We are currently in the longest bear market on record for Bitcoin so far. However, several analysts believe that the market is in an accumulation phase and that a bull market is approaching. 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.
The longest bear market in Bitcoin
📍Bitcoin has recorded the longest bear market in history, with 490 days in bearish territory. Crypto trader @SantinoCripto commented that the current era in the Bitcoin and cryptocurrency market is the one of least interest in the last 5 years for the general public.
Bitcoin is experiencing the longest bear market in its history. Since around mid-2022, the market-leading cryptocurrency has been in bear market territory for 490 days, more than double the bear market recorded between 2018 and 2019.
However, @SantinoCripto believes that the market is in an accumulation phase and that a new bull market is about to arrive.
UK implements travel rule for cryptocurrencies
📍Cryptocurrency exchanges regulated in the UK will be required to report cryptocurrency transactions to the relevant authorities. The so-called Travel Rule for cryptocurrencies has come into force in the United Kingdom since the 1st of this month, which requires companies that offer financial services with crypto assets to collect information from their clients.
The Financial Conduct Authority (FCA) reported The Travel Rule will make it more difficult for malicious actors to engage in illicit practices, such as money laundering, with digital assets, the authority said on its website.
Uniswap launches bug bounty program
📍Decentralized exchange Uniswap has launched a bug bounty program for reporting bugs. On its website, the DEX explains the relevance of security in the DeFi ecosystem, which is why it has launched a new bug bounty program with which it seeks to incentivize developers and ethical hackers (white hat hackers) for disclosing code errors in a responsible and secure manner.
Uniswap explained that the bounty program is focused on detecting bugs or vulnerabilities existing in any of the DEX's smart contracts. However, it also mentions that bugs found in the codes of third-party smart contracts that are not under Uniswap's direct control or bugs that are already numbered in past audits will also be considered by the team to determine if they are within the scope of the bounty.
Similar to other bug bounty programs, Uniswap will compensate developers who identify a bug or vulnerability based on the severity of the disclosed bug or vulnerability and the assets at risk.
According to the DEX, the rewards through its program will be up to $2,25 million in USDT.
Cryptocurrencies help raise funds for those affected in Maui
📍Cryptocurrencies are helping raise funds for those affected on the island of Maui. Once again, the crypto community has come together to raise funds for those affected by the devastating Maui wildfire.
Dwayne Johnson, known as “The Rock,” and Oprah have joined the cause by creating the People's Fund of Maui, which will contribute $1.200 to each person displaced by the devastating fire. The aforementioned organization accepts donations in various cryptocurrencies, including Bitcoin, Ethereum, Solana, USDT, Polygon, Polkadot, Dogecoin, DAI, among others.
Johnson and Oprah stressed that, thanks to cryptocurrencies, each of those affected will be able to receive donations directly and without intermediaries, so that they can make their own decisions about their needs and those of their families.
Continue reading: Forbes recommends the DCA strategy to acquire Bitcoin
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