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Fri, Jun 11, 2021 11:42 AM by Valte

Weekly Digest: El Salvador Shows Green To BTC with Cryptopolitan

Weekly digest with Cryptopolitan

Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to check out what our friends from the media find interesting in the world of crypto.

Please welcome Cryptopolitan and don’t forget to add them to your CoinJoy Feed!

📌 Crackdown imminent on Canada crypto firms linked to KuCoin

The Ontario Security Commission is planning to take action against two crypto firms related to KuCoin — Mek Global Limited and PhoenixFin Pte Ltd as they failed to comply with Ontario security laws. The companies were asked to figure out the way to bring their services as a dealer or a marketplace into compliance with the work of those platforms regulated by OSC and were given time until April 19. It seems like more than a month after the deadline no proper actions were taken. The companies now are to pay a penalty of $CAD 1 million each. Moreover, KuCoin is defined as an unregistered platform for crypto assets trading, thus the commission wants to cease all the operations permanently or for the specified period of time. So far, KuCoin didn’t publish any reply on the regulator’s allegations.

“Also, the exchange has not responded to emails by Cryptopolitan for comments on the allegations by the OSC.”

📌 Argo Blockchain now holds 1000 Bitcoins after recent mining activities

Argo Blockchain famous for its mining activities revealed that it mined 166 Bitcoins during last month, so the whole amount of the company’s Bitcoin possessions now reaches up to 1000. And it is not planning to stop. The firm has been into Bitcoin mining since 2017 even though the process becomes more complicated and energy-consuming every year. Moreover, the latest drop of Bitcoin price from an all-time high of $63 000 to $30 000 caused the company to lose more than 16% in revenue. Thus Argo Blockchain will mine more Bitcoins to gain the advantage of the dip. The company also partnered with Wind Energy Transmission Texas and American Electric Power signing Grid Interconnection Agreement.

“This deal has been made for the establishment of 200 MW in the company’s mining estate in the Lone Star State.” 

📌 Biden government to begin tracing crypto transaction to prevent ransomware attack

According to Karine Jean-Pierre, The United States of America’s Deputy Press Secretary, Biden's government is planning to increase cryptocurrency tracking to reduce the chance of ransomware attacks. This decision came shortly after the hack of USA giant meat producer J.B.S that caused shutdowns at the company's 9 beef factories in North America and Australia. This made the USA administration take action as this attack was just one in a row of multiple recent hacks of US-based companies. In particular, Kia Motors was hacked in February with the request of the payment to be done in Bitcoins and last Wednesday Steamship Authority of Massachusetts has suffered a ransom attack as well. Ransomware gets access to sensible information and encrypts it, so to regain the data companies have to pay the ransom, which is usually asked in Bitcoin or XMR or other hardly traceable assets.

“Hacks are slowly becoming a problem in the U.S., and beyond that, the Biden government and others globally need to respond.”

📌 Filecoin has grown 15% among the top 50 cryptos

Even with the market decline, some coins are still experiencing bullish moments and Filecoin is one of them taking 22nd place in Top-50 cryptos with the highest market capitalization. Recently token reached a daily high of $102 which indicated 37% growth from its initial value, though its rise didn’t go without the falls. As main cryptocurrencies such as Bitcoin and Ethereum have lost 7% of capitalization, many analysts expect FIL to lose its value as well. As per now there is no information that would predict a further uptrend of Filecoin, at the same time, the team declared coming close to updating on the “hyperDrive network”. Though FIL uptrend can be simply caused by the relative strength index.

“The cryptocurrency has risen due to the fame it has generated in the last hours above other tokens. This RSI absorption has happened to Dogecoin, Internet Computer, and even Bitcoin in the past. Investors have to take advantage of this trend to invest and acquire commensurate rewards.”

📌 Vitalik Buterin Dogecoin holdings of a mere 25 DOGE surprises his fans

Vitalik Buterin admitted that investment in Doge was one of the best decisions he ever made, revealing that he purchased DOGE for around $25’000 back in 2016 when the coin was far not that famous as now, though he was not concerned either it’s a good idea or not as the asset was worth just a few cents at the time. But later he has sold half of his DOGE possessions making $4.3 million profit. Buterin also noticed that the rise of Dogecoin was so significant that many people got to know about it while they know almost nothing about Ethereum. Interestingly, many fans send DOGE to Buterin after getting to know he was supporting the asset, but Buterin didn’t like it and burned or donated all the gifted DOGEs.

