Bitcoin, the market-leading cryptocurrency, is rallying after El Salvador passed a new law making BTC legal tender in the country, a moment that was immortalized by Poolin on the Bitcoin blockchain forever. 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
📍Bitcoin (BTC) is recovering after El Salvador passed a new law making BTC its legal tender. The price of BTC began to recover in the early hours of the morning, reaching a value of $37.200 per unit; a growth of more than 14% since the fall that occurred after the seizure announced by the US authorities from the hacker group DarKSide.
Given the rise of BTC in the markets, several analysts, such as Mike McGlone According to Bloomberg, the cryptocurrency will seek a new high, possibly at $40.000 instead of continuing its downward trend that was targeting $20.000. McGlone points out that the statements by the president of El Salvador to make BTC its official currency, and the recent approval, have brought back the bullish sentiment for Bitcoin, turning the cryptocurrency into an asset of global importance.
📍Polkadot co-founder Gavin Good's announcement to start auctioning parachain space on Kusama is driving up the value of its DOT and KSM tokens, which show an increase of 10% and 25%, respectively, in the last few hours.
Bitcoin and Blockchain Adoption
📍El Salvador makes history by officially making Bitcoin its legal tender. This Wednesday, the Legislative Assembly of El Salvador approved the bill that converts Bitcoin, the cryptocurrency most popular and powerful currency in the world, in the country's legal tender, a place that had been occupied by the US dollar since 2001.
This historic event makes El Salvador the first country in the world to adopt bitcoin as its official currency. Its president, Nayib Bukele, celebrated the news on Twitter, noting that the proposal won with 62 votes in favor and 22 against. The news caused a surge in the price of BTC, which has grown by more than 14% and is once again seeking support at $37.000.
📍Poolin, one of the largest bitcoin mining pools in the industry, immortalized El Salvador's decision on blockchain, in the best style of Satoshi Nakamoto. In block number 686.938 Poolin wrote: “Assembly approves the Bitcoin law” This is the headline on the front page of the newspaper “El Salvador” this Wednesday, which indicates that the cryptocurrency was approved and will be legal tender in the country.
📍Invesco Ltd., one of the largest investment management companies in the United States, has filed an application with the SEC for the creation of two cryptocurrency-related ETFs. This Wednesday, the company presented the Form N-1A before the U.S. Securities and Exchange Commission (SEC) to seek the regulator's approval for the creation of two cryptocurrency-focused exchange-traded funds, called “Invesco Galaxy Crypto Economy ETF” e “Invesco Galaxy Blockchain Economy ETF”.
NFT and DeFi Markets
📍DeFi protocol Curve wants to beat Uniswap with its new features. According to the white paper published by Curve developers on Wednesday, the new version of the DeFi protocol is challenging Uniswap with its new swap algorithm for volatile digital assets and liquidity mining, which is currently disabled on Uniswap.
Rules and Regulations
📍US SEC Commissioner Hester Peirce criticises regulators' intentions to tighten cryptocurrency laws. SEC Commissioner he pointed that stricter regulations will only undermine technological innovation in the country, which risks losing its global leadership. In addition, for Peirce, the tightening of US regulations for the crypto industry could undermine its very essence, making it difficult or impossible for people to carry out peer-to-peer (P2P) exchanges.
The commissioner suggests that the SEC engage with stakeholders in the crypto industry to encourage new favorable regulations and legislation, and even advocates self-regulation as an effective way to bring order to this growing industry, without affecting its potential growth and development, or the opportunities and benefits it provides to society.
📍In China, regional governments continue crackdown on Bitcoin miners. Recently, the government of Qinghai Province Orders All Crypto Mining Activity to Cease in its region. A local media outlet shared on Twitter the new ban issued by the Qinghai Department of Information Technology and Industry, which orders the suspension of the activity of all existing cryptocurrency mining farms and prohibits the establishment of new facilities for this purpose.
📍Meanwhile, in South Korea, The Financial Services Commission (FSC) will implement a new regulation to prohibit employees of cryptocurrency exchanges and trading houses from trading within their own platforms. The new regulation will reportedly come into effect in September and will fine anyone who disregards the upcoming law up to 100 million won, or about $89.000. The move is in response to the country's government's attempts to crack down on illegal activities and prevent employees from using data from its platforms for personal gain.
The FSC has been implementing new bans on cryptocurrency exchanges in recent months. In March, it issued a regulation against cross trading, and it also requires platforms to report their transactions and records to the financial authority.
Continue reading: Osprey Funds CEO Says More Countries Will Adopt Bitcoin as Legal Tender
