July 1, 2022

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Bitcoin Crash, Bill Gates Files NFTs and Elon Musk Lawsuit for Dogecoin Promotion: The Week in Crypto

Bitcoin Crash, Bill Gates Files NFTs and Elon Musk Lawsuit for Dogecoin Promotion: The Week in Crypto

Welcome to the weekly compilation of the most important news about cryptocurrencies, NFTs and digital currencies, Corresponding to the week of June 13-17, 2022where we summarize cryptocurrency related topics that have occurred in recent days.

Coverage can be followed weekly in these Friday posts, but also from our account Tweet embed On Twitter, where Attach in real time using the hashtag #CryptoXatakafor the contents we cover here.

Bitcoin in free fall

We started the week by noting the significant drop in cryptocurrencies, which, for example, in the case of Bitcoin Came at $23,000, Value we haven’t seen since late 2020While Ethereum also suffered losses of $1,230, roughly 15% below its maximum price.

Due to fluctuations in encryption, Celsius شبكة network Announce the suspension of all withdrawalsand exchanges and transfers between accounts, with the aim of (eventually) being able to fulfill their withdrawal obligations.

El Salvador and bitcoins

On Tuesday the 14th we dedicate ourselves to making it A new assessment of the value of investments El Salvador made it with cryptocurrency, Similar to one made After the fall recorded in mid-May, to 30,700 dollars.

At that time the country’s losses amounted to more than 36% or Equivalent to about 37 million dollarsout of the 102 million she spent buying 2,301 bitcoins over the course of eight months.

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Now with bitcoin at $22,600 these losses were even greater, up to nearly 50% from initial investments, About 52 million dollars. Despite this, the Minister of Finance of El Salvador stated that the financial risks of this situation were “very minimal“And that they didn’t lose any money, they didn’t sell the coins.

A new report from CipherTrace also revealed that Illegal activity in cryptocurrency It currently ranges between 0.10% and 0.15%. Among the activities classified as criminal are services that appear legitimate but are in fact These are scams or schemes of money laundering and fraud.

The report also includes an increase in extortion for ransomwarecAn increase of 500% last yearwhere the most widely used cryptocurrency was Monero, preferred for its unique anonymity properties.

NFTs are in the watches and Bill Gates is against them

On Wednesday, the 15th issue about NFTs surfaced, the first being that TAG Heuer was making it possible to display tokens Directly on your smart watchwith specially designed covers.

On the same day it was revealed Some comments From Bill Gates on NFTs, noting that they were based on the “biggest lie” theory, i.e. they were an exaggerated asset Able to make money only because there was always someone The ‘dumber’ who can sell.

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Gates further commented that he preferred to make his investments in tangible assets and that he suspected that non-financial funds were designed to Avoid taxes or government regulations.

Musk, Dogecoin and Twitter

On Thursday the 16th of the month, Elon Musk grabbed many tech headlines, the first being to sue himhaving been classified as a “pyramid scam” Promotion made by businessman To cryptocurrency Dogecoin Meme.

The plaintiffs demanded a Economic compensation of $258 million For compensation, he called for both dogecoin and crypto-related activities to be classified as illegal.

At the time of writing the note to the lawsuit, the price of this cryptocurrency is It was five centsIn doing so, it lost more than 90% of its maximum historical value at 70 cents.

To close today in a meeting With Twitter staffRegarding the social network’s purchase, Musk commented that it makes sense for cryptocurrency payments to be integrated into the platform, Facilitate sending and receiving money.

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On Friday, June 17, Bitcoin continues the downtrend seen throughout the week, but You didn’t break the $20,000 resistanceHe never recovered, swinging only $2,000 more than he could maintain in his price tag. At the time of writing this post, the price of the cryptocurrency is $20,400.

picture: Art Rachel in unplash