm $100K Bitcoin price target for 2024 📈
Gaming tokens pop as the sector builds steady usage and adoption 🎮
Controversial HEX founder Richard Heart still evading SEC charges 🚔
Ark Invest dumps Coinbase shares despite recent stock highs 📈
Now let's explore the details:
Blast’s in Trouble 💸
A fresh new layer-2 network called Blast came blazing onto the scene last week, offering big staking yields to attract over $400 million in deposits instantly. But while money flooded in faster than a waterfall, critics also came raining down.
Blast is promising returns, including "risk-free" profits of up to 5% for parking stablecoins on the protocol and up to 4% yields on staked ETH. At the same time, they plan to restrict withdrawals.
Now, those yields admittedly come from redirecting deposits to proven DeFi winners like Lido and Maker. Yet skeptics have their suspicions whether all this pie in the sky is too good to be true.
Blast’s lead backer Paradigm has even more heartburn over the situation. They disagree with Blast’s decision to launch a bridge months before the actual layer-2 network is live. And they sure don’t cotton to the withdrawal restrictions and other “questionable tactics” being used to attract deposits.
More information on the concerns main projects have regarding the sustainability of Blast!
Saylor Wins Big on Bitcoin📈
With its huge Bitcoin stash, Michael Saylor’s MicroStrategy seems smarter every day. The company’s stock just hit a two-year high thanks to its ever-expanding Bitcoin trove.
Under Saylor’s leadership, MicroStrategy went all-in on Bitcoin back in 2020, accumulating over 140,000 coins.
Sure, the firm reported a $143 million net loss operationally last quarter. But when your asset stash keeps ballooning, who cares about profit and loss statements?
Find out how much profit MicroStrategy made on its Bitcoin holdings and what’s its share price right now!
Bitcoin To Hit $100K 🚀
While crypto markets finally seem to be coming out of crypto winter, Standard Chartered analysts reaffirmed their $100,000 Bitcoin price prediction for December 2024 this week.
What unique point do these financial analysts have that keeps them adamant enormous gains await next year?
Persistent optimism against all odds stands out as reason enough to hear them out further.
Wondering what triggered their prediction? Read more!
Gaming Tokens Are Back 🎮
This week's double-digit pops from gaming cryptos signaled renewed sector interest. Speculation aside, usage remains the ultimate benchmark of real progress.
One must filter signal from noise: developers are still building, and players are slowly arriving. The growth continues as ideas meet consumers. Crypto gaming has miles yet to go bringing digital ownership rights to mainstream audiences. But viable business models do exist, and usage is rising.
The VR GameFi Project Named“ Meteron Run” closed it's about $2 million raising and just in last week regarding their official announcement, The have been invested by Turkish top tier VC Alpha Capital.
But which gaming tokens are performing better than the rest of the market? Read more!
Illuvium Scores a Big Partner ⚔️
Top eSports group Team Liquid is diving into blockchain gaming through a Web3 partnership. The organization will help test Illuvium's battle features and esports viability.
If all goes smoothly, the collaboration could unlock Illuvium's $100,000 tournament prize pool alongside NFT gear for Liquid fans.
For Illuvium’s makers, this marks a key step toward mainstream adoption as competitive gaming and crypto's play-to-earn model converge.
But can a newly formed collaboration secure a place among already-established eSport giants? I guess if you build it, they will come!
What does this partnership mean for ILV token holders? Read the full story!
Where Is the HEX Founder? 👮♂️
The controversial founder of HEX crypto is facing the accusation of a $1 billion securities violation from the SEC. He continues evading U.S. authorities trying to hold him accountable months after charges were filed.
Richard Heart allegedly committed fraud by aggressively promoting his HEX token to investors. However, finding Heart to serve official notice has proven impossible so far.
But the squirming always ends eventually, no matter how slippery the worm.
SEC is not sure if Heart is really good at hiding or if it’s the Finnish government that’s not willing to cooperate properly. Here are some more details that you may find interesting!
Surprise ETF Entry
Another candidate has plunged into the high-stakes race to offer a spot Bitcoin exchange-traded fund (ETF), seeking to beat giants like BlackRock and ARK Invest to regulatory approval.
Swiss firm Pando Asset is the latest contender to throw its hat in the ring, despite entering late against prominent competitors that have wooed officials for months. Some observers question its chances.
Meanwhile, the SEC nears key decisions on proposed Bitcoin ETFs. Leading aspirants fine-tune their applications, promising stringent custodial arrangements to ease security concerns.
Yet Pando's sudden entry suggests the crypto ETF contest remains wide open.
However, this entry received some harsh criticism from popular analysts. Read the full story!
Ark Invest Sells Coinbase Stock 📈
Legendary stock picker Cathie Wood’s Ark Invest dumped $5 million worth of recently hyped Coinbase shares this week even as the exchange’s stock tapped 18-month highs.
Simultaneously Ark loaded up on Robinhood stock. Do these moves signal mere portfolio rebalancing? Or shifting winds around Coinbase’s future even as short-term momentum clearly builds?
Coinbase is riding high lately thanks to re-surged crypto optimism stoking its revenue engine back to life after months stuck in dry dock. One South Korean pension fund clearly agrees, having invested $20 million in the exchange just last week.
But there is a solid reason for Ark Invest’s move… and no, it’s not the subpoena! Read the full story!
And that wraps up this week's top crypto and blockchain stories. As always in this rapidly evolving space, there's never a dull moment even when markets are quiet. We'll be back next week with the latest on all things crypto. In the meantime, happy holding!
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