This Week in Coins: Bitcoin and Ethereum See Green Exiles, Dogecoin Musk Takes Twitter Shock

This Week in Coins: Bitcoin and Ethereum See Green Exiles, Dogecoin Musk Takes Twitter Shock
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With coins this week. Illustration by Mitchell Preffer for Decrypt.

Crypto markets settled for the first time this week in six consecutive weeks. Bitcoin (BTC) is up 8% over the past seven days and is trading at $20,718 at the time of writing, according to CoinGecko. Ethereum (ETH) rally stronger and rallied 24% over the week to $1,613 at the start of the weekend.

word”Ethereum killersTier 1 blockchains with high-functionality smart contracts had a great week, including Cardano (ADA) up 15% to 40 cents, Solana (SOL) up 17% to $32.83 and Polkadot (DOT) up 11% to 40 cents. $6.52 and Avalanche (AVAX) was up 18% to $18.38.

Other notable rallies this week included: Ethereum Classic (ETC) up 17% to $25.79, Litecoin (LTC) up 7% to $55, Uniswap (UNI) up 14% to $6.88, Binance Coin (BNB) It was up 11% to $300 and Polygon (MATIC) was up 16.2% to 93 cents.

But the meme money king won the week. Elon Musk’s favorite cryptocurrency Dogecoin (DOGE) rose 77% to 10 cents in the week (yes, it still is) less than 72 cents in May 2021) behind the news Tesla CEO finally closed the deal to take over Twitter for $44 billion.

For most of the week’s green crypto market, we can point to generally more optimistic macroeconomic trends this week. stock market also rose after several large companies reported earnings.

This week’s biggest coin news

Monday, Bitcoin highest mining difficulty of all time (for twice this month) after rising 3%. As the difficulty increases, more computing power and electricity are needed for mining, so miners may face lower profits if the price of Bitcoin remains stable. But increases in mining difficulty also point to a strong and growing network.

In the UK, former UK Finance Minister and Conservative crypto advocate Rishi Altar Elected as Liz Truss’ successor both as head of state and party leader. The only candidate who received the required votes was Sunak. Shortly after, former Prime Minister Boris Johnson announced his withdrawal on Sunday.

belonging to the block approximatelywithh Application announced on Tuesday that users can now Send and receive bitcoins through Lightning Network. Previously, app users could only send Bitcoin, but now they can also use the network to receive it.

On Thursday, right in the midst of Musk’s takeover, Twitter announced it would allow its users. Show and trade NFTs Via tweets thanks to the new partnership with four select marketplaces including Magic Eden, Rarible, Dapper Labs and The new NFT Tweet Tiles feature, still under testing, shows NFT drawings in a panel in the tweet and includes a button to take users to a marketplace listing.

And on Friday, Binance confirmed this is a stock investor In Elon Musk’s $44 billion Twitter buyout offer (worth half a billion US dollars). Exchange CEO Changpeng Zhao emailed decrypt This statement read: “We are excited to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and Web3 together to expand the use and adoption of crypto and blockchain technology.”

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