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Crypto Weekly Roundup: White House Regulations, Mt. Gox Payout, Pyth Network Troubles, And More

The buzz in the Bitcoin circles is the Mt. Gox payout, which could release thousands of BTCs in the market. Experts are concerned that it might cause a drop in the value of the coin. Keep reading to learn more about the Mt. Gox payout and other noteworthy events that happened in the crypto and blockchain industry globally. 

Bitcoin

The civil rehabilitation plan or the reimbursement proposal for Mt. Gox creditors that could result in 150,000 BTC payouts will conclude voting soon. 

Global financial behemoth JPMorgan has stated that institutional investors are turning their backs on gold and choosing to go with Bitcoin, claiming that the latter is a better hedge against inflation. 

Co-founder and core developer of the Ethereum protocol, Vitalik Buterin, has spoken out on the compulsory Bitcoin adoption policy mandated by the El Salvador government on its constituents.

DeFi

Abracadabra Money’s newly collateralized stablecoin Magic Internet Money (MIM) has surged past a $1 billion total supply this month. The project is targeting to overtake the globally leading decentralized stablecoin, MakerDAO. 

The Pyth Network price feed is in trouble again after providing bad data that caused the crypto trading platform Synthetify to shut down.

France’s third-largest bank, the Societe Generale, has taken a step into decentralized finance, after initiating direct interaction with DeFi Protocol MakerDAO.  

Business

One of the top crypto platforms for sports teams, Socios.com has announced a new partnership with the Brooklyn Nets to bring the team closer to the fans.

Money transfer and remittance firm MoneyGram has announced that it is forming a partnership with Stellar Development Foundation, the non-profit organization behind the Stellar blockchain network, and Circle, the blockchain development firm behind the USD stablecoin.

Altcoins

The native crypto for the city of Miami, the MiamiCoin (MIA) has generated $10 million in revenue only two months after its launch. 

With the 10th anniversary of Litecoin fast approaching, Litecoin creator Charlie Lee reminisced on the history of Litecoin, complete with its highs and lows.

Technology

The Qatar National Bank (QNB) is launching a remittance service in partnership with Ripple to enhance cross-border payments by reducing transactional delays for QNB customers. 

Regulation

The Biden administration is contemplating passing an executive order on cryptocurrencies, pushing for more crypto oversight, as part of a more comprehensive approach by the government and its branches regarding cryptocurrencies and other digital assets.

Senator Elizabeth Warren and Representative Deborah Ross have introduced the Ransom Disclosure Act to understand the ransomware operations of cybercriminal enterprises. 

NFT

The non-fungible token project, Bored Ape Yacht Club, has revealed that it is planning to launch its own token in the first quarter of 2022. 

According to a Reuters report, NFT sale volumes have surged up to $10.7 billion, which is an eightfold increase over the previous quarter.

 
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