German credit industry – Banks make a case for the digital euro: The federation of German banking associations, Deutsche Kreditwirtschaft (DK), has presented a policy paper in which it expresses its support for the introduction of a digital euro. The DK argues that without a digital euro, the macroeconomic disadvantages could be enormous. It is convinced that a digital euro is of central importance to strengthen Europe’s digital and monetary sovereignty and to secure the continent’s competitiveness in the medium and long term.
Bitcoin rises towards the 35,000 dollar mark: Many cryptocurrencies are on the upswing again after significant setbacks. Bitcoin (BTC) took a stab at key resistance around $36,000 on Wednesday as anticipation built around a breakout. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedbly tapping but failing to flip the $35,000 mark on Wednesday. The largest cryptocurrency rebounded from lower levels overnight, calming those concerned that important $33,000 support would be violated. As recently as April 14, 2021, the world’s most important cryptocurrency had reached a record high of 64,895.22 US dollars per Bitcoin. Currently, the price is quoted around the 30,000-dollar mark and recently Bitcoin had even fallen below this important mark. Now, however, analysts nevertheless assume that the price will rise over the year. Bitcoin is, however, considered risky to invest on.
Volcano mining to flush 1,800 Bitcoin a month into El Salvador’s wallets: El Salvador seems to be on its way to becoming a global mining hotspot. President Bukele himself is not the only one excited by the idea of using the geothermal energy of active volcanoes for emission-free mining of the number one cryptocurrency. He sees the country’s volcanic energy as clean and safe, and raves that bitcoin mining could become a good source of revenue for his country. The state-owned geothermal company has already calculated that 95 megawatts of power could be made available.
Ethereum’s popularity could see ETH become dominant store of value: Goldman Sachs said in a note to clients on Tuesday that the blockchain with the highest “real use potential” is Ethereum, suggesting its Ether (ETH) could become the dominant digital store of value. As such, Goldman predicts the total market capitalization of Ether could overtake the total market cap for Bitcoin (BTC) in the coming years, according to a report in Business Insider.
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Million-dollar fraud: Brazil arrests self-proclaimed bitcoin king Cláudio Oliveira coindesk.com
Ethereum: New Chainalysis study shows strong growth btc-echo.de
Cybercrime: Cryptocurrency has globalized cybercrime sueddeutsche.de
Cyber currencies: Bitcoin cycles raise fears of frosty crypto winter cash.ch
Mining: Extreme water temperatures in Seneca Lake because of a Bitcoin farm on the shore golem.de
NUMBER OF THE WEEK
Within the past three months, the price of Bitcoin has dropped by more than 40 percent.
German industry making little progress with blockchain: Although a majority of companies in Germany consider blockchain to be an important technology of the future, only a minority have generally looked into the topic and the possible applications in their own companies. Efforts must be stepped up to ensure that Germany doesn’t miss the boat when it comes to blockchain. The German government’s blockchain strategy would have been an important first step, but it must stepped up in the future, says Bitkom CEO Bernhard Rohleder. In a representative survey of 652 companies with 50 or more employees, 59 percent agreed with the statement that blockchain technology is one of the most important technologies of the future and is severely underestimated. Only 43 percent of companies said that they have dealt with blockchain technology in general, and only one in four said that they are interested in and open to the topic of blockchain. One in three took a rather critical or dismissive view of blockchain. In addition, companies complained about a lack of know-how, qualified personnel and a lack of use cases for blockchain technology.
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Rating agency Fitch sees stablecoins as a possible systemic risk: The rating agency Fitch is concerned that the rapid growth in the issuance of so-called stablecoins could impair the functioning of the market for short-term loans. Stablecoins are a cryptocurrency whose value is tied to conventional currencies and which seeks to achieve stability by holding reserves. Fitch is particularly concerned about those stablecoins that are only partially backed by assets or are themselves dependent on credit markets. Tighter regulation is currently being discussed in both the United States and Europe, but timing and details are still unclear. However, increased regulation could improve transparency and thus force a gradual migration of stablecoin collateral reserves to less risky assets. Fitch, however, believes that regulatory intervention to rescue stablecoins is unlikely.
„I believe that at least for now, all cryptocurrencies are fundamentally worthless.“
Fund manager and short-seller Barry Norris.
Curious trial – is a former attorney still using his title? The proceedings against a former lawyer ended in an acquittal at the Cologne District Court. The public prosecutor’s office accused him of continuing to use his former professional title, although the lawyer had surrendered his license in 2007. The 54-year-old had applied for the title again, but had not regained his license.