The world of cryptocurrency saw major developments in the past week, with Bitcoin, Shiba Inu, and Terra gaining the most attention. Let’s take a look at some of the top stories from the week.
Bitcoin Surges Past $51K
Bitcoin, the first digital currency, surpassed the $51K mark this week, causing excitement among the broader crypto market. This can be attributed to various factors, such as the introduction of spot Bitcoin ETFs and pre-halving sentiment. CoinGape Media’s report also showed that ETF inflows for Bitcoin reached $4.1 billion, potentially challenging gold’s dominance. Renowned financial figure Robert Kiyosaki even hinted at a possible battle between Bitcoin and Gold. However, analyst Tony Edward warned of a potential correction for Bitcoin, with a predicted drop to $33,000. On the bright side, this volatility in the market presented opportunities for altcoins. Another analyst even predicted that Bitcoin could reach $1 million, capturing the interest of many crypto enthusiasts. Additionally, Bitcoin accounted for almost 98% of digital asset investment product inflows last week.
Shiba Inu Propels Optimism
Shiba Inu was another trending topic this week, with the announcement of new features. Sharbi, the top coin launched by Shiba Inu, introduced the FETCH bridge between Shibarium, Ethereum, and Arbitrum. This multichain bridge aims to reduce the bridging time from 7 days to just 15 seconds, gaining significant attention. Shytoshi Kusama also announced the launch of SHEboshi, an ERC-404 token to boost Shiboshi on Shibarium. Marketing member Lucie announced the launch of the Shiboshi utility, enabling seamless transactions and SHIB burn on Shibarium’s L2. The Shib magazine added to the optimism surrounding Shiba Inu. Additionally, the partnership with K9 Finance introduced the KNINE launch, a liquid staking derivative token on Shibarium.
Terra Ignites Speculations
This week, proposals for KYC proposal 12033 were put to a vote on the station wallet. Proposals 12058 and 12059 were also presented to establish additional requirements for KYC providers and contributors to the chain. CetriK is expected to be recognized as the KYC provider for all L1 development on Terra Classic, receiving 75% in favor. In other news, a former Joint L1 Task Force (L1TF) developer started working on burning 800 million USTC to reduce the circulating supply of the stablecoin. The Terra Classic community also proposed establishing deep stablecoin and Cosmos (ATOM) token liquidity. The task force successfully forked the Osmosis test-tube to work with Terra Classic.
