1. Bitcoin, Ethereum, Dogecoin All Drop in Nearly $2B Market Sell-Off After the recovery of funds from the Colonial Pipeline ransomware attack, unsubstantiated rumors that Bitcoin had been hacked spread—prompting a dip.
There are some speculation that the Department of Justice (DoJ) and the Federal Bureau of Investigation (FBI) had “hacked” a Bitcoin wallet during their investigation of the Colonial Pipeline ransomware attack. However, the rumors that went around the crypto space is that 'Bitcoin was hacked' instead of 'Bitcoin wallet was hacked.'
This shows that the market is really immature and reacts upon reading or hearing the headlines instead of the whole story. A crypto wallet being hacked seems normal and happens all the time. But the Bitcoin blockchain being hacked is close to impossible, the possibility being one in a trillion. (https://decrypt.co/73016/bitcoin-ethereum-dogecoin-all-drop-nearly-2b-market-sell-off).
2. Ontario Regulators Crack Down on Firms Tied to Crypto Exchange KuCoin
The Ontario Securities Commission in Canada has announced it is taking action against two companies linked with cryptocurrency exchange KuCoin. This is not really a big news that could move the market on the downside. It is just normal for regulators to take actions against crypto entities who are conducting their business in violation of state laws. It is a given fact that crypto entities should bering their operations into compliance with pertinent laws. (https://decrypt.co/73014/ontario-regulators-crack-down-firms-tied-crypto-exchange-kucoin).
3. Flare Network Raises $11.3m in Funding Round With Kenetic and DCG
The funding will go towards advancing Flare's mission to bring smart contract functionality to blockchains that don't natively support them.
Flare Network and Flare Finance are two of the biggest and most exciting blockchain projects to watch this year. There is a notion that Flare only supports XRP. However, the project itself also aim to provide smart contract functionality to other blockchains that don't offer native support for smart contracts, including Dogecoin, XRP, XLM and Litecoin. Flare will surely give additional utility to these coins that could help boost their price. (https://decrypt.co/73008/flare-network-raises-11-3m-in-funding-round-with-kenetic-dcg).
4. Bitcoin Won’t Replace the US Dollar in El Salvador, Trade Minister Clarifies
According to El Salvador’s Trade and Investment Minister, the U.S. dollar will continue to be legal tender in the country.
Bitcoin, if ever it will be approved, will be used alongside with the US dollar. While some call it a marquee moment in Bitcoin's quest for mass recognition and adoption, it is not yet final and may not really happen. However, El Salvador's current authoritarian regime has the enormous grip to really make this happen if they are really serious about it. (https://decrypt.co/73007/bitcoin-isnt-replacing-the-dollar-el-salvador-after-all).
5. Bitcoin Mining Manufacturer Canaan Expands to Kazakhstan
Canaan—a Bitcoin mining hardware manufacturer—has set up its first overseas center in Kazakhstan. There is currently a mining exodus from China and Canaan's move to set up its first overseas office may be directly related to it. Kazakhstan currently controls 6 percent of the Bitcoin mining industry which makes it the fourth largest in the world.
Even with the recent loss of more than half of its value, Bitcoin mining is thriving and growing. Miners are more aware of Bitcoin's potential in the long term. There is nothing that could stop them, not even China banning them. They will just simply find another country that could warmly welcome them and could offer cheaper energy costs. (https://decrypt.co/72999/bitcoin-mining-manufacturer-canaan-pivots-kazakhstan).
(This does not contain any financial or investment advice. First and foremost, I am not a financial or investment advisor. This contains my opinion or ideas on the current news within the crypto space or even those outside of it but may directly affect the crypto space. Image used owned by Markus Winkler.)
