This Week in Crypto: BTC Legal Tender, Parachains & More!!
🎈Inflation Continues To Soar🎈
According to the CPI, the annualized inflation rate in may was 5%, up from 4.2% in April. That doesn’t sound like much, but it’s the biggest monthly inflation gain in over a decade The caveat here is that there are concerns that the FED will clamp down with higher interest rates which would bring these inflationary pressures under control, and this could crash the crypto market ⚖China Crypto Crackdown⚖ Dozens of Chinese cryptocurrency influencers have been banned from Weibo, one of China’s most popular social media platforms China’s largest search engines also appear to be restricting searches related to cryptocurrency exchanges, namely Binance, Huobi, and OkEx
💸Bitcoin Becomes Legal Tender💸
El Salvador’s recent bill to make Bitcoin legal tender officially passed last week. President Nayib Bukele said that the law will go in place immediately and is giving 3 months for public and private institutions to put in the necessary infrastructure to support Bitcoin payments
📦DeFi Adoption: Amazon Edition📦
In a job posting last week, Amazon said it was looking for a blockchain lead with QUOTE ‘experience delivering products or innovations in the blockchain space, and in particular DeFi or Traditional Financial Services’
📅Parachain Slot Auctions📅
The first auction will begin tomorrow (June 15th) at 12:00 GMT and will conclude on June 22nd at 9:00 GMT. Any KSM you loaned to the winning project will be locked until May 13th 2022
🕵️♂Bitcoin Hacked!?🕵️♂
When it comes to the question of how the DOJ got the BTC from the Colonial Pipeline hackers, the DOJ likely gained access to the private keys of the hackers because they used a centralized cloud storage service provider as part of their attack
⛓Taproot Upgrade⛓
Over the weekend, Bitcoin’s Taproot upgrade finally received the consensus it needs from nodes on the network to be implemented. This is expected to take place in November Without getting too technical, Taproot will improve the security, scalability, and privacy
📊Weekly Crypto Market Analysis📊
As you can see, Bitcoin continues to print a daily price pattern that’s characteristic of a Wyckoff accumulation phase Bitcoin dominance has increased significantly over the last couple of weeks. What this means is that money is moving from altcoins back into Bitcoin, and I suspect this trend will continue This week’s winners are Quant Network, Amp, Theta Fuel, Unus Sed Leo, and ALGO
~~~~~
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
