In 2022, cryptocurrency shows no sign of stopping and despite the unexpected drop in price at the end of 2021, the number of investors in the industry keeps growing. To stay on top of trends, you practically need to follow the news daily, here are 5 important updates to note about crypto.
1. Crypto updates on recent Price changes
Bitcoin was trading at a steady price of $41,671 in the week of 13 January 2021 while Ethereum even went up by nearly 2% in the same period, trading at $3,113. Cardano, Terra and Dogecoin also saw price jumps. Backed by the recent surge in some digital assets’ values, The Times of India listed BTC, ETH, USDT, BNB, SOL and ADA as the best crypto currencies to invest in in 2022.
2. Kim Kardashian and Mayweather in crypto scam
Superstar celebrities Kim Kardashian and Mayweather were implicated in an alleged scam to increase the price of EthereumMax. The lawsuit claimed that they made “false or misleading statements” but the crypto’s representative argued that the lawsuit had too much misinformation. One person, Ryan Huegerich, living in New York, said that they had bought EthereumMax and lost money on their investments.
CNBC also quoted a promotional content on Kim’s IG page which read, “Are you guys into crypto??? This is not financial advice but sharing what my friends told me about the Ethereum Max token!”
Related article: 7 Ways To Improve Your Privacy On Bitcoin Blockchain.
3. Jack Dorsey’s bitcoin legal defense fund and bitcoin mining system
Dorsey, an avid cryptocurrency pioneer and founder of Twitter, announced a Bitcoin Legal Defense Fund via an email on Wednesday, 12 January 2022. The fund, made up of volunteer and part-time lawyers, will help reduce the legal ‘headaches’ that discourage software developers from creating bitcoin and related projects. It will find and retain defense counsel, develop litigation strategy, and pay legal bills.
In addition, Block, a company he founded as Square, announced that it is ‘officially’ building an open bitcoin mining system. This development is aimed at creating a more distributed and efficient mining process to solve problems like mining rig availability, high price, reliability and power consumption.. Still from Dorsey’s table, his payment platform, Cash App integrated with the Lightning Network to allow you make faster, cheaper and privacy-enhanced bitcoin transactions. It is only available for US-based users (except New Yorkers).
4. Tesla accepts Dogecoin payments
Elon Musk is not letting Jack have all the spotlight on crypto updates. He announced on Friday, 14 January 2022, that his electric car company, Tesla, is accepting Dogecoin for some merchandise. Some of these merchs are Giga Texas Belt Buckle, Cyberwhistle, and more. Following the announcement, Dogecoin price went up by 15% the same day.
5. Crypto.com hack
Singaporean crypto currency exchange platform, Crypto.com, admitted that hackers compromised about 400 accounts on Sunday, 16 January 2022. Initially, the company had remained mum while customers frantically reported suspicious activity on the platform. Its first reaction was to pause withdrawals, as it announced via its Twitter account.
Analysts speculated that the company may have lost up to $33 million in the attack, although some others say it could be about $15 million. Yet, CEO Kris Marszalek said that no customer lost funds, which may mean that Crypto.com covered the losses with their own money.
The interest in crypto is not slowing down as exchange platforms like the Crypto Engine platform continue to welcome new users on a daily basis. Now is as good a time as any to join the millions making an extra income in varying capacities in the industry.
If you are a beginner, interested in making money in bitcoin or any other crypto in 2022, I recommend that you read these articles, Basic steps to investing in bitcoins for first timers and 6 tips for picking the best online trading software.