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After a 20% decline in two weeks triggered by fears of an interest rate hike by the US Federal Reserve and a surge in the number of Omicron cases, Bitcoin has turned the tide this week by getting back above the major psychological level at $41,000. It is currently trading at $43,750, up by 2% in the last 24 hours. With that shift in sentiment, all the top 20 cryptocurrencies have started to march forward with meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) leading the pack. In this article, we will briefly look at the major stories that revolved around the cryptocurrency market.
Firms and nation states bank on Bitcoin
Strike, a payments app powered by lightning network, has launched Bitcoin services in Argentina. This allows Argentines to be able to make Bitcoin remittance payments, receive Bitcoin tips on Twitter and use Strike’s peer-to-peer transaction services. The official statement from the company said that Argentina was the first step in its plan to expand through Latin America. Strike is already behind the feature that allows Twitter users to tip creators.
The Central Bank of Iran (CBI) and the trade ministry have reached an agreement that would allow local merchants to use cryptocurrency to facilitate international trade. This deal is reportedly said to circumvent the US economic sanctions related to the nuclear program. However, Iran is shutting down Bitcoin miners in order to ease the strain on the country’s power plants.
Solo miner bags 6.25 BTC
A rare mathematical oddity has happened in the crypto ecosystem this week. A solo miner with a low hashpower has won the Bitcoin mining lottery of 6.25 BTC as a reward. Usually public Bitcoin miners have 10,000 times more mining capacity than this solo miner who won.
Mining is the process through which new Bitcoins come into existence. Bitcoin miners compete against each other with the help of special computers called ASICS to solve a mathematical problem in order to win the chance to mine a block (verify transactions) and get rewarded (with BTC) for expending resources (electricity, equipment etc). Typically, the probability of winning a chance to mine the block goes up if you have a lot of ASICS which translates to higher hashpower (metric to measure computing power).
Jack Dorsey aids Bitcoin devs
Block (formerly Square) CEO Jack Dorsey has proposed the creation of a Bitcoin Legal Defense Fund that would help Bitcoin developers cope with rising litigation. Its services are to be set up in a way that would be free for developers to take advantage of if they choose to do so. The Bitcoin Legal Defense Fund would essentially serve as a non-profit entity that would assist with finding and retaining defence counsel, developing legal strategies, and paying legal fees. The fund will also include a team of volunteers and part-time lawyers, readily accessible to developers for legal counsel.
Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.