🔴Bitcoin bet paid off | Cryptocurrency News of the Week – December 11, 2023
Elon Musk came under fire for misquoting Dorsey during his introduction to BitKey. You can now send money via social media through Coinbase, and there are bug fixes that could solve some of Bitcoin’s most pressing problems. But how much does it cost?! This week we bring you these stories and more in cryptocurrency.
Bitcoin soars on interest rate rumors
As rumors spread that the Federal Reserve may lower borrowing rates, Bitcoin soared to its highest level in 20 months, gaining 17% in a week. Gold prices also hit record highs, while lower U.S. Treasury yields boosted investor enthusiasm for stocks and other risky assets, boosting the cryptocurrency sector. Among altcoins, Cardano’s ADA price soared this week as it entered the top 10 in terms of Total Value Locked (TVL), an important indicator of participation and interest in the DeFi ecosystem.
Elon Musk Swings and Fails
Elon Musk sparked interest by commenting on Jack Dorsey’s new Bitcoin wallet, Bitkey. Dorsey has unveiled its self-custodial hardware wallet, available for pre-order in 95 countries. Musk’s misquote that “it’s not a key, it’s not a wallet” prompted widespread corrections from the cryptocurrency community. The correct phrase is “Not your keys, not your coins.” This highlights the risks of trusting third parties to manage your funds.
Send cryptocurrency via social media
Coinbase Wallet introduces easier and faster money transfers using shared links across social media platforms. WhatsApp, iMessage and Telegram users and social media apps like Instagram, Snapchat and TikTok can now send funds globally for free through Coinbase Wallet just by sharing a link, simplifying transactions between friends and family.
El Salvador’s Bitcoin bet paid off.
El Salvador’s President Nayib Bukele congratulated El Salvador’s Bitcoin investments, with the portfolio currently generating more than $3.6 million in revenue. Bukele dismissed media criticism and unveiled a ‘free visa’ program that would offer Salvadoran citizenship after investing $1 million worth of investments in Bitcoin or Tether, with the goal of further improving El Salvador’s economic prospects.
Robinhood’s Cryptocurrency Expansion
Popular American trading app Robinhood has introduced cryptocurrency trading for EU customers, citing the region’s strong cryptocurrency regulations as the reason for the expansion, unlike in the United States where the cryptocurrency sector is highly scrutinized. European users can now trade over 25 cryptocurrencies, including Bitcoin and Ethereum, without any fees.
JPMorgan CEO attacks cryptocurrency again
JPMorgan Chase CEO Jamie Dimon sparked controversy by criticizing the emerging cryptocurrency market and even calling for a “closure” at a U.S. Congressional hearing. Dimon, who has previously branded Bitcoin a scammer and a pet, has reiterated his negative stance despite continued price surges, and his bank has continued to support cryptocurrency ventures, cementing his place in the list of fiat defectors.
Swiss Crypto Adoption Increases
The Swiss city of Lugano now accepts Bitcoin and USDT for tax and service payments, collaborating with Tether to improve its financial infrastructure using Bitcoin technology. Bitcoin Suisse reflects a growing trend among Swiss municipalities to simplify bill payments for residents and businesses, offering cryptocurrency payments alongside traditional methods.
Bug fix for Bitcoin ordinal termination
Bitcoin Core developers said a bug fix could remove Bitcoin ordinal and BRC-20 tokens that were causing network congestion. Luke Dashjr highlighted that the token was exploiting a vulnerability in the Bitcoin core network and proposed a fix that would break its operation while preserving the existing inscription. The patch implementation could affect more than 46 million inscriptions on the Bitcoin blockchain.
This is what happened in the cryptocurrency market this week. I will see you next week.
