Bitcoin and Ethereum Rebound, Pushing the Crypto Market back Beyond $1 Trillion.
Enlighten yourselves with exciting highlights in Crypto, FinTech and Stocks
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Bitcoin and Ethereum Rebound, Pushing the Crypto Market back Beyond $1 Trillion.
After weeks of frustration, Bitcoin (BTC) reached a monthly high of $22,430 on Monday morning.
Bitcoin's recent price movement coincides with soaring trading volumes, which increased by 15% in the last day to exceed $31.6 billion.
The remainder of the market is mainly up today as well, with the market capitalization of all cryptocurrencies rising back above $1 trillion for the first time since June 13 as both Bitcoin and Ethereum registered gains.
Putin Orders a Russian Ban on Cryptocurrency Payments.
After much discussion on how to handle cryptocurrencies, the Russian government and central bank finally took action.
“It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws.”
Russia's cryptocurrency laws are complicated: the central bank of the nation had initially advocated for a ban on Bitcoin mining and cryptocurrency transactions, but early this year, the country's Finance Ministry declared that it would be "essential to allow" cryptocurrency technology to advance.
Ethereum developers plan to merge in September.
There is a new deadline for The Merge. If all goes according to plan with the Goerli test, it might arrive as early as September 19.
Why is this important? One of Ethereum's most significant ever events will be The Merge. Proof-of-stake will replace proof-of-work. This translates into quicker transactions, less energy use, and a move toward scalability.
According to Tim Beiko, Protocol Support at the ETH Foundation, "It's extremely possible to merge in September, assuming... the Goerli fork doesn't entirely blow up."
Since the news was released, ETH has increased by 12%!
US Senator Elizabeth Warren says that Congress must take action on cryptocurrency.
In light of recent high-profile insolvencies from lenders including Celsius, Vauld, Voyager, and BlockFi, Democrat Elizabeth Warren is urging Congress and the SEC to adopt a more proactive approach to cryptocurrency.
“too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.”
Warren expressed her displeasure over the operation's "high energy use and carbon emissions" in a stern letter to Jeff Kirt, the CEO of Bitcoin mining firm Greenidge, in December of last year.
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