If last week’s eye-catching move was made by Bitcoin (BTC), this week’s story belongs to the Shiba Inu coin (ticker SHIB). SHIB rallied a whopping 140% in the past seven days to enter the top 10 cryptocurrency list by market cap and is currently neck and neck with its main competitor Dogecoin. Meanwhile, BTC found solid support near the $ 58,000 region after days of bearish prospects to rebound to the $ 61,000 level as a few investors were cautious about buying BTC at a lower price. Ethereum (ETH) also briefly hit a new all-time high today at $ 4,400. The outlook for the crypto market remains bullish in the short to medium term. In this article, we’ll take a look at some of the major stories that impacted the crypto markets.
Nation-state and whales recharge during the dive
Sensing an opportunity presented by falling Bitcoin prices, El Salvador bought an additional 420 BTC at an average price of $ 58,800, bringing the country’s total Bitcoin reserves to 1,120 BTC. The President of El Salvador confirmed the purchase via Twitter, indicating his belief that Bitcoin remains undervalued in the global market.
The third largest whale Bitcoin, a term for individuals or entities that hold large amounts of BTC, bought 596 BTC this week, its first activity since a sale in the region of $ 50,000 to $ 55,000.
Regulation in India a quarter away
In what could be a game-changer for the crypto ecosystem in India, officials from the Indian Ministry of Finance revealed this week that the government is seeking to regulate cryptocurrencies as an asset and have hinted that the proposed legal framework for the same could bear fruit around February 2022. paving the way for wider adoption. India currently has over 15 million investors exposed to cryptocurrencies.
Global crypto adoption on the rise
In a major victory for the crypto ecosystem, the global payments platform Mastercard has announced that one of the thousands of banks in its payment network will soon be able to integrate crypto into their products. To facilitate this, Mastercard is partnering with the global crypto exchange Bakkt to provide custodial services to partners who wish to add crypto services to their arsenal.
Tesla, a company owned by Elon Musk, revealed in its file with the Securities and Exchange Commission (SEC) that it may resume the practice of accepting cryptocurrency payments for their products and services. In another separate statement, adding disappointment to SHIB holders, Elon Musk revealed that he was only exposed to Bitcoin, Ethereum, and Dogecoin.
The Wharton School, a leading business school in the United States, apparently accepts BTC and other cryptocurrencies for tuition fees for its Blockchain program. The institute will use Coinbase Commerce to manage crypto transactions.
Hacker wins Polygon bounty
Layer 2 Protocol Polygon paid a hacker $ 2 million as a bonus for presenting a solution to a potential bug found on the network. According to security firm Immunefi, Polygon’s Plasma Bridge, which is used to transfer assets between Ethereum and the Polygon network, had a vulnerability that could have compromised $ 850 million in user funds.
Disclaimer:This article was written by Giottus Cryptocurrency Exchange as part of a paid partnership with The News Minute. Investments in cryptoassets or cryptocurrency are subject to market risks such as volatility and have no guaranteed return. Please do your own research before investing and seek independent legal / financial advice if you are unsure about investments.