The cryptocurrency market is filled with surprises; now, the market is going up, and in an instant, everything comes crashing down. The most influential currency in the crypto world is Bitcoin, and in many situations, this dominant currency dictates the market trend. Bitcoin and the entire crypto world get affected mainly by the news, government regulations, and media. Every week, if any of these influential factors come up, the market will react. Since its inception in 2009, crypto has been affected by other news all through the week. This week wasn’t left out as it was a busy week for the world of cryptocurrency. Some of the significant events that happened this week include;
- Elon Musk at it again!
As a crypto trader and investor, you know that no single investor or trader has a right to change the activities of the market. However, some personalities have a massive influence on the trends of the crypto market. One of these persons is the CEO of Tesla Motors, Elon Musk. Elon Musk had in the past influenced the value of cryptocurrencies like Bitcoin and Dogecoin positively and negatively. His company Tesla was influential in the recent crash of Bitcoin and the entire cryptocurrency in May. However, this time, Musk did some good to the crypto world. He took to his famous Twitter platform to explain that Tesla may soon accept Bitcoin as a form of payment. He added a condition to that tweet. Elon claimed that if Bitcoin miners can reduce their energy impact by about 50% and improve the future, the company will accept Bitcoin in the future. This statement by Elon pushed the price of Bitcoin to the $40000 range.
2. New Bitcoin upgrade approval
For the past four years, there has been no upgrade to Bitcoin until this past week. On Saturday, this upgrade was approved, and it will kick off this week. This will help transparency on blockchain and will give room to smart contracts.
3. Covid-19 positive attendees
If you didn’t hear about it before now, there was a Bitcoin conference on the 4th and 5th of June in Miami in America. Unfortunately, the organizers of this event didn’t put strict rules against the COVID-19 virus. However, there were rumors about some attendees contracting the virus. However, officials from the mayor’s office in Miami debunked that the conference was a major spreader of the virus.
4. El Salvador moves towards Bitcoin being a legal tender
As much as there are millions of Bitcoin traders and investors worldwide, no single country has accepted the currency as a legal tender. However, El Salvador became the first country to create a rule that accepts the legal tender of Bitcoin. The meaning of this rule is that Bitcoin can now be used for buying and selling legally in the state.
5. FBI uncovers $2.3 million Bitcoin fraud.
This past week, the justice department of the FBI recovered $2.3 million worth of Bitcoin. This amount was paid to some hackers of ransomware by colonial masters. This news caused a scare about bitcoin being hacked, which reduced the price of Bitcoin a bit.
6. US senator calls for crypto regulation
A senator of the United States of America, Elizabeth Warren, called for the regulation of cryptocurrency. She sighted that crypto was an excellent opportunity for scammers to rage some investors.