Ethereum has reached an all-new high, topping $4,400 and showing impressive gains for 2021.
Bitcoin may be the biggest and most well-known cryptocurrency, but Ethereum is solidly in second place. The crypto began the year at roughly $383, but briefly topped $4,400 Thursday evening.
As CNET points out, Ethereum owes much of its success to the fact that developers use the Ethereum network for other altcoins and NFTs, making ether the default currency.
Tesla has officially said it may “restart the practice of transacting in cryptocurrencies,” although it has not provided a timeline.
Tesla became one of the first major companies to accept bitcoin as payment for its products. The company’s decision was hailed as a big win for crypto, but the victory was short-lived. Due to concerns over the environmental impact of bitcoin mining, the company suspended its crypto transactions after just a couple of months.
In a filing with the SEC, however, Tesla says it may once again accept crypto at some undisclosed point in the future.
“During the nine months ended September 30, 2021, we purchased an aggregate of $1.50 billion in bitcoin,” the company writes. “In addition, during the three months ended March 31, 2021, we accepted bitcoin as a payment for sales of certain of our products in specified regions, subject to applicable laws, and suspended this practice in May 2021. We may in the future restart the practice of transacting in cryptocurrencies (‘digital assets’) for our products and services”
AMC Theaters plans to accept multiple cryptocurrencies as payment, not just Bitcoin.
AMC Made news a month ago when the theater chain announced it would start accepting Bitcoin as payment for tickets and concessions. In a tweet Wednesday, AMC CEO Adam Aron said the company would accept several other cryptocurrencies, in addition to Bitcoin.
The news is sure to boost Ethereum, Litecoin and Bitcoin Cash, and is yet another indication of crypto’s widespread acceptance.
El Salvador has purchased 400 bitcoin — roughly $20.9 million — one day before the cryptocurrency is adopted as a legal currency.
El Salvador passed a law in June adopting bitcoin as legal tender, making it the first country to do so. One the eve of the law going into effect, the country has purchased 400 bitcoin.
Salvadoran President Nayib Bukele announced the purchase on Twitter.
El Salvador has gone down in the history books, being the first country to adopt Bitcoin as legal tender.
Bitcoin is the most valuable, and most well-known, cryptocurrency, hitting a record price of $64,829.14 in April. As its value has soared, so has its mainstream acceptance, with financial companies and businesses alike moving to adopt it.
El Salvador, however, has become the first country to adopt it as legal tender, with the Bitcoin Law passing the Salvadoran Congress with supermajority support. Salvadoran President Nayib Bukele announced the law’s passage on Twitter.
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.
62 out of 84 votes!
History! #Btc🇸🇻
— Nayib Bukele (@nayibbukele) June 9, 2021
There’s still many details to be worked out, especially given Bitcoin’s volatility. But the law promises to “promote the necessary training and mechanisms so that the population can access bitcoin transactions.”
Square CEO Jack Dorsey has said his company may make a hardware wallet for Bitcoin.
Bitcoin, and cryptocurrency in general, is achieving widespread acceptance. Many companies are beginning to accept crypto, and financial institutions are looking for ways to support it. Square is already a well-known payments processing company, and has a number of hardware dongles to make it easy to accept payments via a phone or tablet.
The company may soon make a hardware wallet for Bitcoin, with the goal of bringing that same ease-of-use to managing Bitcoin holdings. According to Dorsey’s tweet, the company would focus on community engagement when designing both the software and hardware, and prioritize a good mobile experience.
An easy-to-use hardware wallet could be just want’s needed to help revolutionize Bitcoin management, much as Square helped revolutionize mobile payments.
A new job posting on Apple’s website indicates the company is looking to expand its Apple Pay services to include cryptocurrencies.
Apple has developed a strong portfolio of payment and finance services, with its Apple Card, Wallet and Apple Pay options. According to a new job posting, for a “Business Development Manager,” Apple may be looking expand those services to include cryptocurrency.
We are looking for a candidate who is comfortable with ambiguity, enjoys thinking about edge cases and asking “what is an alternative way of doing this”, and is a strong verbal and written communicator with a high level of integrity, energy, and sense of urgency to “make things happen”.
Most telling was one of the listed Key Qualifications:
5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency and etc..
As companies like PayPal and Visa increasingly support crypto, it’s not surprising Apple would be looking for a way to incorporate it in its financial apps.
China may be on the verge of completely banning cryptocurrency mining, a move that would be a serious blow to crypto.
It’s estimated that China accounts for 70% of the world’s crypto supply, and as much as 75% of Bitcoin mining. In spite of the country’s role in crypto’s rise, the Chinese government is increasingly cracking down on operations.
Last week, China began signaling it was cracking down on cryptocurrency, saying its volatility “seriously violate people’s asset safety.” The government now appears poised to crack down, not just on trading crypto, but on mining it as well, marking an escalation of Beijing’s anti-crypto rhetoric.
According to the South China Morning Post, the State Council’s Financial Stability and Development Committee issued a statement saying the government plans to “crack down on bitcoin mining and trading behaviour, and resolutely prevent the transfer of individual risks to the society.”
The statement is a shot across the bow at the entire Chinese crypto mining industry, and could have profound repercussions.
“The wording of the statement did not leave much leeway for cryptocurrency mining,” said Li Yi, Shanghai Academy of Social Sciences chief research fellow, according to South China Morning Post.
Needless to say, Bitcoin’s price was down on the news.
Author holds a very, very (almost infinitesimally) small amount of Bitcoin that in no way influenced this article.
Bitcoin plummeted to almost $30,000 amid another crackdown by China and Elon Musk saying Tesla would no longer accept it as payment.
Bitcoin hit its high in April, coming in at more than $63,000. Tesla announced it would allow individuals to use the crypto to purchase cars, and multiple companies started embracing it. Last week, however, Musk announced Tesla would no longer accept the currency for purchase, due in large part to the environmental impact of Bitcoin mining.
China has now signaled another major crackdown on the cryptocurrency, according to International Business Times.
Three state-backed industry associations said “cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded.”
The crypto’s volatility “seriously violate people’s asset safety and disrupt normal economic and financial order”, the People’s Bank of China said in a statement posted to social media.
The end result has been been a major drop in Bitcoin’s price, although it appears to be rebounding at the time of writing.
Author holds a very, very (almost infinitesimally) small amount of Bitcoin that in no way influenced this article.
On the heels of Tesla no longer accepting Bitcoin as payment, Elon Musk has said he is working with Dogecoin’s developers.
Elon Musk surprised the crypto market Wednesday when he announced Tesla would no longer accept Bitcoin as payment, just weeks after the company had announced it would. Musk cited Bitcoin mining’s carbon footprint as the reason, something the cryptocurrency is increasingly being criticized for.
Despite Musk’s announcement, he clarified he is still a strong supporter of cryptocurrencies in general.
In addition, Musk says he is working with Dogecoin’s developers to help it be more efficient, possibly avoiding the environmental impact Bitcoin has become known for.
Needless to say, Dogecoin rebounded on Musk’s tweet, and continues its transition from meme to legitimate crypto.
*Author holds a very small amount of Dogecoin that in no way influenced this article.