This week was significant, if only for one reason: there was a small surge in the calm of the cryptocurrency ocean. And the captain of this hurricane is once again Elon Musk. Elon didn’t tweet anything about cryptocurrencies for almost a week, and then he raised the price of Bitcoin by $ 4k with one tweet: He described the conditions for allowing the purchase of Tesla for BTC again.

Of course, Elon Musk is accused of pumping the first cryptocurrency, but Bitcoin is not so easy to pump and the tweet of one billionaire cannot radically change the situation. That is why by the end of the week, BTC had returned to $35k. But Ethereum held steady at around $2,200-2,600.

Despite such a lull in the crypto market, many investors are still bullish. Let’s take a look at the latest statements from influencers:

1. Coinbase co-founder Fred Ehrsam believes that cryptocurrencies are a real “rabbit hole” that is leading humanity into a completely new financial world. Crypto technologies are now at an early stage of development, but within ten years, most of the Internet resources will switch to cryptocurrencies.

2. American billionaire Tim Draper confirmed his forecast that by the end of 2022, the value of the first cryptocurrency would reach $250,000, and he also expressed the opinion that Bitcoin will become the core of all financial activity over the next 20-30 years.

3. One of the world’s most famous traders Paul Tudor Jones is ready to invest 5% of his portfolio in Bitcoin:

“I like bitcoin. Bitcoin is math and math has been around for thousands of years. 2+2 is going to equal 4 and it will for the next 2,000 years. So, I like the idea of investing in something that’s reliable, consistent, honest, and 100% certain. So, bitcoin has appealed to me because it’s a way for me to invest in certainty.”

Not without caveats. Renowned financier Michael Burry, who shorted the real estate market before the 2008 crash and became the prototype for the protagonist of the short game, believes that the stock and cryptocurrency market is close to the largest collapse in history.

One of the main reasons he considers the influx of newcomers to the market.
At Lumi, we monitor market sentiment and how it influences our users’ decisions. The latest poll showed that more than 56% of Twitter users believe that Bitcoin can be worth more than $100k. So we remain optimistic, no matter what, and are guided by the primary strategy of many cryptocurrency veterans – hodl and buy.

And now the main news of this week:

  • Several cryptocurrency pairs on the CoinMarketCap service “collapsed in price”: so USDT fell by 98%, Cardano by 69%, and DOGE by 70%. At the same time, the dominance of Bitcoin is 145%. The service has now restored its work.

Crypto News Weekly Digest 12 - 18 June

  • Another country is on the way to legalizing cryptocurrency

As we know, the El Salvadorian authorities, for the first time in the world, passed a bill legalizing Bitcoin. And already today, the President of Tanzania called on the country’s Central Bank to begin to study crypto and everything connected with it actively and stated that the era of cryptocurrency and blockchain is approaching.

  • Grayscale is considering adding 13 new cryptocurrencies to their trusts.
  • News from the world of NFT. Over the past 30 days, NFT sales have declined by about 20 times. But as we can see, crypto art is still very popular and has the greatest value in increasing blockchain awareness. For this week, the US Space Force is launching a satellite in honor of Neil Armstrong on June 17. At the same time as the launch, they will release the NFT collection. Sotheby’s will put up 9555 lines of source code, which is the basis of the World Wide Web, for auction in the form of NFT. Meanwhile, the most famous TV company in the United States, Fox Entertainment, announced the launch of a fund for investments in NFT for $100 million.
  • Lumi also added 2 new currencies to the wallet – Keep Network and Crystal TON. They are now available only on the Android platform since the issue with the AppStore is still being resolved. We are delighted to welcome new communities to our LUMI family. And we wish the projects stable growth and development.
  • A new level of fraud is on the doorstep. Reddit users write that customers of Ledger hardware wallets have received new devices that should protect them from scammers. “There are hundreds of spelling mistakes in the cover letter alone. And the new device looks unsafe.” We remind you to prioritize your safety and be vigilant. Always check the information received on the official websites of the company!
  • The latest news on various approaches of states to the regulation of cryptocurrency. The government in South Korea wants to ban trading platforms from trading their own tokens. Another example is provided by The Minister of Economy in Tunisia. He said, “I will change the law, we cannot put a Tunisian young man in prison for buying Bitcoin”.

This is all the main news of the week so far. Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, Reddit, and LinkedIn. Let’s learn the cryptocurrency market together step by step!