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Top 10 Latest Crypto News and Updates from the World / Part-3

Top 10 Latest Crypto News and Updates from the World / Part-3
Author: Rakshita Jain
24-Jun-2022

It has been a thrilling month for the crypto space, which means you have a lot to catch up on. Though hundreds of things happened in the decentralized universe, not everything is crucial to know. Hence, we have shortlisted the ten most important crypto updates to make your catch-up of crypto updates fun, easy, and quick. 

Let’s not waste any second and begin.

The ELON-gated rally of Shiba Inu & Dogecoin

Famous meme-tokens Shiba Inu and Dogecoin experienced an upward rally after their biggest supporter Elon Musk tweeted that he would keep supporting Dogecoin. Elon also replied to a comment that he is buying more Dogecoins amid the low prices. It caused both meme coins to pump and defy the shrinking market conditions. The numbers state that Dogecoin surged by 13%, whereas Shiba Inu soared about 40% after the tweet. Elon’s automobile company, Tesla, accepts Dogecoin for merchandise, and his other company SpaceX is likely to do the same. One another factor contributing to the sudden hike of Shiba Inu is the news that SHIB has become the second most held asset by Ethereum whales.

A Bit of worry for Bitcoin

Amid the tough time for cryptocurrencies, Bitcoin fell below $20,000 on June 18 for the first time since December 2020. The strict regulations by the Federal Reserve, recession rumours, and dismissal of employees from crypto firms look like the reasons for the market panic which caused the price drop in Bitcoin. This king coin struggled for a week to stay just above the $20,000 price but then hit the $21000 mark again. It would be interesting to see if Bitcoin plummets or surges in the upcoming days. 

The falling Celsius scale

Celsius, a famous retail crypto lending platform, froze withdrawals and transfers between accounts on June 12. It stated that the step is crucial to stabilize liquidity in extreme market conditions. Its native token, CEL, plummeted by 70% hours after this announcement.

The platform is known for high yields on customer deposits of cryptocurrencies which it uses to lend to other users at a higher price. One significant reason for Celsius to take this step is the Lido’s Staked Ether (stETH), which is a token that pegs Ethereum (ETH). It represents locked ETH on the Ethereum 2.0 beacon chain, which currently runs parallel to the main Ethereum blockchain and will combine with Ethereum Mainnet in the upcoming time. DeFi platforms like Celsius use this stETH as collateral to allow people to borrow ETH. But when stETH lost its 1:1 peg with ETH recently, it made many Celsius users withdraw their stETH coins and created a liquidity crisis for Celsius. Then Celsius halted its withdrawals and transfers to avoid any liquidity crunch. 

This whole incident related to Celsius further worsened the panic emotions in the crypto market, and prices of most cryptocurrencies experienced some fall. 

New stable coin in the house

A new stable coin named (GBPT) is about to join the stable coin family of Tether in early July. This new coin will use the Ethereum blockchain and tie it to the British pound sterling. GBDT coin will be the fifth stable coin by Tether after the U.S. dollar-pegged USDT, euro-pegged EURT, Chinese Yuan-pegged CHNT, and the recently launched Mexican peso-pegged MXNT. This coin launch came after London drew up plans to regulate the fast-growing type of digital currency.

GBPT will be a stable digital currency pegged on the 1:1 ratio to the British Pound Sterling that will provide a faster and cheaper option for asset transfers.

Gainbitcoin or lose Bitcoin

The biggest crypto Ponzi scheme of India, Gainbitcoin, has surfaced on the Internet again. Since more and more people are coming forward to lodge complaints and government authorities are digging into the matter, the scale of the scam seems like around 1 lakh victims may have lost more than Rs 1 trillion in the scam. The prime accused is Amit Bhardwaj, who died of cardiac arrest earlier this year and may have taken 38,500 to 600k bitcoins from investors. This involved amount stands at Rs 90,000 crore and counting. 

Gainbitcoin was a fraudulent scheme that promised 10% monthly returns for 18 months.

Cardano’s light wallet on the way

Cardano is all set to launch its first light wallet called Lace. The wallet will allow users to manage, control and store their cryptocurrencies and NFTs in one place. It is still under process and will help users manage their digital assets without relying on third-party solutions. Features like interoperability to use various blockchain systems with Cardano will also launch in Lace periodically. The motive behind Lace is to ensure that Web 3 space can open up for everyone. 

VeChain is going a level up

Vechain seems to be on the road to eliminating its weaknesses before they act as hurdles in its growth. Their developer team announced on Twitter that their upgrade to Proof-of-Authority 2.0 went live on a private testnet. It is a big consensus success for Vechain, through which it will maintain usability and robustness of its system in adverse environments. The PoA 2.0 will be the solution to strengthen the protection and improve the services of the Vechain network for its users. 

The Polygon jump

Even though the crypto market is on the verge of crypto winter, Polygon’s native token MATIC managed to gain a 60% hike in only 4 days. It climbed from $0.317 to $0.50 on June 23, 2022. The reason behind this sudden hike is the accumulation of MATIC by big investors even in the bearish phase of the market. Their holding ranges from 10k to 10 million MATIC means that they have collectively added almost 8.7% MATIC to their portfolio since May 9, 2022.

Qatar cryptocurrency is coming up

Just like many other countries, Qatar has also jumped on the bandwagon to introduce its Central Bank digital currency. Though currently, it is at the initial stage, its bank is working to find technological solutions for its CBDC. They are evaluating the pros and cons of issuing CBDC and finding the right technology and platform for developing it. 

New turn in Elon’s Twitter saga

The news that Elon Musk is taking over Twitter has been creating hype for months. This deal has experienced multiple twists and turns, and recently came the new one. The Twitter board has recommended its shareholders vote in favour of Elon’s takeover of their microblogging platform. Interestingly, this is the same Twitter board on which Musk targeted for not providing data relating to the number of fake users on the platform and even warned them to withdraw his bid if they did not hand over the data. The takeover of Elon on Twitter can be a big game-changer in the crypto space because some reports state that he could integrate digital payments, including crypto, into it.

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