This past week has further solidified the crypto market's enduring presence. In a remarkable display of resilience, the cryptocurrency market remained strong despite Binance's CEO resigning amid charges, and the company facing over $4.3 billion in fines. Even as Binance prepares to halt its operations in the U.S., the market continues to thrive, with Bitcoin's price surpassing the $37,000 threshold and Ethereum's value hovering above $2,000.
Here's Your Weekly Crypto Recap of the major events & updates.
CZ resigns as Binance CEO
Binance's CEO, commonly known as CZ resigns just two days after he tweeted about the difficulty founders face in leaving their enterprises, noting sometimes it's necessary for the company's welfare. In addition to the company's challenges, CZ is personally liable for a $50 million fine and might face jail time, though he has been released on $175 million bail.
Bitcoin hash rate at ATH
An interesting development in the Bitcoin network is that wallets that have been inactive for over a year have hit a 70% all-time high, suggesting that many Bitcoin holders are not planning to sell anytime soon. Moreover, the Bitcoin hash rate has reached an all-time high, demonstrating the network's stability and resilience. This is especially significant as we approach the halving event next year.
Bitcoin user overpays $3 million in fees for a single transaction
In a costly mishap, a user accidentally paid a $3.1 million fee for a single Bitcoin transaction, transferring 55.77 BTC at a fee of 8.65 BTC. The identities of the sender and miner remain undisclosed, but they are expected to be revealed soon.
Santander Bank introduces Bitcoin services.
In mainstream adoption news, Spanish bank Banco Santander has introduced a new service for its Swiss account clients, enabling them to invest in and trade Bitcoin and Ethereum, marking another significant step towards integrating cryptocurrencies in traditional banking systems.
