Weekly Digest | Bitcoin’s New Breakthrough and a Payment Service by Binance
Bitcoin surged back above $40,000 late last week. It hasn’t been long since it has fallen below a psychological level last week, and many people were already talking about an altcoin season. But suddenly the main cryptocurrency showed rapid growth again. If it manages to hold at this level, we’re likely to see a rise to $50,000, experts say. Meanwhile, ether has renewed its all-time high of $1,700. And in general, the crypto market continues to grow, its capitalization has already exceeded $1.17 trillion.
Unknown ‘Whale’ holds more than $36 billion in Dogecoin in his/her wallet, which is almost 28% of all coins in circulation. There are various speculations in the cryptocurrency community. Many believe it’s Elon Musk who recently published a series of tweets related to DOGE. Others call it a simple coincidence.
At the online conference Binance Blockchain Week CZ announced that the Binance exchange has released a beta version of its own payment service. Binance Pay service is available to users of the website who have passed the KYC verification. The beta stage supports one fiat currency (euro) and four cryptocurrencies (BNB, BUSD, BTC and ETH).
The People’s Bank of China and SWIFT will start creating a payment gateway. Their joint company Finance Gateway Information Service Limited has already been registered. It is announced that the purpose of the company will be the aggregation of information systems, data processing, as well as technological consulting. The company is headed by Huang Meilun, head of SWIFT China.
TRON founder Justin Sun lost $7.5 million on WallStreetBets bets (that’s almost 70% of the value of his portfolio, built on the recommendations of Reddit users). It’s unclear whether San continued to hold the assets or sold them to at least offset the losses.
yEarn.Finance is issuing a $218 million YFI, a decision that was approved by 83.46% of the project’s community. The funds are intended to reward the main developers, as well as to form a reserve fund for further distribution under the control of the community.
Russia and Ukraine turned out to be among the leaders in the list of cryptocurrency transactions in the so-called DarkNet. The turnover on the illegal market in Russia is $288 million per year, in Ukraine — $98 million. In particular, there is a significant increase in the popularity of ‘bitcoin mixers’: their share has more than doubled and reached 13% in 2020, as compared to 5% in 2019.