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Grayscale also paves the way for Ethereum Classic, Bitcoin Cash and Litecoin ETFs, and Bitcoin’s first fate is in balance.
Bitcoin Day in El Salvador
on Tuesday, El Salvador officially became The world’s first country to adopt Bitcoin as legal tender— Pave the way for 6.5 million residents to pay taxes and other debts in cryptocurrencies, allowing hundreds of thousands of businesses across the country to accept them as payments. The law to place Bitcoin alongside the US dollar as the national currency of El Salvador was first announced in June. Prior to this opportunity, widely referred to as “Bitcoin Day” The country bought 400 bitcoins Worth an estimated $ 21 million, it has deployed hundreds of Bitcoin ATMs.
In particular, the majority of transactions will take place “cool” in El Salvador’s official Bitcoin wallet, called Chivo, or in Spanish slang. On the back end, the cryptocurrency Unicorn BitGo provides Chivo’s wallet infrastructure and security platform, acting as the country’s exclusive hot wallet provider.
However, El Salvador’s unprecedented adoption of Bitcoin has raised multiple concerns at home and abroad.poll suggestion Most Salvadorians disagreed with the idea, and many went out to the streets to protest the change. The International Monetary Fund (IMF) said the plan could threaten expected transactions with the country, but some economists have warned that the country will be a paradise for financial crime.
Within hours of Bitcoin’s big debut as fiat currency, the market was hit by a wave of sales that pushed up the prices of almost every coin. Total value of cryptocurrencies in the world Plunge By 11:15 am EDT on Tuesday, it hit a low of about $ 1.9 trillion, about 15% less than it was 24 hours ago, reflecting a loss of more than $ 410 billion.According to the crypto data website CoinMarketCap.
Leading the loss of market value, Bitcoin prices fell 15% to less than $ 43,000. This was the lowest price in almost 3 weeks. After that, we quickly compared some of the losses and settled at about $ 46,810 by 11:50 eastern daylight savings time, but still 9% lower. 1 day ago.The sudden sale happened less than a day after JP Morgan
Emotions have partially recovered, and as of Friday morning the best cryptocurrency was close to $ 46,000, The upward momentum seems to be slow.. During the flash crash, El Salvador’s President Nayib Bukele announced that the country had taken advantage of the price plunge to buy an additional 150 Bitcoins, raising its holdings to a total of 550 coins, about $ 25 million...
COINBASE V. SEC
Just days after news reports that the US Securities and Exchange Commission is investigating the giant Uniswap of DeFi, the country’s largest cryptocurrency exchange. Coinbase, clearly Regulators threatened it with Wells’ notice — a formal warning that the agency would sue if the company implemented a plan to start lending.A new product created by Circle in collaboration with Coinbase that offers customers a 4% interest rate on USDC stablecoin deposits.
Paul Grewal, Coinbase’s Chief Legal Officer, along with co-founder and CEO Brian Armstrong, refused to explain how and why the agency made the decision and upheld the legal action. He said he accused him of avoiding a typical regulatory protocol. A bit of actual guidance to the industry on these types of products. ” Armstrong, who said the SEC also demanded records and testimony from employees, accused regulators of “rough action” and “land seizure” compared to other regulators.
“If we go to court, we may ultimately get the clarity of the regulations that the SEC refuses to offer,” Armstrong said. Tweet.. “But litigation regulation should be a last resort, not a first resort for the SEC.”
BLOCKCHAIN 50 spotlight: Samsung Group
Samsung SDS, the conglomerate’s IT department, has built a number of blockchain projects for local governments, hospitals and airports. This includes a one-stop medical bill processing service that allows patients to file bills via the hospital reception center, kiosk, or mobile phone.
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