Nayib Bukele, who recently reaffirmed his commitment to the development and adoption of Bitcoin in the country, has been re-elected as president of El Salvador for a new 5-year term. 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.
Nayib Bukele wins re-election in El Salvador
📍In his new term, Nayib Bukele is expected to strengthen the use and adoption of Bitcoin in El Salvador, In addition to consolidating the construction of Bitcoin City and other plans related to cryptocurrency. Local reports reveal that Bukele has won the presidential elections with 85% of the votes in favor, demonstrating the great affection he has earned among the Salvadoran population.
Bukele's re-election as President of El Salvador ensures the continuation of his development and economic growth plans with Bitcoin. Let us remember that the country was the first in the world to declare Bitcoin legal tender, under Bukele's mandate, and that he himself has been promoting investment in the cryptocurrency, both sovereign and foreign, as well as the development of new strategies that allow for progress in its adoption.
Recently, the National Bitcoin Office in the country announced The so-called Volcano bonds, backed by Bitcoin, will be launched on the market this first quarter. These bonds, which were introduced by Bukele in 2021, will allow the nation to obtain funds to finance the construction of a city dedicated to Bitcoin, called Bitcoin City.
As reported by this outlet earlier this month, El Salvador's Vice President Félix Ulloa once again expressed the country's commitment to Bitcoin innovation, highlighting that in his new term, Bukele will continue to move forward with plans to make El Salvador the Bitcoin Nation.
Sui Network enters the DeFi Top 10
📍The blockchain developed by former Meta members, Sui Network, has entered the Top 10 of Decentralized Finance, in terms of Total Value Locked (TVL). Crypto analytics platform DeFi Llama shows that Sui Network’s TVL has surpassed the $480 million mark. This represents a growth of more than 1.000% since its value last October.
Sui Network is currently ranked 10th among the top 2 blockchains in the DeFi ecosystem, behind Optimism, one of the major LXNUMXs on Ethereum. It is also notable that Sui has outgrown other well-known blockchains such as Cardano, Base, and Celo, despite being less than a year old since it was publicly launched.
Source: DeFi Llama
Bitcoin fees are back to normal
📍At the time of writing, Bitcoin commission rates are around $1,42, for high-priority transactions. Transaction fees on the Bitcoin network have dropped significantly, after experiencing a substantial increase that pushed them up to $30 on average over the weekend.
The launch of a new Dragon Ball-inspired ordinal collection by game developer Mobox for its Dragonverse Neo video game appears to have been the reason behind the exponential rise in Bitcoin fees. However, at the time of writing, fees have returned to normal, allowing the blockchain network to be accessible to everyone again.
Source: Mempool Space
Monero is untraceable, crypto community claims
📍Advocates of the privacy cryptocurrency Monero claim it remains untraceable. The Monero crypto community is dismissing a report published by Finland’s National Bureau of Investigation (NBI) about the agency’s alleged tracing of cryptocurrency transactions involved in the Vastaamo hack.
Finnish authorities have arrested Julius Aleksanteri Kivimäki, claiming that he is the hacker behind the Vastaamo attack and that this was discovered after tracing the Monero transactions that Julius made.
According to a local report, NBI agents managed to trace Bitcoin transactions related to Julius, as he had requested money in Bitcoin from both Vastaamo and the people affected by the data breach, in order to not publish the information stolen during the hack. Julius then allegedly exchanged the Bitcoin funds to Monero, a privacy-focused cryptocurrency, in order to avoid the money being traced. But authorities claim that they found Julius responsible for the Vastaamo hack because the transactions in this cryptocurrency could be traced.
However, the Monero crypto community argues that the cryptocurrency remains untraceable and that rather, the agency simply managed to identify exchange transactions between Bitcoin and Monero with similar amounts. Meanwhile, the agency has hidden the report in which it supposedly explains how it tracked Monero transactions, so as not to warn cybercriminals. The agency stressed that its methods can help solve other ongoing or future investigations.
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