11/12/2023. Weekly CryptoNews Digest (December, 04 – December, 10)

Hello again everyone, and welcome to the MNO blog where I keep updating you on the latest trends of the investment world which is now consisting mostly from the cryptocurrency enthusiasts and marketers effectively replacing the HYIP admins ruling the industry in the past. Having been established back in 2007, MNO has seen all the ups and downs of the HYIP industry, which was considered to be a big thing once upon a time.

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My website is not dropping the idea of following HYIPs completely – it just means that my site will switch attention to what really matters now. Except for major cryptocurrency trends and latest news from the crypto world I plan to replace HYIPs with other money-making opportunities that my readers can utilize to actually make a passive income with no risk whatsoever.

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And now with all introductions said and done let’s have a look at the Weekly CryptoNews Digest. This time it covers the period   . I’m covering some most talked about news surrounding the crypto markets last week and such important events that happened last week. Let’s start now, shall we?

COINBASE INTRODUCED MONEY TRANSFERS BETWEEN SOCIAL NETWORKS

In a move to make sending money simpler, faster, and more accessible, Coinbase Wallet introduced a feature that allows users to send money using shareable links across various social media platforms. This innovative approach aims to streamline the money transfer process, eliminating the need for cumbersome bank transfers or traditional payment methods.

The new feature enables Coinbase Wallet users to generate customized links for any specific amount they wish to send. Once the link is created, it can be shared easily through messaging apps like WhatsApp, iMessage, Telegram, and other social media platforms like Facebook, Snapchat, TikTok, and Instagram.

When the recipient clicks on the shared link, they are directed to either claim the funds directly from their existing Coinbase Wallet account or download the app and create a new wallet if they haven’t already. The funds are instantly transferred to the recipient’s account, eliminating the need for waiting days or even weeks for traditional wire transfers to settle.

To further enhance security, Coinbase Wallet implements a safety measure ensuring that unclaimed funds automatically revert to the sender after two weeks. This proactive approach safeguards the sender’s funds in case the recipient misses the link or decides not to claim it.

The integration of social media platforms into the money transfer process marks a significant step in making cryptocurrency more accessible and user-friendly. By leveraging the ubiquity of social media, Coinbase Wallet is making it easier for people to connect with each other and exchange digital assets seamlessly.

This move aligns with Coinbase’s broader mission of promoting financial inclusion and expanding the reach of cryptocurrencies worldwide. By simplifying the money transfer process, Coinbase Wallet is empowering individuals to send and receive funds globally with greater convenience and efficiency.

ROBINHOOD EXPANDS TO EUROPEAN MARKETS

Robinhood, a popular U.S. trading app, expanded its reach into the European market by launching crypto trading services for eligible customers in the European Union (EU). This move marked a significant step for Robinhood as it sought to tap into the growing demand for cryptocurrency trading among European investors.

Robinhood’s decision to launch crypto trading in the EU was driven by several factors, including the region’s robust regulatory environment for cryptocurrencies. The EU has established comprehensive guidelines for cryptocurrency exchanges and custodians, which aim to protect investors and promote responsible market practices. This regulatory clarity provided Robinhood with confidence in expanding its crypto offerings to European customers.

Initially, Robinhood’s crypto trading services in the EU will only be available to eligible customers in select countries, including France, Germany, Italy, Spain, Ireland, Netherlands, and Portugal. The company plans to gradually expand its reach to other EU countries in the coming months.

To attract EU customers, Robinhood is offering a unique incentive: users can earn Bitcoin back on every trade they make. This reward program aims to encourage cryptocurrency trading among European users and promote the adoption of cryptocurrencies in the region.

Robinhood’s expansion into the EU crypto market is a significant move that reflects the growing popularity of cryptocurrencies among investors worldwide. As the demand for digital assets continues to rise, we can expect to see more traditional financial institutions venturing into the cryptocurrency space in the years to come.

MUSK COMMENTS ON BITKEY WALLET

Last week Elon Musk, the CEO of Tesla and SpaceX, took to Twitter to comment on Jack Dorsey’s new Bitcoin wallet, Bitkey. Dorsey, the co-founder of Twitter and Square, unveiled Bitkey as a self-custody hardware wallet that allows users to store and manage their Bitcoin securely.

Musk’s comment, “Not your keys, not your wallet,” is a popular mantra in the cryptocurrency community. It emphasizes the importance of self-custody, meaning that users are responsible for holding their own private keys and managing their own funds.

However, Musk slightly misquoted the phrase, saying “Not your keys, not your wallet.” This led to some correction from the crypto community, who pointed out that the correct phrase is “not your keys, not your coins.” The distinction is that “coins” refers to the actual Bitcoin itself, while “wallet” refers to the device or software that stores the keys.

Despite the misquote, Musk’s comments generated widespread interest in Bitkey. The wallet quickly sold out of its pre-orders, and it is now available for purchase in 95 countries.

I should remind you that Bitkey is seen as a potential game-changer in the Bitcoin ecosystem. It offers a user-friendly way to store and manage Bitcoin securely, and it could help to increase adoption of the cryptocurrency.

