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The cryptocurrency market is starting the week strong.
Bitcoin, the largest cryptocurrency by market value, peaked more than three months on Sunday, surpassing $ 50,000, and is trading at around $ 49,600 on Monday afternoon.
Other leading cryptocurrencies like Ether, Cardano and Dogecoin are also on the rise, with the value of the entire cryptocurrency market at over $ 2.15 trillion, according to CoinMarketCap.
Between Visa buying a six-digit non-fungible CryptoPunk, or NFT, and Twitter CEO and Square Jack Dorsey trying bitcoin mining, here are six things that happened in the crypto space over the past week.
1. Jack Dorsey says he’s “trying” bitcoin mining
It’s no secret that Jack Dorsey, CEO of Twitter and Square, love bitcoins. He touted it as the most important project of his life to work on, and Square, his digital payments company, bought more than $ 170 million worth of bitcoin earlier this year.
Now the billionaire CEO is exploiting it too. “I’m trying to mine with @compass_mining,” Dorsey tweeted Tuesday.
Compass Mining is a service that hosts, provides, and operates cryptocurrency mining platforms for individual miners who don’t want to worry about the purchase and maintenance of mining equipment themselves.
Bitcoin operates on a proof of work model, where miners must compete against each other to solve complex puzzles in order to validate transactions. The process is not easy: it requires a lot of energy and computing power, which is not cheap. The computers themselves, along with other equipment, can also be very expensive.
2. Robinhood says dogecoin accounted for 62% of crypto revenue in Q2
Dogecoin, a memes-inspired cryptocurrency that started out as a joke, accounted for 62% of its crypto revenue, Robinhood reported.
In total, its revenue from crypto transactions was $ 233 million in the second quarter.
3. Coinbase buys $ 500 million worth of crypto on its balance sheet
4. The second largest stablecoin in the world changes composition
This time, its reserves will consist of cash and US Treasury bills.
Stablecoins are cryptocurrencies that are supposed to be pegged to reserve assets like fiat money. While the developers behind USD Coin previously said it was backed 1: 1 by cash, it was revealed in July that cash made up just over 60% of its reserves. The remaining 40% was backed by debt securities and bonds.
USD Coin is the second largest stablecoin, with $ 27 billion of coins in circulation.
5. Hacker Behind $ 600 Million Burglary Returns All Stolen Funds
Poly Network, a The decentralized finance platform, or DeFi, was hacked earlier this month, with more than $ 600 million in crypto stolen.
The hacker exploited a vulnerability in the platform code, which allowed him to transfer the stolen funds. But on Monday, Poly Network recovered all the stolen funds.
“At this point, all of the user assets that were transferred during the incident have been fully recovered,” Poly Network said in a blog post Monday. “We are in the process of returning full control of assets to users as quickly as possible. “
The person claiming to be the hacker said the theft was committed “for fun”.
6. Visa bought a CryptoPunk
Visa announced that it bought an NFT CryptoPunk for $ 150,000 in Ether.
“Today, as we enter a new era of NFT commerce, Visa welcomes CryptoPunk # 7610 to our collection,” the company said. tweeted Monday.
CryptoPunks are an assortment of 24×24 pixelated avatars, each considered rare NFT collectibles. There are a total of 10,000 and no two are exactly alike. Each has their own unique features and accessories.
“We believe that NFTs will play an important role in the future of retail, social media, entertainment and commerce,” Cuy Sheffield, head of crypto at Visa, said in a blog post on Monday. “To help our customers and partners participate, we need a first-hand understanding of the infrastructure requirements for a global brand to purchase, store and operate an NFT.”
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