Posted April 17, 2023
By Chris Campbell
Crypto Buzz: Shanghai → Bitcoin Boom → Bitcoin Bust → More
Successful upgrades and soaring prices. This is what we like to see in Crypto.
Let’s take a look at last week’s top stories.
Shanghai Goes Live
Ethereum’s long awaited Shanghai (also known as Shapella) upgrade went live on Wednesday.
The update that allows users to withdraw their staked Ether (ETH) was implemented without issue.
Despite Shanghai making it easier to sell off formerly locked ETH, its price topped $2000 for the first time in almost a year.
You can read more about the update here.
Bitcoin Crests $30k
Bitcoin also hit 10-month highs as it saw its price clear the $30k benchmark on Tuesday.
For a breakdown on what led to the surge and what to expect going forward, you can read more here.
Stolen Bitcoins Recovered
50,000 stolen Bitcoins were found on a computer hidden in Cheetos popcorn tin.
The coins were stolen by James Zhong of Gainesville, Georgia off of the “Silk Road Marketplace” - a dark web market where crypto is used to purchase shady goods and services.
At the time of the seizure, the stolen cryptocurrency was worth $3.4 billion.
You can read more on this bizarre story here.
Gensler Under Fire
In response to what many consider to be regulatory overreach by the SEC, Ohio Congressman Warren Davidson will introduce legislation to replace its Chairman, Gary Gensler.
Rep. Davidson said in a statement…
“To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides).”
Gensler has been on a long crusade of fines and regulations aimed to limit crypto’s presence in the United States.
You can read more on the proposed legislation here.