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🔴 Big Week for Major Cryptos | This Week in Crypto – Mar 20, 2023

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Binance converts $1Bn to crypto, Ethereum’s next upgrade finally gets a target date, and a crypto wallet in the Microsoft Edge web browser? These stories and more this week in crypto.

Bitcoin’s Best Week Since Early 2021

Bitcoin experienced its best week since January 2021, recovering all of its 2022 losses. The price swell has been driven by the Federal Reserve’s injection of $300 billion into the banking system. In addition, China also added liquidity by lowering its reserve ratio for banks, which contributed to the recent rally in the market.

Binance Converts BUSD to Native Crypto

With increasing concern surrounding stablecoin stability, Binance’s CEO has new plans for its ‘Industry Recovery Initiative’ funds. Changpeng Zhao said in a tweet that given the changes in stablecoins and banks, Binance will convert the remaining $1 billion in funds held in BUSD to native crypto, including Bitcoin, BNB and Ether.

Ethereum’s Shanghai Hard Fork is Coming

Developers agreed on a target date for the long-awaited upgrade that will enable staked Ether withdrawals. Ethereum switched to a proof-of-stake mechanism in September during the Merge event, and the network began using validators instead of miners. After the Shanghai upgrade on April 12th, validators will be able to decide what they want to do with their stake.

$700M Laundering Crypto Mixer Taken Down

An international law enforcement operation has taken down ChipMixer with the help of Europol. The dark web crypto mixer has helped criminals launder over $700 million over the nearly six years of its operation. According to the US Department of Justice, the crypto mixer had attracted users like North Korean hackers and Russian spies.

Arbitrum to Launch ARB Token

Arbitrum, one of Ethereum’s largest layer 2 scaling networks, is finally getting a token. The Arbitrum Foundation said ARB, Arbritrum’s new token, will be airdropped to community members in the coming days. The launch transitions Arbitrum into a decentralized autonomous organization, as ARB holders will be able to vote on key decisions governing the network.

Sesame Street to Launch its First NFTs

Sesame Street has launched its first collection of digital collectibles in the form of nonfungible tokens. The first Sesame Street NFTs released from the series feature the Cookie Monster character and are priced at $60 each. According to Sesame Workshop, additional Sesame Street collectibles will be released later this year.

Pokemon Could Come to the Metaverse

A new job posting from The Pokemon Company is leading to speculation that it might be taking its brand to the metaverse. The firm is currently seeking a Corporate Development Principal, who will be responsible for strategies to grow the Pokemon Company. The listing also states that potential candidates should have a deep understanding of Web3, blockchain technologies, NFT, and the metaverse.

Microsoft Edge to Include a Crypto Wallet

Microsoft has reportedly included code for a Web3 wallet in its Edge web browser. Screenshots have been discovered of a cryptocurrency wallet, a decentralized application explorer, and the ability to buy crypto through Coinbase and MoonPay. The hidden feature begins with text from Microsoft saying, “we encourage you to test our first Web3 wallet and provide candid feedback along the journey.”

That’s what’s happened this week in crypto, see you next week.

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