Bitcoin Surges on Rate Rumors, Elon Musk Misquote Causes Stir, and More in This Week’s Crypto News
This week in the world of cryptocurrency, Bitcoin saw a surge in value as rumors spread about the Federal Reserve potentially lowering borrowing rates. The leading cryptocurrency reached its highest value in 20 months, with a 17% increase in just one week. This surge was mirrored in the broader market, with gold hitting a record high and the crypto sector experiencing a rise in investor enthusiasm for risk-on assets.
In other news, Tesla CEO Elon Musk found himself in hot water after misquoting Jack Dorsey’s new Bitcoin wallet, Bitkey. Musk’s comment, “Not your keys, not your wallet,” was quickly corrected by the crypto community to “not your keys, not your coins,” emphasizing the importance of self-custody in managing funds.
Meanwhile, Coinbase introduced a new feature that allows users to send money through social media platforms like WhatsApp, iMessage, and Telegram. This move aims to simplify transactions among friends and family, making it easier and faster to transfer funds globally.
El Salvador’s President Nayib Bukele celebrated the country’s Bitcoin investment, which has now turned a profit of over $3.6 million. Bukele also announced a ‘Freedom Visa’ program that offers Salvadoran citizenship in exchange for a $1 million investment in Bitcoin or Tether, further boosting the country’s economic prospects.
In the EU, popular trading app Robinhood expanded its crypto trading services to European customers, offering more than 25 cryptocurrencies free of commissions. This move comes as the region’s crypto regulations are seen as more favorable compared to the US.
On the flip side, JPMorgan Chase CEO Jamie Dimon once again criticized the crypto market during a US Congressional hearing, advocating for its shutdown. Despite his negative stance, JPMorgan continues to support crypto ventures, highlighting the ongoing debate within the traditional financial sector.
Switzerland also made headlines this week as the city of Lugano now accepts Bitcoin and USDT for tax and service payments in collaboration with Tether. This move reflects a growing trend among Swiss municipalities to embrace crypto payments alongside traditional methods.
Lastly, a Bitcoin Core developer revealed a bug fix that could potentially eliminate Bitcoin Ordinals and BRC-20 tokens causing network congestion. This fix, if implemented, could impact the over 46 million inscriptions on the Bitcoin blockchain.
That’s a wrap on this week’s crypto news. Stay tuned for more updates in the world of cryptocurrency.
