Week in Crypto: LIBRA Losses Reach $251 Million, FTX to Repay $1.2 Billion
The week in crypto news includes significant developments such as the launch of the LIBRA meme coin, analysis by Bernstein on potential US Bitcoin reserve plans, and a $1.2 billion payout from FTX to creditors.
Key highlights:
- Bitcoin's price nears $100,000, with a market cap of about $3.3 trillion.
- Bitwise is the first Bitcoin ETF provider in the US to disclose its on-chain wallet address for transparency.
- Bernstein analysts discuss challenges in establishing a national Bitcoin reserve, suggesting the Federal Reserve or US Treasury could manage it.
- The LIBRA meme coin resulted in $251 million losses, impacting 86% of traders due to rapid price fluctuations.
- Bitcoin mining hashrate growth has slowed, marking the first decline since September, yet the industry generated $1.4 billion in revenue last month.
- FTX began repaying $1.2 billion to creditors, signaling potential recovery in the crypto market post-collapse.
- Strategy (formerly MicroStrategy) announced its $2 billion offering of convertible senior notes to fund Bitcoin purchases.
- Mike Novogratz discusses the sustained popularity of XRP and Cardano, attributing their early launch advantage.
- Hamster Kombat returns with Season 2, allowing players to earn HMSTR tokens through new gameplay experiences.
- Kanye West plans to launch YZY token, aiming to regain financial control following past controversies, with 70% ownership reserved for himself.