Crypto Headlines Of The Week: Bitcoin, Shiba Inu, & Terra Fuel Inferences
As another week draws to a close, the cryptocurrency realm witnessed monumental developments in the past seven days. Among these developments, Bitcoin, Shiba Inu, and Terra appear to have gained the most traction among crypto market enthusiasts across the globe. Some of the top headlines that curated a buzz this week are:
Bitcoin Surges Past 51K
Bitcoin, the world's first digital currency, surged past the $51K mark, curating a wave of frenzy across the broader crypto market. This appears to come as a result of numerous factors, including the recent inception of spot Bitcoin ETFs and pre-halving sentiment, among many others. Furthermore, Bitcoin threatened gold's dominance this week, as ETF inflows surged to $4.1 billion. Renowned financial figures like Robert Kiyosaki hinted toward a looming tussle between Bitcoin and Gold. Meanwhile, Tony Edward warned of a potential correction for Bitcoin, hitting $33,000, but signaled opportunities for altcoins amid this week's market volatility. Intriguingly, another leading analyst anticipated Bitcoin to $1 million, piquing the interest of crypto market enthusiasts. On the other hand, Bitcoin amounted to nearly 98% of digital asset investment product inflows last week.
Shiba Inu Propels Optimism
Another buzzword this week, Shiba Inu, marked a tempest of strides, announcing a plethora of new features. Sharbi, the top overall coin launched by Shiba Inu, announced the FETCH bridge between Shibarium, Ethereum, and Arbitrum. The newly introduced multichain bridge aims to reduce the bridging time from 7 days to a mere 15 seconds, nabbing significant attention. At the same time, Shytoshi Kusama spotlighted the launch of SHEboshi, an ERC-404 token to jack up Shiboshi on Shibarium. Lucie, Shiba Inu's leading marketing member, announced the launch of the Shiboshi utility, facilitating seamless transactions along with SHIB burn on Shibarium, Shiba Inu's L2. The Shib magazine further propelled optimism this week. Additionally, the previously announced partnership with K9 Finance introduced the KNINE launch, a liquid staking derivative token on Shibarium.
Terra Ignites Speculations
The follow-up proposals for KYC proposal 12033 went up for voting this week on the station wallet. Proposals 12058 and 12059 were staged to set additional requirements for KYC providers and contributors to the chain. Following this, CetriK is poised to be recognized as the KYC provider for all L1 development on Terra Classic, receiving 75% in favor. In the interim, a former Joint L1 Task Force (L1TF) developer commenced working on 800 million USTC burn to reduce the circulating supply of stablecoin by burning the balance in a contract. In addition, the task force successfully forked the Osmosis test-tube to work with Terra Classic. The Terra Classic community also proposed establishing deep stablecoin and Cosmos (ATOM) token liquidity.
Analyst comment
Positive news: Bitcoin surges past $51K, threatening gold’s dominance. Shiba Inu announces new features, reducing bridging time and launching utility on Shibarium. Terra sees proposals for KYC requirements and successful fork of Osmosis test-tube.
Short analysis: The market is expected to see continued interest in Bitcoin as it surpasses $51K and competes with gold. Shiba Inu’s advancements and partnerships will likely boost optimism among investors. Terra’s proposals and successful developments indicate a growing ecosystem and increased adoption.
