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This week in coins: Bitcoin and Ethereum see green shoots, Dogecoin gets musky Twitter bump

This week in coins: Bitcoin and Ethereum see green shoots, Dogecoin gets musky Twitter bump
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This week in coins. Illustration by Mitchell Preffer for Decrypt.

Crypto markets thawed for the first time this week in six consecutive weeks. Bitcoin (BTC) is up 8% over the past seven days and is trading at $20,718 at the time of writing, according to CoinGecko. Ethereum (ETH) staged a stronger rally, up 24% on the week to hit $1,613 at the start of the weekend.

so calledEthereum Killer“, Layer 1 blockchains running highly functional smart contracts had a great week including Cardano (ADA) up 15% to 40 cents, Solana (SOL) up 17% to $32.83, Polkadot (DOT) is up 11% to $6.52 and Avalanche (AVAX) is up 18% to $18.38.

Other notable rallies this week included: Ethereum Classic (ETC) is up 17% to $25.79, Litecoin (LTC) is up 7% to $55, Uniswap (UNI) is up 14% to $6.88, Binance Coin (BNB) is up 11% to $300, and Polygon (MATIC) is up 16.2% to 93 cents.

But the meme coin king won the week. Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE), is up 77% over the week at 10 cents (yes, still from 72 cents in May 2021) from the back of the news that the Tesla CEO has finally closed the deal to acquire Twitter for $44 billion.

For most of the week’s crypto green market, we can point to generally more optimistic macroeconomic trends this week Stock market also up after several large companies reported earnings.

This week’s biggest coin news

On Monday, Bitcoin reached its All time highest mining difficulty (for the second time this month) after a 3% increase. As difficulties mount, miners could face reduced profits if Bitcoin’s price remains flat as more processing power and electricity is required for mining. However, increasing mining difficulties also indicate a strong and growing network.

In the UK, former British Treasury Secretary and Conservative Crypto Advocate Rishi Sunak was elected to succeed Liz Truss as head of state and party leader. Sunak was the only candidate who received the required votes. He briefly faced off against former Prime Minister Boris Johnson, who announced his retirement on Sunday.

block ownership WhatWithh apartment announced on Tuesday that users can now Send and receive bitcoins about the lightning network. Previously app users could only send bitcoin, now they can use the network to receive as well.

On Thursday, in the midst of the Musk acquisition, Twitter announced it would allow users View and trade NFTs via Tweets thanks to a new partnership with four select marketplaces: Magic Eden, Rarible, Dapper Labs and Jump.trade. The new NFT Tweet Tiles feature – still in testing – displays NFT graphics in a panel in the tweet and includes a button that takes users to a marketplace listing.

And on Friday, Binance confirmed it is a stock investor (half a billion dollars) in Elon Musk’s $44 billion Twitter acquisition bid. The exchange’s CEO, Changpeng Zhao, wrote an email decrypt this statement: “We are excited to help Elon realize a new vision for Twitter. Our goal is to play a role in bringing social media and Web3 together to expand the use and adoption of crypto and blockchain technology.”

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