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🔴 Banking Crisis Shakes Crypto | This Week in Crypto – May 8, 2023

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Bitcoin’s price climbs as traditional banks fail, a new memecoin drives the market crazy and you can now chat with Amy, a new AI chatbot designed for crypto users. These stories and more, this week in crypto.

Bitcoin Price Climbs as US Banks Fail

Crypto markets climbed upwards as instability in the US financial system has bolstered prices this week. Both Bitcoin and Ether were up 4%, as US regional banks led a selloff in American equities following the collapse and sale of First Republic Bank. Vulnerabilities in the banking sector have put a positive spotlight on decentralized currencies.

New Memecoin PEPE Explodes

Pepecoin, a new memecoin based on the “Pepe the Frog” meme, has reached a $1 billion market cap with over 1000% gain in the past week. PEPE’s rally has caused increased trading among other meme tokens like WOJAK and PEEPO while long-standing memecoins such as Dogecoin and Shiba Inu were trading down.

Chamath Palihapitiya: ‘Crypto is Dead in America’

Billionaire tech investor Chamath Palihapitiya, who previously claimed that bitcoin had replaced gold, now says “crypto is dead in America.” Speaking on the All-In Podcast, Palihapitiya said the United States authorities have firmly pointed their guns at the crypto sector referring to multiple SEC cases against crypto companies, like Coinbase, Ripple, and Binance.

Coinbase Beat Expectations, Shares Jump

Coinbase shares soared on the news that its first quarter earnings beat expectations. Coinbase’s revenue for the quarter was $773 million, which topped estimates and boasted an increase of 23% from the prior quarter. Shares traded up 17% on the news and have gained 70% year-to-date.

FTX Struggles to Repay Creditors

Bankrupt crypto exchange FTX has received court permission to sell its LedgerX business for $50 million, raising additional funds to repay creditors. FTX is also seeking repayment of nearly $4 billion from Genesis Global Capital, the bankrupt lending arm of crypto firm Genesis. FTX is attempting to repay $11 billion to customers through a combination of asset sales and clawback actions.

New Partnership to Launch a Metaverse Launchpad

Alibaba’s Cloud service has partnered with the Avalanche blockchain to power a metaverse launchpad, designed to provide an end-to-end platform for companies to customize and maintain their metaverse spaces. With ‘Cloudverse,’  the launch of metaverses can happen quickly and easily, potentially opening doors for new enterprises to join the metaverse space.

LeBron James Spotted in Nike NFT Sneaker

Famous basketball star, LeBron James was photographed wearing special-edition Nike sneakers that can only be purchased by minting an Ethereum NFT created by Nike subsidiary, RTFKT. The Lakers tweeted a photo of James wearing the black and red kicks, which quickly went viral with RTFKT NFT holders.

Meet Amy:’s AI Crypto Chatbot has revealed its new crypto-focused chatbot, named Amy, that is based on the highly successful ChatGPT. Amy has been specifically designed to assist users in their quest to learn more about the crypto industry, providing them with information on various crypto assets and projects. The firm says that Amy is well-versed in all aspects of the crypto landscape.

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