This week we have prepared a big update for our users – Bitcoin SegWit and multiple ETH Accounts. Now you can create multiple Ethereum accounts in the new version of the app and use Bitcoin SegWit to lower fees and increase confirmation speed.
The week was hot for many traders and cryptocurrency holders. DeFi holders felt a significant increase in their assets, but the first cryptocurrency custodians experienced serious stress. BTC dropped to $29k. Read about this and other news in our summary of the main and current affairs in the cryptocurrency market this week:
- At the beginning of the week, the price of bitcoin was $38k, and on Friday it fell to $31k and then below. The digital currency dropped as much as 17% to $29,246.77, wiping out about $100 billion from the market, according to data from CoinDesk. Wall Street investors were in a bit of a panic. It’s since pared losses slightly, Friday, climbing back above $32k on Friday after trading beneath that level for over an hour. To learn more about the reasons for bitcoin’s fall, we suggest reading the analysis of the market situation.
- The Atlas VPN team found that blockchain hackers stole nearly $3.78 billion in 122 attacks throughout 2020. At least one positive trend can be distinguished from the document: Blockchain-linked hacks dropped for the first time in 5 years.
- The SEC has provided a list of 28 unregistered companies that are potentially dangerous for investors. Among them are eight cryptocurrency startups. The US government is trying to tighten the position of cryptocurrencies, but the market atmosphere is inspiring. Many investors and politicians are aware of the importance of adopting cryptocurrency as a new financial instrument. Which, of course, affects the value of digital assets.
- Fundstrat Global Advisors strategist David Grider predicts that the price of Ethereum could rally to $10,500 per unit after the cryptocurrency set a new all-time high on Tuesday. The estimate implies a near 700% increase on the current Ether price, which is hanging above the $1,300 range.
- Russia’s Sberbank plans the release of its own crypto token, the ‘Sbercoin’. According to a report published on Monday by the Russian news agency RBC, Sberbank plans to switch to cryptocurrency in 2021, when the new law “On Digital Financial Assets” (DFA) comes into force. A few months ago, there were rumors that Sberbank was considering issuing its own stable coin. The DFA law prohibits several cryptocurrency transactions, but in particular, it does not seem to cause problems with ruble-backed stablecoins.
- “Cryptocurrencies are a particular concern. I think many are used – at least in a transaction sense – mainly for illicit financing”, said Janet Yellen, who will be chosen to be Secretary of the Treasury. But the facts suggest otherwise. Only 0.34% of all cryptocurrency transactions are for criminal activities. In contrast, 2-5% of global GDP is laundered with fiat currencies.
All information stated above is provided only for general information purposes. We do not promote any cryptocurrency, do not recommend or advise anything. All decisions about investments should be made by yourself. Our team works to satisfy our clients’ needs. 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!