Welcome to TechCrunch Crypto

Welcome to TechCrunch Crypto, previously known as Chain Reaction. In this newsletter, we round up the biggest and most important stories in the world of cryptocurrency and deliver them to your inbox every Thursday at 12 p.m. PT. Subscribe here to stay updated.

Hello and welcome back

Hello and welcome back to the TechCrunch Crypto newsletter. I was out last week, so there was no newsletter, but we’re back with fresh news and features. If you have any feedback, please send it to jacquelyn@techcrunch.com.

This week’s top news

This week, Bitcoin’s price surged to over $60,000 causing Coinbase’s app to crash, Telegram announced a plan to pay out rewards using toncoin on the TON blockchain, and Nigerian crypto users faced difficulties with exchanges. Let’s dive into the details.

This week in web3

Crunching numbers

The crypto market saw a buzz of excitement this week as Bitcoin and Ethereum, the two biggest cryptocurrencies by market capitalization, jumped 23.6% and 18% respectively, according to CoinMarketCap. This surge also led to a 19.4% increase in the total crypto market cap to $2.34 trillion.

With Bitcoin’s current price increase, combined with the upcoming Bitcoin halving and potential spot Bitcoin ETF approvals in January, many are speculating if the “grandfather of cryptocurrencies” will hit a new all-time high or if this rally is temporary.

Our favorite ‘Crypto Twitter’ post

ICYMI, last week many crypto enthusiasts were discussing emails from Satoshi Nakamoto, the creator of Bitcoin. While Satoshi shared many interesting things, this post by Tom Schmidt, partner at Dragonfly Capital, caught a lot of attention and even prompted some Bitcoiners to order a pineapple and jalapeno pizza. What are your thoughts on this controversial pizza topping?

The latest pod

Chain Reaction has launched a monthly series focusing on different topics and themes in crypto. This month’s theme is NFTs.

Since there was no newsletter last week, we’re highlighting last week’s episode where host Jacquelyn interviewed Steve Kaczynski, co-author of “The Everything Token” and co-host of web3 morning show Coffee with Captain. Steve also consults with agencies and brands about building their web3 strategies, including Starbucks where he leads their NFT-focused loyalty program, Starbucks Odyssey. In the episode, they discuss the importance of building understanding for the NFT sector, the future of Bored Ape Yacht Club, and what agencies and brands need to know about web3.

BONUS: This week’s episode features a conversation from June 2023 with Jack Lu, CEO and co-founder of Magic Eden. The episode offers a unique perspective on the ever-changing world of NFTs and the growth of the NFT marketplace.

Subscribe to Chain Reaction on Apple Podcasts, Spotify, or your favorite podcast platform and please leave a review if you enjoy the show!

Follow the money

This week, several crypto startups secured significant funding, including:

• Silence Laboratories, a cryptographic security startup, raised $4.1 million
• Initia raised a $7.5 million seed round
• Asymmetric Financial plans to unlock Bitcoin’s trillion-dollar potential with a DeFi fund
• Crypto wallet and exchange Backpack received $17 million in a Series A round
• Ethereum-based Etherfi raised $27 million in a round led by Bullish and CoinFund

Information for this list was collected from Messari and TechCrunch reporting.

What else we’re writing

Interested in exploring other topics outside of web3? Check out these articles from TechCrunch:

• Cryptocurrency is front and center for the world’s top-performing hedge fund this year as its founders expect a regulatory crackdown
• As Elixxir’s G-Nodes begin to go online, those running them are doing so at a loss
• Cloudflare wants to be the stock exchange for the internet with its Streaming Marketplace product
• NFTs help artists open new revenue streams— if they choose the right platform

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