News & Blog

Weekly crypto news: Bitcoin breaks red streak

Weekly crypto news: Bitcoin breaks red streak

Another week is over, and so the past week ( June 3, 2022 to June 10) was the first positively spirited week for the crypto market in ages. There was good news from various quarters, the price of Bitcoin did something it did not do in the previous 9 weeks, and a number of other coins such as Chainlink rose by more than 10%! So read along quickly for all the most important crypto news from this week.

Bitcoin ends 9 red weeks in a row

After nine consecutive weeks of price declines, Bitcoin (BTC) finally managed to break this negative trend and marked its first green weekly candle since the end of March.

At the beginning of March, things were looking very positive for Bitcoin after it climbed back from a deep valley. But weeks later it equaled a negative record in terms of consecutive weekly candles closed in the red (6). The streak continued, however, and bitcoin saw its 9th such candle in a row last week.

The past seven days were more positive, as BTC even peaked above €29,500 midweek. Despite failing there and returning below €28,000, the cryptocurrency still managed to close the week above €27,300 (the closing price at the end of last week). As such, it saw its first weekly green candle since March 21.

PayPal enables transfers of Bitcoin and Ethereum to external wallets

PayPal said Tuesday that it will now allow users to transfer the cryptocurrencies Bitcoin and Ethereum to external wallets, nearly two years after the fintech giant opened up its platform to cryptocurrencies.

The feature will be available to select U.S. users starting Tuesday and will be rolled out to all eligible U.S. customers in the coming months, the California-based company said.

PayPal began allowing customers to buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin in October 2020. But users previously could not move crypto assets the platform to a personal wallet.

Users had been asking for this feature for a long time, according to PayPal, and now it's finally here.

Kenya's largest power producer will support Bitcoin miners

KenGen (Kenya Electricity Generating Company PLC), Kenya's main electricity supplier, wants to provide surplus geothermal energy to bitcoin mining companies, according to a report by Quartz Africa.

"We have the space and the power is close by, which helps with stability," KenGen's director of geothermal development, Peketsa Mwangi, reportedly stated in an interview.

Kenya is the largest producer of geothermal energy in Africa, providing over 14,000 megawatts (MW) of power with an equipment capacity of only 863 MW. In the Rift Valley circuit alone, an estimated 10,000 MW of geothermal power lies largely dormant.

Miners interested in taking advantage of this offer have already approached KenGen to discuss the offer. "Some have asked to start with 20 MW and scale up later," said Mwangi.

As there are currently no bitcoin mining companies in Africa, interested parties are expected to come mainly from the US or Europe.

KenGen's goal, by offering clean energy, is to contribute to the reduction of carbon emissions often associated with Bitcoin mining.

New US crypto bill

Two U.S. lawmakers have introduced a bill that would require members of Congress to declare their crypto holdings.

The Cryptocurrency Accountability Act would make it mandatory for members of Congress to report any purchase, sale or exchange of digital assets over $1,000. They would also have to report crypto transactions made by their spouses and dependent children.

Lawmakers would also be required to "report the identity and category of value (expressed in a dollar amount) of all cryptocurrency interests they held during the previous calendar year."

If lawmakers do not file a report within 45 days of receiving a crypto transaction, the bill would impose a fine of $500 or 5% of the value of the purchase, sale, exchange or interest, whichever is greater.

If a member of Congress intentionally falsifies a report or fails to file one, the bill would allow the Attorney General to bring a civil action against him. For that violation, a civil penalty of $66,000 or 5% of the value of the purchase, sale, exchange or interest, whichever is greater, would be established.

This would be an important development for U.S. laws and regulations regarding cryptocurrencies, as it would make it more difficult for members of Congress to act with pass-throughs.

Snoop Dogg working on a Bored Ape Yacht Club-themed restaurant

Snoop Dogg, the legendary musician, has announced the opening of a dessert cafe with a Bored Ape theme, similar to Bored and Hungry.

Dr Bombay's Sweet Exploration will be the name of the eatery. It will be based in Los Angeles and run in partnership with Food Fighters Universe, a company founded by Andy Nguyen, Kevin Seo, and Phillip Huynh.

In the announcement, it was touted as an "immersive retail dessert experience." Snoop Dogg's Bored Ape Yacht Club NFT is called Dr Bombay.

Although the restaurant is not an official Yuga Lab location, Yuga Labs NFT holders have the exclusive right to use their assets for commercial purposes. As a result, Snoop Dogg can use his Bored Ape NFT in this way.

Cordell Broadus, Snoop Dogg's son, is also involved in the restaurant venture. "Food Fighters Universe links food to Web3 and paves a way with real-life utility for NFTs," he said in a press release about the eatery. It's the future of the restaurant industry, and my dad and I are excited to join the team and use their expertise to bring Dr Bombay to life."

This is not the first restaurant with a Bored Apes motif. Bored and Hungry is already doing something similar with its restaurant, which features BAYC and MAYC logo and decor.

On the other hand, Food Fighters wants to go one step further by releasing an NFT collection that will benefit its customers.

Coinmerce launched EARN

This was again the most interesting and the most important crypto news of the past week. Earlier this week we launched Earn. We offer 30 different coins for which you can activate Earn. With Coinmerce, you can Earn up to 15% a year! Do you want to know more about this? Then read the article "Coinmerce Earn now live! 42 coins to generate passive income now".

Luc Smits van Oyen
Coinmerce news