JP MORGAN CEO ATTACKS CRYPTO MARKET

Last week JPMorgan Chase CEO Jamie Dimon once again stirred controversy by criticizing the rising cryptocurrency market during a U.S. Congressional hearing. Dimon, who has been a vocal critic of cryptocurrencies for years, called the market “a fraud” and said that he would “fire anyone on our trading desk who traded in it.”

Dimon’s comments were met with criticism from some lawmakers and cryptocurrency enthusiasts. Senator Elizabeth Warren, who has been a vocal advocate for regulating cryptocurrencies, called Dimon’s comments “uninformed and dangerous.” She said that Dimon’s “outdated views” are preventing the United States from “embracing the potential of blockchain technology.”

Other lawmakers were more supportive of Dimon’s comments. Senator Mike Crapo, the ranking Republican on the Senate Banking Committee, said that Dimon “is right to be concerned about the risks of cryptocurrencies.” He said that the market is “extremely volatile and prone to fraud.”

Despite the criticism, Dimon’s comments reflect the skepticism that many traditional financial institutions have about cryptocurrencies. Banks are concerned about the lack of regulation in the cryptocurrency market, and they are worried that cryptocurrencies could be used to launder money or finance terrorism.

However, the cryptocurrency market is growing rapidly, and it is becoming increasingly difficult for banks to ignore it. Some banks are starting to offer services to cryptocurrency companies, and others are developing their own cryptocurrency products.

It is likely that the debate over cryptocurrencies will continue for some time. However, as the market matures and regulations are put in place, it is possible that banks will become more accepting of cryptocurrencies.

EL SALVADOR BITCOIN BET REAPS REWARDS

In February 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, sparking both excitement and controversy. President Nayib Bukele, a vocal proponent of cryptocurrency, has been a strong supporter of the decision, defending it against critics who have raised concerns about the volatility of Bitcoin and its potential impact on the country’s economy.

Last week Bukele took to Twitter to celebrate the fact that El Salvador’s Bitcoin investment was now in the black. According to the country’s official Bitcoin tracker, the 2,762 bitcoins that El Salvador has purchased are now worth over $115 million, resulting in a profit of more than $3.6 million.

Bukele’s tweet was met with mixed reactions. Some praised him for his commitment to Bitcoin and his prediction that the cryptocurrency would eventually appreciate in value. Others criticized him for making a speculative investment with taxpayer money and for failing to address the concerns of those who do not believe that Bitcoin is a stable or reliable currency.

Despite the criticism, Bukele appears to be undeterred. He has continued to promote Bitcoin and has even hinted that El Salvador may invest more in the cryptocurrency in the future.

SWISS CITY LUGANO ADOPTS BTC AND TETHER

And finally, to wrap up today’s Weekly CryptoNews Digest on MNO let’s have a look at another significant step towards embracing the burgeoning cryptocurrency landscape. The Swiss city of Lugano has officially announced its adoption of Bitcoin and Tether (USDT) for tax and service payments. This groundbreaking initiative marks a pivotal moment in Lugano’s journey towards becoming a pioneer in the utilization of blockchain technology for modernizing financial infrastructure.

The collaborative partnership between the city of Lugano and Tether, a leading stablecoin issuer, has paved the way for this transformative development. Together, they aim to streamline and enhance the city’s financial services by leveraging the transparency, efficiency, and security of blockchain technology.

Under this new arrangement, residents and businesses in Lugano will now have the option to settle their tax obligations and municipal fees using Bitcoin or USDT. This expansion of accepted payment methods aims to foster greater convenience and inclusion within the city’s financial ecosystem.

To facilitate these digital payments, the city has partnered with Bitcoin Suisse, a leading Swiss cryptocurrency firm, which will provide the necessary infrastructure and support for seamless transactions. Leveraging Bitcoin Suisse’s expertise, residents and businesses can easily convert their Bitcoin or USDT holdings into Swiss francs, ensuring a seamless transition into the traditional financial system.

The adoption of Bitcoin and USDT for tax and service payments represents a significant milestone in Lugano’s efforts to become a hub for blockchain innovation. This move aligns with the city’s broader vision of fostering a vibrant and inclusive digital economy, one that harnesses the potential of blockchain technology to enhance financial inclusion and efficiency.

This initiative is not merely a technical upgrade; it signifies a commitment to embracing the future of finance. Lugano is positioning itself as a forward-thinking leader, embracing the transformative power of blockchain technology to revolutionize its financial infrastructure and engage with a global network of innovators.

The implications of this development extend beyond Lugano’s borders, sending a powerful message to the world that Switzerland, renowned for its financial prowess, is actively embracing the decentralized future of finance. This move is likely to encourage other cities and municipalities to explore similar initiatives, further accelerating the adoption of cryptocurrency and driving innovation in the financial sector.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. As you can see, the news is mostly positive and we can expect more good news coming our way soon which MNO will cover as it happens. I’ll be posting the next update on cryptocurrency in a week, plus the latest developments and news worth covering. So, if you’re genuinely interested in the cryptocurrency world, then make sure you check it out next Monday.

That’s about it for tonight, guys. I hope your business week will be fruitful and productive and I’ll be back with the next blog post in a few days time. Keep following MNO – For Money Lovers!