Crypto Week at a Glance: Bitcoin narrative continues along with adoption, and a bit of Musk

economictimes.indiatimes.com:

By Analytics Team, Giottus Crypto ExchangeBitcoin (BTC)’s vicissitudes played out yet again as its price is now around $40,450, down from the intra-week high of $43,400. The coin, after having successfully navigated the US Fed Reserve interest rate hike, showed a drop of 4.8 per cent over the week. Ethereum (ETH), which was inching towards the $3000-mark last week, is trading at $3,040, a weekly dip of more than 5 per cent. Bitcoin’s demand from major investors has been decreasing, as per data. Coinbase Pro, the professional trading body of US exchange Coinbase, reported outward movement of large tranches of Bitcoin from its books. Going by reports, the tranches even summed up to 30,000 BTC in a single day this week. March also had registered similar patterns.

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DeFi is enabling developers to create new financial products like decentralised banking, decentralised money markets and decentralised asset management firms

The global story of Elon Musk putting an offer to buy Twitter has ramifications for the crypto ecosystem as well. We discuss this and other stories of the week below.Musk tweets, then buysDogecoin (DOGE) proponent Elon Musk’s seemingly casual Twitter poll on whether the messaging platform adheres to the principles of free speech has assumed larger proportions. The top shareholders of Twitter couldn’t have possibly fathomed the subsequent turn of events. Musk went on to become the largest shareholder of Twitter by purchasing 9.2 per cent of Twitter stocks. He then rejected the offer to join the board after holding discussions with the firm’s directors. And, as a latest spin, Musk has offered to buy 100 per cent of Twitter shares to allow for faster product innovation. If