This Week in Bitcoin: BTC Remains Stable Around $84k

Following last week's tariff-caused drama, this was a relatively quiet week in crypto. Bitcoin remained stable around $84k.

Last week brought a no-tariff-induced drama when a major tech issue at AWS caused much of crypto to go offline on Tuesday. It was a stark reminder that the decentralized economy isn't always that decentralized, and that the industry relies on centralized services like AWS for its operations.

Highlighting the interconnectedness of crypto and traditional markets, Bitcoin and other major cryptos slipped on bad news for Nvidia, a key chipmaker for crypto mining rigs.

Mantra, a project focused on real world assets, saw a staggering 90% decline in a single day. Explanations varied, with the company attributing it to “force liquidations” by exchanges and analysts citing a lack of user activity.

EigenLayer, a leading name in restaking, rolled out a “slashing” feature for its liquid staking protocol in response to concerns over the security of staked assets.

OKX, a major crypto exchange, announced plans to set up in California following a $500 million settlement with the SEC over claims it operated in the U.S. without a money transmitter license.

In personnel news, Kraken laid off “hundreds” of staff ahead of an expected IPO next year. Coinbase became embroiled in a "front running controversy" linked to a curiously named token on its Base L2.

Privacy advocates reacted with alarm to rumors that Binance was about to delist Zcash following a long decline in the value of privacy coins.

In D.C. news, a new wave of crypto lobbyists descended on the capital, aiming to influence legislation and regulations.

Friends With Benefits, a social club for creative technologists, launched a new program to build Web3 products in music, film, publishing and other endeavors.