As another week comes to a close, the world of cryptocurrencies has witnessed massive developments in the past seven days. Among these developments, Bitcoin, Shiba Inu, and Terra seem to have gained the most attention among cryptocurrency market enthusiasts around the world.
Some of the headlines that caused a lot of buzz this week are:
Bitcoin rises to 51 thousand
Bitcoin, the world's first digital currency, has risen above $51,000, sparking a frenzy across the broader cryptocurrency market. This appears to be a result of numerous factors, including the recent creation of spot Bitcoin ETFs and pre-halving sentiment, among many others.
Furthermore, Bitcoin threatened gold's dominance this week, as ETF inflows rose to $4.1 billion, according to a CoinGape Media report. Famous financial figures such as Robert Kiyosaki have indicated an imminent conflict between Bitcoin and gold.
Meanwhile, Tony Edward warned of a possible correction for Bitcoin, to $33,000, but pointed to opportunities for altcoins amid market volatility this week. Interestingly, another prominent analyst predicted that the price of Bitcoin will reach $1 million, which has piqued the interest of cryptocurrency market enthusiasts.
On the other hand, Bitcoin accounted for nearly 98% of digital asset investment product flows last week.
Shiba Inu drives optimism
Another buzzword this week, the Shiba Inu, has seen a storm of footsteps, announcing a slew of new features. Sharbi, the top overall coin launched by the Shiba Inu, has announced a FETCH bridge between Shibarium, Ethereum, and Arbitrum. The newly introduced multi-chain bridge aims to reduce the connection time from 7 days to just 15 seconds, attracting huge interest. Meanwhile, Chitoshi Kusama highlighted the launch of SHEboshi, an ERC-404 token to leverage Shiboshi on Shibarium.
Shiba Inu's leading marketing member, Lucy, has announced the launch of the Shiboshi Utility, facilitating seamless transactions along with SHIB burning on Shibarium, the Shiba Inu's L2. Shape magazine reinforced the optimism this week. Additionally, the previously announced partnership with K9 Finance provided the launch of KNINE, a liquid equity derivative token on Shibarium.
Tera ignites speculation
Follow-up proposals to KYC Proposition 12033 were put to a vote this week on the terminal portfolio. Propositions 12058 and 12059 were prepared to establish additional requirements for KYC providers and chain contributors.
Next, CetriK is poised to be recognized as the KYC provider for all Tier 1 developments on Terra Classic, with 75% in its favour.
Meanwhile, a former developer of the L1 Joint Task Force (L1TF) has begun work on burning 800 million USTC to reduce the circulating supply of the stablecoin by burning the balance in the contract. In addition, the team successfully configured an osmosis test tube to work with Terra Classic.
The Terra Classic community also proposed creating deep liquidity for stablecoins and the Cosmos Token (ATOM).
