Last Week in Review: Proof-of-reserves conversations resurface, and a whale now owns more than $2 billion in Bitcoin

by Team Luno
· 3 minute read
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The highlights from last week’s headline grabbers. All the important news, numbers and events from the crypto industry in easy-to-read, digestible news bites. 

News from the block

Cryptocurrency exchanges move to show proof-of-reserves following FTX saga

  • The collapse of FTX, one of the largest exchanges in the world, has moved many cryptocurrency exchanges to full transparency by showing their customers that their investments are held on a 1:1 basis. 
  • At Luno, our customers’ crypto is also safely stored in your name on a 1:1 basis.

Ethereum’s cryptocurrency, Ether, turned deflationary

  • Last week, the creation of new Ethereum coins dropped lower than the rate at which coins were burned. 
Source: Ultrasound.money
  • This cut in net issuance is thanks to the Ethereum Merge, in which the Ethereum network changed the way in which it confirms transactions on the network. 
  • It may in future lead to Ether being considered a scarce asset, like Bitcoin or gold. 

Twitter started the process of entering the payments space 

  • Twitter registered with the Financial Crimes Enforcement Network, a step the experts say may lay the foundations for payments on the platform. 
  • Elon Musk, the new owner of Twitter, said in a Twitter meeting he aims to allow Twitter users to send money through the platform. 
  • “Now we can say, okay, you’ve got a balance on your account. Do you want to send money to someone else within Twitter? And maybe we pre-populate their account…and say, okay, we’re gonna give you 10 bucks. And you can send it anywhere within Twitter,” Musk said during the livestreamed meeting. 

Inflation numbers came in lower than expected 

  • The Consumer Price Index (CPI) increased by 0.4% in October, lower than what experts expected.
  • Equity markets rallied on the news, with the SP500 climbing 5% following the announcement. 
  • “All the trend lines suggest that it will continue to moderate going forward, assuming that nothing goes off the rails,” Mark Zandi, chief economist at Moody’s Analytics, told CNBC. 

TL;Did read

Ethereum

The Ethereum network’s cryptocurrency, Ether, turned deflationary last week thanks largely to the Merge which happened a few months ago. If you want to know more about what happened during the Merge and what it means for the second-largest crypto in future 👉 Dive right in. 

Crunching the numbers

$42 million – Crypto investment products last week saw a $42 million inflow of capital, according to CoinShares data, the highest level in 14 weeks. 

0.485 ETH – How much one pair of Nike’s NFT sneakers will set you back (roughly $600). 

14,895,327 ETH – The number of ETH currently staked on the Ethereum network. Stakers help keep the network secure by staking their coins. 

$2.4 billion – An unknown Bitcoin whale has accumulated more than $2.4 billion of Bitcoin, about 144,664 Bitcoins, making them one of the largest Bitcoin holders in the world. You can see their public address 👉 https://bitinfocharts.com/bitcoin/address/1LQoWist8KkaUXSPKZHNvEyfrEkPHzSsCd

The crypto time capsule

Jack Dorsey announcing in 2018 that the Cash App will be integrating Bitcoin. 

Crypto trivia

Ethereum’s logo is based on an octahedron, which forms part of a group of shapes called polyhedrons. In some circles, the octahedron is seen as the symbol for air, which have led to speculations that it could symbolise Ether in the network.

Worth a watch 

Peter McCormack, host of the What Bitcoin Did podcast, sits down with Jeff Snider, an expert on global monetary systems, and unpacks why money’s been doing all kinds of weird things lately. Watch here.

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