Crypto Market Sees Gains as ETH Rises Nearly $2300
This week saw positive developments in the crypto market:
- Prices increased, with ETH rising sharply to nearly $2300.
- The CoinDesk 20 index rose over 15% since Monday.
- Bitcoin approached all-time highs as bearish positions were liquidated and ETF inflows increased.
- ETH's increase is linked to the successful implementation of the Pectra upgrade, enhancing staking and efficiency.
- Coinbase announced a $2.9 billion acquisition of Deribit, positioning itself as a competitor in derivatives markets.
- Despite the acquisition, Coinbase's stock fell due to disappointing Q1 earnings.
- Meta and Stripe are exploring stablecoin integration, while Senate Democrats are delaying a stablecoin bill citing concerns over Trump's connections.
- New Hampshire passed the first state crypto reserve law, with more states expected to follow.
- Strike plans to expand into bitcoin-based lending amid expectations of growth in the bitcoin credit market.
- Celsius founder Alex Mashinsky was sentenced to 12 years in prison for securities fraud.