Tesla sells $1 Billion in Bitcoin, the Ethereum Merge is almost complete, and armed men rob a Russian mining farm. These stories and more this week in crypto.

Rate Expectations Help Bitcoin Recover

The crypto market saw a sudden relief rally this week, as Bitcoin moved above $24,000 for the first time in over a month. Hopes of a less aggressive rate hike than feared from the Federal Reserve triggered the rally in both crypto and the wider markets.

Tesla Cashes Out 75% of its Bitcoin

After its highly publicized purchase of Bitcoin in 2021, Tesla cashed out almost $1 billion worth of BTC in the second quarter of 2022.  In new investor filings, the company revealed the sale that represents 75% of its Bitcoin holdings. Tesla CEO Elon Musk said they are open to increasing their bitcoin holdings in the future.

Ethereum Merge is Almost Complete

Ethereum’s highly anticipated transition from proof-of-work to proof-of-stake, otherwise known as the ‘Merge,’ could be implemented as soon as September 19th of this year. The information was made public when “a planning timeline” was shared by the Ethereum Beacon chain’s community director. The projected date brought excitement from investors and industry players, causing Ethereum’s price to spike significantly.

JPMorgan Predicts Return of Retail Demand

A report released by investment bank JPMorgan Chase predicts that retail demand will return to the crypto markets soon. According to the bank, improved investor sentiment and increased excitement ahead of the Ethereum Merge has sparked the recovery, following an “intense phase” of deleveraging which now appears to be over.

Ex-Coinbase Manager Accused of Insider Trading

A former Coinbase product manager has been accused by the US Department of Justice of insider trading. He received privileged information about coin listings as he had access to exclusive messaging groups for high-ranking Coinbase employees. The manager then sold this information during the hype obtaining approximately $1.5 million through cryptocurrency insider trading on the Coinbase exchange.

Eurozone Backs Digital Euro Over Crypto

Leaders of the eurozone’s monetary authority support Europe’s central bank digital currency over crypto. According to the post on the ECB’s site, cryptocurrencies cannot guarantee one-to-one convertibility with central bank money. They are not an efficient means of payment, especially if their value is not backed by any asset. And, in the case of stablecoins, they are vulnerable to runs.

UK Debates Pro-Crypto Legislation

The UK Treasury has unveiled its proposed crypto legislation before members of parliament. According to the proposed legislation, existing rules for banking and payment systems will be modified or extended to cover digital assets. The regulation follows a promise from the UK government to turn the nation into a crypto hub.

Masked Men Mug Moscow Mining Facility

Armed robbers raided a large crypto mining facility near Moscow. The unidentified perpetrators stole dozens of video cards in the latest incident involving theft of mining hardware, which has been on the rise recently in Russia. Authorities estimate the value of the stolen mining equipment to be around 1 million rubles.

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

Why you can trust 99Bitcoins

10+ Years

Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.

90hr+

Weekly Research

100k+

Monthly readers

50+

Expert contributors

2000+

Crypto Projects Reviewed

Google News Icon
Follow 99Bitcoins on your Google News Feed
Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!
Subscribe now
Robert McCracken
Robert McCracken
Crypto Writer

Robert McCracken is a skilled professional specializing in public relations and project management, with a keen interest in Web3 technologies. He studied at the Massachusetts Institute of Technology and Swansea University, where he developed a strong foundation in his fields... Read More

Free Bitcoin Crash Course

  • Enjoyed by over 100,000 students.
  • One email a day, 7 days in a row.
  • Short and educational, guaranteed!
Back to top