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The Week in Review: Must-read news from last week in crypto
Team Luno
The highlights from last week’s news, numbers and events from the crypto industry.
News from the block
Last week was a warmup for this week’s action, which is looking set to be a busy one. The Bank of America said the Ethereum Merge may lead to further institutional adoption. The Merge is still looking at a launch date of Thursday, or thereabouts, this week. CoinDesk has revealed crypto’s version of the SP500 index, and NFT activity on Solana surged to all-time highs.
Too long, Did read
A history of HODLing.
Crunching the numbers
Someone made a large amount of money off Bitcoin last week.
The crypto time capsule
A tweet from 2015 to provide some much-needed perspective.
Crypto trivia
Which cryptocurrency was the first to use proof-of-stake?
Worth a watch
Are you too late to buy Bitcoin?
News from the block
Ethereum Merge may increase institutional adoption, says Bank of America
The bank said in a recent report that investors barred from investing in proof-of-work cryptocurrencies may now be able to invest in crypto following the Merge, which will switch the Ethereum blockchain to a proof-of-stake model.
The ability to stake Ethereum and generate interest may also drive institutional adoption, analysts said.
NFTs created on Solana hits all-time high
Data by the Block Research showed that the number of new NFTs created on the Solana blockchain reached an all-time high of 312,000 last week, compared to 39,000 in the previous week.
The sudden increase may have been the result of a successful launch of a few NFT collections coupled with the low barrier to entry to the Solana ecosystem.
Last upgrade before Ethereum Merge goes live
The Bellatrix upgrade, the final step before Ethereum moves from proof-of-work to proof-of-stake, was rolled out last week.
The upgrade prepares the Ethereum blockchain for the Merge, which is set for sometime around Thursday this week.
CoinDesk reveals crypto version of SP500 index
The Coindesk Market Index is made up of 148 cryptocurrencies, and the coins must have a pricing history from at least two eligible exchanges going back a minimum of 30 days to be eligible for inclusion.
Coindesk said it hopes the index will become an industry benchmark similar to the traditional finance indexes like the Dow Jones Industrial Average or the SP 500.
“It’s meant to be as inclusive as possible,” said Jodie Gunzberg, managing director for CoinDesk Indices. “We’re just trying to represent the market.”
TL;Did read
A history of HODLing
The meme that led to a movement.
Crunching the numbers
$1 trillion – The market cap of all cryptocurrencies. The crypto markets retook this important marker as the markets showed some optimism over the weekend.
$95,000,000 – The amount a Bitcoin a whale netted last week after cashing out 5,000 Bitcoins.
Q4 2023 – The expected date for Bitcoin’s next halving event, when the issuance of Bitcoin rewards to miners is halved. The date is dependent on the rate of mining on the blockchain – the more mining activity, the earlier the halving.
1,571 – How many Ether (ETH) is burned every day.
The crypto time capsule
Crypto trivia
With the Merge hype at full tilt, it’s only right to tip the hat to the cryptocurrency that was the first to use proof-of-stake as its consensus mechanism.
Peercoin, known as PPC, was created in 2012 by Scott Nadal and Sunny King. While proof-of-stake had previously been used in cryptography, Peercoin was the first to make use of it for validating transactions on a cryptocurrency blockchain.
The coin used to be among the most popular cryptocurrencies in the early days of crypto but has since fallen out of favour.
Worth a watch
Are you too late to buy Bitcoin?
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