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.
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 🎮
- Illuvium partners with Team Liquid ⚔️
- Controversial HEX founder Richard Heart still evading SEC charges 🚔
- Pando Asset joins the race for Bitcoin ETF approval 🏁
- Ark Invest dumps Coinbase shares despite recent stock highs 📈
Now let's explore the details:
Blast’s in Trouble 💸
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📈
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 🚀
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 🎮
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.
But which gaming tokens are performing better than the rest of the market? Read more!
And while we are talking about gaming tokens…
Illuvium Scores a Big Partner ⚔️
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? 👮♂️
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.
Surprise ETF Entry 😲
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 📈
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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