Here is What Happened in Crypto Last week
The market sees a number of challenge along with exciting news that change the trajectory of the crypto landscape
This week, the crypto market saw significant developments that shaped the market’s trajectory. Below is a summary of the top crypto events.
On September 23, 2024, 42 members of Congress sent a letter to US Securities and Exchange Commission (SEC) Chair Gary Gensler urging him to permit banks to offer custody services for Bitcoin. This action directly challenges the SEC’s current stance, as articulated by Chief Accountant Paul Munter.
During his remarks at the 2024 AICPA & CEMA Conference on Banks and Savings Institutions Accounting for Crypto-Assets Safeguarding Obligations, Munter emphasized that banks are not authorized to hold custody of Bitcoin or other crypto assets. He stated that such arrangements fall outside the scope of Staff Accounting Bulletin No. 121.
Breakpoint Solana and Microstrategy Stock Surge
Late last week, many attended the Breakpoint conference held in Singapore. The event was a key gathering for the Solana ecosystem, attracting a wide range of developers, enthusiasts, and investors.
Meanwhile, MicroStrategy’s stock has surged by over 1,000% since the company embraced Bitcoin, significantly outperforming both Bitcoin’s impressive 425% rise and the S&P 500’s 70% gain over the same period. This bold strategic decision is a testament to the transformative power of vision and decisive leadership.
Since its 2020 entry into the cryptocurrency market, MicroStrategy’s stock (MSTR) has consistently outperformed every company listed on the S&P 500, demonstrating the potential of a well-timed and strategically executed Bitcoin strategy.
Crypto Market Surges Despite Some Disappointment
On Friday, September 27th, Bitcoin (BTC) surged past $66,000, a milestone not seen since August and a testament to the cryptocurrency’s remarkable 29% climb over the past three weeks. A confluence of factors, including renewed investment in Bitcoin ETFs and significant macroeconomic shifts in the global market drove prices higher.
The highly anticipated Hamstar Kombat token ($HMSTR) officially launched today, Thursday, September 26th. However, the question on everyone’s mind is whether it lived up to the hype. Hamster Kombat, a game that allows users to adopt virtual hamsters and climb the corporate ladder to become CEO, has amassed a devoted global following of over 240 million players since its March release.
Despite high expectations, the $HMSTR token has experienced a significant dip, falling over 20% from its peak price of $0.015000 in the futures market. Many players have taken to X (formerly Twitter) to voice their disappointment with the current price, expressing concerns about how this will impact their anticipated rewards.
