Blockchainreporter Weekly News Roundup – Crypto Market Recovers

After the recent banking downturn, the crypto industry is now witnessing a return. This week has seen a few instances of this reversal. The strict regulatory regime in the US has also witnessed a reaction from the crypto space. In this respect, some bold steps have been taken by the entities and a positive response is also expressed by the prices of the well-known crypto assets.

HSBC Holdings Plc to Purchase Silicon Valley Bank UK

Recently, a top banking solution-providing company HSBC Holdings Plc has declared that the platform’s subsidiary in the UK is buying the crypto-supporting Silicon Valley Bank UK Limited. The deal of this acquisition is being done for £1. The company added that the total loans taken by SVB UK have a valuation of up to £5.5bn. In addition to this, SVB’s cumulative deposits had a worth of nearly £6.7bn. The existing resources are to be utilized for the respective acquisition contract. HSBC Group’s CEO labelled this contract to be a beneficial move within the UK jurisdiction.

Coinbase Reacts to the Enforcement Tricks of the SEC by Filing Amicus Brief

A few days back, Coinbase (a prominent crypto exchange) responded to the US SEC’s mounting crypto crackdown on the cryptocurrency market. An insider trading case was recently filed by the US securities regulator against a former Coinbase employee named Ishan Wahi. In reaction to this, the crypto exchange has submitted an amicus brief and persuaded the court to dump the lawsuit.

As per the amicus brief, the crypto exchange is not involved in listing securities. However, the platform mentioned that it would be eager to do so if the regulator provides clear guidelines. It additionally condemned the regulator for prioritizing ill-advised lawsuits for the development of adequate registration options or rules.

OKX Ventures Invests a Huge Amount in Scroll for Improvement in the Ethereum Scalability

The well-known crypto exchange OKX’s investment division named OKX Ventures has declared a strategic investment targeted at the open-source platform Scroll that uses zkRullup. The investment focuses on the crypto exchange’s objective of supporting the endeavours that enhance the scalability of Ethereum with the use of technologies like zkEVM and zkRullups. This would assist in minimizing the transaction burden experienced by the existing Ethereum blockchain and the transfers would be processed off-chain before returning on-chain.

Burn Rate of Shiba Inu Spikes by 1,322% after the Launch of PuppyNet

Shibburn, the website tracking the burn rate of SHIB, has recently disclosed that the community remained successful in disposing nearly of 0.5bln SHIB tokens just in one day. This has raised the burn rate to a great extent. Since the release of PuppyNet (a beta test platform of Shibarium) a few days back, the reports have pointed out huge SHIB burns over the recent days.

Shibburn says 454,985,165 SHIB tokens have been transacted to dead-end addresses cumulatively in 1 day. As a consequence, the token’s burn rate went beyond the 1,322% level. In addition to this, the price of SHIB surged by nearly 6.58% within 24 hours. Nonetheless, a loss of nearly 4.36% was witnessed in the token’s market value after that. The current price is nearly $0.00001121.

Bitcoin Gets Back to 27K, Expresses a Bullish Momentum for other Crypto

The primary crypto Bitcoin is again making efforts to regain its former highs. Bitcoin has remained successful in touching the $27K mark. At the moment, BTC is trading at approximately $27,028. This demonstrates a price increase of more than 6.5% in recent days. Along with this, Bitcoin’s market capitalization has also witnessed a significant increase, reaching the $549,070,761,254 spot. Irrespective of this increase, the trading volume of the primary crypto has recorded a decline of almost 6.80% in the meantime.