The Crypto market was always a topic of discussion. After the global covid pandemic the popularity of the industry was massively increased. One of the main reasons for that was the fact that crypto was giving people the opportunity to generate their financial conditions, which was extremely needed during the economic crisis.
The attention towards the cryptocurrencies made the coins fluctuate in price since the demand for them was changing from day to day. If we observe the bitcoin statistics over the year, the price of it increased more than 6 times and in March, it reached its maximum of roughly 65000 USD. At the time of writing this article, the tendency seems to be the same and the crypto market is still a hot topic, and there are some major events that took place in the crypto-industry.
FBI and Colonial Pipeline ransom
On June 7, the Justice Departments said that their officials had successfully recovered $2.3 million worth of bitcoin which was transferred to ransomware hackers by Colonial Pipeline in April. The statement sparked outrage online, with some speculating that bitcoin had been hacked and the price of bitcoin dropping a day following the revelation owing to fears about crypto-security.
Though it is unclear how the FBI was able to recover the bitcoin ransom, experts believe it was due to the criminals’ safekeeping of their private keys, instead of any vulnerabilities in the cryptos itself. Most likely, they were able to obtain the bitcoin wallet key from which the transactions were executed.
The new crypto environment in El Salvador
El Salvador became one of the most advanced countries in terms of crypto acceptance and in June the president announced at the Miami crypto conference that they would start accepting bitcoins as legal tenders and so it happened already. El Salvador has officially passed a new law to adopt bitcoin as a legal asset, which made the country to be the first one in this initiative.
This enables bitcoin, the most valuable cryptocurrency in terms of market capitalization, to be used as a form of payment for products and taxes. According to the official websites, even businesses have become able to price their products in bitcoin and as a result, the exchanges will not be subject to tax. After this announcement, bitcoin’s price soared 6% to nearly 37,000 USD a day later.
Elizabeth Warren initiatives the crypto regulation
Sen. Elizabeth Warren urged for crypto regulation in the United States during a Senate banking committee meeting. She stated that the whole industry has opened the door to swindling investors, assisting criminals, and exacerbating the climate problems. This creates unfortunate conditions not only for the owners of the virtual assets but for the cryptocurrency brokers online as well, since they are fully dependent on the regulations the country where they are operating has. Dangers that are associated with crypto demonstrate that Congress and federal authorities can no longer hide in the hope that the crypto market will not be as popular as now. It is vivid that in the near future this is not going to happen, demanding to face the problem straight on.
Senators, on the other hand, had a different take on the potential of a digital currency backed by the Federal government. She said that the fact that the central bank is going to issue digital money, holds a lot of promise. However, in order for those benefits to be realized, the digital counterpart must be safe, robust, and widely accepted, more than the cryptos are right now.
Bitcoin 2021 conference and covid positive attendees
Miami bitcoin conference is the biggest event in the crypto industry where the attendees were famous investors or politicians. Several people tested positive for Covid-19 at the Bitcoin 2021 Conference in Miami on June 4-5. An additional fact to take into account is that there was no necessity to wear a mask or show evidence of immunization to attend, meaning the documents, showing that the attendee was fully vaccinated.
The mayor’s administration in Miami informed CNBC that the rumor regarding participants being positive with Covid-19 at the conference was unconfirmed. The office issued a statement saying that they have no basis to assume the conference was a Super Spreader, with the facts that they had at that certain time.
CryptoPunk major crypto sell
On Friday, June 11, CryptoPunk sold for nearly $11.7 million at Sotheby’s. According to the website, the seven-figure transaction created a unique case, with the recorded amount of coin transactions. The Covid Alien coin is a member of the non fungible token collection which is one of the nine alien punks, the token is the only one that wears a mask. The buyer of the coin is billionaire Shalom Mackenzie.
First bitcoin upgrade
On Saturday, June 12, Taproot, the first bitcoin update in four years was authorized. It will get into force in November and will improve the blockchain in several ways. First and foremost, it will improve transaction efficiency and privacy. Furthermore, the update will enable smart contracts, which can be used to power apps such as DeFi or centralized ledger, both of which are currently a fundamental feature of the Ethereum blockchain.
One of the most important parts of this upgrade is considered to be the smart contracts, as they ultimately allow the trader to create real-world blockchain apps and enterprises.
Bitcoin and Tesla Payments
On Sunday, June 13, Tesla CEO Elon Musk announced that the business will restart taking bitcoin as payment after confirmation of decent renewable energy consumption by miners with a good future trend. This price on June 14th has increased again after this announcement.
This is not everything that is going around Elon Musk and bitcoin relationships. At the beginning of the month, the famous hacker group threatened the Tesla CEO because of the market manipulations, since his every tweet made the market fluctuate. This makes us think that the trend will still continue and there are more events to take place in this regard in the future.
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