Investors are taking advantage of Bitcoin's new drop in value to accumulate more cryptocurrencies, while auction house Phillips announces its first cryptocurrency auction. This and more news in this handy daily summary so you are always informed with those most recent events that happen within the crypto world.
Cryptocurrencies and altcoins
📍The price of Bitcoin (BTC) falls 12% this Wednesday and traders take the opportunity to accumulate more cryptocurrencies. Bitcoin saw its value negatively affected after the United States government announced the seizure of more than $2 million linked to the DarkSide hacker group, accused of the ransomware attack suffered by the Colonial Pipeline oil pipeline company weeks ago.
However, the news is not entirely negative for the crypto community, since GlassNode data show that traders and investors are taking advantage of the decline that Bitcoin has been experiencing since the end of May to accumulate more cryptocurrencies, and increase their holdings.
📍While Bitcoin and the main cryptocurrencies in the market sink, Theta tokens, THETA and TFUEL, seem to resist before the arrival of new network updates. Theta developers aim to have Theta Mainnet 3.0 ready by the end of this month.
At the time of writing, THETA is trading with a value of $8,59, while TFUEL maintains a price of $0,55 per unit.
Bitcoin and Blockchain Adoption
📍MicroStrategy is offering another $400 million in senior secured notes due 2028 to raise funds and multiply its bitcoin holdings. The company run by bitcoin evangelist, Michael saylor, reported that is creating new subsidiaries, MicroStrategy Services Corporation y MacroStrategy LLC to have a more elegant organizational structure to continue your Bitcoin investment path.
📍Xetra, the electronic trading platform of the German Stock Exchange Deutsche Boerse, signed an agreement with CoinShares to integrate its Bitcoin, Ethereum and Litecoin ETPs with physical backing. According to release of the digital asset management company, the integration of its 3 stock investment products allows investors easier access to cryptocurrencies and digital assets, offering greater exposure to crypto assets and driving their growth and expansion in the markets .
NFT and DeFi Markets
📍The Phillips auction house, headquartered in London, opened the auction of its first work of art in physics in bitcoin. Phillips published a release pointing out that the work “Laugh Now Panel A” by Banksy is the first work of art auctioned in bitcoin by the house since June 8.
Collector Amir Soleymani told a Phillips representative that Banksy and cryptocurrencies are closely related, as the artist protests against political, social and economic injustice through his art, while Bitcoin and cryptocurrencies were born as a protest against dominance of central monetary systems.
📍On Rarible, media artist Floyd Hayes is auctioning himself off as a token NFT. According to release, Hayes wants to experiment with the technology, branding himself as the world's first non-fungible human token. Hayes explained that the winner of the auction will be able to use his talents as he sees fit, for a full month, all within the parameters of legality and safety.
CBDC and Central Banks
📍Hong Kong, the special administrative region of China, presented its “Fintech 2025” strategic plan, where it is including CBDC digital currencies to promote the development of financial technology in the region. He plan published by the Hong Kong Monetary Authority points out that the objective of the new strategies is to encourage the financial sector to adopt the CBDC comprehensively by 2025, in order to promote the provision of fairer and more efficient services.
In addition to this, the Ministry of Industry and Information Technology (MIIT) of China published a work agenda that will encourage the adoption of technology blockchain to promote the technological development of the country.
Miners
📍Square and Blockstream partner to create a solar-powered bitcoin mining farm in the United States. Jack Dorsay, CEO of Square and Twitter, noted that the company is investing $5 million in the construction of the new mining farm, while Blockstream will allocate its experience to the installation of the farm, as well as the infrastructure necessary for its operation.
Dorsay also explained that the solar-powered mining farm will function as a proof of concept and that as those in charge of the project they are committed to publishing constant reports to serve as a guide so that other companies can take the step towards cryptocurrency mining with clean energy and sustainable.
Cybersecurity
📍Wasabi Wallet was the victim of a DDoS attack that caused a potential privacy leak for users not running their own server. The developers of the wallet they published a release telling Wasabi users how they should configure their wallets on Electrum if they do not run their own server, otherwise they risk having all their addresses leaked to random third-party servers, losing anonymity against those entities, the developers warn .
Rules and Regulations
📍The president of El Salvador, Nayib Bukele, announced a series of benefits for all those companies, businesses, investors, entrepreneurs and more that settle in El Salvador. On his Twitter account, Bukele wrote that all those who move to the Central American country will enjoy great benefits, such as: Permanent residency for cryptocurrency investors and entrepreneurs and zero taxes on capital gains with Bitcoin, among other things.
Given the wonders that El Salvador has, many bitcoiners and industry influencers point out that there will be many cryptocurrency enthusiasts who will begin to move to El Salvador. Although the bill to make Bitcoin legal tender in El Salvador has not yet been approved, Bukele assures that it is almost ready and a large part of the legislators and, even the president of the country's Assembly, are showing their support to Bitcoin on social networks.
📍The current commercial legislation in United States sets as money to any medium of exchange or monetary unit that is authorized or adopted by a national or foreign government, so lEl Salvador's adoption of Bitcoin could turn the cryptocurrency into a form of money in the North American country.
📍Jake Sullivan, US national security advisor, said recently that the government is working on creating a work plan to combat cyberattacks and ransomware in the country. According to Sullivan's statements, the working group is made up of a large group of officials, including the country's current president, Joe Biden, who has declared cyberattacks a high-priority national security issue.
Next Friday, June 11, the G7 leaders will hold their first in-person summit since the pandemic began, and Biden wants to have an action plan that will allow him to combat cyberattacks.
📍Meanwhile, in China, the negative reaction against cryptocurrencies and digital assets reaches Weibo, a social network similar to Facebook and Twitter. Several users and influencers related to cryptocurrencies have made public the social network blocks, which have prevented them from accessing and using their accounts. Apparently, the platform believes that users have been violating established rules and regulations.
Winston Ma, professor at New York University School of Law, said that the Chinese government is making it clear that “a Chinese version of Elon Musk cannot exist” within the Chinese cryptocurrency market.
IMPORTANT: Bit2Me News reminds you that before making an investment you must educate yourself and know where you invest your money, as well as the pros and cons of the system. Everything written here is for informational and educational purposes and should not, under any circumstances, be taken as investment advice or recommendations. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
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