Crypto Recap: A Week of Turbulence and Transformation

The past week in cryptocurrency was marked by stability, with Bitcoin hovering around $84,000 and the CoinDesk 20 showing a modest 4% increase. However, beneath the surface, several notable events unfolded. A technical glitch at AWS caused widespread disruptions, highlighting the dependence of the decentralized economy on centralized infrastructure. This was promptly covered by Shaurya Malwa. Furthermore, the crypto market reacted to negative news about Nvidia, as reported by Omkar Godbole, leading to a slip in the value of major cryptocurrencies. The project Mantra, focused on real-world assets, experienced a drastic 90% loss in value, with explanations attributing the decline to 'force liquidations' and exchange factors. EigenLayer, a leading restaking platform, introduced a 'slashing' feature aimed at bolstering security, as reported by Sam Kessler. OKX, a significant exchange, announced plans to establish a presence in California following a $500 million settlement with the SEC over operating without a money transmitter license, a story covered by Cheyenne Ligon. In less favorable news, Kraken underwent significant layoffs in anticipation of an initial public offering, and Coinbase found itself embroiled in a 'front running controversy' related to a token on its Base L2, prompting concerns among privacy advocates. Additionally, there were rumors of Binance potentially delisting Zcash, reflecting the declining value of privacy coins. In Washington D.C., a surge of new crypto lobbyists has raised questions about the effectiveness and necessity of numerous trade groups, as reported by Jesse Hamilton. On a more innovative note, Friends With Benefits, a social club for creative technologists, launched an initiative to develop Web3 products for various industries, including music, film, and publishing. Despite these developments, the overall tone of the crypto market remained largely unchanged, with the usual mix of fortunes being made, lost, and deferred.