Cryptocurrency Weekly News – Latest Updates

There are a lot of crypto related events that happen daily in the world. This article will cover the most intriguing ones that happened during the past couple of days. The Coronavirus has affected everything, including the crypto world. That’s exactly why there are tons of news about cryptocurrencies that are connected to the world’s biggest problem at the moment. We have picked some of the most exciting and most recent news for this article.

Welcome to Cryptocurrency Weekly News
Welcome to Cryptocurrency Weekly News

Covid-19 is still the main topic all around the world. However, in the business world, things are trying to get back to normal. Major bitcoin news are happening with every day. For that reason, we have picked the most important recent information on the matter. First, we will talk about what happened last week with Twitter. Some hackers took personal information and bitcoin from several high-profile victims. Next, we have to mention the major bill that’s being introduced in Russia. It’s a bill that’s related to cryptocurrencies, especially bitcoin. Last but not least, we have to talk about Ethereum. As of this week, Ethereum became the most used blockchain in the world. It will probably change in the future but for now they are number one. Keep reading to find out the newest information on cryptocurrency.

Consequences from the Twitter Hack

Attackers collected about $120,000 worth of bitcoin from the largest hack in Twitter’s history. Additionally, its believed that they accessed direct messages boxes of 36 users. If the information is correct, one of the boxes is from an active Dutch official. The hackers also downloaded “Your Twitter Data” from eight accounts. However, the company did not reveal who are the owners of these accounts.

Twitter claim that their initial findings on the scope of the breach have not yet been fully verified. However, the development does not bode well for the high-profile victims of the hack. These include former American President Barack Obama, Democratic Party candidate for the presidency Joe Biden, Tesla CEO Elon Musk, Microsoft founder Bill Gates, billionaire and former New York mayor Michael Bloomberg, renowned investor Warren Buffet, and rapper Kanye West, as well as accounts belonging to AppleUber and CashApp.

The hack’s repercussions could go far beyond the relatively small amount of bitcoin the attackers apparently collected from their 400 scam victims. Apparently, the hackers also took personal information and communications. Their next step might be extorting these people for even more money. Meanwhile, blockchain analytics firm Elliptic published their most recent findings what happened to the bitcoin the attackers managed to dupe their victims out of. They claim the following:

“What is clear is that the funds have been split into smaller amounts and passed through hundreds of new wallets. This is a tactic we commonly see used by those seeking to launder the proceeds of crime: splitting and combining of funds with other more legitimate bitcoins in order to hide the link to their illicit source. The majority of the hacker’s funds (approximately 60%) are now sitting in 37 newly created bitcoin addresses.”

New Bill Passed By Russian Lawmakers

Russia passed a major bill today related to cryptocurrencies like Bitcoin (BTC). The State Duma is the legislative body that passed this bill. It’s called “On Digital Financial Assets” and this was the 3rd time that the bill was put under a vote. After initiating the bill back in 2018, Russian authorities have finally agreed to provide a legal status to cryptocurrencies, preparing to adopt the first major part of legislation for the industry. Because of this decision, the bill should become active by January 1st, 2021. The bill provides a legal definition to digital assets and legitimizes cryptocurrency trading in Russia. However, the bill prohibits the use of cryptocurrencies like Bitcoin as a payment method.

While the DFA bill provides the foundation for Russia’s cryptocurrency legislation, the regulation of the industry will mainly be a part of a different bill.Latest reports claim that the actual regulatory framework for crypto will be handled by another bill. The name of that bill is “On Digital Currency” or DA. As reported, the Duma expects to pass the DA bill during the autumn session, which ends in late December. However, this new legislation will make two things happen:

  1. Russians will be able to issue stablecoins.
  2. The Russian Central Bank will act as an industry regulator.

As part of the new legislation, Russia’s central bank, the Bank of Russia, will reportedly become officially authorized to oversee the activity involving issuance of digital currencies in the country. Additionally, the bank will reportedly be able to impose additional requirements to crypto issuers as well as cryptocurrency exchanges.

Ethereum becomes the Most Used Blockchain

For the last month Bitcoin (BTC) price has traded in a tight range and trading volume has been relatively flat. Meanwhile, several tokens on the Ethereum network have been topping the price charts, especially the Decentralized Finance (DeFi) tokens. New data from Messari shows that Ethereum has just surpassed Bitcoin as the network that settles the most value per day. This means that the dollar value on the transactions of both Ether (ETH) and its tokens is now higher than that of Bitcoin.While the DeFi sector has been gaining popularity, stablecoin transactions have been responsible for most of this volume, having settled over $508 billion in transactions over the course of 2020. This figure is nearly double the $253 billion settled in 2019.

It’s important to note that Stablecoins continue to grow exponentially. Bitcoin offers colored coins through protocols like Counterparty and Omni, but these assets pale in comparison to the smart contract capabilities of the Ethereum network, which continue to be showcased through the novel possibilities of DeFi. Coupled with lower fees and faster transaction times, Ethereum has become the chain of choice for centralized and decentralized stablecoins alike.

Tune in Next Week!

Check out the Coinbet24 Blog next week for more information and updates about Bitcoin and cryptocurrency. Additionally, visit our Crypto Information section for any extra data on the subject. In the meantime, check Coinbet24.com, a Bitcoin Sportsbook & Online Casino operator.