Bitcoin’s mining difficulty hit a new all-time high on Thursday up to 21.53% at 25.05 trillion after dipping to 20.61 trillion in the last adjustment. Bitcoin’s hash rate also hit an all-time high this week according to several sources. Compass Mining CEO Thomas Heller shared that this is the largest absolute increase in history. Bitcoin difficulty grows or reduces depending on how the miners are competing on the network.
Samsung shows more faith in crypto by providing cryptocurrency hardware wallets to all Galaxy smartphones, including the Ledger Nano S and Nano X. Users now have access in the Samsung Blockchain Wallet app to store assets on selected cold hardware wallets then virtually import them. Samsung also shows support for cryptocurrencies including Tron, Ethereum, Bitcoin, Klaytn, and Stellar through cryptocurrency exchange Gemini.
After Bitcoin dropped to as low as $45,700 on Tesla’s Utum announcement on bitcoin, people started questioning its future. Rick Rieder, the chief investment officer of BlackRock believes crypto isn’t going anywhere, describing it as interesting and durable. He added that the volatility space is experiencing is normal and would only last for a moment. He believes the crypto asset will overcome the drop and bounce back
CEO of Celsius Network Alex Mashinsky emphasized that bitcoin still has a lot of prospects and will do well even without the input of Tesla CEO Elon Musk, who suspended Bitcoin payments for Tesla. Mashinsky describes bitcoin as the best performing asset class in the last decade. Celsius Network CEO said Musk can not have it both ways by dumping Bitcoin after making $300 million worth of profit from Bitcoin in the first quarter.
Elon Musk shared in a tweet that he is working with “Doge devs to improve system transaction efficiency” and thinks it is “potentially promising.” In the past weeks, Dogecoin has received increased attention due to Musk’s influence. Also, Dogecoin would be launched to the moon literally in 2022, according to his recent announcement. Musk has also hinted that he was looking into alternative cryptos for Tesla to accept payments in, and has asked people if they want him to accept Doge.
CME Group, the world’s largest financial derivatives exchange traded more than 100,000 micro bitcoin futures within the first six days since launch, according to the exchange. This new smaller contract, including the full-size bitcoin futures, will strengthen the exchange’s ability to help their clients. The CME expounded that the launch of the Micro Bitcoin futures contract will make the exchange market more accessible to more traders.
Intelligence giant MicroStrategy, purchased an extra 271 Bitcoin as an addition to its strategic reserves, another major move towards the CEO Michael Saylor’s conviction in the digital asset. The purchase was made on May 13 at an average price of $55,387, Saylor announced. The firm now has a total of 91,850 BTC on its balance sheet at an average price of $24,403. MicroStrategy filed the purchase to the United States Securities and Exchange Commission.
Montreal mega-club Beachclub owned by Olivier Primeau becomes the first Canadian club to start accepting crypto payments like Bitcoin and Ethereum. Olivier Primeau announced this to his 754,000 Instagram followers. The new payment option would start next year, while Beachclub works on the necessities. Beachclub is the largest outdoor club in North America with 10,000 people capacity and is patronized by the likes of reality star Kylie Jenner.
The Central bank of Israel recently showcased the draft of what a digitalized version of the national fiat currency may look like. According to the draft, the people of Israel should be able to use the digital shekel either online or offline. The Israeli central bank digital currency (CBDC) will provide some level of privacy. The project is coming up progressively, however, the final decision is yet to be made.
Ethereum’s co-founder Vitalik Buter in, donated over $1 billion in crypto to the India Covid Relief Fund and to other charities. The donation consists of large quantities of Shiba Inu coin (SH1B), Dogeion (ELON), and Akita Inu (AKITA) which were gifted to him by the meme tokens’ creators. Buterin donated 50 trillion SHIB tokens worth $1.2 billion to the India Covid Relief Fund by Indian tech entrepreneur Sandeep Nailwal.