Crypto Market Highlights June 20, 2022



Crypto Market Highlights: General News

  • Russia Is Now Working On A Blockchain System To Replace Swift. The Rostec Group is a government-owned organization that owns a number of technological enterprises in Russia. They’ve revealed that they’ve built a blockchain platform to create a digital system for international payments that might eventually replace the worldwide Swift system. The platform is intended to create an integrated solution using distributed ledger technology.
  • Cardano’s Vasil Hard Fork Rumor Has Been Delayed To August. According to rumors circulating on the Twitter community, the Vasil hard fork – the most important upgrade of Cardano in 2022 may be delayed until August because for the hard fork to succeed, stake pool operators (SPOs) need to be able to migrate to the latest update, but with just two weeks to go before Vasil’s rollout, the SPO has yet to complete its migration.
  • Celsius Recovery Plan Similar To Bitfinex Solution After Bitcoin Hack 2016. Leading Celsius investor BnkToTheFuture and co-founder Simon Dixon have offered to support the network by implementing the same “financial innovation” used in 2016 to save the Bitfinex crypto exchange from liquidated. Although the statement from Dixon on Saturday, June 18, did not include specific details of a recovery plan provided to Celsius’ board and CEO Alex Mashinsky, Dixon noted that it would be similar to the one offered to Bitfinex after the August 2016 hack, which he claims was resolved within nine months.
  • CZ Corrects Rumors Of Binance Buying 100,000 BTC. On June 18, while Bitcoin was still fighting to regain the $20,000 price zone, some rumors arose that Binance had bought back over 100,000 BTC when Binance’s wallet address increased the amount of BTC to 101,226 BTC. CZ spoke up and explained immediately to avoid misunderstanding. CZ explained that when Binance’s cold wallet address increases, it means more users are depositing money into Binance, not the exchange buying BTC.
  • Israel and Hong Kong Team Up to Test Digital Currency Cyber Risk. The Bank of Israel is currently working with the Hong Kong Koong Monetary Authority to test a new cryptocurrency to counter cybersecurity risks. The project is expected to use a two-tier central bank digital currency (CBDC) in Q3 2022. The retail CBDC is designed to allow intermediaries, such as banks, to handle it without financial exposure to their customers. The testing process will assess whether this makes it less vulnerable to hackers.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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