Weekly Wrap: Bull run for Bitcoin, Chainlink and more

Your weekly crypto updates, in less than 5 minutes.

Bitcoin recovers weekly losses

It looks like Bitcoin and other cryptocurrencies are recovering, after the Bitcoin price went below $18,700 on Wednesday, dragging the rest of the crypto market down with it. On Thursday and Friday, Bitcoin recovered its weekly losses, breaking through the $21,000 mark. This recovery came despite the European Central Bank raising interest rates by 75 points on Thursday, attempting to slow down the soaring inflation rates, which was expected to push the stock and crypto markets towards a more bearish trend.

Bull run for Chainlink

Chainlink’s price had been down in the past few weeks with an 11.8% price drop in the last 30 days. But this week has been different for the oracle network that seems to be rallying alongside the rest of the crypto market. In the past seven days, LINK has increased by over 11.23%, reaching a seven-day high of over $7.98, with an 11.94% increase on Friday alone.

Solana NFT Marketplaces in a Growth Spurt 

While Ethereum-based NFTs are struggling to regain momentum, Solana’s NFT user base went up from 90K to 109K this week, recording an increase of more than 20%, with a notable surge in trading volume. Last week Magic Eden, Solana NFTs marketplace, saw a seven-day volume of over $19 million, with this number doubling this week. This growth can be due to the much anticipated Y00ts NFT collection that dropped this week. Y00ts is looking to take second place in the Solana NFT charts, aiming to bring people over from the Ethereum NFT space to Solana. 

First Anniversary for BTC as a legal tender in El Salvador

El Salvador, the first country to make Bitcoin legal tender, is celebrating its first anniversary of including Bitcoin in its financial system. The enforcement of the “Bitcoin Law” was part of government efforts to compensate for the hyperinflation of the US Dollar. However, markets have not been favorable as Bitcoin struggled throughout the bear months. The decision to adopt Bitcoin as a legal tender did not really help El Salvador’s relations with financial institutions worldwide either. The International Monetary Fund (IMF) paused a $1.3 billion loan to El Salvador in January 2022 after the country disregarded IMF’s requests to reconsider its Bitcoin experiment. 

Ethereum Name Service sues GoDaddy

True Names Ltd, which owns Ethereum Name Service (ENS), is suing the web hosting service platform, GoDaddy. True Names claims GoDaddy falsely announced the eth.link domain had expired and it had been sold to a third party. According to the claims, GoDaddy went ahead and sold it to another buyer without contacting Ethereum Name Service and ignoring their multiple attempts to reach out. The other party which acquired the domain, Dynadot, then sold the domain name at an auction for $852,000 to Manifold Finance, which currently holds it.

Polygon is scaling its resources 

Polygon is looking to make a big expansion of its human resources. The Dubai-based Ethereum scaling platform enables developers to build scalable, user-friendly dApps. Approximately 500 people are working full-time around the globe at Polygon now, and the company plans to increase its workforce by 40%, or around 200 people, according to a Bloomberg report. This announcement has larger implications, as it comes during a time when the crypto industry has been going through a major layoff round, following the market downtrend.