An eventful week for Bitcoin. It fell almost 5 percent, but at some point it looked a lot worse. A collapse to $ 8,900 sparked talk of a three-month correction that could be exacerbated by the expiration of more than 100,000 Bitcoin options next Friday.
At least so far, the correction appears to have been largely rectified, but this could be due to turbulence on the stock markets. Yoni Assia, CEO of eToro, predicts a market crash in three weeks. Bitcoin is currently outperforming the market and acting as a safe haven.
The week was also full of events outside the crypto markets. As protests against police racism and brutality continue, Tatiana Koffman explains why Bitcoin’s decentralized money supply is a practical response to government authoritarianism.
And this reaction becomes more efficient. Miners produced only 71 empty blocks in the first five months of this year, less than half the percentage of empty blocks mined in the same period last year. The improvement could be due to better mining technology that focuses on transaction fees as it approaches the halving … or just by chance.
On the other hand, the size of Bitcoin’s whale population is returning to the level that was last reached in September 2017 when the price approached $ 20,000. There are currently 1,882 Bitcoin holders with at least 1,000 Bitcoins. However, each of them now usually has less than 2016.
One way to reduce the influence of Bitcoin whales is to increase acceptance. CoinGenius will hold a two-day conference from June 25-26 to discuss “The Road to Mass Adoption”. Attendees can sign up for a 50 percent discount on full-day training sessions.
The one who claims to be Satoshi, Craig Wright, is still under attack. Former Mt. Gox CEO Mark Karpeles said 80,000 Bitcoins Wright claims were stolen from the exchange in March 2011. Wright, says Karpeles, is a liar or a thief.
REvil are definitely thieves and were busy again. The ransomware gang has affected three companies in the United States and Canada. Robert Farkas has admitted to being a thief. The founder of cryptocurrency company Centra Tech pleaded guilty to a federal court in Manhattan after being accused of conspiring to commit securities and transfer fraud during an ICO fraud. He and REvil are not alone. A recent government hearing reported that cybercrime has increased by 75 percent as people spend more time online.
But maybe the downsides are the fault of Facebook and Instagram. Telegram founder Pavel Durov says that social media companies make money with fraudulent ads under his name. According to Durov, they remove fake ads slowly, but they quickly remove cryptocurrency content.
Maybe you should try closing the comments. Binpen CEO Changpeng Zhao did this on Twitter. He says he did it to eliminate fraudsters and “respond better and participate”.
While some fraudsters use blockchain to steal money, the World Economic Forum uses blockchain technology to reduce corruption. The WEF believes that the blockchain will offer some transparency to the public sector.
The United States is doing something similar. Brian Brooks, the new Acting Head of the Currency Auditor Office, hopes to use crypto technology to update the government’s financial systems. Brooks was the legal boss of Coinbase.
Brooks has to act quickly if he wants to keep up with China. This country could be the first to launch a digital currency issued by the central bank, an expert says. Glenn Woo, head of Ledger Vault’s Asia Pacific region, believes that China’s widespread use of digital money means that this can happen without anyone noticing. China’s neighbor Kazakhstan also does not want to be left behind. The Central Asian country hopes to attract nearly $ 740 million in crypto investments over the next three years.
Don’t worry if the thought of nearly $ three billion worth of cryptocurrency investments makes you nervous. The blockchain could change the way the medical industry stores and protects health data. It was an eventful week.
Listen to the audio version here:
The views, thoughts and opinions expressed here are only those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.