Bitcoin
Bitcoin adoption in Argentina, Solana ETF and more
This week, the biggest cryptocurrencies saw relatively low levels volatility. However, the meme coin sector was buzzing with activity due to a recent Shibarium update and several controversial celebrity token launches.
Meanwhile, Bitcoin adoption is gaining momentum. El Salvador’s successful BTC strategy has attracted the attention of several other countries.
Argentina’s Bitcoin ambitions with El Salvador
In its quest for crypto adoption, Argentina wants to collaborate with El Salvador, the first nation to adopt Bitcoin as legal tender. Following a high-level meeting last week, officials from Argentina’s National Securities Commission (CNV) engaged with Bitcoin experts from El Salvador to discuss regulatory strategies.
CNV President Roberto Silva emphasized Argentina’s intention to sign cooperation agreements to improve the use of Bitcoin.
“El Salvador has emerged as a leading country in the use of Bitcoin and the broader world of crypto assets. We want to strengthen ties with El Salvador. We will explore signing collaboration agreements with your government,” said Silva.
Despite facing economic challenges and external pressure to regulate cryptography, Argentina’s move could significantly boost the Bitcoin community. This reflects a growing dependence on cryptography amid a growing inflation and economic instability.
See more information: How to protect yourself from inflation using cryptocurrency
Argentine crypto users. Source: Statist
Normie Meme Coin Faces Severe Market Crash
Last weekend, the Normie meme coin met a devastating setback due to an exploit in its contractual tax mechanism, leading to a dramatic 99% drop in its value. The breach, facilitated by a flash lending attack, increased the supply of tokens and reduced their market value from $41 million to just $744,300.
Despite this turmoil, the attacker proposed returning 90% of the stolen assets, a gesture accepted by Normie developers now focused on token recovery and relaunch efforts.
Shiba Inu enhances your network
On Thursday, Shibarium, the network behind Shiba Inu, announced a major upgrade that drastically reduces the bridging time between Shibarium and Ethereum from seven days to approximately 45 minutes. This enhancement is expected to improve user experience by enabling faster and more efficient token transfers.
This upgrade signifies a significant improvement in network efficiency and could play a key role in improving the cryptocurrency’s position in the market. Amid the update, the Shiba Inu price increased by 8% this week, reflecting the positive market reception.
Caitlyn Jenner’s Crypto Controversy
In celebrity cryptocurrency news, Caitlyn Jenner’s entry into the meme coin market sparked controversy after an associate allegedly dumped all tokens following Jenner’s promotion of her coin, JENNER.
The backlash has brought to light concerns about influencer-led cryptocurrency ventures and the potential for scams. Despite these challenges, Jenner affirmed her continued commitment to the JENNER token, hoping for better governance and transparency in the future.
Historical Bitcoin Movement from Monte. Gox
The crypto community was abuzz with news of Mt. Gox, the defunct cryptocurrency exchange, transferring approximately 138,000 Bitcoins, worth around $9.4 billion. This move, part of a rehabilitation plan approved by the Tokyo District Court, marks a significant step in resolving creditors’ long-standing issues.
While there is speculation about potential market impacts, CryptoQuant analysts suggest that immediate selling pressure is unlikely given that the transfers took place within controlled addresses.
“We conclude that there is no immediate Bitcoin selling pressure from these transactions as the transfers occurred within the addresses of the same entity (Mt. Gox Rehabilitation Trustee) and are not yet available to the open market,” CryptoQuant said in a research report shared with BeInCrypto.
Rumors of Solana ETF Delays Amid Regulatory Uncertainty
The crypto community is abuzz with speculation about the Chicago Mercantile Exchange’s (CME) plans for a Solana (SUN) futures products. Amid expectations of an ETF for Solana following SEC approval of Ethereum spot ETFs, uncertainty over SOL futures contributes to market speculation. This situation highlights the complexities of regulatory classifications, which significantly impact the progress of cryptocurrency ETFs. Experts suggest that Solana’s path to an ETF could face challenges unless it achieves a more decentralized status similar to Ethereum.
Top 10 cryptos this week
Concluding this week’s crypto roundup, the market saw mixed performances among the top cryptocurrencies. Toncoin topped the list with a 4% increase, while Bitcoin and Ethereum showed modest gains. Meanwhile, Shiba Inu’s upgrade briefly pushed it into the top 10 by market capitalization, showing the dynamic nature of cryptocurrency rankings.
This week’s developments illustrate the vibrant and volatile nature of the cryptocurrency market, encompassing regulatory advancements, technical updates, and the ever-present risks of digital currency investments. As the landscape evolves, these stories not only reflect the current state of crypto but also hint at its direction in the coming days.
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