[ad_1]
Many of the major cryptocurrencies in market value, like bitcoin and ether, have risen over the past seven days.
Bitcoin, up over 14.8% last week, is currently trading at around $ 49,365 as of 2:51 p.m. EST according to CoinMarketCap, and Ether, up 14%, is trading at around $ 3,425 .
And it’s been a busy week in the crypto space.
In addition to the price movement, here are six key events that happened, from Elon Musk sharing his thoughts on regulation to a massive decentralized finance bug, or DeFi.
1. Coinbase will allow users to deposit paychecks to their accounts
September 27, Coinbase announced that its US users will be able to deposit any percentage of their salary directly into their accounts.
Users can keep their money in dollars or immediately convert their paycheck to cryptocurrencies like bitcoin at no cost, the cryptocurrency exchange said.
“With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” said Max Branzburg, vice president of products at Coinbase, in a blog post. “We are committed to providing the most trusted, comprehensive suite of crypto-premier financial services to our 68 million users.”
The launch will go live in the coming weeks. Although it did not specify which one, Coinbase said it would use an FDIC-insured banking partner for its direct deposit.
2. Elon Musk Says US Government Should Avoid Regulating Crypto
Tesla and SpaceX CEO Elon Musk said on Tuesday that the US government should avoid trying to regulate the crypto market.
“It is not possible to destroy crypto, but it is possible for governments to slow its progress,” Musk said at the Code conference in Beverly Hills, responding to a question from New York Times columnist Kara Swisher on whether the U.S. government should be involved in regulating the crypto space.
“I would say, ‘Don’t do anything,’” Musk said.
3. TikTok launches its first NFT collection
On Thursday, TikTok announced the launch of its very first NFT, or non-fungible token, collection called TikTok Top Moments.
The collection will include six NFTs “designed by some of our community-defining creators and inspired by the trending videos they’ve created,” the company wrote in a blog post. Each featured TikTok creator teams up with leading NFT artists. The big names involved include Lil Nas X, Gary Vaynerchuk, “Kombucha girl” Brittany Broski and Grimes, to name a few.
The first drop will take place on October 6 and the others will take place every week until the end of the month.
Profits will “largely” go directly to the NFT creators and artists involved, TikTok said.
4. Jerome Powell says he has no “plans to ban” cryptocurrencies
During his testimony before the House Committee on Financial Services on Thursday, Federal Reserve Chairman Jerome Powell made it clear that he “does not intend to ban” all cryptocurrencies.
However, he said stablecoins, which are supposed to be pegged to reserve assets like the US dollar, should be subject to more regulation.
“Stablecoins are like money market funds, like bank deposits. But they are to some extent outside the regulatory scope and it is appropriate that they are regulated,” said Powell. “Same activity, same regulations.”
5. El Salvador started mining bitcoin using energy from volcanoes
Salvadoran President Nayib Bukele tweeted on Friday that the country mined 0.00599179 bitcoin, or roughly $ 269, with the energy of a volcano.
This came after Bukele tweeted that he instructed state-owned geothermal power company LaGeo SA de CV to “put in place a plan to offer facilities for mining #Bitcoin with very cheap, 100% clean, 100% renewable energy, 0 emissions from our volcanoes “in June.
Bukele said in his tweet on Friday that the volcano mining project was still ongoing and the country was still “testing and installing” new mining equipment.
6. Bug allows claiming up to $ 162 million after improper DeFi upgrade
“If you received a large incorrect amount of COMP from the Compound Protocol Error: Please return it”, Robert Leshner, Founder of Compound Labs, tweeted Thursday evening.
Leshner suggested that users “keep 10% as a white hat” in his tweet, but added that “if not, it is reported as income to the IRS, and most of you are doxed.”
While Compound is working to fix the bug, some users have returned the claimed funds. Additionally, no user funds are or were at risk, as the bug impacted the protocol pool rather than funds provided or borrowed.
Register now: Get more information about your money and career with our weekly newsletter
Don’t miss: This 12-year-old coder helped develop an NFT collection that grossed over $ 5 million in 3 weeks
[ad_2]
Source link