Crypto markets are not melting this week for the first time in six weeks in a row. Bitcoin (BTC) has risen 8% in the past seven days and is trading for $20,718 at the time of writing, according to CoinGecko. Ethereum (ETH) had a strong rally, rising 24% during the week to $1,613 at the start of the week.
This is called “Ethereum killers“Layer-1 blockchains with the most active smart contracts, had a big week, including Cardano (ADA), which rose 15% to 40 cents, Solana (SOL) climbed 17% to $32.83, Polkadot (DOT) rose 11% to $6.52, and Avalanche (AVAX) was down 18% to $18.38.
Other notable exchanges this week include: Ethereum Classic (ETC) up 17% to $25.79, Litecoin (LTC) up 7% to $55, Uniswap (UNI) up 14% to $6.88, Binance Coin (BNB) up 11% to $300, and Polygon (MATIC) climbed 16.2% to 93 cents.
But the coin king meme won the week. Dogecoin (DOGE) Elon Musk’s favorite cryptocurrency is up 77% in a week to 10 cents (yes, still down from 72 cents in May 2021) get behind the scenes and the Tesla CEO finally closed a deal to take over Twitter for $44 billion.
For many green crypto markets this week, we can point to an optimistic economic trend this week, and Stocks go up when many large companies reported their earnings.
Top coin news this week
On Monday, Bitcoin hit it regular mining difficulties (for the second time This month) after a rise of 3%. As the difficulty increases, miners may get slimmer profits if the price of Bitcoin remains stable, since more computing power and electricity are needed to mine. However, the increasing difficulty of mining also indicates a strong and growing network.
In the United Kingdom, former UK Finance Minister and Conservative crypto supporter Rishi Sunak is appointed as successor to Liz Truss as both the president and the party leader. Sunak is the only candidate to get the required votes. It is a short time against Prime Minister Boris Johnson, who announced that he is leaving on Sunday.
Cash app with Block on Tuesday announced that users can now Send and receive Bitcoin by Lightning Network. Previously, app users could only send Bitcoin, but now they can also use the network to receive it.
On Thursday, right after Musk took over, Twitter announced that it would be laying off employees display and trade NFT via tweet thanks to the new partnership with four selected marketplaces: Magic, Rarible, Dapper Labs and Jump.trade. The new NFT Tweet Tiles feature—which is still being tested—displays NFT artwork in a panel on tweets and adds a button to take users to the trading list.
On Friday, Binance confirmed he is an investor (worth half a billion US dollars) and Elon Musk’s $44 billion investment in buying Twitter. The revolutionary leader Changpeng Zhao sent an email Decrypt This statement: “We are happy to be able to help Elon realize a new vision for Twitter. We intend to work on bringing social media and Web3 together to expand the use and acceptance of crypto and blockchain technology.”
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