This week in the cryptocurrency market proved to be an eventful one. Bitcoin transaction volumes hit all-time records, with daily activity reaching a new high. At the same time, influential figures in the crypto space took stances on the market’s recent upsurge. According to one crypto expert, investing in meme coins could yield up to 50 times returns during the next altcoin season.

A Blockstream engineer provided insights into the future of layer 2 development in the Bitcoin network, while a report from Greenfield concluded that Portugal’s Lisbon was ranked the premier destination of cryptocurrency assets. The art world saw the launch of Sotheby’s new secondary marketplace built on Ethereum and Polygon, in addition to CoinMarketCap announcing the launch of its Web3-focused show “Killer Whales”.

In the news, Coinbase revealed plans to shut down its loan offering, but the cryptocurrency exchange revealed an international product, after having an issue with the US Securities and Exchange Commission. Similarly, Binance announced plans to launch a “Binance Japan” product, while the exchange suffered a PR attack by an AI-powered chatbot. Tron’s Justin Sun issued a public apology to Binance’s founder, after an incident involving a $56.1 million deposit.

Globally, things were looking up for the crypto space. French Senators proposed a law allowing social media influencers to promote cryptocurrency. An Argentinian lawmaker suggested citizens should save their money in crypto instead of USD, while Bhutan’s Royal Government purchased BTC at $5,000 for its commercial arm to enter Bitcoin mining. Additionally, Nigerian regulators were looking for a new approach to digital asset trading, allowing asset-backed tokens to be traded, and in China, Hebei province was attempting to spur digital yuan adoption.

In the US, the North Carolina House of Representatives passed a bill that would ban state agencies from accepting CBDC payments. The SEC declined to include digital assets in a new rule requiring more information from hedge fund and private equity advisors, while several state regulators started looking into crypto projects being sold as investments. The White House proposed a 30% tax on crypto miners, while Republican US congressmen demanded answers on the Biden administration’s crypto stance. Also, in the news, Celsisu co-founder Alex Mashinsky denied any wrongdoing leading to the lender’s demise, while a Coinbase shareholder filed a lawsuit against the exchange’s nine executives. In addition, a French crypto “fraudster” had his jail sentence upheld in Morocco. On the lighthearted side, cryptocurrency enthusiasts shared 20 crypto jokes to get the market in a better mood.



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