Bitcoin

Shiba Inu

<p>After the recent banking downturn, the <a href="https://blockchainreporter.net/tag/crypto/" rel="noopener noreferrer nofollow">crypto</a> industry is now witnessing a return. This week has seen a few instances of this reversal. The strict regulatory regime in the US has also witnessed a reaction from the crypto space. In this respect, some bold steps have been taken by the entities and a positive response is also expressed by the prices of the well-known crypto assets.</p><h2 id="header-0">HSBC Holdings Plc to Purchase Silicon Valley Bank UK</h2><p>Recently, a <a href="https://blockchainreporter.net/hsbc-holdings-plc-declares-its-uk-subdivision-is-purchasing-silicon-valley-bank-uk/" rel="noopener noreferrer nofollow">top banking solution-providing company HSBC Holdings Plc has declared</a> that the platform’s subsidiary in the UK is buying the crypto-supporting <a href="https://www.svb.com/" rel="noopener noreferrer nofollow">Silicon Valley Bank </a>UK Limited. The deal of this acquisition is being done for £1. The company added that the total loans taken by SVB UK have a valuation of up to £5.5bn. In addition to this, SVB’s cumulative deposits had a worth of nearly £6.7bn. The existing resources are to be utilized for the respective acquisition contract. HSBC Group’s CEO labelled this contract to be a beneficial move within the UK jurisdiction.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/8d704f54b6434f51bc3ea997efaf8644.jpeg" /></p><h2 id="header-1">Coinbase Reacts to the Enforcement Tricks of the SEC by Filing Amicus Brief</h2><p>A few days back, <a href="https://blockchainreporter.net/tag/market" rel="noopener noreferrer nofollow">Coinbase (a prominent crypto exchange) responded to the US SEC’s mounting crypto crackdown</a> on the <a href="https://blockchainreporter.net/tag/market/" rel="noopener noreferrer nofollow">cryptocurrency market</a>. An insider trading case was recently filed by the US securities regulator against a former Coinbase employee named Ishan Wahi. In reaction to this, the crypto exchange has submitted an amicus brief and persuaded the court to dump the lawsuit.</p><p>As per the amicus brief, the crypto exchange is not involved in listing securities. However, the platform mentioned that it would be eager to do so if the regulator provides clear guidelines. It additionally condemned the regulator for prioritizing ill-advised lawsuits for the development of adequate registration options or rules.</p><h2 id="header-2">OKX Ventures Invests a Huge Amount in Scroll for Improvement in the Ethereum Scalability</h2><p>The well-known crypto exchange OKX’s investment division named OKX Ventures <a href="https://blockchainreporter.net/okx-ventures-makes-major-investment-in-scroll-to-boost-ethereum-scalability/" rel="noopener noreferrer nofollow">has declared a strategic investment targeted at the open-source platform Scroll that uses zkRullup</a>. The investment focuses on the crypto exchange’s objective of supporting the endeavours that enhance the scalability of <a href="https://blockchainreporter.net/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> with the use of technologies like zkEVM and zkRullups. This would assist in minimizing the transaction burden experienced by the existing Ethereum <a href="https://blockchainreporter.net/glossary/blockchain-3-0/" rel="noopener noreferrer nofollow">blockchain</a> and the transfers would be processed off-chain before returning <a href="https://blockchainreporter.net/glossary/on-chain/" rel="noopener noreferrer nofollow">on-chain</a>.</p><h2 id="header-3">Burn Rate of Shiba Inu Spikes by 1,322% after the Launch of PuppyNet</h2><p>Shibburn, the website tracking the burn rate of SHIB, <a href="https://blockchainreporter.net/shibs-burn-rate-skyrockets-by-1322-after-puppynet-introduction/" rel="noopener noreferrer nofollow">has recently disclosed that the community remained successful in disposing nearly of 0.5bln SHIB tokens just in one day</a>. This has raised the burn rate to a great extent. Since the release of PuppyNet (a beta test platform of Shibarium) a few days back, the reports have pointed out huge SHIB burns over the recent days.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/04205e049ab54cd285240c8dcf71a237.png" /></p><p>Shibburn says 454,985,165 <a href="https://blockchainreporter.net/tag/shib/" rel="noopener noreferrer nofollow">SHIB</a> tokens have been transacted to dead-end addresses cumulatively in 1 day. As a consequence, the token’s burn rate went beyond the 1,322% level. In addition to this, the price of SHIB surged by nearly 6.58% within 24 hours. Nonetheless, a loss of nearly 4.36% was witnessed in the token’s market value after that. The current price is nearly $0.00001121.</p><h2 id="header-4">Bitcoin Gets Back to 27K, Expresses a Bullish Momentum for other Crypto</h2><p>The primary crypto <a href="https://blockchainreporter.net/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> is again making efforts to regain its former highs. <a href="https://blockchainreporter.net/bitcoin-reclaims-26k-a-bullish-call/" rel="noopener noreferrer nofollow">Bitcoin has remained successful in touching the $27K mark</a>. At the moment, BTC is trading at approximately $27,028. This demonstrates a price increase of more than 6.5% in recent days. Along with this, Bitcoin’s market capitalization has also witnessed a significant increase, reaching the $549,070,761,254 spot. Irrespective of this increase, the <a href="https://blockchainreporter.net/glossary/trading/" rel="noopener noreferrer nofollow">trading</a> volume of the primary crypto has recorded a decline of almost 6.80% in the meantime.</p><p><strong>Source:</strong> <a href="https://blockchainreporter.net/blockchainreporter-weekly-news-roundup-crypto-market-recovers/" rel="noopener noreferrer nofollow">Blockchainreporter Weekly News Roundup – Crypto Market Recovers</a></p>

Blockchainreporter Weekly News Roundup – Crypto Market Recovers

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