As the week wraps up, Bitcoin, Shiba Inu, and Terra have been at the center of exciting developments in the world of cryptocurrency.
As this week comes to an end, big things happened in the world of cryptocurrency. Bitcoin, Shiba Inu, and Terra grabbed a lot of attention from people who are into crypto all around the world.
Bitcoin’s Surge and Market Impact
Bitcoin, the pioneering digital currency, recently surpassed the $51,000 mark, sparking excitement throughout the broader cryptocurrency market. This surge can be attributed to various factors, including the introduction of spot Bitcoin ETFs and prevailing sentiment leading up to the halving event.
Bitcoin posed a challenge to gold’s dominance this week, with ETF inflows soaring to $4.1 billion. Renowned financial figures like Robert Kiyosaki hinted at a potential showdown between Bitcoin and gold, highlighting the shifting dynamics in the investment landscape.
Tony Edward cautioned about a possible correction in Bitcoin’s price, forecasting a dip to $33,000. However, he also pointed out opportunities for alternative cryptocurrencies amidst the market’s volatility. Meanwhile, another prominent analyst’s prediction of Bitcoin reaching $1 million sparked significant interest among crypto enthusiasts.
In the realm of digital asset investment products, Bitcoin continued to reign supreme, accounting for nearly 98% of inflows last week. This underscores its ongoing dominance and significance within the cryptocurrency investment sphere.
Shiba Inu’s Latest Developments
Introduction of FETCH Bridge: Shiba Inu, amidst a flurry of activity, introduced the FETCH bridge, a multichain bridge connecting Shibarium, Ethereum, and Arbitrum. This innovative bridge aims to drastically reduce bridging time from 7 days to a mere 15 seconds, capturing considerable attention within the crypto community.
Launch of SHEboshi and Shiboshi Utility: Shytoshi Kusama unveiled SHEboshi, an ERC-404 token designed to enhance Shiboshi on Shibarium. Additionally, Lucie, a key member of Shiba Inu’s marketing team, announced the launch of the Shiboshi utility, facilitating seamless transactions and SHIB burn on Shibarium, the project’s Layer 2 solution.
Optimism Propelled by Shib Magazine: The introduction of the Shib magazine this week further fueled optimism surrounding Shiba Inu’s ecosystem, providing insights and updates to the community.
Partnership with K9 Finance and KNINE Launch: Further expanding its ecosystem, Shiba Inu announced a partnership with K9 Finance, resulting in the launch of KNINE, a liquid staking derivative token on Shibarium. This partnership strengthens Shiba Inu’s position and offers additional utility to its users.
Developments in KYC Proposals and Terra Classic
This week, the follow-up proposals for KYC proposal 12033 went up for voting on the Station wallet. Proposals 12058 and 12059 were introduced to establish additional requirements for KYC providers and contributors to the chain, indicating a commitment to enhancing security and compliance measures.
CetriK is on the verge of being acknowledged as the KYC provider for all L1 development on Terra Classic, with 75% of the votes in favor. This decision underscores the community’s trust in CetriK’s capabilities and expertise in identity verification processes.
A former developer from the Joint L1 Task Force (L1TF) initiated the burning of 800 million USTC to reduce the circulating supply of the stablecoin. This action aims to enhance stability and value proposition. Additionally, the task force successfully forked the Osmosis test-tube to integrate it with Terra Classic, expanding interoperability and functionality.
The Terra Classic community put forward a proposal to establish deep liquidity for stablecoins and Cosmos (ATOM) tokens. This initiative aims to bolster the liquidity pool, fostering a more robust and vibrant ecosystem for Terra Classic users.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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