Apple CEO reveals he owns crypto, Twitter is building a crypto department, and Bitcoin is getting a major upgrade. These stories and more this week in crypto.
The value of the total crypto market exceeded $ 3 trillion this week, with Bitcoin reaching $ 69,000 and Ethereum exceeding $ 4,800. Prices rose after the US Bureau of Labor Statistics released its October inflation figures, which reflect the largest monthly rise in 30 years, and investors are turning to cryptocurrencies as a hedge against inflation.
Apple CEO Tim Cook has revealed that he is personally invested in cryptocurrency. Cook has researched crypto and considers it a reasonable part of a diverse portfolio. Despite his personal investment, Cook rejected the idea that Apple would put cryptocurrency on the company’s balance sheet at any time in the near future.
A social media platform, Twitter is launching a dedicated cryptocurrency team called Twitter Crypto as the company continues to support the adoption of digital assets and decentralized applications. The team will explore ways to support creators’ growing interest in blockchain technology with crypto payments, NFTs, and decentralized services.
Mastercard has partnered with three crypto platforms to create crypto credit cards that will allow users to load cryptocurrency from online wallets onto their cards to purchase goods and services. Bitkub, a digital exchange in Thailand; Coinjar, a crypto trading platform in Australia, and blockchain finance company Amber Group are helping Mastercard deploy crypto services in Asia.
Shares of Coinbase, the largest cryptocurrency exchange in the United States, fell sharply after the company missed its expectations for revenue and profits. Transaction volumes fell 30% from the previous quarter, and while Coinbase recorded $ 1.1 billion in transaction revenue during the period, it was also down from the previous quarter.
New York City obtains its own digital asset, known as NYC Coin. The token is being developed by a community platform known as CityCoins, which also built Miamicoin earlier this year. The currency will generate income for NYC through its mining process and will be used to fund city projects. Meanwhile, the mayor of Miami is offering his residents digital wallets and giving them bitcoin directly from the yield of the city’s cryptocurrency, MiamiCoin.
Muslims in Indonesia have not been allowed to use bitcoin by the country’s highest religious council, which claims the cryptocurrency is against Sharia law. The Council has declared the asset harmful as it contains elements of betting and uncertainty, and therefore can be harmful to anyone who invests.
The Taproot upgrade went live this weekend on the Bitcoin blockchain. Taproot is the first major upgrade to the bitcoin network since SegWit in 2017. Taproot brings smart contract capabilities to the Bitcoin network that power decentralized financial applications and NFTs, improve privacy, and enable cheaper transaction costs.
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That’s what happened this week in crypto, see you next week.