7 important things that happened to cryptocurrency in the last week
It was another busy week in the cryptocurrency world of El Salvador, where cryptocurrencies sold for a record amount, adopting Bitcoin as the legal way to pay the NFT.
If you missed it, here are seven things you need to know about what happened to Crypt last week.
1. The FBI recovered $ 2.3 million in bitcoin paid as part of the Colonial Pipeline acquisition.
On Monday, the Justice Department said it managed to raise $ 2.3 million in bitcoin, which Colonial Pipeline paid to ransomware hackers in April. The news has caused confusion on the internet – some have speculated that Bitcoin has been “hacked” and the price of Bitcoin appears to have fallen on Tuesday due to cryptocurrency security concerns.
While it’s not entirely clear how this happened, experts say the FBI’s ability to obtain a bitcoin ransom is due to the storage of criminals ’private keys and not the vulnerability of the cryptocurrency.
2. El Salvador has passed a law on the acceptance of bitcoin as a legal tender.
El Salvador on Wednesday passed a new law accepting bitcoins as legal tender, making it the first country to act. This allows Bitcoin to be used to pay the largest cryptocurrencies, goods and taxes at market value. According to CNBC, companies can fix the price of goods in bitcoin and no stock gains tax is payable on the stock exchanges.
As a result of this news, the price of bitcoin rose 6% on Thursday to more than $ 37,000.
3. Senator Elizabeth Warren calls for cryptocurrency regulation
Senator Elizabeth Warren of Massachusetts called for regulation of cryptocurrencies in the United States during Wednesday’s hearing with the Senate Banking Committee on Central Bank Digital Currencies (CBDCs). “Cryptocurrencies have created an opportunity to deceive investors, help criminals and exacerbate the climate crisis,” he said on Wednesday. “The threats to cryptocurrencies show that Congress and federal regulators can no longer hide in the hope that crypto money will disappear. I won’t do it. It’s time to throw it away and move on.” However, Warren sees a different opportunity to support the Federal Dollar for the digital dollar.
“The central bank’s digital currencies are very promising,” he said. “… But to achieve these benefits, the digital version must be secure, stable, and globally acceptable.”
4. Bitcoin 2021 conference participants report positive test results for Covid-19.
Several participants at the Bitcoin 2021 conference in Miami, Florida, gave positive results to Covid-19 over the weekend. There were no mask or visitation requirements/SOPs followed.
Miami City Hall told CNBC on Friday that speculations that conference attendees had contracted Covid-19 had not been confirmed: “We have no reason to believe the conference was ‘super-distributive,'” the office said. in its statement. “Currently, based on the information we know, describing this event is not only unfair but also irresponsible.”
5. The CryptoPunk NFT record sold $ 11.7 million at Sotheby’s.
The rare CryptoPunk went on sale at Sotheby’s on Thursday for more than $ 11.7 million. Sotheby’s said the seven-digit sale “set a new world record for a single CryptoPunk.” CryptoPunk 7523, nicknamed “Alien Covid”, is a collectible NFT or non-removable token. It’s one of nine “alien punks” in the entire series, and with the only mask.
The buyer, Sotheby’s told CNBC Make It, is billionaire Shalom Meckenzie, the largest shareholder in DraftKings.
6. The first bitcoin update of four years has been approved.
Taproot, the first bitcoin update in four years, was approved on Saturday. It will take effect in November and improve the blockchain in many ways. First, it increases the confidentiality and efficiency of transactions. In addition, the upgrade will enable smart contracts that can support applications such as DeFi or decentralized funding, which are already an integral part of the Ethereum blockchain.
“The most important thing for Taproot is … smart contracts,” Fred Thiel, CEO of Marathon Digital Holdings cryptocurrency mining company, recently told CNBC. “Smart contracts allow applications and companies to be built on the blockchain.”
7. Elon Musk suggests that Tesla should once again accept bitcoins as payment.
Elon Musk, CEO of Tesla, said on Sunday that the company will once again accept Bitcoin as payment, “when [miners with positive future trends confirm the rational use of clean energy (~ 50%),” he wrote on Twitter.
Subsequently, the price of bitcoin rose to about $ 40,000 on Monday.