The price of Bitcoin on CoinMarketCap once reached over $800 billion during a failure in the monitoring platform, which artificially inflated the price of all cryptocurrencies on the market. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍CoinMarketCap glitch artificially inflated the value of cryptocurrencies. The price of Bitcoin exceeded $880.000.000.000 dollars per unit. Ethereum, Cardano, Polkadot, Solana and all cryptocurrencies on the market also artificially rose due to a glitch in CoinMarketCap, the cryptocurrency monitoring platform. CoinMarketCap confirmed the glitch on its Twitter account, explaining that they were experiencing issues with cryptocurrency prices, but that their engineering team was working on a quick fix for the issue. The outage lasted a few hours and led CoinMarketCap to joke with users, asking how it felt to be a “billionaire” for a moment.
In July this year, the monitoring platform suffered a similar error, which displayed erroneous data on cryptocurrency quotes.
Bitcoin and Blockchain Adoption
📍BBVA's Swiss subsidiary adds Ethereum trading services. In addition to Bitcoin, Spanish bank BBVA is also offering trading services for Ethereum, the second largest cryptocurrency on the market. BBVA's new ether services will be available from its subsidiary in Switzerland, which introduced Bitcoin in the middle of this year. BBVA explained that the integration of trading and custody services for cryptocurrencies such as Bitcoin and Ethereum responds to the high demand from its clients and investors for these digital assets.
📍Elon Musk sends Dogecoin (DOGE) into high gear after announcing its acceptance as a payment method at Tesla. The popular cryptomeme Dogecoins (DOGE), which was born in 2013 to “mock” cryptocurrencies, will become a new payment method for the American company Tesla, owned by Elon Musk. The billionaire businessman shared the news with his more than 66 million followers on Twitter, sending the price of DOGE soaring on the market. In just a few hours, the price of Dogecoin has risen by more than 25%, trading near the $0,20 per unit.
In May of this year, Musk had conducted a poll to find out the opinion of his Twitter followers on whether Tesla should accept payments in Dogecoin after turning its back on Bitcoin, citing environmental concerns. Although Musk stated that his electric car company will accept BTC payments again in the future, when 50% of miners use renewable energy sources, the entrepreneur has always been enthusiastic about the meme token; to the point of being called the “DogeFather” and becoming one of the most strategic advisors from the Dogecoin Foundation. Additionally, his other company SpaceX has also embraced the cryptocurrency meme. Next year, SpaceX will launch a space satellite funded entirely with DOGE.
📍Sparkasse wants to enable its 50 million customers to trade Bitcoin and Ethereum next year. Sparkasse savings banks are preparing to offer new trading services for cryptocurrencies, such as Bitcoin and Ethereum, to their 50 million customers. This is what reported the middle City’s, highlighting that new services could arrive in early 2022. In Germany, cryptocurrencies have seen an exponential level of adoption; in addition, the country has become one of the most friendly to crypto assets.
Sparkasse has around 520 funds and savings banks, which will be able to choose whether or not to introduce cryptocurrency trading into their services. However, City’s points out that if these plans are approved, Germany and Europe will have enormous growth in the industry; since there is great interest and demand from the population for these digital assets. According to Chainalysis, Germany is the third country in Europe with greater adoption of cryptocurrencies and Europe is the largest crypto economy in the world.
NFT and DeFi Markets
📍Nike strengthens its presence and footprint in the Metaverse with RTFKT. The company dedicated to the design of fashion, footwear and sports goods Nike announced the acquisition from RTFKT, a sneaker and digital collectibles startup on NFTs, which has gained popularity in the last few years thanks to its original virtual sneaker designs and style. Nike stated that RTFKT has an extraordinary team and talent and that it will help strengthen its presence and digital footprint in the Metaverse.
“We are acquiring a highly talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow its innovative and creative community, and expand Nike’s digital footprint and capabilities.”, said John Donahoe, president and CEO of NIKE, Inc.
Cybersecurity
📍Vulcan Forged, an NFT marketplace platform, confirms a hack of 4,5 million PYR tokens. The Vulcan Forged NFT marketplace confirmed that 148 wallets had been compromised within its platform, resulting in the loss of 4,5 million PYR tokens. At the time of the exploit, the value of PYR tokens was around $144 million. PYR was trading around $32 per unit at the beginning of the week; while at the time of this writing, its value has fallen below $20.
The market creators will present a report of what happened in the next few hours and claim that the platform's hacker has very limited space. The market started investigating the exploit immediately and alerted exchanges about the address used by the attacker to withdraw the funds. In addition, it assured users that their PYR tokens would be refunded and that they would change the settings of the wallets to make them completely decentralized; in order to avoid a new attack in the future.
Rules and Regulations
📍DeFi is enabling illicit activities, says Elizabeth Warren. US Senator Elizabeth Warren has once again expressed her rejection of the cryptocurrency industry, this time focusing on DeFi and stablecoins. In her opinion, cryptocurrencies like Bitcoin represent a potential risk to the system, but the stablecoins and especially decentralized finance (DeFi) represent a great danger to the stability of the current financial system.
During his participation in the the hearing of the Committee on Banking, Housing and Urban Affairs, Warren warned of the risks that may exist within the decentralized financial system. “In DeFi, someone can’t even tell if they’re dealing with a terrorist”, Warren said. The senator, known for her anti-crypto world, firmly believes that cryptocurrencies foster financial crimes and other illicit activities; despite the fact that the technology blockchain provides transparency at all times.
Continue reading: What is Bitcointalk? The forum that Satoshi Nakamoto created to leave us his legacy
