Crypto Weekly Roundup: Market Crashes, Justin Sun Offers Help To Stop The Bleed, & More

Bitcoin has been at the bottom of its range and below $63,000 for the past ten days. Will the decline continue, or is $BTC at or near the bottom now? Let’s find out. 

Bitcoin

Standard Chartered Bank predicts a new all-time high for Bitcoin by August and a whopping $100,000 price tag by November, driven by political developments and the U.S. presidential election.

Bitcoin (BTC) has just dropped under $60,000 amid fears of continued selling from the US and German governments, as well as potential fresh selling from Mt. Gox BTC holders.  

Tron founder Justin Sun has offered to purchase the German government’s $2.3 billion Bitcoin holdings off-market to prevent potential negative impacts on the cryptocurrency’s price.

Altcoins

Khamzat Chimaev’s Solana-based Smash token has plummeted 94% following allegations of insider trading and mishandling by his team.

Business

The Web3 Foundation has awarded Dot Play a Decentralized Futures Grant, a significant development for Polkadot’s gaming ecosystem. 

Technology

According to the Lead of Parachains at Parity Technologies, Asynchronous Backing will open up a myriad of possibilities for dApps (decentralized applications) that require rapid transaction processing. Let’s look into Asynchronous Backing. 

As a public permissionless network, Polkadot utilizes a mechanism to disincentivize offenses or bad behavior and incentivize good behavior. It counters these offenses with a series of punishments, including slashing, disabling, and reputational changes. Let’s find out more.

Polkadot has launched a new Ledger app designed to streamline parachain management and enhance network security, with contributions from Zondax, Alzymologist, and Parity Technologies.

Security

Evolve Bank and Trust recently disclosed a ransomware attack that resulted in the theft of 33 terabytes of user data, exposed sensitive information linked to over 150,000 accounts, and revealed significant cybersecurity lapses.

Regulations

According to early reports, Russia might be moving to legalize stablecoins for international payments to mitigate the impacts of international sanctions and exclusion from traditional financial systems.

The Hawai’i Department of Commerce and Consumer Affairs (DCCA) has decreed that cryptocurrency firms in the US state of Hawaii no longer have to acquire a Money Transmitter License (MTL) to operate a business there, effective from June 30. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.