📌 Ethereum developer fires back at Cardano developer

In a podcast interview with Lex Friedman Vitalik Buterin fires back at Charles Hoskinson who recently said Cardano is better than Ethereum and specified 3 main advantages of ADA over ETH. Co-founder of Ethereum declared that ADA is overrated and relies too much on big academic proofs for everything, while Ethereum is just doing its best to work faster and solve problems instead of bringing up spotless theoretical formulas. Buterin also added that he prefers heuristic intake, because academic researches often miss significant details. Even though he admitted both projects are working on interesting things but with a different approach.

“Buterin also went on to note that “2021 Charles is very different from 2014 Charles, and I’m sure 2021 Vitalk is very different from 2014 Vitalik.”

📌 El Salvador has sped up crypto growth allowing the usage of Bitcoin as a legal tender

The current president of El Salvador Nayib Bukele made a huge announcement during the Bitcoin Conference held in the state of Miami, presenting a proposal in which he is asking a cryptocurrency to become a legal tender. If this proposal will pass the legislation this will cause revolutionary growth of the country in the near future. The current El Salvador president is very progressive with his views and social media presence and has also a very high rating of around 90%. He explained that bringing up cryptocurrencies as a legal tender will allow more El Salvador citizens to manage their household economy as financial facilities will be available for more people from different backgrounds. He is also sure that Bitcoin will help people in the long run, while the bill introduction itself will cause creating new jobs and thus economic growth. And it’s close to be completely feasible as the New Ideas party supporting Nayib has a prevailing majority in Congress.

“The public also supports their President because of his efforts in eradicating COVID-19 with the help of vaccination drives. He has also obtained COVID-19 vaccines for the citizens of his country. The work done by the President is generally regarded as commendable”

📌 US hospital now accepts Bitcoin payment for COVID-19 test

Progressive Care, a healthcare company based in Florida, started accepting Bitcoin as a payment method for COVID-19 Rapid Testing Services at its PharmcoRX locations. Alan Jay Weisberg, CEO, and Chairman of the company declared that they believe in the future of blockchain. They started to accept the main crypto on the day of the largest Bitcoin conference in Miami which was attended by around 50’000 people many of whom need to be tested for Covid-19, so the company didn’t want to miss the opportunity to earn from it. To pay with Bitcoin users will only need to scan the QR-code.

“The number one crypto witnessed the entry of several institutional clients early in 2021. The entry has been on since 2020, with many of them investing heavily in the number one cryptocurrency as reserve assets and also making it a means of payment.”

📌 MicroStrategy announces plan to buy more Bitcoin

MicroStrategy, already known as the company massively invested in Bitcoin ($2 billion) is planning to sell senior secured notes worth $400 million to buy more Bitcoins. The notes will be available for qualified institutional buyers. The company is also going to write down the value of its existing digital asset ownings. Michael Saylor, the head of the company has been meeting lots of criticism due to his Bitcoin-related company’s strategy but doesn’t seem like it's been worrying him much as he is planning on expanding the investments. He had also given the company 100% crypto identity. The bullish attitudes go further with the intention to pay its directors in crypto. Saylor also held a meeting with Bitcoin miners to discuss existing concerns on the environmental crisis, where participants decided to accelerate sustainability initiatives.

“The CEO, while announcing this, reiterated the firm’s commitment to cryptocurrency, highlighting its ability to serve as a store of value alongside its open-end architecture and its sovereignty from monetary policy.” 

📌 Kraken, KuCoin, Bitfinex to expand to India

According to the Reuters reports, crypto exchanges KuCoin, Kraken, and Bitfinex are actively seeking ways to enter the Indian market, despite stern regulatory concerns towards crypto in Asian countries. As said in the report, firms started to discuss the possibilities to set up in India, while it’s still not clear whether the Indian government will decide to ban cryptocurrencies or not. Despite the regulation uncertainty, crypto firms seem to be interested in India as in March Coinbase announced establishing its presence in the country.

“The Reserve Bank signaled it has softened its stance on crypto when it said banks should not rely on an old circular that restricted them from working with crypto companies. They stated further that legislators are looking at regulation rather than an outright ban”

📌 VeChain price analysis

VeChain market prediction is bullish for the time being as the market established a high low of $0.10 and it seems like the price is getting ready to rise. Lately, VeChain rates showed moderate volatility with trading volume dropping by 12% and the market cap is floating around $7.5 billion, putting VeChain on the 20th place among other cryptos. Its 4 h chart shows that the token is getting ready to move higher in maybe a few days. It’s expected for VeChain to break the $0.12 resistance and reach the next resistance at $0.15 before VET/USD will be traded as high as $0.155.

Prices

Weekly prices June

That’s all for now! For more info follow us and Cryptopolitan on Twitter, subscribe to our YouTube channel, and join our and Cryptopolitan’s Telegram.

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The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

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