What Happened Since Last Week in Crypto

The cryptocurrency market is full of surprises; now the market grows and in an instant everything collapses. The most influential currency in the world of cryptography is bitcoin, and in many situations this dominant currency determines the trend of the market. Bitcoin and the entire world of cryptography rely mostly on news, government regulations and the media. Every week, when any of these contributing factors appear, the market reacts. Throughout the week since 2009, crypto has been influenced by other news. This week was not missed, as it was a busy week in the world of cryptocurrencies. Some of the main events that have taken place this week are;

Elon Musk is back!

As a cryptocurrency trader and investor, you know that no individual investor or trader has the right to change the way the market works. However, some individuals have a huge impact on trends in the crypto market. One such person is Elon Musk, CEO of Tesla Motors. Elon Musk has had a positive and negative impact on the value of cryptocurrencies such as Bitcoin and Dogecoin in the past. His company, Tesla, contributed to the recent collapse of Bitcoin and the cryptocurrency as a whole in May. But this time, Musk has done something good for the cryptographic world. He took to his famous Twitter platform to explain that Tesla may soon accept Bitcoin as a means of payment. He added a condition to the tweet. According to Elo, the company will accept Bitcoin in the future if Bitcoin miners are able to reduce their energy supply by about 50 percent and improve the future. Elo's statement led to the price of Bitcoin rising to around $ 40,000.

 New Permission To Upgrade Bitcoin

There has only been an update to bitcoin over the past four years last week. The update was approved on Saturday and will begin this week. This promotes blockchain transparency and gives space for smart deals.

. participants positive for Covid-19

In case you haven't heard of it yet, the bitcoin conference was held in Miami, America, on June 4 and 5.  Unfortunately, the organizers of the event have not set strict rules against COVID-19. However, there were rumours that some of the participants had contracted the virus. However, Miami City Hall officials revealed that the conference was the main vector of the virus.

 El Salvador moves toward Bitcoin as legal tender

Although there are millions of bitcoin traders and investors around the world, No Country has accepted the currency as legal tender. However, El Salvador was the first country to create a rule on accepting Bitcoin as legal tender. The purpose of the rule is that bitcoins can now be used legally to buy and sell government goods.

 FBI uncovers $ 2.3 million bitcoin scam

Last week, the FBI's Justice Department recovered $ 2.3 million worth of bitcoins. This is the amount the colonial masters paid to extorting hackers. The news sparked concerns about Bitcoin hacking, which slightly lowered the price of Bitcoin.

 U.S. senator calls for encryption regulation

US Senator Elizabeth Warren called for regulation of cryptocurrencies. He saw crypto as a great opportunity for scammers to piss off some investors.