Welcome to today’s crypto weekly roundup, and let’s get deep into Ethereum!
Yes, it finally happened!
The London hard fork is now live. As of writing, around 90% of the nodes have upgraded to the current version.
This is a huge moment and probably the biggest crypto news of the year. The most significant change is the implementation of the EIP-1559, which should theoretically make gas fees more manageable. I say “theoretically” because it seems that the gas fees are actually rising as of now.
Finally, we have found the thing that harms and threatens the American way of life.
It’s not a lack of jobs. It’s not the rapid inflation of the US dollar.
Nope. Wanna take a guess?
Well if you were to believe Elizabeth Warren, then it’s super coders!!!
Specifically, this is what Elizabeth “I am a Cherokee” Warren, has to say, about the “dangers” of cryptocurrencies.
“Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy, faceless group of super-coders and miners, which doesn’t sound better to me.”
This week was defined by two important events:
Let’s see what happened in both of them.
Firstly, let’s look at The B Word talk, which was headlined by a discussion between Tesla technoking Elon Musk, Ark Invest CEO Cathie Wood, and Twitter & Square Founder Jack Dorsey — who was making his best Scott Ian impression.
Here are some interesting talking points from the conference:
Yeah, this week was pretty non-stop wasn’t it?
Usually, I just pick one topic and harp on it throughout the article. But today, let’s do a quick overview of everything that’s happening in this crazy world of ours. The “Crypto world” specifically.
The Ethereum community is positively buzzing right now. We are on the verge of going through the London hard fork. The Ropstein Network aka the “Ethereum Testnet” has already incorporated the hard fork and the mainnet will deploy it any time now in the first week of July. This is significant because the London hard fork is the last major update before Ethereum transitions to Ethereum 2.0.
For the uninitiated, think of a hard fork as a system upgrade from which there is no going back. A “fork” in general is a system upgrade that could be “soft” or “hard.”…
This week, news broke that John McAfee died in prison after allegedly committing suicide.
More than anyone else, this man personified “crazy genius.” Today, let’s pay homage to the man and his weird life.
McAfee was born in poverty and had a very troubled childhood because of his abusive and alcoholic father. However, because he did very well academically and worked in NASA, Xerox, etc. He started McAfee Associates and released the famous anti-virus software that made it big. McAfee ended up becoming a multi-millionaire before he sold off his shares of the company.
Following the 2008 recession, wherein his…
Ok, so we are totally not going to talk about China. Stop it. We are not going to talk about China at all. I am tired of talking about them and I am seriously not going to talk about China anymore.
So, here’s what’s happening in China,
If you haven’t heard yet, China will be banning Bitcoin mining. The crackdown began with Xinjiang and Inner Mongolia mainly because those areas used coal-based electricity, which exponentially shot up their thermal emissions.
When these crackdowns were happening, everyone reported that the government may ease up on Sichuan since the province uses…
While this week may not have been epic price action-wise, it has been genuinely historic when it comes to mainstream adoption. Firstly, El Salvador successfully passed a bill that officially made Bitcoin legal tender. El Salvadorans can now use BTC in any transaction, and most businesses will have to accept BTC payments.
Nayib Bukele, the president of El Salvador, has become the latest darling of crypto Twitter. He has shared some incredible updates throughout the week, including El Salvador harnessing renewable energy from their volcanoes to mine Bitcoin.
I will repeat that.
Volcano. Bitcoin. Mining.
That sounds like the kind…
So, let’s talk about FUD.
This week has been more FUD-y than most. So…let’s have some fun today. Let’s go through all of this week’s FUD and debunk them one after another.
I mean…come on.
Knowing that China will ban some facet of crypto is the rite of passage to any holder! So, what exactly happened this time around?
Well, China hasn’t banned Bitcoin in any shape or form. All that they have done is ban Bitcoin mining, and not even a blanket ban yet. This year the Chinese government is looking to decrease thermal emissions. The Bitcoin mining hubs…
So, it seems like the crypto market is reviving slowly and steadily. Today, let’s shift our focus to Ethereum, beginning with the DeFi ecosystem.
Around May 12, the total value locked up in DeFi rose to $90 billion and crashed to $50 billion on May 24 in the middle of the market crash. Since then, it has improved to $62 billion.