Weekly Newsletter – 7 Apr 2023

Next Stop, Shanghai Upgrade

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Weekly Summary

  • Ethereum, Liquid-Staking Tokens on the Rise Ahead of Next Week’s Shanghai Upgrade
  • MicroStrategy Adds Another 1,045 BTC to its Growing Crypto Treasury for $23.9m
  • Dogecoin Price Soars After Musk Sought to End Lawsuit and Changed Twitter logo
  • Binance Reportedly Rejected Justin Sun’s Offer to Buy His Huobi Stake
  • Bitcoin Whitepaper is Found Hidden in Apple’s Modern MacOS

Industry Stories

Ethereum, Liquid-staking Tokens on the Rise Ahead of Next Week’s Shanghai Upgrade: Ahead of Ethereum’s much-anticipated Shanghai and Shapella upgrades on April 12, Ethereum and tokens powering liquid staking platforms are experiencing a surge in price. The upgrades include unlocking withdrawals for staked Ethereum on the network, lowering the risk of holding staked ETH. Governance tokens related to liquid staking platforms such as Lido DAO, Rocket Pool, and Frax Shares have seen double-digit gains on Wednesday. Decentralized liquid staking platforms currently account for 33.3% of total staked ETH, with Lido DAO having a 93.79% major share. The Shapella upgrade is considered the most significant since Ethereum’s merge in September 2022.

MicroStrategy Adds Another 1,045 BTC to its Growing Crypto Treasury: MicroStrategy has purchased an additional 1,045 Bitcoin for $23.9 million, bringing its total holdings to 140,000 Bitcoin, worth around $4 billion. The company’s latest acquisition comes after it had bought 6,455 Bitcoin for $161 million in the previous five weeks. The purchase was disclosed on a Securities and Exchange Commission filing. MSTR’s stock is up by 1.2% pre-market alongside Bitcoin’s 1% overnight gain. The company has been holding onto its long-term Bitcoin strategy that aims to take advantage of the cryptocurrency’s status as a commodity.

Dogecoin Price Soars After Musk Sought to End Lawsuit and Changed Twitter logo: Elon Musk has asked a judge to dismiss a $258bn lawsuit accusing him of trying to pump up the price of Dogecoin. Musk’s lawyers called the lawsuit brought by Dogecoin investors a “fanciful work of fiction.” The Tesla billionaire and Twitter owner had recently sparked a 20% surge in Dogecoin’s price after users reported the cryptocurrency’s logo had been added to Twitter’s homepage. Dogecoin, a meme-based cryptocurrency, has gained traction in recent years with the support of high-profile investors and social media influencers such as Musk and Mark Cuban.

Binance Reportedly Rejected Justin Sun’s Offer to Buy His Huobi Stake: Binance has reportedly rejected Tron founder Justin Sun’s offer to sell his stake in crypto exchange Huobi, allegedly due to concerns about the platform’s relationships with China. Sun dismissed the rumors and claimed that he had not made any proposals to Binance CEO Changpeng Zhao regarding the purchase of Huobi. A recent report suggested that Sun had held talks about selling his stake in Huobi Global and had contacted potential investors over the past weeks. Sun’s involvement with Huobi has been unclear, and there have been legal issues such as fraud and an unregistered securities lawsuit against him by the SEC.

Bitcoin Whitepaper is Found Hidden in Apple’s Modern MacOS: A copy of the Bitcoin white paper written by Satoshi Nakamoto appears to be hidden within every current version of Apple’s macOS, dating back to Mojave in 2018, according to a blog post by tech enthusiast Andy Baio. Baio discovered the PDF while scanning a paper with a “Virtual Scanner II” gadget, and he developed a prompt for macOS users to access the white paper and discovered that it could be found on “every version of macOS from Mojave to the current version, but not in High Sierra or earlier.” It remains unclear why the file was included in macOS versions.

Product Highlight

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Matrixport News

Matrixport announced that its qualified institutional-grade custodian service, Cactus Custody, has successfully integrated with NEAR Protocol, a rapidly growing Layer1 blockchain ecosystem. This offers institutional clients an added layer of confidence in safeguarding their native NEP-141 NEAR token assets. 

In the Private Wealth in Digital Assets Study conducted by FT Longitude and Matrixport, the majority of investors still chose accessible platforms to be the biggest draw to invest in crypto, Moneysmart reported. Mobile banking revolution drove adoption of banking services. Crypto is indeed taking steps to follow this historical trend. 


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