Bitcoin price has recovered 9% since its last drop over the weekend and El Salvador takes the opportunity to teach economic commentator and gold advocate Peter Schiff a lesson. 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 cryptocurrency market lost 14% of its capitalization over the weekend. The market capitalization of the cryptocurrency industry fell to 2,27 trillions of dollars, following a widespread drop over the weekend. According to data from Coingecko, the crypto market dropped by 14,1%.
Bitcoin (BTC), the world's leading cryptocurrency, lost almost $13.000 in one day, taking almost all cryptocurrencies on the market with it. According to analysts, BTC's drop in value was related to the nervousness and fear that the new Covid variant is causing in the markets, in addition to economic inflation and other factors. Although Bitcoin touched the $45.000 level again this Saturday, at the time of this edition it is trading near $XNUMX. $49.100 per BTC.
Bitcoin and Blockchain Adoption
📍Nayib Bukele buys more Bitcoin and responds to aggressive comments from gold miner Peter Schiff. The president of El Salvador, Nayib Bukele, announced a new investment in Bitcoin. The Latin American country has just added another 150 bitcoins to its balance sheet, worth $7,3 million. With this new acquisition, El Salvador now has around 1.370 BTC, valued at more than $67,2 million.
Bukele said that El Salvador will continue to take advantage of Bitcoin's price drops to buy more cryptocurrencies. However, gold advocate and Bitcoin skeptic Peter Schiff responded to Bukele's statements by pointing out that there are many more drops coming for the cryptocurrency and asked the president how much taxpayer money he is willing to waste. In response to the aggressive comments, Bukele responded that El Salvador's gold reserves have fallen 0,37% in the last year, while its recent investment in Bitcoin is already profitable, in just one day. El Salvador bought the new bitcoins at a price of $48.670 and the cryptocurrency is already trading above $49.000 per unit. On the other hand, the president pointed out that if he had sold his gold reserves and invested in Bitcoin a year ago, he would have made a profit of approximately 158%.
Cybersecurity
📍Cryptocurrency exchange BitMart loses $150 million in hack. The Ethereum and BSC hot wallets of the BitMart cryptocurrency platform were recently breached, allowing a hacker to extract $150 million of the funds stored there. The hack was confirmed by the exchange and its CEO Sheldon Xia. However, researchers from the firm PeckShield point out that the losses amount to almost $200 million.
Most of the funds were withdrawn from the exchange in Ethereum and BSC tokens, such as ether, SHIB, BNB, Safemoon, among others. BitMart says it is investigating the exploited vulnerability and tracing the funds, although the hacker is using the Tornado Cash service, in an attempt to obfuscate their origin and destination.
Development and Technology
📍Ethereum 2.0 will not be available in 2022, according to the roadmap published by Vitalik Buterin. The developer and co-founder of Ethereum, Vitalik Buterin, published the new Ethereum 2.0 roadmap, which suggests that the staking chain will take another year to arrive. Buterin celebrated the first anniversary of the Ethereum 2.0 Beacon Chain, which was launched on December 1, 2020, by showcasing some of the most important and significant progress that ETH 2.0 development has made in the past year. However, although several developers had hinted at the possible arrival of the Ethereum scalability network for this year, the roadmap shown by Buterin reveals that the blockchains will not be ready for the merger, called The Merge, in the short term.
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