As another week draws to a close, the world of cryptocurrencies has witnessed groundbreaking developments over the past seven days. Among these developments, Bitcoin, Shiba Inu, and Terra seem to be gaining the most attention among crypto market enthusiasts around the world.
Here are some of the top headlines that made headlines this week:
Bitcoin soars above 51,000
Bitcoin, the world's first digital currency, has soared above $51,000, sparking a wave of enthusiasm across the broader cryptocurrency market. This appears to be the result of a number of factors, including the recent launch of the Spot Bitcoin ETF and sentiment ahead of the halving.
Furthermore, according to a report from CoinGape Media, ETF inflows surged to $4.1 billion this week, threatening Bitcoin's supremacy over gold. Prominent financial figures like Robert Kiyosaki have hinted at an impending battle between Bitcoin and gold.
Meanwhile, Tony Edwards warned of a possible correction in Bitcoin reaching $33,000, but suggested there is an opportunity for altcoins amid this week's market volatility. Interestingly, another leading analyst predicted Bitcoin to reach $1 million, piqued the interest of crypto market enthusiasts.
Meanwhile, Bitcoin accounted for nearly 98% of digital asset investment product inflows last week.
Shiba Inu promotes optimism
This week's other buzzword, the Shiba Inu, announced a ton of new features and hit the ground running. Sharbi, a top comprehensive coin founded by Shiba Inu, announced a FETCH bridge between Shibarium, Ethereum, and Arbitrum. The newly introduced multi-chain bridge aims to reduce cross-linking time from 7 days to just 15 seconds and is attracting a lot of attention. At the same time, Shaitoshi Kusama spotlighted the launch of his SHEboshi, his ERC-404 token to jack Shiboshi with Sibarium.
Lucy, a key marketing member for Shiba Inu, announced the launch of the Shiboshi utility that facilitates seamless transactions with SHIB Barn on Shiba Inu's L2, Shibarium. Shiv magazine further promoted optimism this week. Additionally, his previously announced partnership with K9 Finance introduced the launch of his KNINE, Shibarium's liquidity staking derivatives token.
Terra sparks speculation
A follow-up proposal to KYC Proposition 12033 was put to a vote on Station Wallet this week. Proposals 12058 and 12059 were developed in stages to establish additional requirements for KYC providers and contributors to the chain.
Following this, CetriK will be recognized as a KYC provider for all L1 development on Terra Classic with 75% support.
Meanwhile, former Unified L1 Task Force (L1TF) developers have launched an 800 million USTC burn initiative to reduce the circulating supply of stablecoins by burning contract balances. Additionally, the task force was able to successfully fork the Osmosis test tube to work with Terra Classic.
The Terra Classic community also proposed establishing deep stablecoin and liquidity for the Cosmos (ATOM) token.
