Since the beginning of 2021, the cryptocurrency market was experiencing a constant value spike. Famous cryptocurrencies like Bitcoin and Dogecoin was often in the spotlight, thanks to influencers like Elon Musk. Unfortunately, the growth didn’t last long. When Elon Musk and the Chinese government abandoned Bitcoin, the famous cryptocurrency that accelerated the whole digital currency market, the cryptocurrency sphere as a whole started experiencing setbacks. Today, the market still seems to be in the red. At a time when it is critical to reach a conclusion, we take you through some of the recent cryptocurrency news that could help you understand the market better.
Opinion poll unravels IFAs in Britain won’t suggest cryptocurrency investments
The United Kingdom is one of the richest countries in the world. Remarkably, over the past year, many people who are earning a handful of income are investing in cryptocurrency with a hope to yield profits from it. However, independent financial advisers (IFAs) in the country have a varied opinion. To our surprise, an opinion poll conducted in the country concluded that IFAs in Britain would never recommend cryptocurrencies or meme-stocks to their clients. Besides the shocking opinion, the percentage also proves that they have a meagre belief in cryptocurrency. Around 93% of IFAs said that they would never recommend investing in cryptocurrency, while 95% would never do so for meme-stocks. Their opinion comes over the backdrop of bitcoin’s price fall that has negatively impacted the cryptocurrency market.
SpaceX and GEC takes up Dogecoin as the unit of account
Elon Musk’s SpaceX, along with Geometric Energy Corporation (GEC), is bringing cryptocurrency into the spacetech industry. The companies announced a DODGE-1 mission, a move to make the popular meme cryptocurrency, Dogecoin, as the unit of account between SpaceX and GEC. Even though it is not the first cryptocurrency to be brought into the spacetech sphere, the dominance of Dogecoin and the importance of both the front running companies will accelerate its market presence.
Finally, Bitcoin plans for a privacy feature
Bitcoin, the famous cryptocurrency well-known for its leniency and decentralized nature, is gearing up its privacy features increasing concerns of the cryptocurrency during a recent spate of ransomware attacks. The significant move came as a breakthrough after four years of efforts to implement a form of security to the computer software that underpins the world’s largest digital token. Since its inception in 2009, Bitcoin has gained more crypto investors and more people also engaged in mining it. Sometimes, miners engage in fights with each other. As a result, spin-off coins like Bitcoin Cash has emerged. To demystify the challenges and bring stability, bitcoin has come up with a new feature. With this, it will be easier for the bitcoin network to accelerate smart contracts to big embedded applications.
China cracks down at bitcoin miners in Yunnan province
China is imposing a full-fledged crackdown on the people for mining cryptocurrency. Over the past month, it’s banning of bitcoin mining has pulled down the digital currency’s price drastically. The Chinese government’s strict rules are now extending to its far Southwest region, Yunnan province. China accounts for over half of the total bitcoin production globally. Despite the right rate of bitcoin mining, the government ruled out strict regulations to completely ban it. However, Yunnan province, one of the less spoken and noticed parts of China was seeing increased illegal mining of bitcoin. However, the Chinese government noticed the smoke and has ordered a probe into misappropriation and unauthorized use of electricity in the region. After China banned bitcoin mining, many miners said that they were planning to move somewhere else to continue their work.
Goldman Sachs to unravel trading in Ether
Goldman Sachs is planning to roll out trading options in Ethereum. The American bank came out with the option after it realized that many of its users are interested in trading digital currency through the medium. Goldman Sachs has taken up the initiative to reduce some of the leverage from a retail perspective. Earlier, the bank has also invested in two major cryptocurrency start-ups namely Blockdaemon and Coin Metrics.