Bitcoin price recovers 10% after hash rate drop caused by new miner closures in China, and the crypto community defends Bitcoin's fundamental principles. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍The price of Bitcoin (BTC) recovered 10% this Sunday after a fall that took it to $33.000. The drop in the network's hash rate caused a drop in the price of the cryptocurrency, although this time it was less pronounced than in previous situations. In the morning hours of this Sunday, the price of the cryptocurrency fell to $33.000 per unit, but a few hours later the price of bitcoin recovered to reach $36.000 again. At the time of this edition, the cryptocurrency is trading at a value of $35.700 per unit.
📍The drop in Bitcoin's hash rate was caused by China's new restrictions on network miners. Sichuan province announced new measures against Bitcoin miners, who must close their operations in the region by next Friday. However, the authorities have already closed about 26 bitcoin mining farms, causing a new drop in the hash rate of the network.
At the time of this edition, as shown by data from Blockchain.com, the network hash rate is close to 125,13 EH/s. Before the miner shutdowns in Sichuan, Bitcoin’s hash rate was above 130,3 EH/s, which represents a drop of almost 4%.
📍The crypto community reacts to the alleged official Bitcoin delegation that arrived in El Salvador led by Brock Pierce. On Twitter, the controversial American entrepreneur announced who met with officials from El Salvador, as an “ambassador” and representative of “the official Bitcoin delegation.” Pierce’s statements were quick to spark various reactions of rejection from the crypto community, which warns the governments of the world about the non-existence of such ambassadors or of an “official” delegation of the cryptocurrency.
Comments like “No one is an “official” Bitcoin person. Everyone is welcome and no one can control it”; “There are no official bitcoin ambassadors”; “Mr. Pierce is not a good representative of Bitcoin” y “These self-appointed bitcoin ambassadors are probably looking for something more” are some of the responses that can be read in Pierce's post. On the other hand, Samson Mow, CEO of Blockstream, also made it clear to the government of El Salvador and world leaders that there is no official delegation for Bitcoin. Mow called for caution and stated that anyone who contacts them or their ambassadors to receive such a delegation “He is a scammer”.
The crypto community's rejection of Pierce's claims shows that the concept with which Bitcoin was born is more alive than ever and that the community is willing to defend the fundamental principle of the existence of BTC: be a completely decentralized, free and autonomous financial system, which does not require the control of “official” delegations or self-appointed and corruptible ambassadors.
Bitcoin and Blockchain Adoption
📍In Paraguay, Grupo Cinco will begin accepting cryptocurrency payments at 24 of its locations. According to the published announcement, Grupo Cinco will accept bitcoins, ethers, shibas and chilizs in its establishments next month. The company explained that it is innovating in payments with cryptocurrencies, to take “a step towards the future”.
In Paraguay, Congressman Carlos Rejala is promoting a bill to allow the adoption of bitcoin in the country to attract a significant number of investors.
📍In Canada, the Canadian Elite Basketball League will offer bitcoin salaries to its professional players. In a release Recently, the CEBL reported on a partnership with a local cryptocurrency platform to pay part of the salaries in cryptocurrencies to sports players who so wish. The basketball league reported that it is the first professional sports league in North America to offer its players payments in Bitcoin.
📍Russian billionaire Oleg Deripaska has slammed the Russian Central Bank for refusing to embrace cryptocurrency innovation. On Telegram Deripaska he highlighted Even El Salvador has realized the importance of digital assets in today's economy, while the Central Bank of Russia continues to build a “wall of superstition” around cryptocurrencies.
NFT and DeFi Markets
📍Dallas Mavericks owner Mark Cuban has revealed that he will be releasing NFTs associated with tickets for the upcoming NBA season. In his participation in Gary Vaynerchuck's podcast, Cuban explained that could turn NBA game tickets into unique collectibles by linking them to tokens NFT. This will add value to the tickets for the games that can then be traded on secondary markets, Cuban explained. In his opinion, through technology blockchain and NFTs there are no limits to the value we can add to any object.
Rules and Regulations
📍The U.S. General Services Administration is auctioning off bitcoins and litecoins seized from a taxpayer who defaulted on tax payments. According to reported The auction of the cryptocurrencies began on Friday and ends today, with a total of 8,93 BTC and 150,2 LTC. In total, both cryptocurrencies are worth $377.000, the agency said on its website.
📍In the UK, TSB bank announced that it will ban its millions of active customers from trading on cryptocurrency platforms. According to report The Times reported that the bank is concerned about potential scams that may occur within some cryptocurrency platforms that offer services globally. The bank said that about 850 of its customers had suffered losses or thefts when opening accounts on certain platforms. exchanges with low security measures. TSB has around 5,4 million customers.
Continue reading: More than 2 million Britons are using cryptocurrencies, according to the FCA
