JP Morgan is bullish on Bitcoin,
SpaceX launches the first crypto satellite
and guess which CEO served pizzas on the 12th Bitcoin Pizza Day?
These stories and more this week in crypto.
Hi, I’m Nate Martin from 99Bitcoins.com,
and here’s what’s happened this week in crypto.
Global investment bank, JP Morgan,
published a positive note on cryptocurrencies.
The bank’s strategists wrote
that the past month’s crypto market correction
looks more like capitulation
and going forward they see upside for bitcoin
and crypto markets in general.
The firm has also proclaimed cryptocurrency as its preferred
alternative asset class along with hedge funds.
SpaceX launched the world's first crypto satellite.
The Crypto1 is a crypto-satellite module
hitching a ride aboard a Falcon 9 rocket
for SpaceX’s Transporter 5 mission.
The coffee mug-sized module was created using
over-the-counter parts and in space,
it will provide a physically unreachable
and tamper-proof platform
from which blockchain and ledger applications can be launched.
Securities and Exchange Commissioner, Hester Peirce,
says the US has dropped the regulatory ball on crypto.
Pierce, who has previously criticized her SEC colleagues’ take on crypto,
said of the U.S.
“We're not allowing innovation to develop
or experimentation to happen in a healthy way,
and there are long-term consequences of that failure.”
The European Central Bank has warned
that the crypto industry’s deepening ties with traditional banks
pose a risk to financial stability.
A spokesperson for the ECB admitted
that so far investors have been able to handle
the $1.3 trillion market loss
but predicted that at this rate,
a point will be reached where unbacked crypto assets
represent a risk to financial stability.
Stablecoin issuer, Tether, has launched MXNT,
a stablecoin that is pegged to the value of the Mexican peso.
Tether’s announcement stated
that the multibillion-dollar flow of remittances into Mexico
and the difficulties involved with money transfers
have created a unique opportunity for stablecoin usage and adoption.
The Ethereum beacon chain,
which will be crucial to the Ethereum Merge upgrade later this year,
experienced a security risk
known as a blockchain “reorganization”
when a duplicate version of the blockchain emerges.
Though the reorg lasted long enough
to raise serious concerns for malicious attack,
it may just have been bad luck
caused by miners running outdated mining software.
After the disaster of the TerraUSD and Luna collapse,
the Terra blockchain team
has announced plans to launch a new genesis version -
this time without an algorithmic stablecoin.
The governance proposal called “Terra Ecosystem Revival Plan 2”
has been passed
and a new codebase released to prepare for the new network.
Binance celebrated the 12th anniversary
of ‘Bitcoin Pizza Day’ in style.
CEO CZ, donned an apron
and served customers from a pop-up pizza store in France.
12 years ago bitcoin miner, Laszlo Hanyecz,
used bitcoin to buy two pizzas from Papa John’s for 10000 BTC
marking the first time crypto was used to purchase real-world goods.
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That’s what’s happened this week in crypto,
see you next week.
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