KW 6: Tesla investment leads to record high for Bitcoin, French official wants to change how Europe regulates crypto and blockchain, North Korea’s hacker group Lazarus strikes again

NEWS

Tesla investment leads to record high for Bitcoin: Bitcoin’s price jumped sharply to an all-time high after Tesla revealed a big stake in the cryptocurrency and said it would start accepting payments in the digital coin for its products. The world’s largest cryptocurrency popped 20.33% to $46,081.64, for its best day since March, according to Coin Metrics. Following Tesla’s announcement, at one point it hit a record high of $47,458. Tesla had announced Monday that it bought $1.5 billion worth of bitcoin for “more flexibility to further diversify and maximize returns on our cash.” It also said it may invest a future portion of its assets in digital assets and that it will accept bitcoin as payment for products subject to applicable laws and initially on a limited basis.
cnbc.com

French official wants to change how Europe regulates crypto and blockchain: France’s top financial regulator has proposed to change the way the cryptocurrency industry is supervised in Europe. Robert Ophèle, chairman of Autorité des Marchés Financiers, argued that financial supervisors must take a new approach in regulating blockchain-based financial instruments due to massive growth in the market. Ophèle proposed that the European Securities and Markets Authority, or ESMA, should be the responsible authority for this new area of regulation and supervision. Ophèle emphasized that the current stage of regulation in the EU would make it easier for the ESMA to develop guidelines and policies. Ophèle also suggested more enabling regulations, including a regulatory sandbox for the security token industry. The official said that current rules hamper the development of blockchain technology as they were designed for centralized systems. Ophèle said that the decentralized nature of blockchain could play a crucial role in the European economy.
cointelegraph.com

North Korea’s hacker group Lazarus strikes again: A commission of inquiry of the United Nations and the blockchain analysis firm Chainalysis have independently of each other come to the conclusion that the hacker group Lazarus is responsible for the largest cryptocurrency theft of 2020. During the coup, strangers stole more than $ 275 million worth of digital currencies from the KuCoin exchange. According to Chainanalysis, the method fits perfectly with the well-known approach of Lazarus. The income from state-organized hacking is said to be an essential part of the financing of the North Korean nuclear program.
spiegel.de

Ethereum at a historic high: The price of Ethereum has crossed $1,800 for the very first time, hitting a new record high of $1,815 according to data on CoinMarketCap. Ethereum’s upside to the new ATH came amidst a hyped-up cryptocurrency market after Bitcoin’s surge to highs of $48,216. As the top crypto rallied, the sentiment seeped into Ethereum, with the second-largest cryptocurrency by market cap rallying past the $1,800 ceiling.
coinjournal.net

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NUMBER OF THE WEEK

Bitcoin’s annual consumption is estimated at around 77.8 terawatt-hours, up from 9.6 terawatt-hours in 2017, according to Digiconomist. Another index, compiled by the Cambridge Center for Alternative Finance, estimates a higher figure of around 108.4 terawatt-hours.
bloomberg.com

BACKGROUND

Bitcoin hype hides the rise in popularity of blockchain wallets: While the price of Bitcoin is going through the roof thanks to Tesla’s announcement, cryptocurrencies are establishing themselves ever more firmly. There are now 14,906 Bitcoin ATMs around the world, almost 10,000 more than in the previous year. More and more shops and restaurants are also accepting payments in digital currency. However, digital currencies are still exposed to significant exchange rate fluctuations. Despite its widespread use, investors fear that there is still little acceptance in society.
derstandard.de

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Uncover greenwashing with blockchain technology: Man-made climate change can no longer be denied and the centuries-old destructive role of the capitalist economy in causing the increase in CO2 seems to be anchored in the mass consciousness. Now it is a real marketing obligation for large companies and corporations to emphasize their own efforts in terms of climate protection at every opportunity, while possible climate damage in their own production processes and supply chains are neglected. A problem not just for customers interested in sustainability, but also for investors. The boss and co-founder of Immutable Insight, Katharina Gehra, campaigns for the use of blockchain technology to fight so-called greenwashing. Blockchain enables the collection of climate-specific primary data in production, such as the actual CO2 emissions of each work step or power consumption. The transparency and inability to evade blockchains would make greenwashing so much more difficult and give consumers and investors a valuable control instrument.
private-banking-magazin.de

QUOTE

„Of course, I am not clairvoyant, but I assume that blockchain technology will be an essential component in the digital transformation. Not just by itself, but together with other key topics such as big data and artificial intelligence. The influence of this technology on social structures and on our self-image will increase.“
Professor Klaus-Georg Deck, Professor of Business Information Systems at DHBW Mosbach, on the importance of blockchain in the next few years.
rnz.de

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BLOCKBUG

Nigeria against cryptocurrencies: The Central Bank of Nigeria (CBN) issued a five-page statement Sunday clarifying its position on cryptocurrencies after a regulatory warning to local banking institutions on Friday sent shockwaves through social media. In Sunday’s statement, the CBN said Friday’s letter was only a reminder that cryptocurrencies were not legal tender in Nigeria and was reiterating a position the bank has held since 2017, not imposing new restrictions on the industry.
coindesk.com

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