This past week in the crypto world has been buzzing with a ton of attention-grabbing developments. Some of the hot topics that have caught global attention border around GameStop, OpenAI, Tornado Cash Developer, Shiba Inu, and Spot Bitcoin ETF.
These topics have sparked interest and discussions among crypto enthusiasts worldwide. Here’s a recap for those who missed out on the stories.
GameStop Resurges
GameStop surged 61% due to increased interest from retail investors. The stock market is influenced by various factors, including investor sentiment and overall market conditions.
Roaring Kitty who played a big role in GameStop’s previous rally, resurfaced after 3 years and sparked interest with a new post. Memecoins like Dogecoin, Pepe, and Floki are also gaining popularity, with Dogecoin being Elon Musk’s favorite.
Similarly, AMC Entertainment’s stock rose 21.31% in a single day to $3.53 but remains significantly below its all-time high of $72.62. As meme stocks like GameStop and AMC soared, investors showed eagerness to see if the gains will be sustained.
VanEck’s MarketVector Indexes now track top memecoins, and market watchers are curious about their future rankings.
OpenAI Sparks an AI Renaissance with GPT-4o Launch
OpenAI unveiled GPT-4o (omni), a versatile model accepting text, audio, and images as inputs, with outputs in the same formats.
It responds to audio inputs in just 232 milliseconds, matching GPT-4 Turbo in text tasks and excelling in coding intelligence, multilingual, audio, and vision processing.
GPT-4o addresses safety with data filtering and post-training refinement, evaluated based on the Preparedness Framework. Its capabilities will be incrementally launched with extensive testing via red team access.
Developers can access GPT-4o through the API, with support for audio and video capabilities coming soon to trusted partners.
Tornado Cash Developer convicted for devious Crypto scam
Alexey Pertsev, developer of Tornado Cash, has been sentenced to over five years for supporting the laundering of $1.2 billion in cryptocurrency, including funds from the North Korean Lazarus Group.
The Dutch court found him guilty of enabling this laundering between July 2019 and August 2022. One judge stated that Tornado Cash is designed for criminals. Pertsev’s representatives have 14 days to appeal.
The US imposed sanctions on Tornado Cash in 2022, making it illegal for US citizens. Roman Storm, the co-founder, is also facing charges in the US. His trial is set for September in New York.
Heavy Shiba Inu Transfer into Robinhood Turns Head
In a surprising twist, a mysterious whale sent a staggering 3 trillion SHIB tokens to Robinhood. This happened before memecoin whales transferred over 1.75 trillion tokens from Robinhood to an unknown wallet.
The crypto community is buzzing with intrigue over this anonymous and significant transfer, valued at around $75 million.
SHIB’s value surged by 12.2%, with 3.5% of that increase happening just before the transfer. This transfer to Robinhood is part of a trend of increased activity among SHIB whales.
This week, Cumberland, a major crypto trading firm, sent 144 billion SHIB tokens to Coinbase while another deposit of 63.2 billion SHIB was made to OKX and undisclosed destinations.
Top 5 Corporate Holders of Spot Bitcoin ETF Revealed
After the SEC approved the spot Bitcoin ETF, Millennium Management takes the lead with a whopping $1.8 billion investment. It holds significant stakes in iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Trust (FBTC), and Grayscale Bitcoin Trust (GBTC), showcasing a diversified approach.
Other players like Susquehanna International Group, Horizon Kinetics, Bracebridge Capital, and Boothbay Fund Management also made strategic investments, reflecting diverse strategies and risk appetites.
This accumulation highlights the growing influence of corporate giants in the cryptocurrency market and their impact on Bitcoin ETFs. Even JPMorgan and Bank of Montreal have joined the party, revealing their own Bitcoin ETF holdings.