This week’s top crypto news is a mixed bag, touching on nearly every hot industry talking point. Investors are seeing insight into U.S. regulation, an uptick in crypto-related arrests and asset seizures, projects recuperating from hacks and more. And to top it all off, one of the biggest conferences in crypto is happening this week.
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As we surpass one year since the initial boom of Dogecoin (DOGE-USD) prices — which set the tone for the speculative crypto investing frenzy, we can see just how much the market has matured since that time. Make no mistake, investors are still looking for the next altcoin to 10X or 100X. However, the market has obviously massively increased its influence on government policy, the traditional stock market and pop culture itself. So without further ado, let’s look at the top stories of the week.
Top Crypto News of the Week
Janet Yellen makes her first official speech on stablecoins
U.S. Treasury secretary Janet Yellen is still only just coming around on digital assets. Indeed, for the last year, she has been a thorn in the side of crypto fans, expected to levy harsh policy on the market. However, she has softened up in recent weeks. On Thursday, Yellen made her first official speech on the topic of stablecoins. The speech certainly exemplified her unease with much of the industry, but she still pushed for “tech neutral” legislation. This take looks to protect investor assets while still leaving room for growth and innovation among projects.
Sky Mavis looks to shrug off Ronin hack woes with new Axie Infinity game
Sky Mavis, the developer behind Axie Infinity (AXS-USD) and its underlying Ronin Network (RON-USD), is working diligently to put bad news behind it. The Ronin Network fell victim to one of the largest DeFi hacks ever last week. In response, Sky Mavis hosted a funding round to reimburse holders who lost assets to the hack. Led by Binance (BNB-USD), the raise brought $150 million to the project. Moreover, the company is launching its new Axie Infinity: Origins game in an effort to reinvigorate AXS and RON bulls.
U.S. Justice Department cracks down on crypto crime with series of arrests
Previously, it seemed as though anybody clever enough to conduct an exploit or hack of a project was free of consequence. Arrests in the space have been few and far between for years now, fostering an uneasy attitude toward the assets for many and encouraging DeFi crime. But recently, it seems the U.S. is putting a stop to that. In February, the FBI created its crypto unit. Since then, there have been a series of arrests pertaining to the blockchain, including the arrest of two Los Angeles men who conducted a $1 million non-fungible token (NFT) scam. This week, the trend continues, with a Texas man taken into custody for allegedly laundering nearly $1.5 million through the blockchain.
Bitcoin 2022 conference kicks off in Miami with star-studded speaker list
The massive upswing in crypto interest has allowed crypto conferences to rapidly expand in recent years. Perhaps no other conference continues to grow quite like the Bitcoin (BTC-USD) conference. Bitcoin 2022 is taking place this week in Miami, from April 6-9. The convention features some of the biggest names in the crypto market, like that of Peter Thiel, Michael Saylor, Cathie Wood, Aaron Rodgers and Serena Williams. Already this week, several announcements have been made, including Strike’s various partnerships with payment providers to enable Bitcoin transactions.
Waves network suffers big losses as Ponzi scheme accusations mount
The Waves (WAVES-USD) network is one of the bigger layer-1 ecosystems on the market. While it slowly creeped up through early 2021, late March saw a vast uptick in WAVES prices. The network unfortunately cannot bask in this success, as it is already trending back down; several accusations are dragging the coin’s value down by 50% this week. Indeed, some allege that the network is a Ponzi scheme, and others say it is helping Russians evade sanctions. Not helping things is the fact that founder Sasha Invanov is lashing out with accusations that Alameda Research is manipulating share prices down to help it with its short position in the crypto.
Tom Brady’s Autograph NFT market partners with ESPN
Celebrities continue to drive adoption of NFTs, and no influencer is doing things quite like NFL star Tom Brady. The Tampa Bay Buccaneers quarterback founded his own NFT marketplace, Autograph, in 2021. It has since caught on as one of the most popular trading platforms in the space, specifically for those interested in sports NFTs. This week, Autograph is turning things up a notch with a multi-year partnership with sports television network ESPN. Already, the two are launching a collection, based on the Brady docuseries Man in the Arena.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
