Top Crypto News: This Week’s Biggest Cryptocurrency Headlines
This week’s top crypto news stories see the crypto industry being further entrenched in entertainment. From video games to sports to even social media companies, blockchain technology continues to grow more into the mainstream. Now, some of the biggest names across all of these industries are making headlines in the crypto world.
Binance shows support for Elon Musk with $500 million Twitter investment
It seems that Elon Musk’s $44 billion purchase of Twitter (NYSE:TWTR) will be one of the most controversial events of 2022. The billionaire entrepreneur — who has become quite the polarizing figure on the platform — is sparking much chatter around the free speech debate. Elon Musk says that, once the sale is processed, he will be shuffling Twitter’s rules to reduce censorship of content. This news has drawn criticism, with many saying Musk will bring hate speech to the platform. However, it has also seen plenty of support, much of which is coming from the crypto industry. Binance (BNB-USD) has been one of the most supportive companies of Musk’s acquisition; it is contributing $500 million toward the sale.
Yuga Labs’ Otherside metaverse sale faces backlash
Finally, Bored Ape Yacht Club developer Yuga Labs has landed itself in some hot water this week. Over the weekend, the company conducted a land sale for its Otherside metaverse, an interactive evolution of the Bored Ape non-fungible token (NFT) collection. The event was highly successful. However, it was not without criticism. The huge sale ended up sending Ethereum (ETH-USD) gas fees soaring sky-high for both Otherside land buyers and everybody else on the ETH network. Some transactions took thousands of dollars to process as a result of the bottlenecking. Users have been pointing out many easy steps Yuga could have taken to avoid the sale pratfalls.