Weekly Newsletter - Crypto Daily™ - Issue #11

It was an eventful week in crypto. Solana was once again plagued by bots that crashed the network for seven hours. On the other hand, LUNA is continuing its mission of bolstering its stablecoin reserves by acquiring more and more Bitcoins. Let’s take a closer look.

The $1.5 billion worth of BTC purchase was made by the Luna Foundation Guard to bolster its stablecoin reserves.

The Central African Republic’s decision to make bitcoin legal tender in the country has put many backs up. A letter from the central banks cites the decision as having a very negative impact on Central Africa.

Bitcoin.com has completed its private sale for the Bitcoin.com VERSE token. The fund is valued at $33,6 million and noted strong participation from key industry leaders, including KuCoin Ventures, Blockhain.com, BoostX ventures, MarketAcross and more. In addition, several thought leaders and influencers - including Roger Ver and Jihan Wu - took part in the private sale.

The Juno blockchain’s trials and tribulations continue, with a mistake sending millions worth of JUNO tokens into an inaccessible address. The incident has left the community red-faced while developers, validators, and token holders deal with who is to blame for the copy-paste error.

Bitcoin (BTC/USD) continued to suffer from bearish technical sentiment early in the Asian session as the pair remained given well below the 37000 figure after recently collapsing from the 40038 area and printing as low as the 34201 area.

Rumors of a threat actor releasing a denial of service (DoS) attack on the protocol were firmly denied by Solana Labs, who then claimed that the post-event analysis reveals how bots were programmed to overload the Candy Machine NFT minting tool in order to seize or acquire new NFTs.

A group of investors, including Sequoia Capital, Andreessen Horowitz, Binance and Fidelity 89 has invested over $7 billion to back Elon Musk’s $44 billion takeover of Twitter.

Newly elected South Korean President Yoon Suk-yeol has announced the initial approval of ICO’s as part of the new government’s aim to bring cryptocurrency out of the dark.

Bitcoin is in freefall with the rest of the crypto market following suit. As the bearish trend intensifies many cryptocurrency investors are turning to stablecoins or are selling up and leaving the market.

Ethereum is by far and away the most popular blockchain platform for non-fungible tokens yet its position as the king of NFTs may not last forever, as it faces growing competition from emerging chains including Tezos, Solana, Fantom and Hive.