As the crypto rollercoaster continues, let's take a look back at the biggest news stories from the worlds of forex, fintech and crypto, in our best of the week segment.
Vitalik’s Beef with Elon’s Dogecoin Scalability Plan: Security vs. Scalability
The trading week started with news that Vitalik Buterin took issue with Musk’s claim that a massive increase to Dogecoin’s block size would scale the network to a ‘winning’ level.
Elon Musk believes that a 1000% increase to Dogecoin’s block size will make DOGE the leader of the pack, but Ethereum creator Vitalik Buterin does not agree.
In a recent post on his personal blog, Buterin addressed the so-called ‘Blockchain trilemma’: the inevitable trade-off between scalability, security and centralization on blockchain networks.
Read more on Buterin's Beef with Musk’s Dogecoin Scalability Plan here.
XRP Whale Address Moves 139 Million Coins
As Finance Magnates reported this week, the Whales have been busy.
According to data published by Whale Alert, an XRP whale address moved 139.3 million coins to an unknown wallet on Tuesday 25th May amid the latest dip in the price of XRP.
Read more on the XRP Whale moves here.
Bitcoin Owner Transfers 9,999 BTC to Unknown Wallet
Staying with whale movements, Finance Magnates reported the transfer of 9,999 Bitcoin to an unknown wallet on Monday.
The total value of the latest Bitcoin transaction stood at around $390 million.
Read more on the Bitcoin Whales here.
Ripple Is Not behind Bitcoin Energy Usage FUD, Says Brad Garlinghouse
Ripple CEO Brad Garlinghouse responded recently to the accusations related to the company’s role in spreading Bitcoin energy usage FUD.
In a reply to Meltem Demirors, Chief Strategy Officer at CoinShares, Garlinghouse said: “It’s beyond flattering that you think Ripple is the puppet master behind Elon Musk, countless scientists, governments, crypto enthusiasts and others who have stated the facts about BTC’s energy use.”
Read more on the Brad Garlinghouse energy response here.
eToro Includes Four New Cryptocurrencies into Its Investment Platform
eToro, the Israeli trading company, added some of the biggest DeFi cryptocurrencies by market capitalization this week. eToro announced that four new cryptocurrencies are now available for digital asset traders, making the total number of crypto assets in the company 23, and 20 for US-based clients.
Aave (AAVE), Compound (COMP), Yearn.Finance (YFI) and Decentraland (MANA) are the latest additions.
Read more on the eToro crypto offerings here.
Ripple Plans to Support NFTs on XRP Ledger
Never out of the crypto news, Ripple, the US-based blockchain firm, released a report concerning the potential usage of XRP Ledger (XRPL) in the growing NFT market. The company highlighted the significant advantages of XRPL over other platforms.
Developers will be able to run more sustainable NFT apps and marketplaces through XRPL.
Read more on the Ripple NFTs here.
FCA Orders EverFX to Stop Offering CFDs to UK Customers
The United Kingdom’s financial watchdog has acted against Cypriot-based ICC Intercertus Capital Ltd, known by its trade name EverFX, and banned the company from offering contracts for differences (CFDs) instruments in the country.
Per Wednesday’s announcement, the Financial Conduct Authority (FCA) alleged that the broker onboarded many British traders on the overseas entities, which are not authorized to offer services in the UK.
Read more on the FCA EverFX order here.
Texas Senate Passes Crypto Bill, Goes to the Governor to Be Signed into Law
As Finance Magnates covered this week. Texas state lawmakers have passed a crypto bill that seeks to establish a legal framework for bitcoin investments in the territory.
The ‘Virtual Currency Bill’ or ‘House Bill 4474’ has passed the Texas Senate, and it will go to Governor Greg Abbott to receive the final signature to become a law.
With the bill, there is now legal clarity to define virtual currencies and provide a series of guidelines for Texas companies who want to be involved in the cryptocurrency business.
Read more on the Texas Senate Crypto Bill here.
Dogecoin Has No Formal Organization, Says Elon Musk
Musk tweets again! Elon Musk, CEO of Tesla, said this week that cryptocurrency Dogecoin has no formal organization. In a reply to a tweet praising his role in the development of the Dogecoin’s ecosystem, Musk said that no one from Dogecoin reports to him.
“Please note Dogecoin has no formal organization & no one reports to me, so my ability to take action is limited,” Musk tweeted.
Read more on the latest Elon Musk Dogecoin saga here.
FBS Becomes Leicester City’s Shirt Sponsor for 3 Years
One of two major sponsorships announced this week. FBS has become the lead shirt sponsor of Leicester City, one of England’s top football clubs for the next three years.
Leicester City won the 2021 FA Cup and finished fifth in the latest English Premier Season. The Midlands club rose to prominence after it clinched the 2015/16 Premier League title despite being a heavy underdog.
The club has a massive fan base in Asia due to the club’s owner being from Thailand, and the broker will benefit from Leicester City's participation in the Europa League.
Read more on the FBS Leicester City Sponsorship here.
IG Signs Sponsorship Deal with England National Cricket Team
London-listed IG Group (LON: IGG) has inked a high-profile sports sponsorship deal as it has become the official partner of Cricket in England.
The broker has signed a three-year deal with the England and Wales Cricket Board, and, under the terms, the IG logo will be imprinted on the sleeves of the national cricket team of England for both men and women.
The teams will wear the shirts with the IG logo in all three formats of the game.
Read more on the IG England National Cricket Team Sponsorship deal here.
How Low Will Bitcoin Go? BTC Appears to Stabilize around $37K
Last week, BTC's price dropped more than 20 percent. In a Finance Magnates analysis, we looked at whether the market crash is over and what's next for Bitcoin?
With expert exclusive insights from Samson Mow, CEO of Pixelmatic and CSO of Blockstream, Paul Sundin, the Founder, CPA, and Tax Strategist of Emparion, and Doug Schwenk, Chairman and Chief Executive of Digital Assets Research (DAR), no stone was left unturned in this must-read Bitcoin analysis.
Read more on Bitcoin's next move here.
