Bitcoin held steady around $84,000 this week. Not a wild ride. The CoinDesk 20, tracking most of the market, ticked up about 4%. Quiet, really. Fortunes weren’t made or lost in a hurry, just a slow simmer.
- The crypto market remained relatively stable this week, with Bitcoin hovering around $84,000 and the CoinDesk 20 showing a modest increase. However, the calm was punctuated by a temporary disruption due to an issue at Amazon Web Services.
- OKX is expanding into California after settling with the SEC, while Kraken laid off employees ahead of a planned IPO, highlighting the contrasting strategies and challenges faced by crypto exchanges.
- A “front running” controversy involving a token on Coinbase’s Base L2 and Binance’s consideration of delisting Zcash underscore ongoing concerns about fairness, privacy, and regulatory compliance in the crypto space.
But simmer it did. Tuesday saw a chunk of crypto go dark thanks to an issue at Amazon Web Services. Turns out the decentralized world leans pretty heavily on a single, centralized provider. Bitcoin and other major players dipped a bit when Nvidia announced a hefty $5.5 billion charge. Bad news travels fast, even in crypto. It’s a reminder that even digital assets aren’t immune to the old-fashioned rules of supply and demand.
Mantra’s Meltdown & OKX’s Expansion
Mantra, a project focused on bringing real-world assets onto the blockchain, lost 90% of its value. Ninety percent. The company blamed “forced liquidations,” but explanations were…varied. It’s a harsh lesson in risk. Meanwhile, OKX, a major exchange, is planning a California expansion after settling with the SEC for $500 million. Seems like a hefty price for operating without a license, but they’re betting on the long game. They’re setting up regional headquarters, which is a pretty big move.
EigenLayer, a leader in restaking, rolled out a “slashing” feature. Sounds ominous, but it’s meant to improve security. Think of it as a penalty box for bad actors. It’s a step towards making the system more robust, which is always a good thing. And speaking of robust, Friends With Benefits, a social club for creative types, launched a new program to build Web3 products. Music, film, publishing – they’re aiming for a little bit of everything.
Kraken Cuts & Coinbase Controversy
Kraken laid off hundreds of employees ahead of a planned IPO. Streamlining, they call it. It’s never good to see people lose their jobs, but IPOs require a certain level of efficiency. Coinbase, meanwhile, found itself in a “front running” controversy involving a token on its Base L2. Someone, or someones, snagged a bunch of tokens before the official announcement, profiting around $666,000. Not exactly a victimless crime. It raises questions about fairness and access.
Binance is reportedly considering delisting Zcash, a privacy coin. Privacy coins have been falling out of favor, and Binance seems to be responding to regulatory pressure. Privacy advocates aren’t thrilled, naturally. It’s a tricky situation. Everyone wants security, but privacy is increasingly under scrutiny. It’s a balancing act.
D.C. is flooded with crypto lobbyists. So many, in fact, some are wondering if they’re all actually effective. Too many cooks, as they say. It’s a sign of how much is at stake, but also a reminder that lobbying isn’t always a straightforward path to success. It’s a crowded field, and getting your voice heard is getting harder.
The economy, of course, continues to be…the economy. Trump’s ongoing feud with Fed chair Powell adds to the general unease. But in crypto, it was mostly business as usual. Fortunes won, fortunes lost, fortunes deferred. The cycle continues.
