Crypto Market This Week: Sony, Telegram CEO & OpenSea Seize Attention

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As a seasoned researcher with years of immersion in the dynamic world of cryptocurrencies, this week has been nothing short of exhilarating. The crypto market is not just a field of study for me; it’s an ever-evolving playground that keeps me on my toes.

This past week in the cryptocurrency market saw significant advancements throughout the wider sector. Notably, Sony entered the Ethereum L2 arena, a major step forward. Meanwhile, the CEO of Telegram found himself under scrutiny in a courtroom setting. Additionally, OpenSea attracted attention from U.S. Securities and Exchange Commission lawyers.

Here’s a quick rundown of some notable cryptocurrency news stories from this past week that have sparked excitement throughout the wider sector.

Crypto Market Updates: Sony Launches Testnet For Ethereum L2, Telegram CEO Under Legal Supervision

This week, Sony Group’s blockchain affiliate initiated the testing phase for its Ethereum layer 2 solution, Soneium. The testing platform, named Minato, was optimized through a collaboration between Sony and Web3 firm Startale.

In France, Telegram CEO Pavel Durov faced legal challenges due to the alleged use of the app in illegal activities. He was arrested and held for an extended period. Eventually, on August 29, he was released but is still under court oversight at this time.

1. Notable figures like Elon Musk and RFK Jr voiced strong objections to the arrest, along with numerous others. Meanwhile, the TON blockchain experienced an interruption of around six hours this week, causing concern among investors.

OpenSea Gets Wells Notice

This week, the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to NFT marketplace OpenSea. According to CoinGape Media, this move by the SEC is due to their belief that the digital collectibles traded on the platform resemble securities.

Based on this occurrence, Ripple‘s General Counsel Stuart Alderoty hinted that the Securities and Exchange Commission could potentially lose another court case, using past records as evidence. This legal battle has ignited vigorous debates within the international cryptocurrency sphere.

Additionally, it’s important to mention that the lawsuit arose simultaneously with Donald Trump’s debut of his 4-piece NFT collection. This incident has attracted more interest towards the subject.

Other News From The Broader Crypto Market

Meanwhile, several significant occurrences transpired within the cryptocurrency industry this week, influencing overall market perceptions. For instance, Kraken initiated futures trading for Shiba Inu (SHIB), Pepe Coin (PEPE), and Dogwhatever (WIF).

Conversely, there was a surge of positivity in the wider market regarding the potential price fluctuations of Bitcoin and other cryptocurrencies, as the anticipated U.S. Personal Consumption Expenditures (PCE) Inflation figures showed a decrease compared to expectations for July. Specifically, the PCE Inflation remained steady at 2.5% in July, identical to the figure from the preceding month.

Notably, there’s a documentary about Ripple (XRP) coming out on Amazon and Apple TV in November. Meanwhile, Ethereum co-creator Vitalik Buterin has refuted allegations that he sold any ETH earnings, despite his Eth holdings apparently decreasing.

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2024-09-01 08:36