Francis Suarez, mayor of the city of Miami (United States), continues to push for Bitcoin adoption and reports that he will also receive his retirement in this cryptocurrency. This 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
📍NEAR, LRC, ROSE, GALA, and XTZ are among the top 5 altcoins with the highest growth in the last week. The market for cryptocurrencies, has faced some pretty tough days over the past week. The price of Bitcoin (BTC) fell by about 8%, Ethereum (ETH) lost around 11% of its value and the Top 10 cryptocurrencies followed suit, losing 10% on average. However, altcoins such as Near Protocol (NEAR), Loopring (LRC), Oasis Network (ROSE), Gala (GALA) and Tezos (XTZ) show growth of up to 49%.
The announcement of news and the development of new projects and updates related to these altcoins has sparked the interest of the crypto community, boosting its value amid a market that is still in the red.
Bitcoin and Blockchain Adoption
📍Re-elected Miami Mayor Francis Suarez will also receive his retirement in Bitcoin. Pro-crypto Mayor Francis Suarez's embrace of Bitcoin appears to be just getting started. Just weeks after announcing that he would begin accepting his monthly salary in Bitcoin, the mayor of the city of Miami (United States) also announced that he will use the cryptocurrency to receive his retirement funds. Suarez revealed this new initiative during a interview real vision, where he reported that his $401.000 retirement will be taken in cryptocurrency.
At the beginning of November, Suarex started receiving 100% of his salary in BTC with the help of cryptocurrency payment processor Strike. Now, the Miami mayor says he has made the personal decision to receive his pension in Bitcoin, considering it a potential asset for long-term investment.
📍Honduras continues Bitcoin adoption and installs its second cryptocurrency ATM. Tegucigalpa, the capital of Honduras, now has its second Bitcoin ATM. The new device will allow citizens to buy and sell bitcoins, facilitating the population's access to the potential of cryptocurrencies.
NFT and DeFi Markets
📍UNICEF launches a collection of 1.000 tokens to celebrate its anniversary. The United Nations Children's Fund, UNICEF, is celebrating its 75th anniversary with a Collection of 1.000 NFTs on the Ethereum blockchain. UNICEF Executive Director Henrietta Fore explained that NFTs will help raise funds to promote internet access and advocate for school connectivity around the world to protect children’s futures.
📍Particle is driving a new model of ownership based on NFTs, featuring Banksy’s “Love is the Air.” Particle is a community art museum that wants to revolutionize the way we access and invest in works of art through NFTs. To kick off its new investment and ownership model, the rights to the ownership of the artwork “Love is the Air” Banksy's artwork, tokenized on blockchain and sold as an NFT for nearly $13 million at Sotheby's in May, will be fragmented into 10.000 grids of the same size each, which will be offered as NFTs. In this way, those interested in investing in high-value works of art such as the one mentioned above will be able to do so by acquiring part of it as non-fungible tokens.
Cybersecurity
📍Another cryptocurrency platform suffers a multimillion-dollar hack worth $60 million. Just one week after the hack of almost 200 million dollars exchange Bitmart cryptocurrency exchange, the platform ascendEX loses 60 million in an attack that compromised its online wallet or hot wallet. The attacker managed to manipulate the platform's hot wallet to extract funds in cryptocurrencies and tokens from Ethereum, Polygon and BSC. The exploit was confirmed by the creators of AscendEX, who published the hack on Twitter pointing out that cold wallets or cold wallet of the platform were not compromised in the attack.
AscendEX assured that it will fully cover the losses for those users who saw their funds compromised during the hack. In early November, AscendEX closed a patrol $50 million in funding, with participation from Polychain Capital, Hack VC, Jump Capital, Alameda Research, and many others.
📍An attempted Bitcoin scam on Twitter uses the name of Indian Prime Minister Narendra Modi. The name of Narendra Modi, the Indian prime minister who spoke at the Democracy summit to advocate for the creation of a global standard for cryptocurrencies, was used to perpetrate an attempted scam on Twitter. Following his speech, Modi's official account was hacked on the popular social network, where he maintains more than 73 million followers.
The attacker used Modi's official account to post false information about the adoption of Bitcoin as legal tender in India and to tell citizens that the government had acquired 500 BTC that it would distribute to the population. The fake post invited citizens to register at a link to claim part of the bitcoins that the government was supposedly distributing. Modi confirmed the hacking of his account, which is the second to occur in just over a year.
Rules and Regulations
📍The IMF points to global regulation as the way to prevent financial crimes involving cryptocurrencies and ensure the stability of the system. Three officials from the International Monetary Fund pointed out the need to establish a global regulation for Bitcoin and cryptocurrencies, which allows regulators and security agencies to track transactions that occur within the chain. According to them, timely monitoring of Bitcoin and other cryptoasset transactions will help prevent potential crimes that can occur with these digital assets, guaranteeing transparency and reliability.
IMF officials also noted that the interconnections of cryptocurrencies with the traditional financial system have been increasing, as interest and adoption of digital assets have grown in recent years. Therefore, it is essential to safeguard the stability of the international monetary and financial system in the face of the profound changes that cryptoassets are causing, the IMF noted. The organization stressed that in order to minimize the potential systemic risks that cryptocurrencies may represent for some countries, it is necessary to establish comprehensive, coherent and coordinated global cryptographic regulation.
Continue reading: Bitcoin mining expansion in the US drives network hash rate to new highs
