Crypto Headlines of The Week: Binance, Bitcoin, OpenAI, And Microsoft Induce A Frenzy

The week ends with significant developments made within the crypto realm. According to reports, some of the top headlines that gained noteworthy attention from crypto market enthusiasts are listed below, encompassing Binance, Bitcoin, OpenAI, and Microsoft.

The Binance Saga

Binance, one of the world’s top cryptocurrency exchanges, recently amassed attention throughout the crypto industry as its CEO, Changpeng Zhao, recently pleaded guilty to federal charges revolving around US anti-money laundering laws and agreed to pay a $4.3 million settlement to the US Department of Justice (DoJ).

Following this, Zhao stepped down as the CEO of the company, although the firm was allowed to operate. Subsequently, the crypto prices globally crashed amid rising concerns among crypto market enthusiasts. However, the market recovered soon following Binance’s $4.3 million settlement.

Meanwhile, Binance also saw a massive increase in outflows following the guilty plea. The firm noted approximately $1.2 billion in net outflows over the past week. Interestingly, prior to the guilty plea, the firm marked $2 billion in monthly inflows.

Moreover, following the money laundering chronicle, Binance CEO CZ was denied leaving US soil before his February sentencing.

OpenAI and Microsoft’s Ventures

The realm of AI was taken by storm as OpenAI recently announced the firing of Sam Altman from its board of members. Although fired, Altman soon returned back to Open AI, just days after his ouster.

At the time of Sam Altman’s firing, one of the most significant tech giants, Microsoft, approached OpenAI’s ex-CEO with motives to hire him. The realm of AI witnessed quite the buzz once again as Microsoft officially announced that it had hired Sam Altman. Moreover, OpenAI ex-president Greg Brockman was also hired along with Altman.

However, Altman returned as the CEO of OpenAI on November 22, followed by Greg Brockman’s return as the president of the company. Interestingly, during Altman’s absence, OpenAI turned to ex-twitch CEO Emmett Shear, reportedly.

Also read: SHIB Burn Rate Plunges 40% Amid Shiba Inu Price Surge

Bitcoin Crosses The $38000 Mark

Bitcoin, a leading cryptocurrency globally, reaffirmed its supremacy in the cryptocurrency universe, recently surpassing the $38,000 threshold for the first time this year.

Despite a subsequent dip in price, Bitcoin sparked considerable speculation among cryptocurrency enthusiasts, fueled by its remarkable surge over the preceding days.

The aforementioned price surge primarily appears to come forth as a result of two major contributors- Binance’s legal woes and speculations over the approval of a Bitcoin spot ETF.

Interestingly, recent talks about the possible approval of a Bitcoin spot ETF has ignited speculations among crypto investors and traders, coinciding with a notable surge in the Bitcoin price.

Also read: Binance CEO Richard Teng Unveils Vision For Web3 Dominance