In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of April 10. Our focus will be on the following developments:
- FTX Considering a Relaunch
- Ethereum’s Shanghai Update is Live
- Uniswap Launches Mobile Wallet
- Twitter to Enable Crypto and Stock Trading
FTX Considering a Relaunch
FTX, the cryptocurrency exchange that made headlines when it collapsed in November, is reportedly considering reopening its operations soon. As per Decrypt, the announcement was made during an April 12 hearing in the United States Bankruptcy Court for the District of Delaware, where lawyers representing FTX revealed that the company had recovered approximately $7.3 billion in liquid assets.
According to the legal team from Sullivan & Cromwell, which represents FTX, restarting the exchange is just one of many potential options being considered as the company navigates bankruptcy.
However, if this path is taken, it would require significant capital to be raised. Moreover, the legal team suggested that FTX could restart its crypto exchange operations sometime in the second quarter of 2024, offering a reboot as early as April of that year.
The announcement significantly impacted the price of the FTX token, which surged from $1.32 to $2.80, an increase of more than 112%. This price jump follows a statement by FTX’s current CEO John J. Ray III, in January, where he said that he had tasked a group with exploring a restart of the exchange’s international arm. Although gains of nearly 100% may sound impressive, the token remains down more than 97% from its all-time high of $84.18, set in September 2021.
FTX’s possible relaunch comes at a time when the cryptocurrency industry is facing increased scrutiny from regulators worldwide. It remains to be seen how the exchange plans to navigate these challenges and regain investors’ trust after its high-profile collapse.
Ethereum’s Shanghai Update is Live
The highly anticipated Shanghai update for Ethereum has finally gone live on Wednesday night. The update marks a significant milestone for the second-largest cryptocurrency by market cap, as Ethereum has successfully transitioned to a Proof-of-Stake (PoS) consensus mechanism.
Last September, Ethereum executed a highly anticipated merge event that forever changed how ETH is created and validated on the Ethereum network. The upgrade transitioned Ethereum to a PoS consensus mechanism, in which users stake ETH with the network to validate on-chain transactions and earn newly generated ETH as a reward. Since ETH staking debuted in 2020, participants have deposited over $34.56 billion worth of ETH with the network.
Though, users were able to access their rewards just now. With the implementation of the Shanghai upgrade, the dividends generated by staked ETH are now available for withdrawal. The Ethereum blockchain is currently processing withdrawals at just 55.4% of its capacity, as many validators have requested to unstake ETH following the upgrade. This has led to a two-week backlog in the queue to get the cryptocurrency out, as reported by Coindesk.
Despite the potential for a dump with the influx of new ETH hitting the markets, the price of ETH still managed to hit $2,000. The market’s response to the Shanghai upgrade has been positive, and the latest developments on Ethereum’s network are likely to generate further interest in the cryptocurrency.
Uniswap Launches Mobile Wallet
Uniswap Labs, the company behind the popular DeFi trading platform Uniswap, has announced that its mobile Wallet is now available on Apple’s App Store for users in the United States and select other countries. The Uniswap Wallet iOS app is an open-source mobile wallet that allows users to trade crypto assets on Ethereum, Polygon, Arbitrum, and Optimism.
The Uniswap Wallet also offers a competitive 2.55% fiat on-ramp fee, enabling users to buy crypto, view NFT details, select favorite tokens and wallet addresses, and explore different cryptocurrencies. In addition to these features, the Uniswap Wallet can be connected to any Ethereum app through Wallet-Connect, making it a versatile tool for those in the DeFi space. Users can back up their accounts by either writing down their seed phrase or encrypting their key with a password and storing it in iCloud. These features encourage users to take custody of their crypto assets.
While the Uniswap Wallet already has plenty of competition, including MetaMask, Coinbase Wallet, and Robinhood’s wallet app, its creators are confident its features will help it stand out. The company’s mobile Wallet has been approved for use in several countries worldwide, and it plans to expand to other countries as soon as Apple lets it. It is worth noting that Apple’s relationship with crypto has historically been quite conservative, as it has previously removed crypto-related apps from its App Store. Still, it has also shown a willingness to work with crypto firms in recent years.
It remains uncertain if and when the Uniswap Wallet will be available on Google Play Store. Still, the company’s continued efforts to expand its reach demonstrate its commitment to providing users with a high-quality DeFi trading experience.
Twitter to Enable Crypto and Stock Trading
In a move that could significantly impact the world of finance and social media, Twitter has announced a partnership with eToro that will allow Twitter users to trade stocks, crypto, and other assets directly through the platform. The social investing firm, founded in Israel in 2007, has gained popularity for its unique feature that allows users to mimic the trading strategies of other eToro users.
Under the partnership, users can browse market charts for a wider variety of assets and execute trades on eToro for everything from stocks to cryptocurrencies, as per Cointelegraph. This will be done by using the “Cashtag” feature on Twitter. Although Twitter’s Cashtag feature already allows users to view real-time trading data from various platforms, this partnership with eToro will expand the feature to include more instruments and asset classes, including crypto trading. The social media platform will also feature a “View on eToro” button that will take users to the eToro site.
According to eToro CEO Yoni Assia, the partnership will help the firm reach new audiences and better connect the brands of Twitter and eToro. Assia noted that eToro sees a lot of its users interacting on Twitter and educating themselves about the market. He also praised Twitter for providing high-quality, real-time content about financial happenings around the world.
This partnership is another step for Twitter to increase profitability and could bring a lot of traffic to the platform. Elon Musk, Twitter’s CEO, has expressed a desire for Twitter to become an “everything app” and “the biggest financial institution in the world,” This move takes Twitter one step closer to his goal.