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Author: StanNordFX   |   Latest post: Wed, 15 Sep 2021, 10:19 AM

 

CryptoNews of the Week

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- MicroStrategy acquired additional 3,907 BTC worth about $177 million on August 24. The average purchase price was $45,294 per coin, including commissions and other expenses.
In total, this analytics provider has invested more than $2.9 billion in digital gold. Now there is a total of 108,992 BTC on MicroStrategy's balance sheet. At the time of writing, the value of this cryptocurrency is estimated at $5.25 billion.

- El Salvador has begun preparing infrastructure related to the entry into force of the law to recognize bitcoin as an official means of payment. Operations with this cryptocurrency will be available at 200 ATMs and 50 bank branches by September 7. Residents will be able to withdraw cash 24 hours a day without any commission.
Head of State Nayib Bukele assured that ATMs will appear in all parts of El Salvador in the future. “What if someone is not interested in bitcoin? Keep living your ordinary life. Nobody is going to take your dollars. You can always queue up at Western Union and pay a commission,” Bukele stated. The President of El Salvador estimates that citizens lose about $400 million on remittances fees each year.

- Trend Micro experts found over 120 fake applications for cloud mining of cryptocurrencies in the Google Play Store. Some of them have been downloaded over 100,000 times. Malware does not have a mining feature, according to the study. However, they charge users a monthly fee of about $15 and additional payments allegedly for “enhanced mining opportunities.” Some apps require a prepayment.
Following Trend Micro's appeal to Google, eight fraudulent apps were removed. These include BitFunds, Bitcoin Miner, Daily Bitcoin Rewards, Crypto Holic, MineBit Pro, Bitcoin 2021, Ethereum - Pool Mining Cloud and Bitcoin (BTC) crypto wallet - Pool Mining Cloud Wallet. However, according to Trend Micro, about 120 malware is still available for download.

- A 24-year-old electronic engineer from Pretoria (South Africa) could now be richer by about $1 million but lost the wallet data with 20 BTC mined 10 years ago. He mined the cryptocurrency at school age. To do this, he used a computer with 512 GB of RAM. “I don’t remember exactly how much time I was mining, but it lasted about a couple of months continuously,” the failed millionaire recalls. Eventually he got fed up with it, as the computer could not be used for other tasks, and the cryptocurrency cost virtually nothing. During that year, the price of the first cryptocurrency rose from $0.0008 to $0.08.
Then he lost the paper with the key and password from the bitcoin wallet, and at some point, while cleaning the computer, he also deleted the data file. Some seven years later, with the price of the cryptocurrency already reaching $1,000, the engineer made an attempt to gain access to the mined coins. “I remember collecting all the HDDs, memory cards, CDs and DVDs in the house and carefully reviewing each one. It took about a week." However, there was no happy end.
Chainanalysis estimates that about 20% of mined bitcoins are in lost or forgotten cryptocurrency wallets at the moment.

- American banking giant Citigroup is awaiting regulatory approval to begin trading bitcoin futures contracts on the Chicago Mercantile Exchange (CME). Citigroup will therefore become another megabank after Goldman Sachs offering similar opportunities
The bank is also reported to be actively picking up staff for its cryptocurrency team in London.

- A constant critic of bitcoin, president of the brokerage company Euro Pacific Capital Inc., Peter Schiff admitted that the price of BTC could still show impressive growth, reaching $100,000.
Schiff is known as the man who takes every opportunity to strike at cryptocurrency and call for the purchase of gold. And now, in an interview with Coin Stories, this "golden beetle" expressed regret for not making investments in bitcoin on time. Despite all the negative things said about the first cryptocurrency, Schiff still did not undertake to dispute the fact that BTC is a great store of value. In fact, the ROI on bitcoin has been 8,900,000% over the past decade.
“I wish I had bought bitcoin when I first heard about it - it was a serious mistake,” the financier admitted. "I could invest $100,000 in it, yes, I could. Instead, I invested that $100,000 in other things that failed. Now I could become a bitcoin billionaire because I knew about it early on. If I could go back in time, I would have acted differently,” Schiff lamented.
At the same time, he remains bearish and excludes the possibility that the asset will ever be massively used as a means of payment. According to the financier, the only merit of bitcoin is that people speculate on it.

- Earlier, senior strategist at Bloomberg Intelligence Mike McGlone repeatedly predicted the growth of BTC to $100,000. But, according to the expert, the mainstream of the second largest cryptocurrency by capitalization can become an obstacle to growth. People are beginning to realize that ethereum is “the building block for all financial technology, DeFi and infrastructure in a world that is going digital,” McGlone said.
The expert named non-fungible tokens (NFT) as another powerful support for the price of the main altcoin. Such assets are becoming extremely popular and are mostly issued on the ETH blockchain.
In doing so, McGlone called former Goldman Sachs hedge fund manager Raoul Pal's forecast of Ethereum growth to $20,000 as overstated. But also, the price will not fall below $2,000, rather the rate will exceed $4,000, according to the analyst.

- Ethereum creator Vitalik Buterin is much more optimistic about the future of this altcoin. He expects that after the recent London hardfork and implementation of EIP-1559, the ETH price will be 10 times higher than current levels and reach $30,000. In this case, the capitalization of this altcoin would reach $3 trillion, and exceed the capitalization of all the major technology companies in the world.

— An Australian entrepreneur promised to pay BTC worth $5 to everyone who gets a coronavirus vaccination.
The Mayor of Cool Valley, Missouri (USA) is planning a much more generous reward. He announced his intention to donate $500 to $1000 in BTC to each of the 1,500 Cool Valley residents, as he believes this cryptocurrency has the potential to make them rich. “I have friends whose lives have completely changed: from ordinary workers with a working schedule from nine to five, they have become owners of a fortune of more than $80 million in a few years,” the mayor explained his initiative. At the same time, he put forward one condition: recipients will not be able to sell their bitcoins for five years, which, according to the mayor, will allow them to wait for the price of BTC to rise to half a million dollars.
Residents of the city reacted to this initiative very positively, so the mayor has a lot of chances to be re-elected for a new term.

- With the start of another bitcoin rally, some major players predict that cryptocurrency will reach new record levels by the end of the year. The survey was conducted by Elwood Asset Management, with 55 out of an estimated 175 cryptocurrency hedge funds.
According to the data, 65% of these hedge funds predict that bitcoin will be trading in the $50,000 to $100,000 range by the end of 2021. 21% of those surveyed named a price between $100,000 and $150,000. And only 1% of hedge funds predicts that the asset's value will be below $50,000.
63% of hedge funds believe that the cryptocurrency market capitalization will be in the range of $2 trillion to $5 trillion, with another 11% estimating a market capitalization of between $5 trillion and $10 trillion.

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