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Friday, March 1, 2024

This Week in Coins: Bitcoin and Ethereum Unchanged, Musk Makes Dogecoin Noise


This week in coins. Illustration by Michele Prefer for Decrypt.

It was a relatively quiet news week in the cryptoverse, reflected by the fact that barely any of the top cryptocurrencies by market capitalization changed dramatically over the past seven days.

Market leader bitcoin (BTC), which has a market cap of more than half a trillion dollars, posted a modest 1.4% drop seven days ago over the weekend. It is currently trading at $28,030 according to CoinGecko.

Ethereum (ETH) moved in the opposite direction, trading at $1,869 at the time of writing, up 2.4% from a week ago Saturday. This minor bump is due in anticipation of next week”shepelanetwork upgrade, A portmanteau of “Shanghai” and “Capella,” two phases that will unlock the withdrawal of ETH on the network at the execution layer and consensus layer, respectively.

In very basic terms, the execution layer executes and records Ethereum’s transactions in real time, while the consensus layer is where those transactions are validated. Each validator stakes 32 ETH to activate their software and is rewarded with ETH for confirming transactions. The validated information is then shared across the network.

This week’s biggest success story in coins came from meme coin Dogecoin (DOGE), which started the week surging, then plummeted, and is up 8.8% over the past seven days over the weekend.

Coin Rally Begins After Elon Musk a US filed a motion with judge to dismiss friday $258 billion lawsuit Allegedly accused of running a racketeering scheme to return cryptocurrency.

on monday, doge 20% balloon Less than an hour after Musk changed the iconic blue bird logo to a picture of Doge on the social media site, the adorable Shiba Inu behind the iconic meme that inspired the coin, but the rally ran out of steam by Thursday, When the coin posted an intraday loss more than 8%,

adoption news

Despite stable prices, three big crypto adoption stories hit the press this week.

On Tuesday, Ralph Lauren announced the opening of a new luxury concept store in Miami’s Design District; This will be the fashion house’s first store to accept cryptocurrency payments, Items can be purchased from Bitcoin (B T c), Ethereum (ETH), polygon (matic), dog coin (DOGE), and other cryptocurrencies through a partnership With crypto payment service provider BitPay,

On the same day, Brazil-based BTG Pactual, Latin America’s largest investment bank, announced the launch of its own stablecoin, the US-dollar. btg dole tokenwhich runs on polygons. BTG Pactual said in a statement that this stablecoin will provide investors with a “simple, efficient and secure” way to put their equity into dollars. Clients can start investing with as little as 100 reals ($20).

And on Wednesday, PostFinance, the Swiss bank wholly owned by the Swiss government, announced It will offer its customers a variety of regulated crypto services Delivered through Sygnum’s B2B banking platform, including the ability to buy, sell and store bitcoin and ethereum.

All positive signs for crypto adoption, even if they don’t spark a rally.

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