Last week in review: Bitcoin breaks $25k as traditional finance offers crypto options

A weekly recap of crypto news that moved the needle.

Highlights

  • Ethereum and the Merge
  • Bitcoin pushes past $25,000
  • Tornado Cash sanctioned
  • Traditional finance looks to digital assets

Ethereum another step closer to the Merge!

“Goerli has successfully transitioned to proof-of-stake following the network’s total block difficulty having crossed 10,079,000 on Wednesday.” – Blockworks

In plain English

Ethereum is scheduled to merge to a new proof-of-stake consensus mechanism in September, which will make the network more energy-efficient and turn it into a deflationary asset, meaning that, over time, Ether will become more scarce, possibly adding to its value.

BlackRock’s Bitcoin fund gave Bitcoin a push to $25k

“The announcement is the “most bullish news” ever for long-term HODLers, one analyst argues, as Barry Silbert heralds the arrival of Wall Street.” – Cointelegraph

In plain English

BlackRock is the world’s largest investment management company, and the firm showing its support for a digital asset such as Bitcoin will further pave the way for institutional adoption.

US cracks down on transparency as Tornado Cash developer arrested

“Dutch authorities arrested a 29-year-old man in Amsterdam suspected of being involved in concealing criminal financial flows and facilitating money laundering through cryptocurrency service Tornado Cash.” – Bloomberg

In plain English

Tornado Cash anonymises cryptocurrency transactions, something the US government has taken a strong stance against. Following the country’s decision to sanction the company, a man said to be a developer at Tornado Cash has been arrested in the Netherlands.

Asset managers bet on Bitcoin

“Abrdn, BlackRock and Charles Schwab have done deals or launched products tied to digital assets this month.” – Financial Times

In plain English

In line with BlackRock’s move into crypto, other big banks from traditional finance are following suit and giving crypto their vote of confidence.

Longer reads

The crypto time capsule

Two years ago, 11 August, Michael Saylor said yes to Bitcoin.

Source: Yahoo!finance

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