Welcome to TechCrunch Crypto, previously known as Chain Reaction.
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Hello and welcome back to the TechCrunch Crypto newsletter. Last week, I was away, so there was no newsletter, but we are now back with our regular news updates and some exciting new segments and features. If you have any feedback, feel free to reach out to me at jacquelyn@techcrunch.com.
Here’s a recap of the top news this week: Bitcoin’s price surged past $60,000, causing Coinbase’s app to crash; Telegram introduced a plan to distribute rewards using toncoin on the TON blockchain; and Nigerian crypto users encountered issues with certain exchanges. Let’s dive in.
This week in web3
- Aptos, founded by former Meta employees, tests Hong Kong’s interest in crypto
- Bitcoin’s price surge led to Coinbase experiencing technical difficulties
- Telegram is set to launch ad revenue sharing next month utilizing toncoin
- Nigerian crypto users faced temporary losses of access to Binance, Kraken, and Coinbase
- Starbucks Odyssey’s community lead believes NFTs are key to fostering brand loyalty
Crunching numbers
This week, the crypto market was abuzz as Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, saw price gains of approximately 23.6% and 18%, respectively, according to CoinMarketCap data. The total crypto market cap grew by 19.4% over a seven-day period to reach $2.34 trillion.
With Bitcoin’s recent price surge, along with the upcoming bitcoin halving and potential spot Bitcoin ETF approvals in early January driving demand, many players in the crypto market are speculating whether the pioneer cryptocurrency will reach a new all-time high soon or if this rally is short-lived.
Our favorite ‘Crypto Twitter’ post
Last week, there was a lot of buzz in the crypto community about emails purportedly from Satoshi Nakamoto, the creator of Bitcoin. While Satoshi’s messages were intriguing, a post by Tom Schmidt, a partner at Dragonfly Capital, on X garnered significant attention, even prompting some Bitcoin enthusiasts to indulge in pineapple and jalapeno pizza. Would you try it?
Image Credits: Tom Schmidt on X(opens in a new window)
The latest podcast
Chain Reaction is currently running a monthly series exploring various topics and themes in the crypto space. This month’s focus is on NFTs.
Since there was no newsletter last week, we’re highlighting the previous episode, featuring an interview with Steve Kaczynski, co-author of “The Everything Token” and co-host of the web3 morning show, Coffee with Captain.
Jacquelyn and Steve delved into topics such as NFT adoption, Starbucks’ NFT-based loyalty program, essential aspects for agencies and brands in the web3 realm, and tips for entering the NFT space.
