This week has been interesting for crypto. The spotlight is falling away from Bitcoin’s (BTC-USD) quest toward new all-time highs in favor smaller tokens. Overall, trends suggest a return to last spring’s massive diversity of crypto interests.
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In particular, some of the top crypto news this week involves altcoin plays like Dogecoin (DOGE-USD) and ApeCoin (APE-USD) taking up investors’ attention. Meanwhile, institutions and the government continue to duke it out over crypto services and mining. And finally, a new class of digital asset investing is upon us via the move-to-earn model and “FitFi.”
So, without further ado, let’s get into the week’s top stories.
Top Crypto News of the Week
Elon Musk’s Twitter purchase brings attention back to Dogecoin
In one of the most unexpected twists of 2022 thus far, billionaire Elon Musk is getting ready to purchase social media platform Twitter (NYSE:TWTR) for $44 billion. After pulling together over $46 billion in financing to place a second bid for the platform, it looks like Twitter is now accepting the deal. In the wake of the news, crypto investors got to see Dogecoin prices shoot upward in 2021-like fashion. The coin appreciated 20% just as the announcement became public, bringing the world’s best-known pupcoin back into the mainstream.
A new crypto trend breaks out, paying users for exercise
I’ve you’ve ever needed a little extra incentive to get off the couch, how about making money while you work out? Fitness finance, or FitFi, is the newest breakout trend in the crypto market. A multitude of different projects are cropping up — some worth billions already — which allow users to earn passive income by tracking steps and exercising. The projects fall under the move-to-earn umbrella, inspired by the same passive income model shown by play-to-earn blockchain games.
Edward Snowden reveals role in creation of one of the world’s biggest privacy coins
Infamous data leaker Edward Snowden has been living in asylum since 2013, but that hasn’t stopped him from participating in crypto development in the States. Specifically, a person close to the Zcash (ZEC-USD) privacy coin project revealed that Snowden was one of the private keyholders who helped launch the currency back in 2016. This information has been made public for the first time since the launch of the coin, making for a bombshell twist in an already interesting story. Since the news broke, ZEC prices have been stuck on a downward trend.
Fidelity announces a crypto 401k and draws criticism from Labor Department
Earlier this week, Fidelity Investments announced a first-of-its-kind service allowing certain approved employees to contribute Bitcoin to their 401ks. This announcement has excited many crypto bulls, although perhaps none are more excited than Michael Saylor. The MicroStrategy (NASDAQ:MSTR) CEO is already adding this new service for all MicroStrategy employees. Unsurprisingly, though, the U.S. Department of Labor is speaking out against the product. A representative for the agency said the market is still too volatile and that working Americans should have safer options when investing for retirement.
ApeCoin caps off busy week with big gain, even as Yuga Labs ditches its metaverse auctions
With Bored Ape Yacht Club developer Yuga Labs preparing a land auction for its Otherside metaverse on April 30, ApeCoin saw steady gains this week. Investors accrued more and more APE for their portfolios, leading to a 50% seven-day gain for the token. Earlier today, though, Yuga announced it would be cancelling the auctions. Instead, it will conduct a more fair, flat-rate sale, allowing investors to buy plots at a fixed price of 305 APE. This news has caused a drop in APE prices today, cutting the seven-day gain to 40%.
Local governments stay split on crypto mining issues
Cryptocurrency mining has been one of the most contentious topics among policymakers this year. Many politicians have come out in opposition of the practice, citing high-energy consumption. However, others still advocate for mining because of its fiscal benefits. This divergence is showing through especially this week. In Fort Worth, Texas, local officials have elected to create the country’s first government-run Bitcoin mining operation; three mining devices will now mine BTC inside of Fort Worth City Hall. Meanwhile, lawmakers in New York have elected to advance a moratorium on crypto mining. The policy bars new non-renewably powered farms from cropping up in the state for the next two years.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.