Crypto markets crashing, Venmo allowing cryptocurrencies, and is holding Bitcoin hurting your relationships? These stories and more, this week in crypto.
Following its rise to a new all-time high last week, Bitcoin has fallen below the $50000 mark. Other major cryptocurrencies crashed along with Bitcoin wiping out $200 billion from the market. The downturn has been attributed to rumors that President Joe Biden is ready to sign into law an increase in capital gains taxes for the wealthiest in the United States.
Venmo—a mobile app working through PayPal—is allowing all its users to hold, buy, sell and trade various cryptocurrencies. Four major digital currencies—BTC, Litecoin, Ethereum and bitcoin cash—are available, and additional coins may be added in the future. With more than 70 million users, this is a significant step toward moving cryptocurrencies into the mainstream.
Thodex, a cryptocurrency exchange based in Turkey, has suddenly stopped operating, leaving countless individuals worried about their money. The CEO has allegedly fled the country, making away with over $2 billion. Turkish authorities have now issued an international warrant seeking the CEO’s arrest and police have detained 62 people in eight cities across the country.
Binance.US—a division of Binance, one of the largest cryptocurrency exchanges in the world—has brought on Brian Brooks, a former top bank regulator, as its new CEO. Brooks served as the head of the Office of the Comptroller of the Currency under U.S. President Donald Trump and is set to begin his new position in May.
Office provider WeWork has agreed to permit bitcoin and cryptocurrency payments for goods and services in the future. Aside from BTC, individuals can also pay with ETH and assorted stable currencies including Paxos and USD Coin. Beyond WeWork, another prominent company, TIME Magazine with more than two million subscribers now allows its readers to pay for future subscriptions with bitcoin and other forms of crypto.
According to a survey, around 60% of crypto investors say their belief or investments in the space have had a negative impact on their personal relationships. Two of the factors that contribute to this impact include the difference in crypto confidence between partners and how much of one’s portfolio is invested in cryptos. What about you? Does this ring true in your life? Let us know your thoughts in the comment section below.
That’s what’s happened this week in crypto. See you next week.
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