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Crypto This Week – Week 46

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Red light! Green light! Red Light! BTC had a rough week, beginning with downward price pressure from short-term profit taking leading to leverages being liquidated. Twitter CFO ruling out crypto investments and rumours surrounding regulatory developments are also possible reasons for the pullback. On Thursday, however, Bitcoin dropped by 6% to fall to a one-month low of $56,600.

By the people, For the people, Who the people? - A group of cryptocurrency investors known as Constitution DAO pooled money to try to buy a rare copy of the document and raised $40m to do so. Despite the huge amount of money raised, the group failed to buy the document. Auction house Sotheby's sold an early copy of the Constitution Thursday for $41m. The group wanted to buy it and had planned to partner with another entity to display it. The group said those who contributed funds "will be able to get a refund of your pro rata amount (effectively minus gas fees) through Juicebox."

Acala network has secured first place in Polkadot’s parachain auctions, with over 81,000 stakeholders locking up their funds in the crowdloans. The decentralised Layer-1 smart contract platform, recently won the first slot on the parachain auction on Polkadot with a total of 32,515,989 DOT ($1,250,895,296) locked from the contributors. This teacher’s pet is always the first to win.

Santander, a leading financial institution in Spain, is preparing to offer a Bitcoin ETF to its customers in the country. This positions the company to be the only financial institution interested in offering this type of product to its customers in Spain.

The Staples Center will become Crypto.com Arena in a reported $700m naming rights deal. The downtown Los Angeles home of the NBA's Lakers and Clippers, the NHL's Kings and the WNBA's Sparks will change its name after 22 years of operation.

Gemini announced that it had closed a $400m equity growth funding round at a valuation of $7.1bn, marking the first time the firm had sought outside financing. Morgan Creek Digital led the round with participation from 10T, ParaFi, Newflow Partners and Marcy Venture Partners to name a few. The crypto exchange will allocate capital from this funding round to build the decentralised Metaverse. Game’s not over, Zuck!

AMC Theatres will accept shiba inu (SHIB) as payment through BitPay wallets within two to four months. The largest movie theater chain in the US already accepts bitcoin, ether and other cryptos. Shiba’ust be doing something right?

Nothing in this article constitutes professional and/or financial advice. The content is provided exclusively for informational and/or educational purposes. Nothing is to be construed as an offer or a recommendation to buy or sell any type of asset. Seek independent professional advice in regards to financial, tax, legal and other matters.

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