While everyone was waiting for bitcoin’s further fall, the market was firmly on its feet and stayed in the green zone. Of course, this only fueled the bullish mood, and the recent forecasts speak for themselves. As one of the most famous traders, Tone Vays, said, “The first cryptocurrency expects a resumption of growth, an update to the historical maximum and a subsequent significant drop” According to the expert, the MFI indicator confirms the end of the short-term correction of bitcoin.
Vays predicted the growth of digital gold above $70,000 in the coming weeks. Then investors will start taking profits, which will lead to a large-scale drop in the price of the asset, he added. At the time of writing, the Bitcoin price is $59k. Another of the predictions made this week concerns Ethereum. Messari analyst Ryan Watkins said in the FinTech Today podcast that ” Bitcoin looks more attractive compared to Ethereum as a means of saving — its monetary policy is predictable, and the network is secure. The second-largest cryptocurrency can challenge this after switching to Proof-of-Stake.” According to our survey on social networks, users trust Bitcoin more and do not believe that Ethereum will soon get the first line in the rating of cryptocurrencies.
Well, now let’s move on to the main news of the week. Let’s go!
1. PancakeSwap, CREAM Finance, and a number of other DeFi projects were attacked by hackers. The services were hacked through DNS substitution and site content replacement. When trying to connect to the wallet, the site started collecting seed phrases and sending them to the attackers. Later, the PancakeSwap and Cream Finance teams regained control of the sites. Cream Finance published a detailed report on the DNS attack and told how they overcame the crisis.
2. “The new report PARLIAMENT STREET, called The Great Cryptocurrency, polled 2,000 UK savers about their investment plans for 2021 and found 30 percent will not invest in cryptocurrency due to feeling it is a missed opportunity.” This is probably 30% of the bears.
3. Once again, Elon Musk was a part of a new wave of hype. On his Twitter page, he put “a song about NFT in the form of NFT” up for sale. The digital work’s main elements were the inscriptions “HODL,” “Never sleep computers,” and Shiba Inu dogs. The price soared to 625 ETH (=$1.1 m). They wanted to buy the techno track composed by Elon for $100k. But after a couple of days, the Tesla CEO refused to sell his masterpiece, writing, “Actually, it doesn’t feel quite right selling this. Will pass.” Buyers were left perplexed, but social networks were flooded with a new crypto wave. And while we’re on the subject of Elon Musk, it’s worth mentioning that the CEO position at Tesla is now officially the “Technoking of Tesla” and the CFO has been given the title of ”Master of Coin”. What can I say, the guys have a great sense of humor.
4. Listed on the Paris Stock Exchange, the retailer Groupe Casino will issue a euro-backed stablecoin Laugh (EURL) on the Tezos blockchain, journalist Grégory Raymond said. The issuer of the stablecoin is Lugh. The journalist said that it will gradually turn into a consortium that will offer payment methods and a global loyalty program in partner brands. The partner was the cryptocurrency exchange Coinhouse. The asset will initially appear on this platform. According to the Laugh press release, the project was supported by the financial conglomerate Societe Generale (the account holder of the issuing company), the consulting firm PwC France and Maghreb, and Nomadic Labs, which is engaged in research and development for the Tezos protocol.
5. By the way, a new currency, BTCV, is now available in Lumi. In LUMI Wallet, you can store, send, and exchange BTCV. Learn the following steps to navigate through our app. Bitcoin Vault was launched in 2019. The builders of BTCV have created a solution to protect against theft. The BTCV ecosystem consists of three parts, which allows you to significantly increase the level of security. The main feature available in BTCV would be the cancellation of transactions within 24 hours if an error was made. Read more about cryptocurrency and how to add it to Lumi in our latest article.
6. The Indian government is preparing a bill banning cryptocurrencies in the country. Cryptocurrency holders will receive six months to liquidate their assets. The law will become one of the strictest regulations for regulating cryptocurrencies globally and will make crypto holders criminally liable for the possession, issuance, mining, trading, and transfer of cryptocurrency assets. Simultaneously, the government plans to lay the legal basis for issuing a national digital currency.
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!