Elon Musk is criticized for a misquote during Dorsey’s BitKey intro, Coinbase now lets you send money via social media, and there’s a bug fix that could eliminate Bitcoin’s most pressing problem , but at what cost ?! These stories and more, this week in crypto.
Bitcoin Surged Following Rate Rumors
As the rumors spread As the Fed may lower borrowing rates, Bitcoin hit its highest value in 20 months, marking gains of 17% in a single week. The price of gold has also hit an all-time high, and with yields on U.S. Treasury bonds falling, the crypto sector has surged with broader investor enthusiasm for stocks and other risky assets. Among altcoins, Cardano’s ADA price jumped this week by entering the top 10 in terms of total value locked, or TVL, which is an important indicator of engagement and interest in a DeFi ecosystem.
Elon Musk swings and misses
Elon Musk attracted attention by commenting Jack Dorsey’s new Bitcoin wallet, Bitkey. Dorsey revealed the Self-Custody Hardware Wallet, available for pre-order in 95 countries. Musk’s misquote, saying “Not your keys, not your wallet,” sparked a widespread correction from the crypto community. The correct phrase is “neither your keys nor your coins”, which highlights the risk of trusting third parties in the management of funds.
Send crypto on social media
Coinbase Wallet introduced more easily and faster money transfers through links shared on social media platforms. WhatsApp, iMessage and Telegram users; as well as social media apps like Instagram, Snapchat, and TikTok can now send funds for free globally through Coinbase Wallet simply by sharing a link, simplifying transactions between friends and family.
El Salvador’s Bitcoin bet pays off
Salvadoran President Nayib Bukele celebrated the country’s Bitcoin investment, as the wallet now generates a profit of over $3.6 million. Bukele dismissed media criticism, unveiling a “Liberty Visa” program offering Salvadoran citizenship for an investment equivalent to $1 million in Bitcoin or Tether, aimed at further improving the country’s economic prospects.
Robinhood’s crypto extension
Popular trading app in the United States Robinhood introduced cryptocurrency trading for the EU customers, citing the region’s strict crypto regulations as the reason for its expansion, unlike in the United States, where the crypto sector faces increased scrutiny. European users can now trade over 25 cryptocurrencies, including Bitcoin and Ethereum, commission-free.
JPMorgan CEO attacks crypto again
JPMorgan Chase CEO Jamie Dimon sparked controversy by criticizing the booming crypto market during a US Congressional hearing, going so far as to argue for its “shutdown”. Dimon, who previously called Bitcoin a fraud and a pet, reiterated his negative stance despite the continued price rise, while his bank continues to support crypto businesses – firmly cementing his place on the list of fiduciary defectors.
Swiss crypto adoption on the rise
The city of Lugano in Switzerland now allows Bitcoin and USDT for taxes and payments for services in collaboration with Tether to revamp financial infrastructure using Bitcoin technology. Bitcoin Suisse streamlines bill payments for residents and businesses, reflecting a growing trend among Swiss municipalities to offer crypto payments in addition to traditional methods.
Bug fix to terminate Bitcoin ordinals
A Bitcoin Core developer revealed a bug The fix could eliminate Bitcoin Ordinals and BRC-20 tokens that cause network congestion. Luke Dashjr pointed out that the tokens exploit a vulnerability in the Bitcoin Core network and proposes a fix to stop their operation while preserving existing registrations. Implementing the patch could impact over 46 million registrations on the Bitcoin blockchain.
This is what happened this week in crypto, see you next week.